Shearman & Sterling advised Morgan Stanley and J.P. Morgan as representatives of the initial purchasers in connection with a Rule 144A/Regulation S offering by LPL Holdings, Inc. of $400 million aggregate principal amount of 4.625 percent senior notes due 2027. The senior notes are guaranteed by certain subsidiaries of the company.

Shearman & Sterling advised Ecopetrol on its joint venture with Occidental Petroleum Corporation to develop 97,000 net acres in the Permian Basin in west Texas. Ecopetrol will pay $750 million in cash plus $750 million of carried capital in exchange for a 49-percent interest in the new venture. Occidental will own a 51-percent interest and operate the joint venture. The deal closed on November 13, 2019.

Shearman & Sterling advised Citigroup Global Markets Inc., which acted as exclusive financial advisor to Continental Building Products Inc. (CBP), in connection with CBP’s sale to France's Compagnie de Saint-Gobain S.A. The deal is valued at about $1.4 billion, or $37 per share.  

Shearman & Sterling represented EnCap Flatrock Midstream Fund IV, L.P. (EFM) in connection with a $400 million equity commitment to Ironwood Midstream Energy Partners II, LLC (Ironwood II). We also represented EFM in connection with Ironwood II’s execution of a purchase and sale agreement with Twin Eagle Pipeline Company, LLC for the acquisition of 100 percent of the membership interests of Twin Eagle Gardendale Pipeline, LLC, an entity that owns a crude oil gathering, transportation and storage system in Dimmit, Frio, La Salle and Zavala Counties, Texas.

Partner Emmanuel Jacomy (Beijing/Singapore-International Arbitration) was appointed on November 5, 2019 to the Expert Advisory Committee of the International Institute for Dispute Prevention and Settlement (IIDPS), jointly established by the China Council for the Promotion of International Trade (CCPIT) and the Beijing Institute of Technology (BIT).

Adam Hakki, Shearman & Sterling’s Global Managing Partner and Global Head of Litigation, has been named Banking “MVP of the Year” by Law360. Adam’s selection for this prestigious honor is in recognition of his preeminent status as counsel to the financial industry and, in particular, a string of high-profile courtroom victories in the last year for major financial institution clients in a wide array of significant securities, antitrust, government and commercial cases.

Shearman & Sterling acted as international counsel to Salini Impregilo S.p.A. (Salini Impregilo) in connection with its €600 million global offering of new ordinary shares completed on November 12, 2019.

Shearman & Sterling advised Oryx Midstream in its agreement to acquire Targa Resources Corp.’s Permian Delaware crude business in a deal valued at approximately $135 million. Subject to customary regulatory approvals and closing conditions, the sale is expected to close in the fourth quarter of 2019. Sidley Austin was co-counsel to Oryx.

Shearman & Sterling is advising Canada Pension Plan Investment Board (CPPIB) in connection with the acquisition of Pattern Energy Group Inc. (NASDAQ and TSX: PEGI) in an all-cash transaction for $26.75 per share, implying an enterprise value of approximately $6.1 billion, including net debt. Concurrently with the entry into the agreement to acquire Pattern Energy, CPPIB signed an agreement with private equity firm Riverstone Holdings LLC to combine Pattern Energy with Pattern Energy Group Holdings 2 LP (an affiliate of Pattern Energy controlled by Riverstone), in order to create an integrated renewable energy company.

Shearman & Sterling advised Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc., as initial purchasers, in connection with a Rule 144A/Reg S offering of $600 million of 4.500 percent senior notes due 2030 by Cable Onda, S.A., an indirect, majority-owned subsidiary of Millicom International Cellular S.A.