Vinson & Elkins advised Enbridge (U.S.) Inc. in a definitive agreement with Brookfield Infrastructure Partners (NYSE:BIP) and Crestwood Equity Partners LP (NYSE:CEQP) to acquire Tres Palacios Holdings LLC for $335 million.
Tres Palacios is comprised of three natural gas storage salt caverns with a total FERC-certificated working gas capacity of approximately 35 Bcf, as well as an expansion project in execution for a fourth cavern that will increase working gas capacity by approximately 6.5 Bcf. Tres Palacios also owns an integrated 62-mile natural gas header pipeline system, with eleven inter and intrastate natural gas pipeline connections, including Enbridge’s Texas Eastern Pipeline. A copy of the press release below.
The Vinson & Elkins team was led by partner Doug Bland and senior associate Michael Zarcaro with assistance from associate Vestita Kuntz. Other key team members were partner Sarah Mitchell and senior associate Alexander Baker; partners Ryan Carney and John Lynch and associate Maddie Brown; counsel Brandon Tuck and associate Audrey Elise Doane; partner Damien Lyster, senior associate Mike Malenfant and associate Ryan Hoeffner; counsel Alex Bluebond and associate Ryan Penner; partner Joo Lee and associate Matt Green; and counsel Scot Dixon (RE).
