Kirkland Advises TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners on Sale of Intersect to Alphabet
Kirkland & Ellis advised a group of investors in Intersect on a definitive agreement to sell Intersect, which provides data center and energy infrastructure solutions, for $4.75 billion in cash, plus the assumption of debt, to Alphabet (NASDAQ: GOOG). Google already owns a minority stake in Intersect from a previously announced funding round. The selling group consists of TPG Rise Climate, Climate Adaptive Infrastructure and Greenbelt Capital Partners.
The acquisition will enable more data center and generation capacity to come online, faster, while accelerating energy development and innovation. Included in the transaction are Intersect’s world-class team and multiple gigawatts of energy and data center projects in development, or under construction, from its successful existing partnership with Google. Intersect will also explore a range of emerging technologies to increase and diversify energy supply, while supporting Google’s U.S. data center investments to meet its Cloud customers’ and users’ demand. Intersect’s existing operating assets in Texas, and its operating and in-development assets in California, will not be part of the acquisition. Those assets will continue to operate as an independent company, supported by existing investors TPG Rise Climate, Climate Adaptive Infrastructure and Greenbelt Capital Partners.
Read the transaction press release
The Kirkland team included corporate lawyers Kristin Mendoza, Ahmed Sidik and Qasim Rasool; debt finance lawyer Rob Eberhardt; and tax lawyers Bill Dong and Mike Masri.
