Adelphia Gateway, LLC’s $165 Million Acquisition of Interstate Energy Company LLC

Sidley Austin LLP represented Adelphia Gateway, LLC, a subsidiary of New Jersey Resources Corporation.

Talen Energy Corporation announced the completion of the previously-announced sale of its indirect, wholly owned subsidiary Interstate Energy Company LLC to Adelphia Gateway, LLC, a subsidiary of New Jersey Resources Corporation. Upon closing of the transaction, Talen Energy received proceeds in the amount of $155 million, which was in addition to $10 million received upon announcement of the transaction in October 2017. The closing proceeds are expected to be used for recourse debt reduction.

The Sidley team was led by partner Mark Metts (Picture) and associate Katy L. Lukaszewski. The team also included partners Karen A. Dewis, Ben Rosemergy and Zack Pullin, counsel Adam Cowan and associates Alex H. Tanton and Teresa L. Reuter. Partner William Blumenthal and associate Miriam C. Carroll provided antitrust advice.

Involved fees earner: William Blumenthal – Sidley Austin LLP; Miriam Carroll – Sidley Austin LLP; Adam Cowan – Sidley Austin LLP; Karen Dewis – Sidley Austin LLP; Katy Lukaszewski – Sidley Austin LLP; Mark Metts – Sidley Austin LLP; Zackary Pullin – Sidley Austin LLP; Teresa Reuter – Sidley Austin LLP; Benjamin Rosemergy – Sidley Austin LLP; Alexander Tanton – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Adelphia Gateway, LLC;