Riverstone Holdings and Goldman Sachs Merchant Banking Division’s $1.6 Billion Acquisition of Lucid Energy Group’s Delaware Basin Subsidiary

Fried Frank acted as counsel to Goldman Sachs’ Merchant Banking Division (MBD) in its agreement to invest across West Street Energy Partners, West Street Infrastructure Partners III, and West Street Capital Partners VII, (collectively the “West Street Investors”), together with Riverstone Holdings LLC (“Riverstone”), to purchase the equity securities of Lucid Energy Group II, LLC (“Lucid II”) in a 50:50 joint venture arrangement for approximately US$1.6 billion in cash.

Lucid II, an energy company providing midstream services to crude oil and natural gas producers in onshore U.S. basins, is currently sponsor-owned by EnCap Flatrock Midstream Fund III, L.P. and management. Lucid II serves the region’s leading supermajor and independent oil and gas producers. The Lucid II assets included in the transaction are located in the core of the Northern Delaware Basin and are known as the South Carlsbad Natural Gas Gathering and Processing System and the Artesia Natural Gas Gathering and Processing System.

The Fried Frank team was led by corporate partners Robert C. Schwenkel (Picture) and Mark H. Lucas and included corporate partners Michael T. Gershberg and F. William Reindel; antitrust and competition partners Nathaniel L. Asker and Tobias Caspary; executive compensation & ERISA partner Donald P. Carleen; litigation partner Peter L. Simmons; tax partners Michael J. Alter and Michelle B. Gold; white collar and securities enforcement partner Steven M. Witzel; corporate special counsel Andrew J. Klein; corporate real estate special counsel Jessica H. Mayes; environmental special counsel Donna Mussio; intellectual property and technology special counsel Jason L. Greenberg; corporate associates Maria C. Grabis, Caitlin M. Hyduke, Erica Jaffe, and Justin A. Schenck; antitrust and competition associates Matthew E. Joseph and Neda Moussavi; environmental associate Samuel K. Dykstra; intellectual property and technology associate Alana Berrocal Rodriguez; litigation associate Amanda Giglio; tax associates Rebecca C. Freeland and W. Reid Thompson; corporate law clerk Arielle D. Matza; and executive compensation & ERISA law clerk Maggie A. Kornreich.

Vinson & Elkins advised Lucid Energy Group II, LLC with a team including Bryan Loocke and James Garrett with primary assistance from partners Jason McIntosh, David Cole and Ryan Carney and associates Connor Long and Jonathan Sapp.

Simpson Thacher advised Riverstone and Goldman Sachs in Financing of $1.6 Billion Acquisition with a team including Christopher Brown, Richard Sitton, Jason Hwang, Jim Doyle, Rustin Brown and Andrew Lanius (Banking and Credit); Tim Mulvihill (Environmental); and Rob Holo and Sophie Staples (Tax)

 

Involved fees earner: Bryan Loocke – Vinson & Elkins LLP; James Garrett – Vinson & Elkins LLP; Connor Long – Vinson & Elkins LLP; Jason McIntosh – Vinson & Elkins LLP; David Cole – Vinson & Elkins LLP; Ryan Carney – Vinson & Elkins LLP; Christopher Brown – Simpson Thacher & Bartlett; Richard Sitton – Simpson Thacher & Bartlett; Jason Hwang – Simpson Thacher & Bartlett; James Doyle – Simpson Thacher & Bartlett; Rustin Brown – Simpson Thacher & Bartlett; Andrew Lanius – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Robert Schwenkel – Fried Frank Harris Shriver & Jacobson; Mark Lucas – Fried Frank Harris Shriver & Jacobson; Michael Gershberg – Fried Frank Harris Shriver & Jacobson; William Reindel – Fried Frank Harris Shriver & Jacobson; Maria Grabis – Fried Frank Harris Shriver & Jacobson; Caitlin Hyduke – Fried Frank Harris Shriver & Jacobson; Erica Jaffe – Fried Frank Harris Shriver & Jacobson; Justin Schenck – Fried Frank Harris Shriver & Jacobson; Nathaniel Asker – Fried Frank Harris Shriver & Jacobson; Tobias Caspary – Fried Frank Harris Shriver & Jacobson; Matthew Joseph – Fried Frank Harris Shriver & Jacobson; Neda Moussavi – Fried Frank Harris Shriver & Jacobson; Donald Carleen – Fried Frank Harris Shriver & Jacobson; Peter Simmons – Fried Frank Harris Shriver & Jacobson; Amanda Giglio – Fried Frank Harris Shriver & Jacobson; Michael Alter – Fried Frank Harris Shriver & Jacobson; Michelle Gold – Fried Frank Harris Shriver & Jacobson; Rebecca Freeland – Fried Frank Harris Shriver & Jacobson; Reid Thompson – Fried Frank Harris Shriver & Jacobson; Steven Witzel – Fried Frank Harris Shriver & Jacobson; Andrew Klein – Fried Frank Harris Shriver & Jacobson; Jessica Mayes – Fried Frank Harris Shriver & Jacobson; Donna Mussio – Fried Frank Harris Shriver & Jacobson; Samuel Dykstra – Fried Frank Harris Shriver & Jacobson; Jason Greenberg – Fried Frank Harris Shriver & Jacobson; Alana Berrocal – Fried Frank Harris Shriver & Jacobson;

Law Firms: Vinson & Elkins LLP; Simpson Thacher & Bartlett; Fried Frank Harris Shriver & Jacobson;

Clients: Riverstone Holdings LLC; Lucid Energy Group, LLC; Goldman Sachs Merchant Banking Division;

 

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Author: Ambrogio Visconti