Chesapeake Energy Corporation has agreed to acquire WildHorse Resource Development Corporation, an oil and gas company with operations in the Eagle Ford Shale and Austin Chalk formations in southeast Texas, in a transaction valued at approximately US$3.977 billion, including the value of WildHorse’s net debt of US$930 million as of 30 June 2018.
At the election of each WildHorse common shareholder, the consideration will consist of either 5.989 shares of Chesapeake common stock or 5.336 shares of Chesapeake common stock and US$3.00 in cash for each share of WildHorse common stock. WildHorse will nominate two individuals who will be added to Chesapeake’s board of directors. The transaction, which is subject to shareholder approvals from both companies and customary closing conditions and regulatory approvals, is expected to close in the first half of 2019.
Baker Botts L.L.P. represented Chesapeake in the transaction.
Outside Counsel to Chesapeake: Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz.
Inside Counsel to Chesapeake: James Webb, Benjamin Russ, David Hershberger and Doug Nix.
Financial Advisor to Chesapeake: Goldman Sachs.
Outside Counsel to WildHorse: Vinson & Elkins LLP.
Outside Counsel to NGP: Akin Gump Strauss Hauer & Feld LLP.
Financial Advisors to WildHorse: Tudor, Pickering, Holt & Co., Morgan Stanley & Co. LLC and Guggenheim Securities, LLC.
Value: approximately US$3.977 billion.
Baker Botts Lawyers/Office involved:
- Corporate: Clint Rancher (Partner, Houston); Joshua Davidson (Partner, Houston); Jamie Yarbrough (Associate, Houston); Stephen Noh (Associate, Houston); Josh Gonzales (Associate, Houston); Mitch Athey (Associate, Houston).
- Antitrust: Thomas Fina (Partner, Washington).
- Tax: Richard Husseini (Partner, Houston); Jon Lobb (Partner, Houston); Tamar Stanley (Partner; Washington); David Morris (Senior Associate, Palo Alto); Peter Farrell (Associate, Washington).
- Finance: Lyman Paden (Partner, Houston); Chad Davis (Associate, Houston).
- Employee Benefits: Gail Stewart (Partner, Houston); Krisa Benskin (Senior Associate, Houston); Gabriela Alvarez (Associate, Houston).
- Global Projects: Erin Hopkins (Partner, Houston); Justin Clune (Associate, Houston); Taylor Lopez (Associate, Houston).
- Environmental: Scott Janoe (Partner, Houston); Mark Hamlin (Associate, Houston).
Read the article online at: https://www.worldpipelines.com/business-news/31102018/baker-botts-represents-chesapeake-energy-corporation-in-acquisition/