Memorial Production Partners LP (“MEMP”) has entered into an agreement to acquire Memorial Production Partners GP LLC from Memorial Resource Development Corp. (MRD) for $0.75 million in cash. Memorial Production Partners GP LLC is the general partner of MEMP and holds the general partner interest and 50 percent of the incentive distribution rights (IDRs) in MEMP. As part of the transaction, MEMP will also acquire the other 50 percent of the IDRs held by Natural Gas Partners. Akin Gump acted as legal advisor to MEMP.
MEMP expects to close the transaction by the end of the second quarter, subject to customary closing conditions. Following the completion of the transaction, MEMP will be fully separated from MRD and will operate as an independent entity.
The Akin Gump team advising MEMP team was led by oil and gas partner John Goodgame. It included oil and gas senior counsel Rebecca Tyler, tax partner Alison Chen and oil and gas associate Michelle Zavislan.
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