Weil, Gotshal & Manges represents Centennial Resource Development in its pending purchase of leasehold interests and related upstream assets in Texas from Silverback Exploration, which turned to Kelly, Hart & Hallman for the $855 million acquisition. Latham & Watkins represents Riverstone, which is also involved in the two-step deal announced Nov. 28.
The deal involves two transactions. On Nov. 21, an affiliate of Riverstone Holdings entered into a purchase agreement with San Antonio-based Silverback to buy 100 percent of its leasehold interests and related upstream assets in Reeves County for $855 million in cash. On Nov. 27, Riverstone and Centennial entered into an agreement in which the Riverstone affiliate has agreed to assign and Centennial has agreed to assume Riverstone’s right to purchase the Silverback assets, subject to certain conditions. Riverstone is an energy and power-focused private investment firm with offices in Houston, New York, London and Mexico City.
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