A Locke Lord team led by Joe Perillo, Rachel Fitzgerald and Terry Radney (all of Houston) represented an affiliate of Enterprise Products Partners L.P. in a definitive agreement to purchase 100% of the interests in Navitas Midstream Partners, LLC, from an affiliate of Warburg Pincus for $3.25 billion. Navitas Midstream provides natural gas gathering, treating and processing services in the core of the Midland Basin of the Permian, which includes approximately 1,750 miles of pipelines and over 1 billion cubic feet per day of cryogenic natural gas processing capacity with the completion of the Leiker plant, which is expected in the first quarter of 2022. The transaction is expected to close in the first quarter of 2022, subject to customary regulatory approvals. For more information, see the press release. Additional assistance was provided by Mark Backofen (Dallas) and John Arnold, Jerry Higdon, Sara Longtain, Ed Razim, Buddy Sanders, Hunter Summerford, Chris Verducci, Akilah Craig, Emma Doineau, Michelle Gutierrez-Begin, Matt McKenna, Andrew Nelson, Case Towslee and Kenton Wilson (all of Houston).
Posted on January 10, 2022