Breitburn Energy Partners LP agreed to buy QR Energy LP for about $1.67 billion in stock and cash, saying it would become the largest master-limited partnership that produces mostly oil.
Latham & Watkins LLP advised Breitburn and Vinson & Elkins LLP represented QR Energy on the transaction, which was announced yesterday.
The Latham team was led by corporate partners Sean Wheeler, Michael Dillard and Steven Stokdyk. Also on the team were partners David Taub, benefits and compensation; Joel Mack, environmental; Tim Fenn and Laurence Stein, tax; and Dennis Lamont, financing.
The Vinson & Elkins team was led by corporate partners Jeff Floyd and Jeff Malonson, with assistance from corporate partner Ramey Layne. Also involved were partners Ryan Carney, tax; David D’Alessandro, benefits; Michael Holmes, litigation; Larry Nettles, environmental; Tres Cochran, oil and gas; and Billy Vigdor, antitrust.
Gibson, Dunn & Crutcher LLP represented UBS AG, the financial adviser to Breitburn. Bracewell & Giuliani LLP acted as legal counsel to the conflicts committee of QR Energy’s board.
Holders of Houston-based QR Energy will get 0.9856 of a Breitburn unit for every QR unit they own, the companies said in a joint statement. The total value of the deal, when combined with QR Energy’s existing debt and Class C Convertible Preferred Units, is approximately $3 billion, according to the statement.
The combined partnership’s production will average the equivalent of 57,300 barrels a day, 67 percent of it oil and other petroleum liquids based on second-quarter results, according to yesterday’s statement. The deal should close later this year or early next year.
Perkins Coie, Locke Lord, Bracewell Among Firms Adding Laterals
Perkins Coie LLP added four partners to its ranks: Andrew Cross, Todd Zerega, John Pierce and Sean Prosser.
Cross and Zerega joined the firm’s Washington office in the investment-management group. Before joining Perkins Coie, both were partners at Reed Smith LLP in Pittsburgh focusing on the representation of buy-side clients such as investment funds, financial institutions and treasurers of public corporations.
Pierce joined Perkins Coie’s financial transactions and restructuring group in Bellevue, Washington, where he will focus on energy and infrastructure projects and support the firm’s environment, energy and resources group. Pierce was most recently a partner at DLA Piper LLP in Seattle.
Prosser joined the firm’s San Diego office in the white-collar and investigations practice. Before joining Perkins Coie, he was a partner at Morrison & Foerster LLP in San Diego.
Locke Lord LLP expanded its San Francisco office with the addition of partner Jaremi Chilton, a member of the firm’s corporate department and tax practice group. Chilton, who joined the Houston office in February after practicing as a shareholder at Chamberlain, Hrdlicka, White, Williams & Aughtry, specializes in cross-border transactions.
Bracewell & Giuliani LLP announced that Michael Niebruegge has joined as a partner in Houston. Niebruegge focuses on corporate, finance, bankruptcy and workout matters, primarily in the mining and energy industries. He was previously a partner in the Houston office of Cadwalader, Wickersham & Taft LLP.
Darren VanPuymbrouck, who specializes in commercial litigation, toxic-tort, class-action and complex product liability matters, joined Barnes & Thornburg LLP’s Chicago office as a partner in the litigation department. Previously, VanPuymbrouck was a partner at Schiff Hardin LLP.
Tanya Forsheit joined the Los Angeles office of Baker & Hostetler LLP as a partner in the firm’s privacy and data-protection team. Previously, she was a partner at the privacy and data-security boutique law firm InfoLawGroup LLP, where she was a founding partner. Also joining the firm from InfoLawGroup is counsel Scott Koller.
Jessica Hertz joined Jenner & Block LLP as senior counsel in the litigation department and the government controversies and public-policy litigation practice in Washington. Most recently, Hertz served as principal deputy counsel to Vice President Joseph Biden. Previously, she served in the U.S. Justice Department as counsel to Deputy Attorney General James Cole.