White & Case advises LS Power on US$5 billion acquisition of PJM generation assets from Constellation Energy

Global law firm White & Case LLP has advised LS Power on its entry into a definitive agreement under which Constellation Energy will sell a portfolio of generation assets in PJM for US$5 billion before closing adjustments.

Under the agreement, LS Power will acquire approximately 4.4 gigawatts of predominantly natural gas-fired generation capacity located in Delaware and Pennsylvania, including the Bethlehem, York 1, York 2, Hay Road and Edge Moor Facilities.

The proposed sale represents the largest portion of the divestitures required by the US Department of Justice as part of its antitrust review of Constellation's acquisition of Calpine.

Closing is conditioned upon receipt of regulatory approvals, including review by the DOJ and FERC, and other customary closing conditions.

The White & Case team was led by partners Joshua Teahen (Houston), Andrew Weisberg and Jane Kim (both in New York) and associates M.K. Kang (New York) and Zachary Smith (Chicago).

The team was also supported by Project Development and Finance partners George Fatula (Washington, DC), Monica Hwang (Houston), Raffaele Turco and Yan Ng (both in New York) and associates Samer Mahjoub, Nicholas Moore, Jack Moxon (all in Houston) and Renee Concha (New York); Debt Finance partner Sherri Snelson (New York) and associate Luke Allen (Houston); Tax partners Chad McCormick and Neil Clausen (both in Houston) and associate Kealan Hannes (Houston); Real Estate partner Jason McCoy (Houston); M&A partner Peter Trimarchi and associate Simon Volkov (both in New York); Employment, Compensation & Benefits partner Samantha Rozell (Chicago) and associate Katie Birnhak (New York); and Capital Markets associates Brian Munsie and Susie Qu (both in New York). Law clerks Salma Abouhashsish, Hopper Murray and Jean Song (all in New York) also advised on the matter.

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