Kirkland & Ellis LLP advised Energy Future Holdings Corp. (EFH) on its agreement with Berkshire Hathaway Energy Company (BHE) for newly formed subsidiaries of BHE 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 $18.1 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. The full release is available here.
The Kirkland team that led this deal includes corporate partners Andrew Calder, John Pitts and Veronica Nunn and associates David Thompson, David Moore and Stella Tang; restructuring partners James Sprayregen, Edward Sassower, Marc Kieselstein and Chad Husnick and associates Aparna Yenamandra, Rebecca Chaikin, Kevin McClelland, Christopher Kochman, Patrick Venter and Daniel Rudewicz; tax partners Todd Maynes, Gregory Gallagher and Sara Zablotney and associate Anthony Sexton; litigation partners Mark McKane, Bryan Stephany and Jonathan Ganter; and capital markets partners Dennis Myers and Wayne Williams.