Latham Advises on Financing for Prairie Operating Co.’s US$602.75 Million Acquisition of Bayswater Assets
Prairie Operating Co. (Nasdaq: PROP) (PROP) has announced the successful closing of its previously announced US$602.75 million acquisition of certain Denver-Julesburg Basin (DJ Basin) assets (the Bayswater Assets) from Bayswater Exploration and Production and its affiliated entities (collectively, Bayswater). This acquisition further strengthens Prairie’s position as a leading operator in the DJ Basin, enhancing its production base and long-term growth potential.
Latham & Watkins LLP represented the single institutional investor purchasing US$148 million in convertible preferred equity of Prairie Operating Co. in order to help finance PROP’s acquisition of certain assets from Bayswater. The deal team was led by San Diego partner Michael Sullivan and Orange County partner Nima Movahedi, with associates Julian Brody and Zach Kobayashi.