purchase of common equity in Western Gas Partners, LP

Energy
purchase of common equity in Western Gas Partners, LP

Summary

Baird served as financial advisor and provided a fairness opinion to the Special Committee of the Board of Directors of Western Gas Equity Holdings, LLC, the general partner of WGP.

About

Western Gas Partners, LP (the “Partnership”) (NYSE: WES) recently announced that the Partnership has agreed to acquire a 100% interest in Springfield Pipeline LLC from Anadarko Petroleum Corporation (“Anadarko”) (NYSE: APC) for $750.0 million. The Partnership intends to finance the acquisition through the issuance of $449 million in aggregate amount of perpetual convertible preferred units, the issuance of 1,253,761 and 835,841 WES common units at a price of $29.91 per common unit to Anadarko and Western Gas Equity Partners, LP (NYSE: WGP), respectively, and the borrowing of $247.5 million on its revolving credit facility.

Western Gas Partners, LP is a growth-oriented Delaware master limited partnership formed by Anadarko to acquire, own, develop and operate midstream energy assets. With midstream assets located in the Rocky Mountains, the Mid-Continent, North-central Pennsylvania and Texas, Western Gas Partners, LP is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, natural gas liquids and crude oil for Anadarko, as well as for other producers and customers. Western Gas Partners, LP is headquartered in The Woodlands, Texas.

Western Gas Equity Partners, LP is a Delaware master limited partnership formed by Anadarko to own the following types of interests in WES: (i) the general partner interest and all of the incentive distribution rights in Western Gas Partners, LP, both owned through Western Gas Equity Partners, LP 100% ownership of Western Gas Partners, LP general partner, and (ii) a significant limited partner interest in WES. Western Gas Equity Partners, LP is headquartered in The Woodlands, Texas.

For additional information about this transaction, please contact:

Kjell Lundal +1 (314) 445-6533
Nick Alfermann +1 (314) 445-6531
Energy
purchase of common equity in Western Gas Partners, LP
Date
February 2016
Company
Western Gas Equity Partners, LP
Transaction
M&A
Sectors
Energy
Target Location
North America
Acquiror Location
North America

Share