PowerTeam’s $850 Million Acquisition of MVerge

Latham & Watkins LLP acted as legal counsel to CenterPoint Energy and Debevoise & Plimpton LLP served as legal counsel to PowerTeam in the transaction.

CenterPoint Energy, Inc. (NYSE: CNP) and PowerTeam Services, LLC have entered into an agreement through which CenterPoint Energy will sell Miller Pipeline and Minnesota Limited (collectively, “MVerge”) to PowerTeam for $850 million in cash, subject to customary purchase price adjustments. Net proceeds of the sale will be used to repay a portion of outstanding CenterPoint Energy debt.

PowerTeam Services, based in Atlanta, Ga., is an industry-leading provider of integrated infrastructure services to the natural gas and electric industries across 20 states.

Miller Pipeline and Minnesota Limited, which represent CenterPoint Energy’s Infrastructure Services business segment, are two of the premier natural gas distribution and transmission pipeline contractors in the United States, providing services to customers in 35 states. In 2019, both Miller Pipeline and Minnesota Limited were acquired by CenterPoint Energy in the CenterPoint Energy-Vectren Corporation merger. Miller Pipeline is headquartered in Indianapolis, Ind. and employs more than 3,500 people. Minnesota Limited is based in Big Lake, Minn. with peak employment of more than 1,400 employees.

J.P. Morgan served as exclusive financial advisor to CenterPoint Energy. Credit Suisse, UBS Investment Bank, and Harris Williams served as financial advisors to PowerTeam.

Latham & Watkins LLP represented CenterPoint Energy, Inc. in the transaction with a corporate team led by Houston partners Ryan Maierson and Nick Dhesi with Chicago associate Max Schleusener and Houston associates Blake Berkey, Lexi Udeh, Kate Wang and Jessica Sherman. Advice was also provide by Washington, D.C. partner Adam Kestenbaum with associate Kirk Porter on benefits and compensation matters; by Houston partners Tim Fenn and Bryant Lee with associate Jared Grimley on tax matters; by Washington, D.C. partner Jason Cruise with counsel Peter Todaro and associate Doug Tifft on antitrust matters; by Houston partner Catherin Ozdogan with Washington, D.C. counsel Charles Cassidy and Houston associate Michelle Synhorst on finance matters; by Houston partner Joel Mack with Washington, D.C. counsel Joshua Marnitz on environmental matters; by Chicago partner Rachel Bates with New York counsel Shira Bressler on real estate matters; and by Orange County partner David Kuiper with associate Nathan Wages on intellectual property matters.

The Debevoise team was led by M&A partner Kevin Schmidt (Picture) and includes M&A counsel David Iozziand associates Sean Foley and Thomas Lopez, finance partner Scott Selinger and associates Elizabeth Ferrie, Brett Novick, Alyssa Novoselac and Dominique Trudelle, tax associate Tina Xu, benefits partner Jonathan Lewis and associate Nana Taylor, antitrust partner Ted Hassi and associate Leah Martin, capital markets partner Eric Juergens and associate Devon Klein, environmental counsel Stuart Hammer and corporate counsel Keith Slattery.

Involved fees earner: Elizabeth Ferrie – Debevoise & Plimpton; Sean Foley – Debevoise & Plimpton; Stuart Hammer – Debevoise & Plimpton; Ted Hassi – Debevoise & Plimpton; David Iozzi – Debevoise & Plimpton; Eric Juergens – Debevoise & Plimpton; Devon Klein – Debevoise & Plimpton; Jonathan Lewis – Debevoise & Plimpton; Thomas Lopez – Debevoise & Plimpton; Leah Martin – Debevoise & Plimpton; Brett Novick – Debevoise & Plimpton; Alyssa Novoselac – Debevoise & Plimpton; Kevin Schmidt – Debevoise & Plimpton; Scott Selinger – Debevoise & Plimpton; Keith Slattery – Debevoise & Plimpton; Nana Agyeman Taylor – Debevoise & Plimpton; Dominique Trudelle – Debevoise & Plimpton; Tina Xu – Debevoise & Plimpton; Rachel Bates – Latham & Watkins; Blake Berkey – Latham & Watkins; Shira Bressler – Latham & Watkins; Charles Cassidy III – Latham & Watkins; Jason Cruise – Latham & Watkins; Nick Dhesi – Latham & Watkins; Timothy Fenn – Latham & Watkins; Jared Grimley – Latham & Watkins; Adam Kestenbaum – Latham & Watkins; David Kuiper – Latham & Watkins; Bryant Lee – Latham & Watkins; Joel Mack – Latham & Watkins; Ryan Maierson – Latham & Watkins; Joshua Marnitz – Latham & Watkins; Catherine Ozdogan – Latham & Watkins; Kirk Porter – Latham & Watkins; Max Schleusener – Latham & Watkins; Jessica Sherman – Latham & Watkins; Michelle Synhorst – Latham & Watkins; Doug Tifft – Latham & Watkins; Peter Todaro – Latham & Watkins; Alexandria Rose Udeh – Latham & Watkins; Nathan Wages – Latham & Watkins; Kate Wang – Latham & Watkins;

Law Firms: Debevoise & Plimpton; Latham & Watkins;

Clients: CenterPoint Energy Inc.; PowerTeam Services;

Author: Ambrogio Visconti