The Firm is representing First Reserve in its announced agreement to purchase Dominion Energy’s (NYSE: D) 50% interest in Blue Racer Midstream, LLC, funded in part by equity from First Reserve Fund XIII and investment funds affiliated with First Reserve. The transaction is expected to close prior to year-end 2018, subject to regulatory approvals.
Blue Racer is a joint venture formed in December 2012 by Dominion and Caiman Energy II, LLC to own, operate, develop and acquire midstream assets in the Utica Shale and certain adjacent areas in the Marcellus Shale. Blue Racer provides natural gas gathering, compression, dehydrating, treating, processing, fractionation and transportation services, forming an interconnected midstream business.
The Simpson Thacher team includes Chris May, Jim Cross, Nadine Thornton, Kyle Kreshover and Justin Thekkekara (M&A); Alden Millard and Edward Bersuder (Credit); Barrie Covit, Townshine Wu and Mark Ma (Funds); John Creed and Dmitry Zelik (Tax); Larry Moss and Caitlin Fitzgerald (ECEB); Krista McManus and Timothy Gallagher (Real Estate); and Michael Isby (Environmental).