Kirkland & Ellis LLP advised Energy Future Holdings Corp. (EFH) on its agreement with NextEra Energy, Inc. (NYSE: NEE) for a newly formed subsidiary of NextEra Energy, Inc. to acquire via merger 100 percent of the equity of EFH and certain of its direct and indirect subsidiaries, including EFH’s approximately 80 percent indirect interest in Oncor Electric Delivery Company (Oncor), with a total enterprise value of about $18.4 billion. The merger agreement will be filed publicly as part of the restructuring of EFH currently before the U.S. Bankruptcy Court for the District of Delaware. The merger agreement is part of an overall plan of reorganization that is designed to allow EFH to emerge from Chapter 11 bankruptcy. Bankruptcy court approval of EFH entering into the merger agreement is required for the agreement to be binding upon EFH and Energy Future Intermediate Holding Company LLC (EFIH). The parties will request that the bankruptcy court approve EFH’s entry into the agreement as soon as practicable. More information is available here.
The Kirkland team that led this deal includes corporate partners Andrew Calder, Kevin Morris and John Pitts and associates Veronica Nunn, James Melchers and David Moore; restructuring partners James Sprayregen, Edward Sassower, Marc Kieselstein, Chad Husnick and Steven Serajeddini and associates Emily Geier, Aparna Yenamandra, Spencer Winters, Natasha Hwangpo and McClain Thompson; tax partners Todd Maynes, Gregory Gallagher and Sara Zablotney and associate Anthony Sexton; litigation partners Mark McKane and Warren Haskel; employee benefits partners Jeffrey Quinn and Jack Bernstein; capital markets partners Dennis Myers and Wayne Williams; debt finance partners Linda Myers, Michelle Kilkenney, Joshua Samis and Katie Bolanowski and associate Ryan Copeland; intellectual property transactions partners Gregg Kirchhoefer and Daniel Lewis and associate Sam Hong; executive compensation partner Scott Price and associate Andy Barton; environmental transactions partner Jeanne Cohn-Connor and associate Stefanie Gitler; labor and employment partner Tim Stephenson; real estate partner Roberto Miceli; and antitrust partner Ellen Jakovic.