Verde buys VTX Energy Partners from Vitol in west Texas oil push
What's the deal? Verde Operating Company has acquired VTX Energy Partners from commodities trader VitolDealroom has a profile for this one. Try Dealroom →, alongside VTX management and other co-investors. VTX — the successor to ATX Energy Partners — is a US upstream oil and gas producer focused on the southern Delaware Basin in west Texas.
Who advised? Vitol was advised by Goldman Sachs on finance and Kirkland & Ellis on legal matters. Verde worked with Morgan Stanley and TPH&Co. — the energy business of Perella Weinberg PartnersDealroom has a profile for this one. Try Dealroom → — as financial advisors and Gibson, Dunn & Crutcher as legal counsel.
How is it financed? Wells Fargo SecuritiesDealroom has a profile for this one. Try Dealroom → and BofA SecuritiesDealroom has a profile for this one. Try Dealroom → are leading the syndication of a new reserves-based credit facility supporting the transaction.
The signal: The deal marks Vitol's exit from a US upstream asset as it hands control to Verde and its co-investors, adding to a run of consolidation across North American energy.
Read more: The Middle Market
Image credit: joncutrer
