KKR & Co. Inc. and SemGroup Corporation completed the acquisition of Meritage Midstream ULC
The transaction is subject to regulatory and antitrust approvals, customary approvals and closing conditions. The deal is expected to close during the first quarter of 2019. CIBC Capital Markets and Evercore acted as financial advisors to SemGroup. TD Securities acted as financial advisor to KKR. RBC Capital Markets acted as financial advisor to Meritage Midstream and Riverstone, parent of Meritage Midstream Services III, LP. Steven Talley of Gibson, Dunn & Crutcher LLP; and, Osler, Hoskin & Harcourt LLP acted as legal advisors to SemGroup. Torys LLP and Breen Haire, Jacqui Bogucki, Brian Steinhardt and James Doyle of Simpson Thacher & Bartlett acted as legal advisors to KKR. Dentons Canada LLP and Doug Bland, Dan Komarek, David Peck, Jason McIntosh, Allyson Seger, Sarah Mitchell, Tzvi Werzberger and Ramey Layne of Vinson & Elkins LLP acted as legal advisors to Meritage Midstream and Riverstone, parent of Meritage Midstream Services III, LP.
KKR & Co. Inc. (NYSE:KKR) and SemGroup Corporation (NYSE:SEMG) completed the acquisition of Meritage Midstream ULC for approximately CAD 650 million on February 25, 2019. The purchase price was paid in cash on a debt-free basis and is subject to customary post-closing adjustments. The purchase price included CAD 152.3 million in reimbursements for estimated capital expenditures incurred from September 1, 2018 to the closing of the transaction. KKR & Co. Inc. and SemGroup Corporation entered into a credit agreement, together with The Toronto-Dominion Bank, as administrative agent, providing for a CAD 350 million senior secured term loan facility and a CAD 450 million senior secured revolving credit facility to fund a portion of the cash purchase price.