Sidley Represents Stonepeak in its Sale of WTG Midstream Holdings LLC for US$3.25 Billion

Sidley represented Stonepeak Infrastructure Partners in the sale of its portfolio company, WTG Midstream Holdings LLC to Energy Transfer LP (NYSE: ET) (Energy Transfer). Consideration for the transaction will be comprised of US$2.45 billion in cash and approximately 50.8 million newly issued Energy Transfer common units. The transaction is expected to close in the third quarter of 2024, subject to regulatory approval and customary closing conditions. WTG provides comprehensive midstream services including wellhead gathering, intra-basin transportation, and processing services. The company’s 6,000-mile pipeline network serves significant operators in some of the most active areas of the Midland Basin in West Texas.

The Sidley team was led by Tim Chandler (Energy and Infrastructure), Jeremy Pettit (Energy and Infrastructure), Chanse Barnes (Energy and Infrastructure), Jack Zeringue (M&A), Ellen Heighten (M&A), and Alex Thompson (Energy and Infrastructure). The Sidley team also included Alexander Csordas (Capital Markets), Gregory Marrs (M&A and Private Equity), Heather Palmer (Environmental), Angela Richards (Tax), Laura Collins (Litigation), Aaron Mitchell (Tax), Zach Johnston (M&A and Private Equity), Kunal Jhaveri (Litigation), Emily Eng (Energy and Infrastructure), and Lucy Li (Energy and Infrastructure).