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Business Organization Energy & Utilities Mergers & Acquisitions

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PA PUC Approves PA-American Water’s Fair Market Value Acquisition of McKeesport Wastewater System

by Cozen O'Connor on

In one of the first acquisitions to be decided pursuant to a 2016 amendment to the Pennsylvania Public Utility Code (Code) that allows a public utility to rate base fair market value instead of depreciated original cost, the...more

Key Texas M&A Issues (Presentation)

by Jackson Walker on

Agenda - Letters of Intent - Best Efforts - Indemnification - Sandbagging - Non-Reliance - Fiduciary Duties - Letters of Intent: • Buyer may seek letter of intent that is generally not binding on either party...more

What is FPA Section 203(a)(1)(B)? American Transmission Company Reminded Us.

by Stoel Rives LLP on

The US Treasury will soon be $205,000 richer due to the payment of a civil penalty by American Transmission Company (ATC) related to violations of sections 203 and 205 of the Federal Power Act. ATC’s compliance failure stems...more

Renewable Energy Update - August 2017 #4

by Allen Matkins on

Renewable Energy Focus - California clean economy thriving, but emissions have spiked - Energy Manager Today - Aug 22 - The ninth annual California Green Innovation Index, released by the nonpartisan nonprofit...more

Energy & Sustainability Connections Newsletter - July 2017

by Mintz Levin on

A Note from the Editors - Energy & Sustainability Connections brings the latest developments in energy investing, legal insights, company activity, and industry events straight to your inbox. This month’s Leader in the...more

A gas station hold-up: the Competition Bureau completes its review of Couche-Tard and Parkland transactions

by Dentons on

In its latest move in the closely-monitored retail gasoline sector, the Competition Bureau (Bureau) has entered into a pair of consent agreements with Alimentation Couche-Tard (Couche-Tard) and Parkland Fuel Corporation...more

The new face of private equity

by DLA Piper on

There is a new face of private equity in the today's mining M&A market. Private equity is no longer willing to entertain opportunities which spruik only the potential for speculative capital gains. Rather, private equity is...more

An Overview of Representations and Warranties Insurance

The last twelve months have seen strong levels of M&A activity in the U.S. energy tech and renewables sector. As this trend continues, we want to share a recent update on the increased use of representations and warranties...more

Bridging Valuation Gaps and Other Barriers to M&A in the UK North Sea

Chrysoar, a little known oil company, backed by U.S. private equity (PE) firm EIG Partners, made headlines this week when it purchased $3.8 billion of North Sea assets from Shell. The sale comprises more than half of Shell’s...more

"Oil and Gas Industry Seeks Steady Ground Following Year of Restructurings, Restrictive Lending"

Crude oil and natural gas prices reached multiyear lows of approximately $26 per barrel for crude oil (as of January 2016) and $1.50 per million British thermal units (mmbtu) for natural gas (as of March 2016). This...more

Limited Partners Take a Licking in Two Delaware Supreme Court Decisions

by Farrell Fritz, P.C. on

Notwithstanding the ascendency of the limited liability company, the Delaware limited partnership continues to serve as an important, tax-advantaged vehicle for certain capital-intensive ventures — especially in the energy...more

Private Placement as Defensive Tactic Considered in Context of New Takeover Bid Rules

by Bennett Jones LLP on

On October 24, 2016, the British Columbia Securities Commission and the Ontario Securities Commission (together, the Commissions) released their much anticipated reasons for their July 22, 2016, order, In the matter of Hecla...more

Energy Sector Alert Series: Antitrust and Acquisition of Partial Ownership Interests—What Energy Companies Should Know

by WilmerHale on

In this eight-week alert series, we are providing a broad look at current and emerging issues facing the energy sector. Lawyers from across the firm are discussing issues ranging from cybersecurity, antitrust and intellectual...more

Energy Update - September 2016

by Shearman & Sterling LLP on

We are pleased to release the latest issue of our client newsletter, Energy Update, designed to inform clients and friends of the firm about important developments affecting US and international energy markets. Please...more

Vineyard Wind offshore project changes hands

by PretiFlaherty on

Danish fund management company Copenhagen Infrastructure Partnershas acquired Offshore MW LLC, the holder of an offshore wind energy lease issued by the U.S. Bureau of Ocean Energy Management over an area south of...more

Return of the MAC – Material Adverse Change Clauses Making a Comeback in Oil and Gas Deals

by Latham & Watkins LLP on

For many years, US and UK M&A practices have differed in their use of material adverse change clauses (MACs) in sale and purchase documents. Common, even ubiquitous in the US, these clauses, which permit a buyer to refuse to...more

Second Circuit Holds Sarbanes-Oxley’s Five-Year Statute of Repose Applies to Claims Under Sections 9(f) and 18(a), but Re-Affirms...

by Shearman & Sterling LLP on

Twenty-five years ago, in Ceres Partners, the Second Circuit held that the implied private right of action under Section 14 of the Securities and Exchange Act of 1934 (“Exchange Act”) was subject to a three-year repose...more

Strategic Considerations for Bridging the Bid-Ask Spread in Upstream M&A During Oil Price Volatility

Oil prices fell on Monday after producers failed to reach agreement on a production cap that would have contracted supply. West Texas Intermediate (WTI) dropped almost 7 percent in early trading, and, although it pared back...more

DOJ Sues to Block Halliburton's Purchase of Competitor Baker Hughes

Nearly a year and a half after the deal was announced, on April 6, 2016, the U.S. Department of Justice (DOJ) challenged Halliburton's proposed $35 billion acquisition of rival oilfield services provider Baker Hughes. The DOJ...more

Going Private Transactions in Canada's Energy Sector – On the Rise?

by Bennett Jones LLP on

Are going private transactions on the rise? Conditions are ripe for an increased number of private equity-led buyouts of public companies. In a "lower for longer" commodity price environment, Canadian energy and...more

Distressed Asset Acquisitions Outside Bankruptcy in the Oil and Gas Space

Amidst the current downturn in oil prices, many expect and hope for, an increase in merger and acquisition (M&A) activity in the coming months. Whereas past downturns created an opportunity for major acquisitions, such as...more

Ofgem’s certification review of the Blue Transmission Companies

by White & Case LLP on

On 4 February 2016 Ofgem published a decision reviewing the certification status of the Blue Transmission Companies (“BTCs”). The review follows two other previous Ofgem decisions. The reasoning of Ofgem and the EU Commission...more

Energy Sector Alert Series: Risks and Opportunities in Distressed Oil and Gas

by WilmerHale on

In this eight-week alert series, we are providing a broad look at current and emerging issues facing the energy sector. Attorneys from across the firm will discuss issues ranging from environmental disclosures and risk...more

Bridging the Bid-Ask Spread in the Oil Patch

Hope on the sell side and price volatility led to a wide bid-ask spread in 2015 and resulted in fewer financial sponsor-backed mergers and acquisitions transactions in the oil patch. Of late, prices have further plunged,...more

A legal overview of M&A and financing transactions in Nigeria's oil and gas sector

by Dentons on

1 Overview of M&A transactions - 1.1 Emergence of local champions - 2015 was a relatively robust year for M&A transactions in Nigeria's oil and gas industry. The majority of the transactions involved divestments...more

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