Akin Gump Advises Tug Hill, Inc. and Affiliates in Connection with $5.2 Billion Gas Assets Purchase by EQT Corporation
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(Houston) – EQT Corporation announced that it has entered into a purchase agreement with THQ Appalachia I, LLC (“Tug Hill”) and THQ-XcL Holdings I, LLC (“XcL Midstream”) whereby EQT has agreed to acquire Tug Hill's upstream assets and XcL Midstream's gathering and processing assets, for total consideration of $5.2 billion. A team of Akin Gump lawyers advised Tug Hill, Inc. and its affiliates in the transaction.
The agreement sees EQT, a Pittsburgh-based natural gas company, buying Tug Hill and XcL Midstream, according to a statement. The former is an entity comprising Tug Hill's upstream assets—those involved with locating and extracting oil and gas—while the latter is an entity comprising XcL's midstream assets, which are involved with the transportation of the extracted oil and gas materials, including by pipeline or oil tanker.
Tug Hill and XcL Midstream are backed by equity commitments from funds managed by Quantum Energy Partners. The transaction is expected to close in the fourth quarter of 2022, with an effective date of July 1, 2022.
The Akin Gump team advising Tug Hill was led by corporate partner Wes Williams and counsel Eduardo Canales and included corporate partner Cole Bredthauer, counsel Frankie Shulkin and associate Dominic Riella; tax partner Julia Pashin; and investment management counsel Marc Lombardi.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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