The latest report from Vinson & Elkins, The Evolving Role of ESG in M&A: Balancing Risks and Opportunities, addresses how environmental, social, and governance (ESG) considerations should be incorporated into every merger & acquisition transaction.
Vinson & Elkins advised Vital Energy, Inc. in its agreement to purchase all of Tall City Property Holdings III LLC’s Delaware Basin assets for $285 million in cash and 1.58 million common shares, net of customary closing price adjustments. Vinson & Elkins also advised Maple Energy Holdings, LLC in connection with its agreement to sell all of its Delaware Basin assets to Vital Energy in an all-equity transaction consisting of 3.31 million common shares, net of customary closing price adjustments.
Vinson & Elkins represented Meritage Midstream Services II, LLC in connection with its entry into an agreement to be acquired by an operating subsidiary of Western Midstream Partners, LP, in an all-cash transaction for a purchase price of $885 million, subject to customary adjustments.
Vinson & Elkins advised Westbrook Energy Group in its acquisition of Forged Components, Inc., a vertically integrated provider of high-quality forged, heat treated, and machined pressure control connection products for the downstream, midstream, upstream, LNG, marine, aerospace, and defense markets.
Vinson & Elkins represented Northwoods Management Company in connection with its acquisition by OneRock Energy Holdings, LLC.
Vinson & Elkins represented Apollo-managed funds in connection with its acquisition of a majority interest in Composite Advanced Technologies, Inc, a leading provider of compressed natural gas, renewable natural gas and hydrogen transportation and storage solutions in the United States.
Vinson & Elkins advised Earthstone Energy, Inc. (“Earthstone”), a growth-oriented, independent upstream energy company, in its entry into a definitive agreement with Permian Resources Corporation (“Permian Resources”) under which Permian Resources will acquire Earthstone in an all-stock transaction valued at approximately $4.5 billion, inclusive of Earthstone’s net debt.
Vinson & Elkins advised HF Sinclair Corporation (“HF Sinclair”) on its entry into a definitive agreement to acquire all of the outstanding common units of Holly Energy Partners, L.P. (“HEP”) not owned by HF Sinclair or its affiliates in exchange for a combination of 0.315 shares of HF Sinclair common stock and $4.00 in cash for each publicly held HEP common unit.
Vinson & Elkins advised North Texas Public Broadcasting, Inc. on the purchase of The Denton Record-Chronicle, the primary source of local news in Denton County, Texas.
Vinson & Elkins advised Reata Pharmaceuticals Inc. (“Reata”), a global biopharmaceutical company committed to developing and commercializing novel therapeutics for patients with serious or life-threatening diseases, in its entry into a definitive agreement under which Biogen Inc. has agreed to acquire Reata for $172.50 per share in cash, reflecting an enterprise value of approximately $7.3 billion.
Vinson & Elkins advised Global Infrastructure Partners in the execution of a definitive agreement with TC Energy to acquire a 40 percent interest in its Columbia Gas Transmission, LLC (Columbia Gas) and Columbia Gulf Transmission, LLC (Columbia Gulf) systems, in a new joint venture, with total proceeds expected to be US $3.9 billion in cash, to be paid at closing, subject to certain customary adjustments.
Vinson & Elkins advised Denbury Inc., an experienced developer of carbon capture, utilization and storage (CCS) solutions and enhanced oil recovery, in its entry into a definitive agreement to be acquired by Exxon Mobil Corporation.