Akin Gump Advises Laredo Petroleum in Sale of Medallion Gathering & Processing

(Houston) – The Energy & Minerals Group, 51 percent owner, and Laredo Petroleum, Inc., 49 percent owner, announced today that their affiliates have entered into a binding agreement to sell Medallion Gathering & Processing, LLC to an affiliate of Global Infrastructure Partners (GIP) for a cash purchase price of $1.825 billion (base consideration) plus potential additional cash consideration that is linked to GIP’s realized profits at exit. Akin Gump advised Laredo in the matter.

GIP is a leading global, independent infrastructure investor. Medallion is the largest privately‐held crude oil transportation system in the Midland Basin of West Texas.

Funding of the base consideration is expected to occur on or before November 1, and includes $725 million of stapled debt financing provided by Jefferies LLC. There can be no assurance as to when and whether the additional cash consideration will be paid.

Akin Gump oil and gas partner Christine LaFollette, who also serves as partner in charge of the firm’s Houston office, and associate Erik Shoemaker led the team advising Laredo. They were joined by oil and gas partners William Morris and Michael Byrd, oil and gas counsel Stephen Boone and antitrust partner Paul Hewitt.

Founded in 1945, 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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