JERA Americas’ Acquisition of 25.7% Stake in Freeport LNG

Simpson Thacher represented Global Infrastructure Partners in the transaction while Sidley advised JERA Americas.

Global Infrastructure Partners (“GIP”) executed the sale of its 25.7% stake in Freeport LNG Development, L.P. (“Freeport”) to JERA Americas Inc. for $2.5 billion, subject to customary purchase price adjustments. GIP’s second flagship fund, Global Infrastructure Partners II, acquired the stake in 2015.

Freeport is the seventh largest LNG facility in the world, the second largest in the U.S., and the only U.S. facility to use electric motor-driven technology, emitting 90% less CO2 than a comparable gas turbine-driven facility. 

Houston-based JERA Americas is a leading integrated energy provider supporting the Americas’ energy transition in an environmentally and socially responsible manner. A subsidiary of JERA, the world’s largest buyer of LNG and supplier of 30% of the electricity in Japan, JERA Americas is supporting a “JERA Zero CO2 Emissions 2050” objective to achieve zero CO2 emissions from its businesses by 2050. JERA, which stands for Japanese Energy for a New Era, has a vision to contribute to the development of a sustainable society, and to become a global company that is worthy of the regard of the global energy market and indispensable to the people of the world.

Global Infrastructure Partners (GIP) is an independent fund that invests in infrastructure assets worldwide. GIP works in partnership with the public sector and other stakeholders to improve infrastructure for the community by drawing on its global capability and applying industrial best practice to enhance operating efficiency.

The Simpson Thacher team included Eli Hunt (Picture), Amy Hutchings, Austin Uhm, Siwei Yang and Mackenzie Humble (M&A); Brian Steinhardt, Zachary Banks and Sara Daniel (Credit); Russell Light (Tax); David Rubinsky, Laura Gallo and Garrick Ehlers (ECEB); Krista McManus and Stephanie Brenner (Real Estate); Peter Guryan, Kelly Karapetyan and Jamie Logie (Antitrust); Genevieve Dorment (IP); Michael Isby (Environmental); and Steven DeLott (Insurance).

The Sidley team was led by partner Brian Bradshaw and counsel Atman Shukla, with support from partner Cliff Vrielink. The team also included associates Jeff Kinney and Maegan Quejada, partner Heather Palmer, associate Radhika Kannan, and partners Zackary Pullin and James Mendenhall.

Involved fees earner: Russell Light – Kirkland & Ellis; Brian Bradshaw – Sidley Austin LLP; Radhika Kannan – Sidley Austin LLP; Jeff Kinney – Sidley Austin LLP; James Mendenhall – Sidley Austin LLP; Heather Palmer – Sidley Austin LLP; Zackary Pullin – Sidley Austin LLP; Maegan Quejada – Sidley Austin LLP; Atman Shukla – Sidley Austin LLP; Cliff Vrielink – Sidley Austin LLP; Zachary Banks – Simpson Thacher & Bartlett; Stephanie Brenner – Simpson Thacher & Bartlett; Sara Daniel – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Garrick Ehlers – Simpson Thacher & Bartlett; Laura Gallo – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Mackenzie Humble – Simpson Thacher & Bartlett; Eli Hunt – Simpson Thacher & Bartlett; Amy Hutchings – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; James Logie – Simpson Thacher & Bartlett; Krista McManus – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett; Austin Uhm – Simpson Thacher & Bartlett; Siwei Yang – Simpson Thacher & Bartlett;

Law Firms: Kirkland & Ellis; Sidley Austin LLP; Simpson Thacher & Bartlett;

Clients: Global Infrastructure Partners; JERA Co., Inc.;