Chesapeake Nearly Exits Midstream Game With $2B Sale

Law360, New York (December 12, 2012, 5:25 PM EST) -- Chesapeake Energy Corp. raised $2.16 billion by selling a package of pipelines to private equity-backed Access Midstream Partners LP on Tuesday, a three-way deal that included a legal bonanza of energy, corporate and capital markets work for six BigLaw firms.

Chesapeake will sell gas-gathering assets in Pennsylvania, Ohio, Texas, Louisiana, Oklahoma and Colorado to Access Midstream, a listed partnership spun off from Chesapeake in 2008 and now controlled by private equity firm Global Infrastructure Partners.

The divestment takes Chesapeake, once a major owner of gas transmission...
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