Lucid Energy Group and its financial sponsor, EnCap Flatrock Midstream, have entered into a definitive agreement to sell Lucid Energy Group II to a joint venture controlled by Riverstone Global Energy and Power Fund VI, an investment fund managed by Riverstone Holdings and investment funds managed by the Merchant Banking Division of The Goldman Sachs Group Inc., for approximately $1.6 billion in cash.
The participating investment funds managed by Goldman Sachs MBD are West Street Capital Partners VII, West Street Global Infrastructure Partners III and West Street Energy Partners.
The transaction is expected in the first quarter of 2018 and is subject to customary approvals and closing conditions. Lucid II will retain its name and operate as a Riverstone and Goldman Sachs MBD portfolio company. The members of the Lucid management team will remain in their current roles with Lucid II.
The Lucid II assets included in the transaction are located in the core of t
