Kirkland Advises Elda River Capital in the $303 Million Sale of its Preferred Equity Interest in WaterBridge
Kirkland & Ellis advised Elda River Capital in the sale of its Series A Preferred Units to WaterBridge Infrastructure LLC (NYSE: WBI). Elda River sold its interest, which was held through a financing subsidiary of WBI, for approximately $303 million in total value, consisting of $228.2 million in cash proceeds and $75 million in WBI common equity issued at the $20.00 per share IPO price. Elda River will hold its WBI common equity stake through an Up-C structure alongside Five Point and Devon. The sale closed substantially concurrently with the closing of the WBI initial public offering on September 18, 2025.
The Kirkland team included corporate lawyer Kevin Crews; capital markets lawyer Matt Pacey; transactional lawyer Jacqueline Scioli; and tax lawyers David Wheat, Mark Dundon and Griffin Peeples.
