Diversified Energy Company’s Acquisition of Tapstone Energy

Akin Gump advised Tapstone Energy on the deal, while Kirkland & Ellis advised Diversified Energy Company.

Tapstone Energy Holdings, LLC and its affiliate KL CHK SPV, LLC have entered into definitive agreements with Diversified Energy Company PLC (“DEC”) pursuant to which DEC will acquire Tapstone and substantially all of the assets of KL CHK SPV, LLC, which includes upstream assets, field infrastructure, equipment and facilities in the Anadarko Basin of Oklahoma.

Pursuant to a strategic participation agreement with DEC, funds managed by Oaktree Capital Management, L.P. will make a non-operated working interest investment in the acquisition. Total gross consideration is $419 million, subject to certain customary purchase price adjustments to the August 1, 2021 effective date.

The Akin Gump team was led by energy transactional partner Jessica Hammons (Picture) and Dan Fisher, head of the firm’s special situations group. Additional members of the team included: corporate counsel Frankie Shulkin and associates Douglas Badini and Bailey Nicodemus; energy transactional partner Cole Bredthauer and counsel Niki Roberts; finance partner Matt Bivona; tax partner Alison Chen, senior counsel Brandon Morris and associate Sangita Sahasranaman; labor and employment partner Lauren Leyden and senior counsel Desiree Busching; executive compensation and employee benefits partner Rolf Zaiss and counsel Stephanie Bollheimer; environmental partner David Quigley and senior counsel Andrew Oelz; antitrust partner Haidee Schwartz, senior counsel Paul Hewitt and associate Mitchell Khader; London corporate partner Sebastian Rice and associate Lucy Jordan.

The Kirkland team was led by corporate partners John Kaercher and Anthony Speier and associates Jordan Silverman, Will Eiland and Zach Scott; tax partners David Wheat and Steve Butler; and executive compensation partner Rob Fowler.

The Kirkland team worked hand-in-hand with Diversified’s General Counsel, Ben Sullivan, and Associate General Counsel, Michelle Matthews, to execute on this transaction.

Involved fees earner: Douglas Badini – Akin Gump Strauss Hauer & Feld LLP; Matthew Bivona – Akin Gump Strauss Hauer & Feld LLP; Stephanie Bollheimer – Akin Gump Strauss Hauer & Feld LLP; Cole Bredthauer – Akin Gump Strauss Hauer & Feld LLP; Desiree Busching – Akin Gump Strauss Hauer & Feld LLP; Alison Chen – Akin Gump Strauss Hauer & Feld LLP; Daniel Fisher – Akin Gump Strauss Hauer & Feld LLP; Jessica Hammons – Akin Gump Strauss Hauer & Feld LLP; Paul Hewitt – Akin Gump Strauss Hauer & Feld LLP; Lucy Jordan – Akin Gump Strauss Hauer & Feld LLP; Mitchell Khader – Akin Gump Strauss Hauer & Feld LLP; Lauren Helen Leyden – Akin Gump Strauss Hauer & Feld LLP; Brandon Morris – Akin Gump Strauss Hauer & Feld LLP; Andrew Oelz – Akin Gump Strauss Hauer & Feld LLP; David Quigley – Akin Gump Strauss Hauer & Feld LLP; Sebastian Rice – Akin Gump Strauss Hauer & Feld LLP; Niki Roberts – Akin Gump Strauss Hauer & Feld LLP; Haidee Schwartz – Akin Gump Strauss Hauer & Feld LLP; Frankie Shulkin – Akin Gump Strauss Hauer & Feld LLP; Sangita Vani Sahasranaman – Akin Gump Strauss Hauer & Feld LLP; Rolf Zaiss – Akin Gump Strauss Hauer & Feld LLP; Stephen Butler – Kirkland & Ellis; William Eiland – Kirkland & Ellis; Robert Fowler – Kirkland & Ellis; John Kaercher – Kirkland & Ellis; Zach Scott – Kirkland & Ellis; Jordan Silverman – Kirkland & Ellis; Anthony Speier – Kirkland & Ellis; David Wheat – Kirkland & Ellis;

Law Firms: Akin Gump Strauss Hauer & Feld LLP; Kirkland & Ellis;

Clients: Diversified Energy Company PLC; Tapstone Energy;

Martina Bellini

Author: Martina Bellini