Houston. King & Spalding, a leading international law firm, advised Haddington Ventures, L.L.C. in a definitive agreement to sell the Bobcat Gas Storage assets and development project to Spectra Energy Corp. for $540 million.
Completion of the transaction is subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The transaction is expected to close before year-end 2010.
Located in Port Barre, La., the project began development in 2006 and entered commercial operation in November 2008. Following the addition of a second cavern in 2009, the facility has working gas storage capacity of approximately 19 billion cubic feet.
The Bobcat Gas Storage Project was developed by Port Barre Investments, LLC, which is owned by members of management, Haddington Energy Partners III LP, a private equity fund managed by Haddington Ventures, L.L.C., and GE Energy Financial Services, the energy investing unit of GE.
A King & Spalding cross-office legal team was involved in the transaction, led by Houston-based energy transactions partner John P. Crespo, in association with Kenneth S. Culotta, the Haddington client leader and a Houston-based energy transactions partner. Assisting with the deal were the following lawyers and consultant:
Energy transactions
Denis A. Fallon (associate - Houston)
Michael Sparks (associate - Houston)
Tara L. Teeter (associate - Houston)
Tax
Donald S. Kohla (partner - Atlanta)
Wayne L. Pressgrove (partner - Atlanta)
Jan G. Marsh (consultant - Atlanta)
Real estate
Peter M. Oxman (partner - Houston)
Antitrust
Jeffrey S. Spigel (partner - Washington)
Brian R. Meiners (associate - Washington)
Environmental
Harold M. Shaw (counsel - Washington)
About King & Spalding
Celebrating 125 years of service, King & Spalding is an international law firm with more than 800 lawyers in Abu Dhabi, Atlanta, Austin, Charlotte, Dubai, Frankfurt, Geneva, Houston, London, New York, Paris, Riyadh (affiliated office), San Francisco, Silicon Valley and Washington, D.C. The firm represents half of the Fortune 100 and, according to a Corporate Counsel survey in August 2009, ranks fifth in its total number of representations of those companies. For additional information, visit www.kslaw.com.
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