Kirkland & Ellis advised EPIC Y-Grade, LP on its definitive agreements to sell its natural gas liquids (NGL) business to Phillips 66 (NYSE: PSX) for total cash consideration of $2.20 billion, subject to customary purchase price adjustments. EPIC Y-Grade owns long haul NGL pipelines and fractionation facilities that serve both the Permian and Eagle Ford basins.

The Kirkland team included corporate lawyers Chad Smith, Will Eiland, Jonathan Benloulou, Bilal Iftikhar, Curtis French and Shelby Velasquez; tax lawyers David Wheat and Joe Tobias; and debt finance lawyers Lucas Spivey and Marco Chan.