Cravath represented Continental Energy Systems in connection with its $620 million acquisition of the natural gas operations of PNM Resources and the $202.5 million sale of its regulated Texas electric delivery business to PNM Resources. The lawyers involved in this matter were partner Richard Hall and associates Marvin B. Tagaban, David M. Greenberg, Travis D. Rundlet and Elio Cantore on corporate matters; partner Michael L. Schler and associate Leonard J. Teti, II on tax matters; senior attorney Rolf Zaiss and associate Ali U. Nardali on executive compensation & employee benefits matters; partner Paul Michalski, senior attorney Kimberly A. Grousset and associate Joel Unruch on finance matters; associate Annmarie M. Terraciano on environmental matters and senior attorney Martin R. Levine on real estate matters. The deal was announced on January 15, 2008.