A Locke Lord team led by Michelle Earley (Austin), Bill Swanstrom and Ann Williams (both of Houston) represented Southcross Holdings, LP and Southcross Energy Partners, L.P. (collectively Southcross) in the acquisition by American Midstream Partners, LP (AMID) of certain equity interests owned by Southcross Holdings, LP and the proposed merger of Southcross Energy Partners, L.P. into a wholly owned subsidiary of AMID. The two separate transactions were announced on Nov. 1, 2017 and are valued at approximately $815 million, including the repayment of net debt. As a result of the two Southcross transactions, the pro forma partnership has an enterprise value of $3 billion. According to the AMID press release, the transactions will expand AMID’s onshore gathering, processing and transmission services in the highly economic Eagle Ford Shale play and in the Southeast U.S. gas transmission market and accelerates the transformation of AMID into a fully integrated natural gas gathering, processing and transmission partnership. Additional assistance was provided by John Arnold, Michael Blankenship, Jerry Higdon, Ed Razim, Mitch Tiras, Jeff Wallace, Michelle Gutierrez-Begin, Elizabeth Corey, Laura Ferguson, Emily Hejl, Kerstie Moran, Ben Smolij, and Burke Wendt (all of Houston), Van Jolas (Dallas), Mike Conroy (Chicago) and Elizabeth Genter (New York).
Posted November 1, 2017