Acquisition is expected to expedite El Paso-Kinder Morgan combination to create the fourth-largest energy company in North America.
Willkie represented energy and power-focused private equity firm Riverstone Holdings LLC in its equity consortium arrangements as part of the consortium’s $7.15 billion leveraged buyout of EP Energy Corporation, the oil and gas exploration and production units of El Paso Corporation. The consortium is led by Apollo Global Management and also includes Access Industries.
The deal, announced February 24, 2012, is reported to be the second-largest private equity takeover of an energy producer. According to El Paso, the owner of North America’s largest interstate natural gas pipeline system, the sale of the units “is dependent upon completion” of its previously announced $38 billion acquisition by Houston-base Kinder Morgan. Both transactions are expected to close about the same time in the second quarter of 2012.
Partners Bruce Herzog and Adam Turteltaub and associate Manny Miranda led the Willkie team.