An Akin Gump team advised a special committee of independent directors of the board of directors of Midcoast Energy Partners, L.P.’s general partner in the $350 million cash acquisition of a 12.6 percent limited partner interest in Midcoast Operating, L.P. from affiliate Enbridge Energy Partners, L.P.
This acquisition will bring Midcoast Partners’ total ownership interest in Midcoast Operating to 51.6 percent. The transaction, which is expected to close on or about July 1, represents Midcoast Partners’ first acquisition of additional interests in Midcoast Operating since its initial public offering on November 13, 2013.
The deal team was led by Chris LaFollette, partner in charge of Akin Gump’s Houston office and head of the oil and gas practice, and included oil and gas partner John Goodgame and associate David Bartz and tax partner Thomas Weir.
