Four Decades for Justice
On May 28, 2013, TECO Energy, Inc. announced that it has entered into a definitive stock purchase agreement with Continental Energy Systems LLC, and its subsidiary New Mexico Gas Intermediate, Inc., to acquire New Mexico Gas Company for an aggregate value of $950 million, including the assumption of $200 million of New Mexico Gas Company debt, subject to customary closing adjustments. Cravath represented Continental Energy Systems, a portfolio company of Lindsay Goldberg LLC, in connection with this transaction. The transaction is expected to close in the first quarter of 2014, and is subject to regulatory approvals.
The Cravath team included partners Andrew R. Thompson and Richard Hall and associates Benjamin C. Hewitt, Kenneth S. Gerold and Curtis R. Weber on M&A matters; partner J. Leonard Teti II and associates Matthew O. Williams and William B. Abbott on tax matters; associates Jarrett R. Hoffman and Michelle M. Garrett on executive compensation and benefits matters; and senior attorney Annmarie M. Terraciano on environmental matters. Michele A. Cera and summer associate Lauren K. Lubelsky also worked on M&A matters.
Deals & Cases
October 12, 2023
On October 10, 2023, following a full trial on the merits and an appeal to the Delaware Supreme Court, Cravath client The Williams Companies, Inc. (“Williams”) secured a victory resulting in a judgment of more than $600 million.
Deals & Cases
August 29, 2022
On August 25, 2022, the Delaware Court of Chancery granted in full Cravath client The Williams Companies, Inc.’s (“Williams”) motion for interest, attorneys’ fees and expenses, totaling more than $185 million at the time the motion was taken under submission. The decision followed post‑trial discovery, briefing and oral argument between January and May 2022.
Deals & Cases
May 07, 2022
On May 6, 2022, Southwest Gas Holdings, Inc. (“Southwest Gas”) announced that it has entered into a settlement agreement with Carl Icahn and his affiliated entities. Pursuant to the agreement, at least three, and up to four, new directors will join the Southwest Gas Board of Directors. Following the 2022 Annual Meeting of Stockholders, the Board will continue the previously announced review of a full range of strategic alternatives to maximize stockholder value. Under the terms of the agreement, Mr. Icahn will withdraw his slate of director nominees with respect to the Annual Meeting and vote in favor of the Company’s nominees. Cravath is representing Southwest Gas in connection with the agreement.
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