© 2015 The Texas Lawbook.
By Natalie Posgate
(Feb. 29) – Houston-based electric utility company Dynegy and New Jersey private equity firm Energy Capital Partners have teamed up to acquire the U.S. fossil portfolio of French utility company, ENGIE, for $3.3 billion.
Skadden, Arps, Slate, Meagher & Flom represents Dynegy and Energy Capital, which are making the purchase through a newly-formed joint venture. Dynegy will own 65 percent of the JV and will be responsible for the day-to-day management and operation, while Energy Capital will own the other 35 percent.
The Skadden deal team was predominantly based in Washington, D.C., but it included Houston project finance partner Ann Hawkins.
A majority of the assets the two companies are acquiring consists of natural gas-fueled plants. The purchase will also expand Dynegy’s presence in some of the strongest U.S. power markets, a company release said.
The deal is expected to close in the fourth quarter after meeting customary closing conditions and regulatory approval.
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