Laredo Petroleum Inc. to Acquire Midland Basin Assets for Approximately $715 Million

May 11, 2021

Willkie represented Laredo Petroleum in the transaction.

On May 9, Willkie client Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo”) announced that it had entered into two definitive purchase and sale agreements with Sabalo Energy, LLC (and its operating affiliate) and a non-affiliate owner of non-operated interests (collectively, “sellers”) pursuant to which Laredo will acquire all of the sellers’ interests in certain producing and non-producing oil and gas assets located in Howard and Borden Counties, Texas in the Midland Basin for an aggregate purchase price of approximately $715 million ($625 million in cash and 2.5 million shares of Laredo’s common stock), subject to customary purchase price adjustments. The transactions are expected to close July 1, 2021, subject to customary closing conditions.

Laredo is an independent energy company headquartered in Tulsa, Oklahoma that is focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas.

The Willkie team was led by partner Michael De Voe Piazza and included partners David Aaronson, Jeffrey Hochman and Robert Jacobson, and associates Will Thanheiser, Luke Tanner, Joe Laurel and Yaniv Maman.