PetroLogistics LP announced that it has entered into a definitive agreement to be acquired by Flint Hills Resources, LLC, a subsidiary of Koch Industries, Inc., in an all‑cash transaction valued at approximately $2.1 billion, including the assumption of debt.
Under the terms of the agreement, Flint Hills Resources will acquire PetroLogistics’ common units owned by Lindsay Goldberg LLC, York Capital Management, PetroLogistics’ Executive Chairman and its President and Chief Executive Officer for $12.00 per common unit in cash and all remaining common units owned by the public for $14.00 per common unit in cash. Cravath represented Lindsay Goldberg and York Capital in connection with this transaction, which is expected to close before year end and is subject to customary closing conditions and regulatory approvals.
The Cravath team included partners Richard Hall and Andrew R. Thompson, associate Ali Assareh and foreign associate attorney Nadine R. Hartung on corporate matters and partner J. Leonard Teti II and associate William B. Abbott on tax matters.
