Western Gas Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced that it agreed to acquire Nuevo Midstream, LLC (“Nuevo”), a leading Delaware Basin gas gatherer and processor, for $1.5 billion. The Partnership expects the acquisition will close in the fourth quarter of 2014, subject to regulatory approval and customary closing conditions.
The Partnership expects the acquisition to be accretive to its distributable cash flow per unit in 2015. The Partnership will partially finance the acquisition through the issuance to Anadarko of $750 million of Class C units, which will receive distributions in the form of additional Class C units until the end of 2017.
Baker Botts represented Evercore Partners who served as financial advisor to the special committee of Western Gas Partners.
Baker Botts Lawyers/Office Involved: Hillary Holmes (Partner, Houston); Joshua Davidson (Partner, Houston); Monica White (Associate, Houston)
Source: www.bakerbotts.com
