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Covington Advises UBS on $9 Billion Duke Energy Transaction
5/10/2005
NEW YORK, NY, May 10, 2005 - Covington & Burling represented UBS as financial advisor to Duke Energy Corp. in its recently announced merger agreement with Cinergy Corp. The all stock transaction is valued at about $9 billion, with each common share of Cinergy converting to 1.56 shares of Duke Energy.
The newly formed company, called Duke Energy Corporation, will have an estimated $70 billion in total assets and will manage roughly 54,000 megawatts of electric generation both in the U.S. and internationally.
The Covington team included corporate partner J. D. Weinberg and associate Frank London, both based in the New York office.
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