Kirkland & Ellis counseled Dallas-based private equity firm Tailwater Capital and its portfolio company NorTex Midstream on the sale of NorTex to Williams (NYSE: WMB) for a $423 million cash purchase price. The transaction includes approximately 83 miles of natural gas transmission pipelines and 36 Bcf of natural gas storage in the Dallas-Fort Worth market. The NorTex assets provide critical service to approximately 4 GW of gas fired power generation, enabling Texas energy providers to successfully meet peak demands. In addition to providing critical gas supply to power generation in north Texas, these assets also provide storage services for Permian gas directed toward growing Gulf Coast LNG demand.
The Kirkland team was led by corporate partners Kevin Crews and John Furlow and associates Jacqueline Scioli and Hunter Richey; debt finance partner Lucas Spivey and associates Purun Cheong and Chris Gambini; tax partner David Wheat and associate David Gilbert; energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg; technology & IP transactions partner Jeff Norman; employee benefits partner Maureen O’Brien and associate Nathan Linger; labor & employment partner R.D. Kohut and associates Alexander Flynn-Tabloff and Paul Vasiloff; executive compensation partner Stephen Jacobson and associate Katherine Nemeth; environmental transactions partner Jon Kidwell; and antitrust partner Carla Hine.