Davis Polk Advises Quicksilver In $1B Gas Unit Sale

Law360, New York (July 23, 2010, 2:07 PM EDT) -- Oil and gas producer Quicksilver Resources Inc. said Friday it would sell its gas services partnership unit to an affiliate of First Reserve Corp. in a deal that could top $1 billion.

Crestwood Midstream Partners II LLC, a First Reserve portfolio company, will pay $701 million in cash at closing, plus up to $72 million in earn-out payments, to acquire Quicksilver Gas Services, the companies said.

The deal will also eliminate $228 million of debt associated with the gas services unit, which was set up in...
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