Star Peak’s $1.35 Billion Combination with Stem


Kirkland & Ellis LLP advised Star Peak on the deal. Gibson, Dunn & Crutcher LLP as well as Wilson, Sonsini, Goodrich & Rosati acted as legal advisors to Stem.

Star Peak Energy Transition Corp. (NYSE: STPK), a publicly-traded special purpose acquisition company, executed its business combination with Stem, Inc., a global leader in clean energy storage systems. The business combination will result in Stem becoming a public company listed on the New York Stock Exchange under the new ticker symbol “STEM.”

The business combination values the combined company at a $1.35 billion pro forma equity value, at a price of $10.00 per Star Peak share and assuming no redemptions by Star Peak shareholders. The transaction will provide $608 million of gross proceeds to the company, assuming no redemptions, including a $225 million fully committed common stock PIPE at $10.00 per share anchored by existing and new investors, including funds and accounts managed by BlackRock, Van Eck Associates Corporation, Adage Capital Management, L.P., Electron Capital Partners, and Senator Investment Group.

The Kirkland team advising Star Peak was led by transactional partners Bill Benitez (Picture) and David Thompson and associate Mark Kunzman; capital markets partners Matt Pacey, Peter Seligson and Bryan Flannery; and executive compensation partner Stephen Jacobson.

Involved fees earner: William Benitez – Kirkland & Ellis; Bryan Flannery – Kirkland & Ellis; Stephen Jacobson – Kirkland & Ellis; Mark Kunzman – Kirkland & Ellis; Matthew Pacey – Kirkland & Ellis; Peter Seligson – Kirkland & Ellis; David Thompson – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Star Peak Energy Transition Corp.;

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Author: Ambrogio Visconti