New Fortress Energy’s $5 Billion Acquisition of Hygo Energy Transition and Golar LNG Partners

Skadden, Arps, Slate, Meagher & Flom LLP, Conyers Dill & Pearman and Watson Farley and Williams acted as NFE’s legal advisors in the transaction. Vinson & Elkins LLP acted as Hygo’s legal advisor. Akin Gump Strauss Hauer & Feld LLP acted as the special committee’s legal advisor, and Baker Botts L.L.P. acted as GMLP’s legal advisor. Simpson, Thacher, & Bartlett LLP acted as legal advisors to Stonepeak.

New Fortress Energy Inc. (Nasdaq: NFE) (“NFE”) entered into definitive agreements to acquire Hygo Energy Transition Ltd. (“Hygo”), a 50-50 joint venture between Golar LNG Limited (Nasdaq: GLNG) (“GLNG”) and Stonepeak Infrastructure Fund II Cayman (G) Ltd., a fund managed by Stonepeak Infrastructure Partners (“Stonepeak”), and Golar LNG Partners, LP (Nasdaq: GMLP) (“GMLP”).

With the acquisition of Hygo, NFE will acquire an operating floating storage and regasification unit (FSRU) terminal and a 50% interest in a 1500MW power plant in Sergipe, Brazil as well as two other FSRU terminals with 1200MW of power in advanced stages in Brazil. Hygo’s fleet consists of a newbuild FSRU and two operating LNG carriers.

NFE will also acquire a leading owner of FSRUs and LNG carriers as well as a pioneer in floating liquefaction technologies with the GMLP transaction. The addition of GMLP’s fleet of six FSRUs, four LNG carriers and a 50% interest in Trains 1 and 2 of the Hilli, a floating liquefaction vessel, is expected to support both NFE’s existing facilities and international project pipeline.

New Fortress Energy is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy.

The Skadden team advising NFE included M&A partners Joseph Coco (New York; Picture), Thomas Greenberg (New York), and Eric Otness (Houston); Capital Markets partner Michael Schwartz (New York); and Banking partner Seth Jacobson (Chicago).

The Akin Gump team was led by corporate partners John Goodgame and Lisa Hearn. They were joined by corporate counsel Mary Lovely and associate Alexander France; tax partner Jocelyn Tau; and, for antitrust aspects of the transaction, partners Davina Garrod and Gorav Jindal and counsel Victoria Yuan and Matthew Schmitten.

The Simpson Thacher team included David Lieberman and Eli Hunt (M&A); Ken Wallach, Matt Hart and Brian Mathes (Capital Markets); and Kelly Karapetyan (Antitrust).

Involved fees earner: Alexander France – Akin Gump; Davina Garrod – Akin Gump; John Goodgame – Akin Gump; Lisa Leiman Hearn – Akin Gump; Mary Lovely – Akin Gump; Matthew Schmitten – Akin Gump; Jocelyn Tau – Akin Gump; Victoria Yuan – Akin Gump; Michael Bodosky – Baker Botts; Lee Neel Davis – Baker Botts; Catherine Gallagher – Baker Botts; John Johnston – Baker Botts; Dina Jubrail – Baker Botts; Daniel Jung – Baker Botts; Jonathan Kovacs – Baker Botts; Matthew Levitt – Baker Botts; Jon Lobb – Baker Botts; Michael Rosenwasser – Baker Botts; Michael Swidler – Baker Botts; Snow Xue Rui – Baker Botts; Matthew Hart – Simpson Thacher & Bartlett; Eli Hunt – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; David Lieberman – Simpson Thacher & Bartlett; Brian Mathes – Simpson Thacher & Bartlett; Kenneth Wallach – Simpson Thacher & Bartlett; Joseph Coco – Skadden Arps Slate Meager & Flom; Thomas Greenberg – Skadden Arps Slate Meager & Flom; Seth Jacobson – Skadden Arps Slate Meager & Flom; Eric Otness – Skadden Arps Slate Meager & Flom; Michael Schwartz – Skadden Arps Slate Meager & Flom;

Law Firms: Akin Gump; Baker Botts; Simpson Thacher & Bartlett; Skadden Arps Slate Meager & Flom;

Clients: Golar LNG ; New Fortress Energy LLC; Stonepeak Infrastructure Partners;

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Author: Ambrogio Visconti