Akin Gump, V&E Advise In $1.6B Anadarko-KNOC Deal

Law360, New York (March 21, 2011, 4:02 PM EDT) -- Anadarko Petroleum Corp. said Monday it would sell off one-third of its stake in the liquids-rich Eagle Ford Shale for $1.55 billion to a subsidiary of state-run Korea National Oil Corp. as part of a joint venture.

Under the terms of the deal — which became effective Jan. 1 — KNOC's investment will be made entirely in the form of a carry, funding approximately 100 percent of Anadarko's 2011 post-closing capital costs in the Maverick Basin assets.

The carry is expected to be exhausted by the...
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