Houston - Paul Hastings, a leading global law firm, announced today that the firm is advising Velocity Midstream Partners, LLC, an oil and condensate gathering and transportation company, in its proposed sale of Velocity Holdings, LLC to pipeline operator Enable Midstream Partners LP. The acquisition is expected to close in the fourth quarter of 2018 and is valued at $442 million and subject to certain post-closing adjustments.
Velocity Holdings’ assets include approximately 150 miles of pipeline capable of flowing approximately 225,000 barrels per day, along with over 400,000 barrels of owned and leased storage and 26 truck bays capable of unloading more than 100,000 barrels per day. Velocity Holdings’ indirectly held 60 percent interest in a 26-mile pipeline system joint venture is also included in the acquisition.
Velocity Holdings' assets are focused in Oklahoma's Anadarko basin.
The Paul Hastings team was led by Energy M&A partner Jimmy Vallee, and included Litigation partner Sam Cooper, Tax partner Greg Nelson, Employment partner Eric Keller, Energy M&A associates Monica Diddell, Stephen Perry and Chris Cottrell, and Antitrust associate Noah Pinegar.
At Paul Hastings, our purpose is clear—to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.