Energy Capital Partners $5.6 Billion Acquisition of Calpine Corporation

Lazard is serving as financial advisor and White & Case LLP as legal advisor to Calpine. Barclays Capital Inc. is serving as financial advisor and Latham & Watkins LLP as legal advisor to Energy Capital Partners.

Calpine Corporation (NYSE:CPN), America’s largest generator of electricity from natural gas and geothermal resources, has entered into a definitive agreement under which Energy Capital Partners (Energy Capital or ECP) along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board will acquire Calpine for $15.25 per share in cash, or $5.6 billion. The purchase price represents an approximately 51% premium to Calpine’s unaffected share price of $10.07 on May 9, 2017, the day prior to initial media speculation of a transaction. The transaction follows a competitive strategic review process and was unanimously approved by Calpine’s Board of Directors.

Calpine is a Fortune 500 company that is the largest generator of electricity from natural gas and geothermal resources in the United States, operating 80 power plants and servicing customers in 25 states, as well as in Canada and Mexico. White & Case has previously represented Calpine in various transactions, including its US$395.5 million sale of the Mankato Power Plant and its US$1.05 billion acquisition of Noble Americas Energy Solutions, LLC. Energy Capital Partners is a private equity and credit investment firm with over US$13 billion in capital commitments.

Latham & Watkins LLP represented Energy Capital Partners in the transaction with a corporate/M&A team led from the firm’s New York office by partners David Kurzweil (Picture) and Adel Aslani-Far and counsel Colin Bumby. Advice was also provided on finance matters by partners Jeffrey Greenberg in Los Angeles/New York and Veronica Relea in New York; on investment funds matters by associate Amy Rigdon in Washington, D.C.; on regulatory matters by partner Natasha Gianvecchio in Washington, D.C.; on antitrust matters by partner Jason Cruise in Washington, D.C.; and on tax matters by partner Matthew Dewitz in New York.

The White & Case team that advised on the transaction was led by M&A partners Morton A. Pierce, Chang-Do Gong, Robert Chung and Michael Shenberg in New York. The team also included partners William Dantzler, James Hayden, Ian Cuillerier, Gary Kashar, Andrew Weisberg, Nandan Nelivigi, Marius Griskonis, Glenn Kurtz, Arlene Hahn, Steven Lutt, Henrik Patel, David Bilkis, Andrew Hammond and Douglas Baumstein in New York; and Rebecca Farrington, Farhad Jalinous, Daniel Hagan, Mara Topping and Jane Rueger in Washington, DC; with support from counsels Seth Kerschner, Victoria Rosamond, Heather Waters Borthwick, Amy Delsack, Robert Tiedemann and Irina Yevmenenko in New York and Keith Schomig in Washington, DC; associates Suni Sreepada, Arian Mossanenzadeh, Caelah Nelson, Vinay Mysoor, Lauren Kim, Isaac Tendler, Julianne Prisco, Laura Mulry, Abigail Simon, Erin Choo, Rebeca Garcia-Lopez, Ryan Covington and Dominique Forrest in New York; Evan Zhao, Fredrick Wilson and Daniel Rosenthal in Washington, DC; Andrzej Omietanski and Yan Ng in London; and Julia Bell in Mexico City

 

Involved fees earner: Morton Pierce – White & Case; Chang-Do Gong – White & Case; Robert Chung – White & Case; Michael Shenberg – White & Case; Nandan Nelivigi – White & Case; Suni Sreepada – White & Case; Caelah Nelson – White & Case; Vinay Mysoor – White & Case; Rebeca García López – White & Case; William Dantzler – White & Case; James Hayden – White & Case; Isaac Tendler – White & Case; Ian Cuillerier – White & Case; Marius Griskonis – White & Case; David Bilkis – White & Case; Heather Waters Borthwick – White & Case; Amy Delsack – White & Case; Gary Kashar – White & Case; Andrew Weisberg – White & Case; Irina Yevmenenko – White & Case; Abigail Simon – White & Case; Erin Choo – White & Case; Evan Zhao – White & Case; Daniel Hagan – White & Case; Jane Rueger – White & Case; Andrzej Omieta?ski – White & Case; Yan Ng – White & Case; Julia Bell – White & Case; Glenn Kurtz – White & Case; Andrew Hammond – White & Case; Douglas Baumstein – White & Case; Robert Tiedemann III – White & Case; Dominique Forrest – White & Case; Arlene Hahn – White & Case; Steven Lutt – White & Case; Julianne Prisco – White & Case; Henrik Patel – White & Case; Victoria Rosamond – White & Case; Arian Mossanenzadeh – White & Case; Rebecca Farrington – White & Case; Daniel Rosenthal – White & Case; Farhad Jalinous – White & Case; Keith Schomig – White & Case; Mara Topping – White & Case; Seth Kerschner – White & Case; Laura Mulry – White & Case; David Kurzweil – Latham & Watkins; Adel Aslani-Far – Latham & Watkins; Colin Bumby – Latham & Watkins; Jeffrey Greenberg – Latham & Watkins; Veronica Relea – Latham & Watkins; Amy Rigdon – Latham & Watkins; Natasha Gianvecchio – Latham & Watkins; Jason Cruise – Latham & Watkins; Matthew Dewitz – Latham & Watkins;

Law Firms: White & Case; Latham & Watkins;

Clients: Calpine Corporation; Energy Capital Partners;

 

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Author: Ambrogio Visconti