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Andeavor Completes $1.55B Drop Down to Andeavor Logistics

Vinson & Elkins advised Andeavor Logistics in its agreement with Andeavor to acquire a portfolio of logistics assets for total consideration of $1.55 billion.

The assets include gathering, storage and transportation assets in the Permian Basin, including the RIO Pipeline; legacy Western Refining assets and associated crude terminals; and the majority of Andeavor’s remaining refining terminalling, transportation and storage assets. The drop down also includes the Conan Crude Oil Gathering System and the Los Angeles Refinery Interconnect Pipeline. In consideration, Andeavor received $1.25 billion in Andeavor Logistics common units and $300 million in cash.

The V&E corporate team was led by partner Alan Beck, with assistance from senior associate Danny McEntee and associates Jing Tong, David Bumgardner, Audrey Bartosh and Key Hemyari. Also advising were partner Ryan Carney and associate Neil Clausen; counsel Scot Dixon; partners John Michael and Katy Gottsponer, senior associate John Slaybaugh and associates Megan Menniti and Emma Jiang; counsel Suzanne Clevenger and associate Melan Patel; partner Larry Nettles; and associate Jason Blackmer.

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