Targa Resources Corp.’s $3.55 Billion Acquisition of Lucid Energy

Vinson & Elkins advised Targa Resources Corp., Latham & Watkins represented Lucid Energy Group, Fried Frank acted as counsel to Goldman Sachs Asset Management, and Haynes Boone represented Mizuho Bank.

Targa Resources Corp. (“Targa”) announced the acquisition by a wholly-owned subsidiary of Targa of Lucid Energy from Riverstone Holdings and Goldman Sachs Asset Management for $3.55 billion.

Mizuho Bank, Ltd. granted a $1.5 billion delayed draw term loan to Targa for the acquisition.

Lucid provides natural gas gathering, treating and processing services in the Delaware Basin, including approximately 1,050 miles of natural gas pipelines and approximately 1.4 billion cubic feet per day of cryogenic natural gas processing capacity in service or under construction located primarily in Eddy and Lea counties of New Mexico.

Targa Resources is a Fortune 500 company based in Houston, Texas. Targa, a midstream energy infrastructure corporation, is one of the largest infrastructure companies delivering natural gas and natural gas liquids in the United States. 

The V&E corporate team was led by partners Christopher Collins (Picture) and Benji Barron and associate Charlie Fitzpatrick, with assistance from associates Tushar Parashar, Chandler Spinks and Cole Leveque. Also advising were partner Sarah Mitchell and associate Victoria Bahrami-Negad; partners David Wicklund and Darin Schultz and senior associate Caitlin Snelson; partner Darren Tucker and senior associate Ryan Will; partners James Meyer and Ryan Carney and senior associate Brian Russell; partner David D’Alessandro, senior associate Missy Spohn and associate Matt Green; partner Tom Wilson and counsel Alex Bluebond; senior associate Megan Menniti and associates Zach Parker, Brian Broussard, Kene Obi and Sebastien Devora; counsel Larry Pechacek and associate Kevin Moscon; partner Damien Lyster and associate Reagan Lutter; counsel Rajesh Patel and associate Ricky Legg; partner Thomas Zentner, senior associate Stancell Haigwood and associates Nathaniel Richards and John Frey; and partner Prentiss Cutshaw and senior associate Ken Adler.

Latham & Watkins LLP represented Lucid Energy Group in the transaction with a corporate deal team led by New York/Houston partner Charles Carpenter and Houston partner James Garrett, with Houston associates Justin Thekkekara, Zainab Hashmi, and Hunter Newell. Advice was also provided on tax matters by Houston partner Jim Cole, with Houston associate Christine Mainguy; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with Los Angeles associate Courtney Thomson; on antitrust matters by Washington, D.C. partner Michael Egge, with Washington, D.C. associates Doug Tifft and Brian Goodell; on energy regulatory matters by Washington, D.C. partner Patrick Nevins; on environmental matters by Houston partner Joel Mack and Los Angeles counsel Joshua Marnitz, with Houston associate Joseph Kmetz; on data privacy matters by Houston counsel Robert Brown; on finance matters by Houston partner Catherine Ozdogan, with Houston associates Max Fin and Michael Basist; on real estate matters by New York counsel Shira Bressler; on insurance matters by San Diego associate Steven Lesan; on sanctions matters by Washington, D.C. counsel Andrew Galdes; on RWI matters by San Diego associate Hannah Cary; on intellectual property matters by Washington, D.C. counsel Kieran Dickinson; and on capital markets matters by Austin partner David Miller, with Houston associate Om Pandya.

The Fried Frank team was led by corporate partners Mark H. Lucas and Erica Jaffe, and included corporate partners Andrew J. Klein and F. William Reindel; antitrust and competition partner Nathaniel L. Asker; executive compensation & ERISA partner Jason R. Ertel; intellectual property and technology partner Jason L. Greenberg; tax partner Michael J. Alter; corporate associates Ryan T. Fung, Hannah E. Koban, Jeremy Merkin and Bradley Russian; antitrust and competition associates Nathaniel Bronstein and Brendon L. Walsh; corporate law clerk Zack Perlitsh; and summer law clerks Maddie Dorfman and Neven Sussman.

The Haynes and Boone team was led by Houston Partner Brent Shultz, assisted by Partners Laura Martone, Stephen Grant, Paul Amiel, and Jennifer Wisinski; Counsel Edward Bontkowski and Nick Monier; and Associates Nicole Rubin, Brent Beckert and Ellen Conley.

