Kirkland Advises Alamo on $201 Million Sale of Permian Basin Oil & Gas Properties to HighPeak Energy
Kirkland & Ellis advised Alamo Borden County IV (an operating subsidiary of Alamo Frac Holdings), and its seller affiliates, on its definitive agreement to sell certain of its oil and gas properties in the Permian Basin to HighPeak Energy, Inc. (NASDAQ: HPK) in exchange for a combination of cash and share consideration. Inclusive of the maximum potential share consideration pursuant to the definitive agreement, Alamo is receiving approximately $201 million in newly issued HighPeak common shares (based on HighPeak’s $26.00 trading price as of March 7, 2022), which reflects an approximately 7.4 percent equity stake in HighPeak. The transaction was executed in February 2022 and closed in March 2022.
This sale follows the carveout sale of Alamo’s pressure pumping business in 2021 to NexTier Oilfield Solutions, Inc. for $268 million plus additional earn-out, with respect to which Kirkland also advised Alamo.
Read the HighPeak press release
The Kirkland team was led by corporate partners Kevin Crews, Rahul Vashi and Courtney Roane and associate Jordan Silverman; capital markets partner Matt Pacey and associate Billy Vranish; and tax partner David Wheat and associate Ryan Phelps.
