PDC Energy, Inc. (PDC) (Nasdaq: PDCE) has announced it has entered into a definitive purchase agreement with Great Western Petroleum, LLC (Great Western) and certain sellers under which PDC will acquire Great Western in a transaction valued at approximately US$1.3 billion, including net debt of approximately US$500 million (the Acquisition). Great Western is a Denver-based D-J Basin operator owned by affiliates of EIG, TPG Energy Solutions, L.P.  and The Broe Group. Under the terms of the agreement, the Acquisition will be financed through the direct placement of approximately 4.0 million shares of PDC common stock and approximately US$543 million of cash, subject to customary post-closing adjustments.

Latham & Watkins LLP represents Great Western in the transaction with a corporate deal team led by Austin partner David Miller and Houston partners Nick Dhesi and Stephen Szalkowski, with Houston associates Thomas Verity, Jonathan Villa, Robert Cunningham, Alice Parker, Katie Walker and Shreya Patel. Advice was also provided on finance matters by Houston partner Matthew Jones, with Houston associate Max Fin; on tax matters by Houston partners Tim Fenn and Jared Grimley, with Houston associate Emily Fawcett; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum; on environmental matters by Los Angeles counsel Joshua Marnitz; and on antitrust matters by Washington, D.C. partner Jason Cruise and Washington, D.C. counsel Peter Todaro, with Los Angeles associate Nick Eberhart and Washington, D.C. associate Caitlin Fitzpatrick.