Akin Gump Advises Rice Midstream Partners in Drop-Down Acquisition
(Houston) – Akin Gump advised the conflicts committee of the board of directors of the general partner of Rice Midstream Partners LP (RMP) in its acquisition of the water services business of Rice Energy Inc.’s wholly-owned subsidiary, Rice Midstream Holdings LLC (Midstream Holdings). The deal is valued at $200 million at closing plus a $25 million earn-out to be paid upon achievement of certain increases in connected water sources.
The acquisition includes Midstream Holdings’ Pennsylvania and Ohio fresh water distribution systems and related facilities, as well as the right to provide fresh water for well completion operations and to collect, recycle, or dispose of flowback and produced water for Rice in Washington and Greene counties, Pennsylvania, and Belmont County, Ohio. RMP has also been given the exclusive right to acquire and/or develop water treatment facilities in that area.
The Akin Gump team advising the conflicts committee included oil and gas corporate partners Vince Kendrick and Eric Muñoz; associates Chris Centrich and Brandon Hauver; and tax partner Alison Chen. It also included antitrust and unfair competition partner Paul Hewitt and senior attorney Stacy Kobrick; labor counsel Brian Patterson; environment, natural resources and land use partner David Quigley and counsel Fredricka Dorroh; and real estate senior attorney Ashley Todd.
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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