Involved fees earner: Michael Alter – Fried Frank Harris Shriver & Jacobson; Nathaniel Asker – Fried Frank Harris Shriver & Jacobson; Nathaniel Bronstein – Fried Frank Harris Shriver & Jacobson; Jason Ertel – Fried Frank Harris Shriver & Jacobson; Ryan Fung – Fried Frank Harris Shriver & Jacobson; Jason Greenberg – Fried Frank Harris Shriver & Jacobson; Erica Jaffe – Fried Frank Harris Shriver & Jacobson; Andrew Klein – Fried Frank Harris Shriver & Jacobson; Hannah Koban – Fried Frank Harris Shriver & Jacobson; Mark Lucas – Fried Frank Harris Shriver & Jacobson; Jeremy Merkin – Fried Frank Harris Shriver & Jacobson; William Reindel – Fried Frank Harris Shriver & Jacobson; Bradley Russian – Fried Frank Harris Shriver & Jacobson; Brendon Walsh – Fried Frank Harris Shriver & Jacobson; Paul Amiel – Haynes and Boone; Brent Beckert – Haynes and Boone; Edward Bontkowski – Haynes and Boone; Ellen Conley – Haynes and Boone; Stephen Grant – Haynes and Boone; Laura Martone – Haynes and Boone; Nick Monier – Haynes and Boone; Nicole Rubin – Haynes and Boone; Brent Shultz – Haynes and Boone; Jennifer Wisinski – Haynes and Boone; Michael Basist – Latham & Watkins; Shira Bressler – Latham & Watkins; Robert Brown II – Latham & Watkins; Charles Carpenter – Latham & Watkins; Hannah Cary – Latham & Watkins; Jim Cole – Latham & Watkins; Kieran Dickinson – Latham & Watkins; Michael Egge – Latham & Watkins; Max Fin – Latham & Watkins; Andrew Galdes – Latham & Watkins; James Garrett – Latham & Watkins; Brian Goodell – Latham & Watkins; Zainab Hashmi – Latham & Watkins; Adam Kestenbaum – Latham & Watkins; Joseph Kmetz – Latham & Watkins; Steven Lesan – Latham & Watkins; Joel Mack – Latham & Watkins; Christine Mainguy – Latham & Watkins; Joshua Marnitz – Latham & Watkins; David Miller – Latham & Watkins; Patrick Nevins – Latham & Watkins; Hunter Newell – Latham & Watkins; Catherine Ozdogan – Latham & Watkins; Om Pandya – Latham & Watkins; Justin Thekkekara – Latham & Watkins; Courtney Thomson – Latham & Watkins; Doug Tifft – Latham & Watkins; Kenneth Adler – Vinson & Elkins LLP; Victoria Bahrami – Vinson & Elkins LLP; Benjamin Barron – Vinson & Elkins LLP; Alex Bluebond – Vinson & Elkins LLP; Brian Broussard – Vinson & Elkins LLP; Ryan Carney – Vinson & Elkins LLP; Christopher Collins – Vinson & Elkins LLP; Prentiss Cutshaw – Vinson & Elkins LLP; Sebastian Devora – Vinson & Elkins LLP; David D’Alessandro – Vinson & Elkins LLP; Charles Fitzpatrick – Vinson & Elkins LLP; John Frey – Vinson & Elkins LLP; Matthew Green – Vinson & Elkins LLP; Stancell Haigwood – Vinson & Elkins LLP; Melissa Jester Spohn – Vinson & Elkins LLP; Ricky Legg – Vinson & Elkins LLP; Cole Leveque – Vinson & Elkins LLP; Reagan Lutter – Vinson & Elkins LLP; Damien Lyster – Vinson & Elkins LLP; James Meyer – Vinson & Elkins LLP; Sarah Mitchell – Vinson & Elkins LLP; Kevin Moscon – Vinson & Elkins LLP; Kene Obi – Vinson & Elkins LLP; Tushar Parashar – Vinson & Elkins LLP; Zachary Parker – Vinson & Elkins LLP; Rajesh Patel – Vinson & Elkins LLP; Larry Pechacek – Vinson & Elkins LLP; Nathaniel Richards – Vinson & Elkins LLP; Brian Russell – Vinson & Elkins LLP; Darin Schultz – Vinson & Elkins LLP; Caitlin Snelson – Vinson & Elkins LLP; Chandler Spinks – Vinson & Elkins LLP; Megan Stephens Menniti – Vinson & Elkins LLP; Darren Tucker – Vinson & Elkins LLP; David Wicklund – Vinson & Elkins LLP; Ryan Will – Vinson & Elkins LLP; Thomas Wilson – Vinson & Elkins LLP; Thomas Zentner – Vinson & Elkins LLP;

Law Firms: Fried Frank Harris Shriver & Jacobson; Haynes and Boone; Latham & Watkins; Vinson & Elkins LLP;

Clients: Goldman Sachs Asset Management; Lucid Energy Group, LLC; Mizuho Bank; Targa Resources Corp.;

Martina Bellini

Author: Martina Bellini