HOUSTON, September 24, 2014: Morgan Lewis advised Total E&P USA, an affiliate of French oil and gas company Total S.A., in the sale of its 25 percent interest in Cardinal Gas Services LLC to a group of Korean companies. E1 Corporation, a Korean investor, and a consortium of Korean pension funds led by Samchully agreed to pay $400 million, plus an estimated $50 million of closing adjustments, for the interest in Cardinal Gas, a midstream company in Ohio’s Utica shale play.
The purchase agreement was signed on September 19 and the sale is expected to close in October. The sale is subject to regulatory approvals and other customary closing conditions.
Leading the Morgan Lewis team representing Total were Energy Transactions Practice leader David Asmus and Energy Transactions Practice partner Joseph Roger, with support from Tax Practice partner Paul Gordon, Antitrust Practice partners Stephen Paul Mahinka and Harry Robins, Environmental Practice partner Christopher Amandes, Energy Transactions Practice associates Ian Furman and Adam Kowis, Tax Practice associate Casey August, and Antitrust practice associate Martin d’Halluin.
For further information about the transaction, please see the press release issued by Total.