Latham & Watkins Advises Plains All American in Completed Acquisition of 100% Interest in EPIC

On October 31st, Plains All American Pipeline, L.P. (Nasdaq: PAA) (Plains) completed the previously announced acquisition of a 55% equity interest in EPIC Crude Holdings, LP (EPIC), the entity that owns and operates the EPIC Crude Oil Pipeline (the EPIC Pipeline), from subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc.

In addition, effective November 1st, Plains completed the acquisition of the remaining 45% operated equity interest in EPIC from a portfolio company of Ares Private Equity funds for a purchase price of approximately US$1.33 billion, inclusive of approximately US$500 million of debt. This transaction, along with the transaction described above, results in PAA owning a 100% equity interest in EPIC.

Latham & Watkins LLP represented Plains in the transaction with an M&A team led by Houston partners Ryan Lynch and Nick Dhesi, with associates Clayton Heery, Morgen Seim, and David Lee. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley; on antitrust matters by Washington, D.C. partners Jason Cruise and Caitlin Fitzpatrick, with associate Mary Casale; on regulatory matters by Washington, D.C. partner Pat Nevins, with associate Jecoliah Williams; on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Kate Johnstone; on benefits matters by Washington, D.C. partner Adam Kestenbaum, with associate Sam Sturgis; and on finance matters by Houston counsel Natalie McFarland, with associate Kara Burkett.