On July 6, 2012, NuStar Energy L.P. announced that it has entered into a Purchase and Sale Agreement with an affiliate of New York City-based private equity firm Lindsay Goldberg, LLC to create a joint venture that will own and operate NuStar’s asphalt refining assets and related working capital. Cravath represented Lindsay Goldberg in connection with this transaction. NuStar and Lindsay Goldberg will each have a 50% voting interest in the joint venture. Lindsay Goldberg is paying $175 million for its interest. The transaction is expected to close no later than September 30, 2012.
The Cravath team included partner Andrew R. Thompson and associates Kenneth S. Gerold, Robert G. Little and Seunghee Ham on corporate matters; partner James C. Vardell III and associate Evan M. D’Amico on banking matters; partner Michael L. Schler and associates J. Leonard Teti II and Steven J. Lorch on tax matters; partner Jennifer S. Conway, practice area attorney Michael Krasnovsky and associate Jay S. Gill on executive compensation and benefits matters; and senior attorney Annmarie M. Terraciano on environmental matters. Summer associates Matthew Jones and Hanzhe Wu also worked on corporate and banking matters, respectively.