Bracewell & Giuliani LLP represented Global Infrastructure Partners (GIP), its second fund, Global Infrastructure Partners II, and affiliated funds, in a strategic joint venture with Hess Corporation (Hess; NYSE: HES). GIP will acquire 50% interest in Hess Infrastructure Partners (Hess Infrastructure), the owner of Hess’s midstream crude oil and natural gas infrastructure assets in the Bakken Shale. The purchase price for the transaction is $2.675 billion and is expected to be financed with a combination of equity and debt.
Assets included in the transaction are crude oil and natural gas gathering systems, a natural gas processing and fractionation facility, crude oil export logistics assets and an underground propane storage facility, all of which provide services to Hess and its affiliates.
The transaction is subject to customary closing conditions and is expected to close in the early third quarter of 2015.
The transaction was led by Houston Partner Thomas Tomlinson.
Bracewell attorneys working on the transaction include:
Partners: Thomas M. Tomlinson, D. Kirk Morgan, II and Daniel E. Hemli
Counsels: Elena V. Rubinov and Jacqueline R. Java
Associates: Stephen M. Boone, Jennifer E. Shiffman and Yaw T. Temeng