Kirkland & Ellis advised Lagoon Operating – Midland, a portfolio company of Macquarie Infrastructure Partners, on its definitive agreement to be acquired by Deep Blue Midland Basin LLC in a joint venture between Diamondback Energy and Five Point Energy LLC. Lagoon's assets significantly expand Deep Blue's existing recycling capabilities and are underpinned by a strong portfolio of acreage dedications and MVCs from leading producers in the Midland Basin. Read the transaction press release The Kirkland team was led by corporate partners Kyle Watson; and tax partner David Wheat; and included corporate associates Colleen Haile and Kersten Kober.