Sidley is representing oil and gas operator Presidio Investment Holdings in its business combination with EQV Ventures Acquisition Corp. (NYSE: EQV), a special purpose acquisition company. The combination will create Presidio Production Company, an oil and gas company focused on the production, acquisition, and optimization of U.S.-producing oil and natural gas assets. Presidio Production Company will have an estimated post-transaction pro forma enterprise value of approximately US$660 million and is expected to be listed on the New York Stock Exchange under the ticker “FTW.” As part of the transaction, EQV Group will also contribute its Texas Panhandle asset base and maintain an ownership stake in the Company.
The transaction includes up to US$970 million of capital, including financing commitments of an estimated US$65 million in rollover equity from existing Presidio equity holders; more than US$85 million in common stock PIPE subscriptions from new investors; US$125 million of Series A preferred equity subscriptions; and a US$50 million reserve based loan commitment.
The Sidley deal team is being led by Josh DuClos, Jeremy Pettit, Jocelyne Kelly, and John Stribling (M&A and Energy and Infrastructure), and includes Courtney Luster, Grace Dau, Ashley Rogers, and Kelly Katherine Ball (M&A and Private Equity); Daniel Allison, Quan Q. Lu, Garrett Hughey, Austin Lee, Chris von Drieberg, Zayn Mian, and Enrrique Santa Cruz (Energy and Infrastructure); and Angela T. Richards and Alvin Wang (Tax).
