Procter & Gamble sells Duracell to Berkshire Hathaway for $2.9 billion

Jones Day is advising The Procter & Gamble Company (“P&G”) in the sale of its Duracell personal power business to Berkshire Hathaway Inc. for $2.9 billion. Following the sale of P&G’s interest in its Nanfu joint venture, which operated P&G’s battery business in China, P&G entered into a Transaction Agreement on November 13, 2014 with Berkshire Hathaway Inc. and certain of its affiliates under which P&G will transfer its Duracell business to Berkshire Hathaway in a private split-off transaction. In this unusual tax-free structure (sometimes referred to as a “cash rich private split”), P&G will convey its Duracell business (which will be infused with $1.8 billion in additional cash) to a newly formed subsidiary (SplitCo) and will exchange its shares in SplitCo for approximately $4.7 billion of outstanding P&G shares currently held by the Berkshire Hathaway group. The transaction is expected to close in the second half of calendar year 2015.

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Province of Ontario C$500 Million Global Green Bond Offering

Davis Polk advised underwriters represented by CIBC World Markets Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc. and RBC Dominion Securities Inc. in connection with the offering of C$500 million aggregate principal amount of 1.75% bonds due October 9, 2018, issued by the Province of Ontario. The net proceeds of the bonds will be used for special environmental projects. This is the inaugural green bonds offering for the Province of Ontario.

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Schiff Hardin Enters Dallas Market, Adding New Corporate and Securities, Finance Lawyers

Schiff Hardin LLP, a leading national law firm, today announced it is expanding its platform with a new office in Dallas. The office will be anchored by five accomplished finance, corporate and securities partners. They will occupy temporary space at 1717 McKinney Avenue in Dallas, while the firm secures an office capable of accommodating an expanding local presence. Celebrating its 150th Anniversary in 2014, Schiff Hardin now comprises more than 400 attorneys across eight offices located throughout the United States.

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T&K Attorneys Advise EnerVest in $1.95 Billion Acquisition of Oil and Gas Assets

Thompson & Knight advised privately-held institutional affiliates of EnerVest Ltd. (“EnerVest”) in the $1.95 billion acquisition of oil and gas assets in the Granite Wash and Cleveland fields of Texas and Western Oklahoma from Linn Energy LLC (“Linn”).

The Thompson & Knight team was led by Arthur J. Wright and included Brandon L. Bloom, Cole Bredthauer, Anthony J. Campiti, Jason Patrick Loden, Mary A. McNulty, and Kelli C. Sims.

The purchase almost triples EnerVest’s position in the Anadarko Basin. The Granite Wash and Cleveland properties acquired by the company include approximately 145,000 net acres with production of about 195 million cubic feet of natural gas equivalent per day. The sale is expected to close in the fourth quarter of 2014 with an effective date of September 1, 2014.

EnerVest is one of the 25 largest oil and gas companies in the United States, with more than 34,000 wells across 15 states, 5.5 million acres under lease, and $10 billion in assets under management.

Baker Botts Represents EnLink in $235 Million Acquisition of Natural Gas Pipeline Assets from Chevron

On September 29, 2014, the EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE:ENLK) (the Partnership) and EnLink Midstream, LLC (NYSE:ENLC) (the General Partner) (together “EnLink”), announced that a subsidiary of the Partnership signed a definitive agreement with Chevron Pipe Line Company and Chevron Midstream Pipelines LLC to acquire Gulf Coast natural gas pipeline assets including the Bridgeline system (“the natural gas assets”) predominantly located in Southern Louisiana for $235 million, subject to certain adjustments.

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Baker Botts Represents Windsor Foods in $800 Million Sale to Ajinomoto

Ajinomoto Co. Inc., a Tokyo-based, worldwide leader in high-quality processed foods and seasonings and a household name in Asia , announced today that it has entered into an agreement, through its subsidiary Ajinomoto North America, Inc., to acquire Texas-based Windsor Quality Holdings LP, a leading manufacturer of ethnic frozen foods in the U.S., including brands such as Ling Ling and Josè Olè.

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Akin Gump Advises Diamondback Energy on $180M Share Offering

Akin Gump served as counsel to Diamondback Energy, Inc. in the pricing of an underwritten public offering of two million shares of its common stock by certain selling stockholders at a price to the public of $90.04 per share. The total deal size is $180 million.

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