As the energy industry rapidly adapts to the changing global landscape of regulatory challenges and growth opportunities, Covington applies an effective array of transactional, regulatory and energy industry expertise and insight to help our energy clients strategize and achieve critical M&A objectives. Our domestic and international energy M&A clients span the range of investor-owned utilities, independent power producers, upstream and mid-stream oil and gas companies, biofuel and biomass technology companies, solar, wind, and other renewable and cleantech energy companies, financiers, private equity firms, project developers, and institutional equity investors.
Covington’s approach to energy M&A combines our corporate expertise with our deep understanding of energy regulation and commercial acumen. This enables our clients to structure their transactions with a comprehensive view of the financing needs, industry challenges and regulatory environment in which they operate. Each client has access to Covington’s full resources, including industry expertise and substantive due diligence areas such as intellectual property, environmental, benefits, and tax with lawyers experienced in M&A processes and time demands.
Our deal experience reflects the perspectives of former regulators and business executives who are well-versed in all sides of the deal and know how to manage regulatory approvals. Our energy team includes a former long-term FERC Commissioner, a former Chairman of the NRC, a former General Counsel of Constellation Energy Group, a former Chairman of the White House Council on Environmental Quality, a former Senior Counsel at the CFTC, and a former Chief Counsel of the House Select Committee on Energy Independence and Global Warming, and a partner who led the US delegation that negotiated the Kyoto Protocol.
Representative Matters
- SandRidge Energy, Inc. in its $1.6 billion acquisition of Arena Resources, Inc.
- OptiSolar Inc. in the sale of its project development business to First Solar, Inc. in an all-stock transaction valued at approximately $400 million.
- Energy Conversion Devices, Inc. in its acquisition of Solar Integrated Technologies, Inc., an AIM-listed leading provider of building integrated photovoltaic roofing systems.
- Morgan Stanley, as financial advisor to Atlantic Power Corporation, in its acquisition of Capital Power Income L.P. in a deal valued at approximately C$1.1 billion.
- The Special Committee of the Board of Directors of Atlas Pipeline Holdings L.P. in its acquisition from its controlling unit holder, Atlas Energy, Inc., of all of Atlas Energy’s partnership management business and certain producing oil & gas assets for total consideration of $250 million in conjunction with Atlas Energy’s acquisition by Chevron Corporation for total consideration of approximately $4.3 billion.
- Kerr-McGee Corporation in its $18 billion all cash merger with Anadarko Petroleum and its $3.4 billion stock merger with Westport Resources Corporation.
- Kohlberg Kravis Roberts & Co. and TPG as lead investors in connection with environmental, regulatory and political aspects of its $45 billion acquisition of TXU, a Dallas-based energy company.
- ITOCHU International:
- in its acquisition from Dynegy of the stock of North American Energy Services Company, a power generation operation and maintenance services company;
- in its acquisition of Tyr Energy Inc; and
- in its acquisition of Solar Depot.
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