Kirkland Advises Magnolia Oil & Gas on $4.06 Billion Acquisition of WildFire Energy
Kirkland & Ellis advised Magnolia Oil & Gas Corporation (NYSE: MGY) on its definitive purchase agreement to acquire WildFire Energy for approximately $4.06 billion, inclusive of WildFire’s debt and subject to customary purchase price adjustments. Under the terms of the agreement, WildFire owners will receive 32.2 million shares of Magnolia’s Class A Common Stock and Magnolia is assuming WildFire’s $600 million of outstanding notes due in 2029. Magnolia intends to fund the remaining amount through a combination of cash on hand, and a balanced mix of debt and new common equity. Magnolia has obtained committed financing from JPMorgan Chase Bank, N.A., Citigroup Global Markets Inc. and Wells Fargo Bank, N.A. in connection with this transaction and has amended and increased Magnolia’s secured credit facility to a $2 billion borrowing base and with elected commitments of $1.75 billion contingent upon closing the transaction.
The Kirkland team included corporate lawyers David Castro Jr., R.J. Malenfant, Kyle Watson, Jacob Volz, Greg Kerr, Alex Lippert, Mohammad Alkadhem, Maysa Alqaisi, Matt Kim, Curtis French, Rachel Miller and Jerome Fuller; capital markets lawyers Michael Rigdon, Robbie Dillard, Samiya Javed, Kate Wilson, Will Burdick and Lauren Jones; debt finance lawyers Mary Kogut, Grant Gannon, Kaitlin Schock, Hope Rovner, Vincent Christianson and Anu Reddy; derivatives lawyer Brett Ackerman; transactional liability lawyer Anna Geml; real estate lawyers Roberto Miceli and Adam Amdur; environmental transactions lawyers Paul Tanaka, Max Anderson and Isaac Lawrence; tax lawyers Joe Tobias and Sarah Gehr; energy regulatory lawyers Damien Lyster and Ethan Borrasso; executive compensation lawyers Robert Fowler, Rebekah Kostelak and Kristen Tyler; employee benefits lawyer Maureen O’Brien; employment & labor lawyers Christie Alcala and Kaitlyn Hodgman; litigation lawyers Tabitha De Paulo and Will Atnipp; and antitrust & competition lawyers Michael Thorpe, Chuck Boyars and Mackenzie Pike.
