Evergy’s Agreements with Bluescape Energy Partners and Elliott Investment Management

On February 26, 2021, Evergy, Inc., a vertically integrated, regulated, investor‑owned electric utility serving customers in Kansas and Missouri, announced that it has entered into agreements with Bluescape Energy Partners LLC (“Bluescape”) and Elliott Investment Management L.P. (“Elliott”) and certain of their respective affiliates. As part of the Bluescape agreement, C. John Wilder, Executive Chairman of Bluescape, and Mary Landrieu, a former three‑term U.S. Senator, will join the Evergy Board of Directors, effective March 1. In connection with the agreements, Bluescape will be making an equity investment of approximately $115 million in Evergy common shares and will have the option to purchase additional shares at a 20% premium to the current market price. Pursuant to the agreements, Bluescape and Elliott have each agreed to standstill, voting and other provisions. Cravath is representing Evergy in connection with the agreements.

The Cravath team is led by partner Erik R. Tavzel and includes associates Jin‑Kyu Baek and Wonnie Song Hall on corporate and activist defense matters; and partners Michael E. Mariani and Matthew G. Jones and associates Steven Y. Li and Kevin L. Cheng on capital markets matters. Christina M. Drakeford also worked on corporate and activist defense matters.