HOUSTON – Bracewell LLP represented Evercore, financial advisor to the board of directors of SemGroup Corporation, in the formation with KKR of a joint venture to create a Canadian midstream infrastructure platform, SemCAMS Midstream ULC. Under the terms of the joint venture, SemGroup will contribute the shares and assets of its Canadian subsidiary, SemCAMS, in exchange for C$615 million (US$460 million) cash proceeds and 51 percent common equity ownership in SemCAMS Midstream. KKR will contribute C$515 million (US$385 million) of cash in exchange for 49 percent of the common equity ownership. KKR will also contribute C$300 million (US$224 million) to acquire perpetual preferred equity.
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Bracewell lawyers involved in this transaction include:
Partner: Will Anderson
Associate: Benjamin J. Martin