WildHorse Resource Development Corporation’s $625 Million Acquisition of Eagle Ford Properties

Vinson & Elkins advised WildHorse Resource Development (WRD) in connection with its definitive agreement to acquire approximately 111,000 net acres and associated production from Anadarko Petroleum Corporation (APC) and affiliates of Kohlberg Kravis Roberts & Co. L.P. (KKR) for aggregate consideration of $625 million, subject to certain customary closing conditions.

Transaction consideration is $625 million including approximately $556 million of cash to APC and 6.3 million shares of WRD common stock valued at approximately $69 million to KKR. In conjunction with the transaction, The Carlyle Group, through its U.S. buyout fund Carlyle Partners VI, has agreed to purchase $435 million of Series A Perpetual Convertible Preferred Stock from WRD. V&E also advised WRD in connection with the issuance of preferred equity.

The V&E corporate team was led by partners Doug McWilliams (Picture) and Jim Prince and senior associate Shamus Crosby, with assistance from associate Robert Hughes, senior associate Brett Riesenfeld and associates Austin March, McCall Grimes, Stephen Savoca and Andrew Klein. Also advising were partners Judy Blissard, Wendy Salinas and John Lynch.

Involved fees earner: Douglas McWilliams – Vinson & Elkins LLP; James M. Prince – Vinson & Elkins LLP; Shamus Crosby – Vinson & Elkins LLP; Robert Hughes – Vinson & Elkins LLP; Brett Riesenfeld – Vinson & Elkins LLP; Austin March – Vinson & Elkins LLP; McCall Grimes – Vinson & Elkins LLP; Stephen Savoca – Vinson & Elkins LLP; Andrew Klein – Vinson & Elkins LLP; Judith Blissard – Vinson & Elkins LLP; Wendy Trahan Salinas – Vinson & Elkins LLP; John Edward Lynch – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: WildHorse Resource Development Corporation;

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Author: Ambrogio Visconti