An affiliate of ArcLight Capital Partners LLC (ArcLight) has entered into a definitive agreement to acquire DCP GCX Pipeline LLC, which owns a 25% non-operated equity interest in Gulf Coast Express Pipeline LLC (GCX), from Phillips 66 (NYSE: PSX) for a total purchase price of US$865 million, subject to purchase price adjustments. Gulf Coast Express Pipeline is a ~500-mile pipeline system that transports ~2 billion cubic feet per day of natural gas from the Permian Basin to international markets. Latham & Watkins previously advised ArcLight on its acquisitions of aĀ 16% stakeĀ and aĀ 25% stakeĀ in GCX.
Latham represents ArcLight in the transaction with an M&A team led by Justin T. Stolte, Thomas Verity, John Daywalt, Haley Sandoval, and Catherine Sims. The Latham finance team was led by Warren Lilien, Annelise Karreman, and David Moore. Advice was also provided by Jordan Armstrong, Dylan Carroll, Julia Gabriel, Chandler Johnson, Katharine Moir, James Robertson, and Sam Yang.
