Stephen Butler - Partner

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Stephen Butler

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New York
Phone: +1 212-446-4739
Fax: +1 212-446-4900
Overview News Events Publications

Professional Profile

Stephen Butler is a tax attorney in the New York office of Kirkland & Ellis LLP. His practice focuses on the tax aspects of complex business transactions and reorganizations, with a particular concentration on private equity and real estate fund formation, infrastructure and renewable energy investments, real estate joint ventures, mergers and acquisitions, and bankruptcy restructurings. Additionally, Stephen served a two year term as a member of the Firm's Chicago Associates Committee.

Representative Matters

Starwood Capital Group in acquisition of 72 properties consisting of 23,262 apartment units from Equity Residential for $5.365B.

GTCR and Curo Health Services in connection with the acquisition of multiple healthcare businesses and the subsequent sale of Curo Health Services to Thomas H. Lee Partners.

Private equity fund’s acquisition of pet food and supply distribution business.

Private equity fund’s acquisition of developer, owner and operator of wireless communications towers in Latin America.

Emerald Performance Materials in its sale by Sun Capital Partners to American Securities.

Landmark Partners in connection with its secondary purchase, together with Tailwater Capital, of HM Capital's energy investment portfolio.

MSR Resort Golf Course LLC in tax aspects of its Chapter 11 reorganization. MS Resorts invested in, owned, and operated five iconic luxury resort properties with related real estate properties and amenities, including: the Grand Wailea Resort Hotel & Spa; the La Quinta Resort & Club and PGA West; the Arizona Biltmore Resort & Spa; the Doral Golf Resort & Spa; and the Claremont Hotel Club & Spa. As of the commencement of its Chapter 11 cases, MS Resorts reported approximately $2.2 billion in consolidated assets and $1.9 billion in consolidated liabilities.

Sumitomo Corp. of America's acquisition from a subsidiary of General Electric of a 25 percent stake in the $2 billion 550 megawatt Desert Sunlight Solar Farm.

KKR Financial Holdings LLC in its $196 million acquisition with YTC Pacific of Yorktown Center, a 1.5 million-square-foot mall with more than 150 stores in the Chicago area.

Sumitomo Corp. of America's acquisition of a 50 percent interest in the Ironwood and Cimarron II wind projects from Duke Energy Renewables.

Tronox Incorporated, a leading manufacturer and marketer of titanium dioxide pigment, electrolytics and specialty chemicals, in its $3.4 billion acquisition of the South African and Australian mineral sands business of Exxaro Resources Ltd. of South Africa.

YRC Worldwide, Inc. in its out-of-court restructuring, including its registered exchange offer for outstanding debt securities (2010).

Tronox Incorporated and its affiliates in their Chapter 11 cases.

Obtained IRS private letter rulings on tax treatment of two Australian superannuation pension trusts, novel category of qualifying REIT assets and tax treatment of bankruptcy trusts.

$2.1 billion REIT formation in electricity and gas transmission and distribution industry.

U.S. private equity fund in connection with the $1.6 billion acquisition of a 90% stake in seven non-core shopping centers in U.S. from one of the world's largest shopping center owners and managers.

Memberships & Affiliations

Chair of Associates Board, Ladder Up Tax Assistance Program

Yale Club of Chicago, Board of Directors (2010-2013)

Other Distinctions

Recipient, Kirkland & Ellis Pro Bono Service Award


"Proposed IRS Regulations on Management Fee Waivers May Adversely Impact Real Estate Fund Managers," co-authored for PREA Quarterly, Fall 2015

Martin D. Ginsburg & Jack S. Levin, Mergers, Acquisitions, and Buyouts (updated semi-annually) (contributor)

Stephen Butler, Comment, Headwinds to a Clean Energy Future: Nuisance Suits Against Wind Power Projects in the United States, 97 Cal. L. Rev. 1337 (2009).


“Structuring and Negotiating LBOs,” University of Pennsylvania, Wharton School of Business, Private Equity/Venture Capital Seminar (2016)

Moderator, "Taxes, Structures and Other Considerations," AFIRE Conference on “Australian Waves on Foreign Shores,” Melbourne, Australia (2016)

"Canadians on the Offensive — Tax Efficient Investments into U.S. Real Estate Markets," NAIOP Commercial Real Estate Development Association Webinar (2014)

"Charity Checkpoints — Legal Steps to Forming a 501(c)(3) in Illinois," The Law Project Emerging Nonprofit Certificate of Training Program (2014)

"Drafting Tax and Economic Provisions in a Partnership or LLC Agreement," Chicago Bar Association, Committee on Business Law — Documentation Best Practices (2013)

"FATCA — A Survival Guide for Derivatives Practitioners," Chicago Bar Association, Futures and Derivatives Committee (2012)

Prior Experience

Simpson Thacher & Bartlett LLP (Summer 2008)

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