Rose Rock Midstream, L.P. agreed to acquire a 33.3% interest in SemCrude Pipeline, L.L.C. from SemGroup Corporation for approximately $270 million.
The transaction is subject to approval from government authority. The terms of the acquisition were approved by the conflicts committee of the Board of Directors of Rose Rock Midstream's general partner. The acquisition is expected to close by January 14, 2013 and will be immediately accretive to distributable cash flow on a per unit basis and to the partnership's common unit holders. Tim Carlson, Rob Pacha, Guillermo Sierra, Amit Bushan and Will Fitzgerald of Evercore Partners acted as financial advisor and Christine B. LaFollette, John Goodgame, Andy Lehman, and Thomas Weir of Akin Gump Strauss Hauer & Feld, LLP acted as legal advisors for conflicts committee of Board of Directors of Rose Rock Midstream. Lou Talarico of LCT Capital, LLC and Drew Horn and Sam Pitts of Citi acted as financial advisors for SemGroup. J. Ryan Sacra and Ed Highberger of Conner & Winters, LLP acted as legal advisor for SemGroup Corporation. Thomas Ford, Angela Richards, Bill Cooper, Michael O'Leary, Courtney Butler, and Brooks Antweil of Andrews Kurth LLP acted as legal advisors for Rose Rock.