Anadarko Announces $4B Midstream Asset Sale; Western Gas Announces Simplification Transaction
Anadarko Petroleum Corporation announced a transaction to sell substantially all of its remaining midstream assets for $4.015 billion to Western Gas Partners, LP (WES), with $2.0075 billion cash proceeds, and the balance to be paid in new Western Gas equity. Concurrently WES announced it has entered into a merger agreement with Western Gas Equity Partners, LP (WGP), which will result in a simplified midstream structure. The sale is expected to close in the first quarter of 2019, concurrently with the closing of the merger. Vinson & Elkins served as transaction counsel to Anadarko Petroleum Company, WGP and WES.
The V&E corporate team was led by partners Mark Kelly, David Oelman and Alan Beck with counsel Dan Spelkin and associates Claire Smyser Campbell, Jackson O’Maley, Farah Chranya and Brittany Smith. Also advising were partners Joe Garcia, Gary Huffman and Ryan Carney and associate Sam Guthrie; partner David D’Alessandro and associate Austin Light; counsel Larry Pechacek; senior associate Winston Skinner; partner Billy Vigdor; and partners Brian Moss and Guy Gribov, counsel Farah Paliwala and associate Zach Rider.
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