EagleClaw Midstream’s $950 Million Acquisition of Caprock Midstream


Vinson & Elkins and Orrick advised on the deal

EagleClaw Midstream will acquire Caprock from Energy Spectrum Capital and Caprock Midstream Management for $950 million plus pre-closing adjustments.

Caprock has developed gas gathering, gas processing, oil gathering and water gathering and disposal assets in the Delaware basin.

The all-cash transaction is expected to close in 2018 and will be funded with equity and committed debt financing from Barclays.

The transaction has been structured so that the existing Caprock operating company, which will be renamed EagleClaw Midstream II, will be a sister-entity to the existing EagleClaw operating business (EagleClaw Midstream Ventures LLC) following the closing, under common ownership and management by the same corporate parent.

Vinson & Elkins advised Caprock Midstream Holdings with a team including partners Mike Saslaw (Picture) and John Grand and associates Robert Hughes, Robert Stelton-Swan and KJ Pedersen. Also advising were partner David Peck and associate Megan James; partner Shane Tucker and counsel Katherine Mull; partner Sean Becker; counsel Scot Dixon; partner Larry Nettles and senior associate Matt Dobbins; counsel Damien Lyster; partner Tzvi Werzberger; partner Billy Vigdor; and partner Peter Mims.

Orrick has advised Energy Spectrum Capital and Caprock Midstream Management with a team including partner David Ronn, of counsel Diana Gillis and associate Ryan Giggs.

Involved fees earner: Michael Saslaw – Vinson & Elkins LLP; Robert Hughes – Vinson & Elkins LLP; John Grand – Vinson & Elkins LLP; Robert Stelton-Swan – Vinson & Elkins LLP; Kjarom Pedersen – Vinson & Elkins LLP; David Peck – Vinson & Elkins LLP; Megan James – Vinson & Elkins LLP; Shane Tucker – Vinson & Elkins LLP; Katherine Mull – Vinson & Elkins LLP; Sean Becker – Vinson & Elkins LLP; Larry Nettles – Vinson & Elkins LLP; Matthew Dobbins – Vinson & Elkins LLP; Damien Lyster – Vinson & Elkins LLP; Tzvi Werzberger – Vinson & Elkins LLP; William Vigdor – Vinson & Elkins LLP; Peter Mims – Vinson & Elkins LLP; Scot Dixon – Vinson & Elkins LLP; David Ronn – Orrick; Ryan Giggs – Orrick; Diana Gillis – Orrick;

Law Firms: Vinson & Elkins LLP; Orrick;

Clients: Energy Spectrum Capital; Caprock Midstream LLC; Mike Forbau; David Ferer;

Author: Ambrogio Visconti