Delek Logistics Partners, LP to Acquire 3Bear Energy
Vinson & Elkins advised 3 Bear Energy, LLC (“3Bear”) in a transaction whereby a subsidiary of Delek Logistics Partners, LP has signed a definitive purchase agreement for the acquisition of 100% of the equity interests of 3Bear Delaware Holding – NM, LLC, an indirect subsidiary of 3Bear, related to 3Bear’s crude oil and gas gathering, processing and transportation businesses, as well as water disposal and recycling operations in the Delaware Basin in New Mexico, for cash consideration of $624.7 million, subject to customary closing adjustments.
3Bear is a premier crude, gas and water gathering, processing and disposal business in the Northern Delaware Basin. 3Bear’s assets are anchored by ~350,000 dedicated acres and long-term fixed fee contracts. The asset base includes approximately 485 miles of pipelines, 88 million cubic feet per day of cryogenic natural gas processing capacity, 120 MBbl of crude storage capacity and 200 MBbl/d of water disposal capacity.
The V&E corporate tam was led by partner Matt Falcone and senior associates Todd Hartis and Nettie Downs, with assistance from associates Matt Fiorillo and Dean Dixon. Also assisting were partner Matthew Dobbins and associate Simon Willis; partner Todd Way and associate Adam Bateman; partner Julia Petty and associate Keira Kuntz; partner Sean Becker; partner Damien Lyster and senior associate Mike Malenfant; counsel Rajesh Patel and associate Marcus Martinez; partner Hill Wellford and associate Rami Rashmawi; partner David Wicklund; partner Scott Rubinsky; and partner Sarah Mitchell and associate Victoria Bahrami-Negad.
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