Latham, Vinson & Elkins Drive Phillips 66’s Partnership Buyout
11.01.2021 - NEWS

November 1, 2021 [Reuters] – Latham & Watkins and Vinson & Elkins are working on oil refiner Phillips 66’s deal to buy the remaining stake in Phillips 66 Partners pipeline developer and operator for $3.4 billion.

 

Phillips 66 said on Wednesday that taking the partnership private would simplify its governance and business structure. The deal comes amid a series of mergers and acquisitions in the energy industry featuring Vinson & Elkins.

Houston-based Phillips 66 has tapped a Latham team led by corporate partners Thomas Brandt and William Finnegan.

Vinson & Elkins attorneys are advising return client Phillips 66 Partners’ conflicts committee of independent directors. The firm’s team is led by corporate senior partner Alan Bogdanow and partner Peter Marshall.

Bogdanow and Marshall counseled Phillips 66 Partners’ conflicts committee on several deals, including the entity’s purchase of Phillips 66’s 50% stake in Liberty Pipeline, according to a February 2020 firm press release.

This latest Phillips 66 transaction is expected to close in 2022’s first quarter.

Phillips 66’s financial advisors are Citi and BofA Securities Inc, while the conflicts committee’s is Evercore Inc.

The Phillips 66 deal is part of a flurry of M&A activity in the energy industry in recent months, including several deals involving Vinson & Elkins.

Wednesday’s deal news comes just a day after oil and gas pipeline operator Crestwood Equity Partners LP said it agreed to purchase Oasis Petroleum Inc’s midstream unit for $1.8 billion. Vinson & Elkins has paired with longtime client Oasis Petroleum for the sale, while Baker Botts advised Crestwood.

Vinson & Elkins is also among three law firms arranging Canadian pipeline operator Enbridge Inc’s $3 billion deal to purchase logistics company Moda Midstream Operating LLC and claim ownership of North America’s largest crude export terminal.

The firm is representing Moda. Sidley Austin is advising Enbridge, and Shearman & Sterling is working with Moda’s seller, private equity firm EnCap Flatrock Midstream.

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