Sanchez, Blackstone May Team Up to Buy Anadarko's South Texas Assets
October 27 2016 - 3:49PM
Dow Jones News
By Matt Jarzemsky and Dana Mattioli
Sanchez Energy Corp. is in talks to partner with Blackstone
Group LP on a deal for Anadarko Petroleum Corp.'s South Texas
oil-and-gas assets, according to people familiar with the
matter.
While the exact contours of the deal aren't yet clear,
Blackstone and the private-equity firm's credit arm, GSO Capital
Partners, would likely fund or participate in the purchase, the
people said. The deal is expected to value the Anadarko assets at
between $3 billion and $3.5 billion, they added.
A deal could be announced in the next few weeks, the people
said.
As always, the talks could fall apart. In recent weeks, Sanchez
had also been in talks with Apollo Global Management LLC and
energy-focused private-equity firm EIG Global Energy Partners to
participate in the bid, some of the people said. While Blackstone
and GSO are currently Sanchez's preferred partners, other backers
could supplant them if the alliance were to break down, one of the
people said.
Write to Matt Jarzemsky at matthew.jarzemsky@wsj.com and Dana
Mattioli at dana.mattioli@wsj.com
(END) Dow Jones Newswires
October 27, 2016 15:34 ET (19:34 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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