Deal of the Week: Four Firms Work on Energy Partnership Deal
Vinson & Elkins, Latham & Watkins, Andrews Kurth and Akin Gump Strauss Hauer & Feld each have a piece of a deal involving Marlin Midstream Partners, NuDevco Midstream Development and Azure Midstream Energy.
January 23, 2015 at 02:50 AM
3 minute read
Multistep Energy Deal
Vinson & Elkins, Latham & Watkins, Andrews Kurth and Akin Gump Strauss Hauer & Feld are working on a multistep deal announced on Jan. 15 involving Marlin Midstream Partners, its sponsor NuDevco Midstream Development, and Azure Midstream Energy to create a midstream gathering system.
Marlin Midstream of Houston announced that it and NuDevco, also of Houston, and Dallas-based Azure entered into definitive agreements that will result in Azure owning 100 percent of the general partner of Marlin and 90 percent of Marlin's total outstanding incentive distribution rights. Azure's Legacy gathering system, valued at $162.5 million, will be contributed to Marlin. NuDevco will retain a 59.2 percent ownership stake in the new partnership, although Azure has an option to acquire 20 percent of those units from NuDevco.
The deal combining Azure and Marlin creates one of the largest gathering and processing systems in the Haynesville and Cotton Valley formation in east Texas and northern Louisiana. The partnership will have an enterprise value of more than $500 million.
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