Kirkland & Ellis LLP represented WGL Holdings, Inc. (NYSE: WGL), which announced today it reached a definitive agreement and plan of merger to be acquired by AltaGas Ltd. (TSX: ALA) in an all-cash transaction for approximately $6.4 billion in cash. The boards of directors of WGL and AltaGas have unanimously approved the transaction, which is expected to close in the second quarter of 2018. AltaGas is a leading North American diversified energy infrastructure company with a focus on natural gas, power and regulated utilities. WGL will now be part of a new business entity that is approximately double its current size with a broader and complementary set of energy businesses.
The Kirkland team was led by corporate partners George Stamas, Andrew Calder and Alexander Fine, and included corporate partner Veronica Nunn and associate Justin Roland, debt finance partner Melissa Hutson and associate Suhan Shim, executive compensation partner Scott Price and associate Kate Coverdale, employee benefits partner Matthew Antinossi and associate Joseph Lifsics, labor and employment partner Tim Stephenson, tax partners Dean Shulman and Vincent Thorn and associate Hayden Bui, environmental transactions partner Christian Semonsen, technology and IP transactions partner Lisa Samenfeld and associate Zara Ohiorhenuan and real estate partner Jennifer Sheehan.
More information on the transaction, including other advisors is available in the company press release.
This is the latest significant utility transaction where Kirkland has served as lead counsel. Other recent representations include advising Energy Future Holdings Corp. (EFH) on its $18.4 billion sale to NextEra Energy, Inc. (NYSE: NEE); Exelon Corporation (NYSE: EXC) in its $6.5 billion acquisition of Pepco Holdings Inc. (NYSE: PHI); Talen Energy Corp. (NYSE: TLN) in its $5.2 billion sale to Riverstone Holdings LLC; Piedmont Natural Gas in its $4.9 billion sale to Duke Energy (NYSE: DUK); Questar on its $4.4 billion combination with Dominion Resources (NYSE: D); and Macquarie Infrastructure and Real Assets in the $4.7 billion take-private acquisition of Cleco Corporation.