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The Deal: Apache Sells Gulf of Mexico Assets to Fieldwood for $3.8B

Riverstone partner John Lancaster said the transaction is a unique opportunity to acquire a successful business of scale with a strong partner it knows well and the proven professionals who have built the business over many years.

Fieldwood obtained underwritten committed financing for the transaction from a bank group led by Citigroup Global Markets, including Chris Abbate, Jerry Schretter and Steve Trauber. Also participating were J.P. Morgan (JPM - Get Report), Deutsche Bank AG (DB), BofA Merrill Lynch (BAC) and Goldman Sachs Bank USA.

Fieldwood attracted a $600 million commitment from Riverstone in December with management kicking in another $25 million to focus on acquiring and developing conventional oil and gas assets in North America, including the Gulf of Mexico.

McCarroll leads the company along with other former senior executives of Dynamic Offshore Resources, which became one of the largest operators on the Gulf of Mexico shelf before being sold to SandRidge Energy Inc. (SD) in 2012 for $1.3 billion. Riverstone backed McCarroll in Dynamic Offshore as well, earning a 3.6 times return on the sale.

Riverstone has raised $25 billion of equity capital across seven investment funds. Goldman Sachs & Co.'s (GS) Suhail Sikhtian, Shane Young and Ryan Synnott provided financial advice to Apache. Bracewell Giuliani LLP is counseling the company, including Alan Rafte, Kristen Campana, Bruce Jocz, Bryan Loocke, Elizabeth McGinley, Robin Miles, Michael De Voe Piazza, Stephen Boone, Laura Martone and Christopher Miller.

Vinson & Elkins LLP and Simpson Thacher & Bartlett LLP represented Riverstone. V&E's team included David Cohen, Marc Rose, Shay Kuperman, Ted Stockbridge, Sean Becker, Christopher Dawe, Larry Nettles, James Olson, David Peck, David D'Alessandro, Sandy Weiner, Mingda Zhao, Carson Sieving, Alan Alexander and Scott Fulford. Simpson's team consisted of Christopher Brown, Robert Rabalais and Hayley Nivelle.

Written by Claire Poole
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