Chevron gas station. (Photo: Trong Nguyen/Shutterstock.com)V&E, Wachtell, Paul Weiss Get Work in $33B Chevron-Anadarko Deal
California-based Chevron Corp. announced it will acquire Texas-based Anadarko Petroleum Corp. Friday.
April 12, 2019 at 09:53 AM
2 minute read
Three big dealmaking firms are working on Chevron Corp.'s pending acquisition of Anadarko Petroleum Corp., based near Houston in The Woodlands, for about $33 billion.
Vinson & Elkins and Wachtell, Lipton, Rosen & Katz represent Anadarko, while Chevron turned to Paul, Weiss, Rifkind, Wharton & Garrison.
Chevron, based in San Ramon, California, announced the significant cash and stock acquisition Friday, stating that it will benefit from the addition of Anadarko's shale, deepwater and liquefied natural gas assets.
The companies said the total enterprise value of the transaction is $50 billion. Chevron will be acquiring Anadarko's outstanding shares at a value of approximately $65 per share, they said— Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share.
“This transaction will unlock significant value for shareholders, generating anticipated annual run-rate synergies of approximately $2 billion, and will be accretive to free cash flow and earnings one year after close,” Chevron chairman and CEO Michael Wirth said in a press release Friday.
At V&E, Houston-based firm chairman Mark Kelly is leading the corporate team for Anadarko, with assistance from Houston partner Lande Spottswood. Partners Brian Bloom and David D'Alessandro, both of Dallas, are handling executive compensation and benefits issues.
Anadarko also turned to a team from Wachtell, all in New York, led by corporate partners Daniel Neff and Gregory Ostling. Also on that team are antitrust partner Nelson Fitts, executive compensation and benefits partner Adam Shapiro, finance partner Eric Rosof and tax partner Joshua Holmes.
The Paul Weiss team for Chevron includes Scott Barshay, who heads the firm's global M&A practice, and Steve Williams, deputy chair of the corporate department. Both are based in New York.
Additionally, David Higbee, a partner at Shearman & Sterling in Washington, D.C., is Chevron's antitrust counsel.
The boards of directors of both companies have approved the transaction. It is expected to close during the second half of the year, subject to approval from Anadarko shareholders, regulatory approvals and other customary closing conditions.
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