Evelyn Liristis

Milbank LLP advised Energy Capital Partners, LLC (“ECP”) in connection with the definitive agreements with Talen Energy Corporation (NASDAQ: TLN) pursuant to which Talen will acquire the Waterford Energy Center (“Waterford”) and Darby Generating Station (“Darby”) in Ohio and the Lawrenceburg Power Plant (“Lawrenceburg”) in Indiana, totaling approximately 2.6 gigawatts of natural gas generation capacity, from ECP. The acquisition price is $3.45 billion and consists of approximately $2.55 billion in cash and approximately $900 million in Talen stock. Milbank also advised ECP on its acquisition of the Cornerstone Generation portfolio. “We are pleased to have advised ECP on its initial acquisition of these assets, as well as its agreement to sell this portfolio to Talen Energy,” said Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini. “As the PJM region sees increased demand from datacenter buildouts and electrification of other sectors, these assets will continue to provide the region with a critical, reliable source of power generation. We wish Talen great success with the portfolio in the future.” The Milbank team is led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini and Global Corporate/M&A partner Aaron Stine with special counsel Evelyn Liristis and associates Joysheel Shrivastava, Marc Kilani and Emilie Blicher and law clerk Christian Marciano.

Jan 15

1 min

Milbank LLP represented SouthWest Water Company in connection with the merger of the water and wastewater businesses of Corix Infrastructure (U.S.), Inc. and SouthWest Water Company to create Nexus Water Group, Inc., a leading regulated water and wastewater utility. The closing of the merger was completed on April 1, 2024. The newly formed company is a regulated, private water and wastewater utility with local operations across 20 US states and two Canadian provinces. Nexus Water Group employs more than 1,300 professionals who serve more than 1.3 million people across North America. Local operations deliver vital, safe and reliable service through over 670 water systems and over 360 wastewater systems. The Milbank M&A team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini and Global Corporate/M&A partner Aaron Stine, along with special counsel Evelyn Liristis and associates Jennifer Lang, Bobby Sommers and Sarah Murray. The Milbank finance team was led by Global Project, Energy and Infrastructure Finance partner Jeffrey Leider along with special counsel Rhys Howard and associates Claudia Martin and Natália d'Avila. The Milbank team also included Alternative Investments partner Catherine Leef Martin and special counsel Megha Kalbag, and Tax partner Russell Kestenbaum and associate Michael Rivkin.

Apr 2

1 min

Milbank LLP advised Blackstone Credit & Insurance (“BXCI”) on the definitive agreement between EQT Corporation (NYSE: EQT) and funds managed by BXCI to form a new midstream joint venture ("JV") consisting of EQT’s ownership interest in high-quality contracted infrastructure assets: (i) Mountain Valley Pipeline, LLC – Series A, (ii) FERC regulated transmission and storage assets, and (iii) the Hammerhead Pipeline. Under the terms of the agreement BXCI will provide EQT $3.5 billion of cash consideration in exchange for a non-controlling common equity interest in the JV. The investment implies a total JV valuation of approximately $8.8 billion. “We are pleased to have supported Blackstone in partnering with EQT in this joint venture investment transaction, which will hold several high-quality midstream infrastructure assets in the US,” commented Milbank Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini. “We continue to see unique opportunities where well-positioned private capital providers are able to partner with investment-grade corporates to assist those corporates in executing their de-leveraging strategy.” The Milbank team was led by Mr. Franchini, Global Project, Energy and Infrastructure Finance Group chair Dan Bartfeld, Global Project, Energy and Infrastructure Finance partner Sean O’Neill and Global Corporate/M&A partner Benjamin Fidler. The team also included Global Corporate/M&A special counsel Evelyn Liristis, associates Christina Sonageri, Joysheel Shrivastava and Marc Kilani, and law clerks Xander Peng and Cara Quimby; Global Project, Energy and Infrastructure Finance associates Sarah Tonkin,  Annie Harper and Sebastian Leon Nunez; Tax partner Max Goodman and associate Jesse Hong; Antitrust partner Fiona Schaeffer and special counsel Alexis Brown-Reilly; Alternative Investments partner Catherine Leef Martin and special counsel Mandy Stupart; Structured Credit special counsel Tony Mechcatie; Global Project Energy and Infrastructure Finance partner Jenna McGrath and associates Carlos Clemente and Jake Maguire; Environmental partner Matthew Ahrens, special counsel Thomas Goslin and associate Allison Sloto; Intellectual Property special counsel John Garces; and Executive Compensation partner Mike Shah, special counsel Kelly Bartley and associate Joo Hyeon Lee.

Nov 25

1 min

Milbank LLP advised Pzena Investment Management, LLC in the successful completion of its going-private transaction. Effective October 31, 2022, Pzena Investment Management is operating as a privately-held company owned by the existing partners of Pzena Investment Management, LLC. As a result of the transaction, former Class A stockholders of Pzena Investment Management, Inc. received $9.60 per share in cash for each Class A share owned immediately before the closing of the transaction. The all-cash transaction implied an enterprise value for Pzena Investment Management of approximately $795 million. The Milbank deal team is led by Global Corporate partner Scott Golenbock. The team also included Global Corporate special counsel Evelyn Liristis and associates Alexander Shapos, Frank Pensabene, and Bobby Sommers, Global Capital Markets partner Antonio Diaz-Albertini and associates Christina Chaplygina and Bailey Miller, Tax partner Russell Kestenbaum and associate Archan Hazra, Executive Compensation partner Mike Shah and special counsel James Beebe, and Alternative Investments partner Catherine Leef Martin.

Nov 3

1 min

Milbank LLP advised iCON Infrastructure in connection with its successful entrance into a strategic partnership with Dobson Fiber in which iCON Infrastructure Partners V is supporting Dobson Fiber’s $700 million fiber deployment plan across Oklahoma, Arkansas and Texas. iCON’s investment supports Dobson Fiber’s mission to provide fast, reliable and local fiber-based internet services to underserved residential and business communities with its own 5,000+ route mile fiber-optic network that spans across Oklahoma and parts of Arkansas and Texas.  Dobson currently offers residential fiber internet services in nine Oklahoma communities and three towns in Arkansas.  Dobson Fiber recently announced twelve more fiber network commitments across Oklahoma and Arkansas with additional community commitments announcing soon. Dobson Fiber owns and operates a 5,000+ mile regional fiber-optic network and provides high-speed internet and voice over internet telephone solutions to residential and business customers in Oklahoma, Arkansas, and Texas. The Milbank deal team was led by Global Corporate partners John Franchini and Aaron Stine, along with associates Evelyn Liristis, Bianca Prikazsky, Zachary Young and Bobby Sommers. The team also included Transportation and Space partner Patrick Campbell, along with associates Darren Fernandez and Brian Murff.

Oct 19

1 min