PetroLogistics’ $2.1 Billion Acquisition by Flint Hills Resources
May 30, 2014
On May 28, 2014, PetroLogistics LP announced that it has entered into a definitive agreement to be acquired by Flint Hills Resources, LLC, a subsidiary of Koch Industries, Inc., in an all‑cash transaction valued at approximately $2.1 billion, including the assumption of debt.
Under the terms of the agreement, Flint Hills Resources will acquire PetroLogistics’ common units owned by Lindsay Goldberg LLC, York Capital Management, PetroLogistics’ Executive Chairman and its President and Chief Executive Officer for $12.00 per common unit in cash and all remaining common units owned by the public for $14.00 per common unit in cash. Cravath represented Lindsay Goldberg and York Capital in connection with this transaction, which is expected to close before year end and is subject to customary closing conditions and regulatory approvals.
The Cravath team included partners Richard Hall and Andrew R. Thompson, associate Ali Assareh and foreign associate attorney Nadine R. Hartung on corporate matters and partner J. Leonard Teti II and associate William B. Abbott on tax matters.
Related Practices & Industries
People
- Photo
-
-
LL.M., 1988, Harvard Law School
-
LL.B., 1986, University of Melbournewith Honors
-
B.Com., 1984, University of Melbournewith Honors
- New York
Education
Admitted In
- Photo
-
-
J.D., 2005, University of Virginia School of LawOrder of the Coif
-
A.B., 1999, Princeton Universitywith Honors
- New York
Education
Admitted In
Related News & Insights
Deals & Cases
November 05, 2026
Liberty Media’s Acquisition of High‑Vote Series B Common Stock from John C. Malone‑Related Entities
On November 5, 2026, Liberty Media Corporation (“Liberty Media”) announced that it has acquired all shares of Liberty Media’s high‑vote Series B common stock held by certain entities related to John C. Malone (the “Malone Holders”) in exchange for shares of Liberty Media’s low‑vote Series A common stock and shares of Liberty Media’s non‑voting Series C common stock. As a result of the transaction, the Malone Holders’ aggregate voting power in Liberty Media declined to approximately 3%, and no holder of Liberty Media common stock holds more than 9% of Liberty Media’s voting power, in each case, based on Liberty Media’s outstanding common stock as of October 30, 2026. The transaction was negotiated and approved by a special committee (the “Special Committee”) of Liberty Media’s board of directors consisting solely of disinterested and independent directors for purposes of Nevada law, advised by its own independent financial and legal advisors. Cravath is representing the Special Committee in connection with the transaction.
Deals & Cases
October 29, 2026
ADT’s $15.3 Billion Acquisition by Thrive Holdings
On October 29, 2026, ADT Inc. (“ADT”), a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., and Thrive Holdings, a permanent capital holding company focused on investing in established businesses and advancing their capabilities through technology, announced a definitive agreement under which Thrive Holdings will acquire ADT in an all‑cash transaction. The agreement values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value. Under the terms of the agreement, which ADT’s Board of Directors unanimously approved, ADT stockholders will receive $10.00 per share in cash upon completion. Following completion, ADT will become privately held and its common stock will cease trading on the New York Stock Exchange. Cravath is representing ADT in connection with the transaction.
Deals & Cases
August 31, 2026
Aon’s $17 Billion Acquisition of USI
On August 31, 2026, Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Cravath is representing Aon in connection with the transaction.
Deals & Cases
March 31, 2026
Biogen’s $5.6 Billion Acquisition of Apellis
On March 31, 2026, Biogen Inc. and Apellis Pharmaceuticals, Inc. announced that the companies have entered into a definitive agreement under which Biogen has agreed to acquire all outstanding shares of Apellis for $41.00 per share in cash at closing, or approximately $5.6 billion. Apellis stockholders will also receive a nontransferable CVR for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain annual global net sales thresholds being met for SYFOVRE®. Cravath is representing Biogen in connection with the transaction.
