Wachtell, Lipton, Rosen & Katz, Jones Day and Vinson & Elkins lead on $1.7 billion energy deal

April 12, 2010 The latest deal over the Marcellus Shale in Pennsylvania and West Virginia sees India's Reliance Industries in a $1.7 billion joint venture with US company Atlas Energy to develop a 300,000-acre portion of the shale. It has been reported that the shale may hold enough natural gas to supply the US for a decade.

Under terms of the deal, Reliance will contribute $340 million in cash upon closing and will pay another $1.36 billion to the shale project in the future, and will thereby a 40 percent stake in the shale.

Atlas Energy was advised by Wachtell, Lipton, Rosen & Katz and Jones Day. The Jones Day team was led by partners Jeffrey Schlegel and James Vallee, while the Wachtell team was led by corporate partner David Lam and included litigation partner Jonathan Moses, finance partner Joshua Feltman, and tax partner Joshua Holmes.

Reliance Industries turned to Vinson & Elkins for advice on the deal.

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