© 2017 The Texas Lawbook.
By Natalie Posgate
(Jan. 26) – Canada-based AltaGas said Wednesday that it will purchase Washington, D.C.-based WGL Holidings in an all-cash transaction valued at $6.4 billion.
The merger agreement will enhance AltaGas’ status as a leading, North American diversified energy infrastructure company with high quality, high growth assets balanced across the business lines and multiple geographies, a company release said.
Both companies turned to Texas lawyers to handle the transaction.
AltaGas turned to Houston corporate partners Jeff Floyd, Keith Fullenweider and associates Benji Barron and Robert Hughes. They received assistance from associates Shauna DiGiovanni, Ryan Martin, Kathryn Hastings, David Bumgardner and Mariam Boxwala.
The Houston and Dallas-based V&E team also included partner John Wander (litigation); partners Matthew Henry and Myles Reynolds and associates James Olson and Lauren Freeland (energy regulatory); partner Stephen Tarry and associate Mike Bielby (finance); partners John Lynch and Brian Bloom and associates Dario Mendoza and Austin Light (tax); partner Sean Becker and associate Paul Knettel (labor/employment); partner Kaam Sahely and associates Megan Stephens and Michael Zarcoro (energy transactions/projects); partner Larry Nettles and associate Matthew Dobbins (antitrust); associate Will Russ and Jared Knight (real estate); associate Lavonne Hopkins (intellectual property); and associate Quentin Smith (litigation).
Attorneys from the firm’s New York and Washington, D.C. offices were also involved.
WGL turned to a team from Kirkland & Ellis led by Houston corporate partner Andrew Calder and two partners from the firm’s Washington, D.C. and New York offices to lead its end of the deal. The remainder of the lawyers on the Kirkland deal team are primarily based in New York, Chicago and Washington, D.C., but Houston corporate partner Veronica Nunn was also involved.
Once the transaction closes, which is anticipated in the second quarter of 2018, WGL’s natural gas utility will continue to be regulated by commissions in the District of Columbia, Maryland and Virginia. The boards of directors of both companies have already unanimously approved the transaction, but it is still subject to regulatory approval by the Federal Regulatory Energy Commission and terms of the Hart-Scott-Rodino Act.
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