Akin Gump advised Blackhawk Midstream LLC in a pair of deals announced in the past week.
In the first, Blackhawk, a joint venture between Gulfport Energy Corp. and entities controlled by Wexford Capital LP, agreed to sell its approximately 1 percent membership interests in (and related options to acquire up to 40 percent of) Ohio Gathering Company, LLC and Ohio Condensate Company, LLC to Summit Midstream Partners, LLC for $190 million. Ohio Gathering and Ohio Condensate own, operate and are developing significant midstream infrastructure in southeastern Ohio consisting of a liquids-rich natural gas gathering system, a dry natural gas gathering system and a condensate stabilization, storage and terminaling facility in the core of the Utica Shale play. The transaction is expected to close by January 31, 2014, subject to customary closing conditions.
Akin Gump corporate partner Seth Molay led the team advising Blackhawk, with assistance from corporate partner Matt Zmigrosky, energy partner Gabriel Procaccini and tax senior counsel Michael Threet.
In the second transaction, which was finalized just before the signing of the Blackhawk/Summit deal, Akin Gump represented Blackhawk in negotiating the Ohio Condensate Company joint venture with MarkWest Utica EMG Condensate, LLC and renegotiating the Ohio Gathering Company joint venture with MarkWest Utica EMG, LLC. These two joint ventures are valued at more than $1 billion.
Mr. Molay again led the Akin Gump team, with assistance from Messrs. Procaccini and Threet.
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