Tommer Yoked

Sidley represented MIP VI Holdings II, LLC, an affiliate of Macquarie Asset Management (“MAM”), the world’s largest infrastructure manager, in its acquisition of Coastal Waste & Recycling, Inc. (“Coastal”), one of the largest independent vertically integrated solid waste and recycling businesses in the Southeast. Headquartered in Boca Raton, Florida, Coastal provides residential, commercial, industrial, and municipal services to customers in 19 locations in Florida and Georgia. MAM-managed funds have invested over $5.0 billion in the waste industry in the Americas since 2007 including realized investments in Waste Industries, WCA, and GFL Environmental, and current investments in WIN Waste Innovations, Solví, LRS, Greenwaste, DTG Recycling, and now Coastal. The Sidley team was led by Tommer Yoked, Chris Folmsbee, and Ashley Moulder, with special assistance from Kevin E. Hess, Pardis Baha, John A. Zappia, and Amanda Ibrahim (all Energy & Infrastructure). Additional assistance was provided by Daniel F. Allison, Joe Zenruffinen, Michael J. Schlinkert, and Nick J. Kalina (Acquisition Financing); Heather M. Palmer and Greta T. Carlson (Environmental); Beatriz Azcuy, Katherine Medianik, and Connor T. Evans (Real Estate); Teresa L. Reuter and Julia M. Sprangers (Labor, Employment and Immigration); Eric M. Winwood, Marian Fielding, and Akshay Soman (Employee Benefits and Executive Compensation); Zackary Pullin and Aaron S. Mitchell (Tax); Lawrence D. Silverman (Antitrust and Consumer Protection); Margaret H. Allen and Kyle J. Fiet (Commercial Litigation and Disputes); Sasha Hondagneu-Messner and Ash Nagdev (Privacy and Cybersecurity); Leslie A. Shubert and Allison L. Dapper (White Collar: Government Litigation and Investigations); Howard J. Stanislawski (Global Arbitration, Trade and Advocacy); Scott J.F. Goldstein (Insurance); and Paul Kariyawasam (Technology and Life Sciences Transactions).~~Sidley represented MIP VI Holdings II, LLC, an affiliate of Macquarie Asset Management (“MAM”), the world’s largest infrastructure manager, in its acquisition of Coastal Waste & Recycling, Inc. (“Coastal”), one of the largest independent vertically integrated solid waste and recycling businesses in the Southeast. Headquartered in Boca Raton, Florida, Coastal provides residential, commercial, industrial, and municipal services to customers in 19 locations in Florida and Georgia. MAM-managed funds have invested over $5.0 billion in the waste industry in the Americas since 2007 including realized investments in Waste Industries, WCA, and GFL Environmental, and current investments in WIN Waste Innovations, Solví, LRS, Greenwaste, DTG Recycling, and now Coastal. The Sidley team was led by Tommer Yoked, Chris Folmsbee, and Ashley Moulder, with special assistance from Kevin E. Hess, Pardis Baha, John A. Zappia, and Amanda Ibrahim (all Energy & Infrastructure). Additional assistance was provided by Daniel F. Allison, Joe Zenruffinen, Michael J. Schlinkert, and Nick J. Kalina (Acquisition Financing); Heather M. Palmer and Greta T. Carlson (Environmental); Beatriz Azcuy, Katherine Medianik, and Connor T. Evans (Real Estate); Teresa L. Reuter and Julia M. Sprangers (Labor, Employment and Immigration); Eric M. Winwood, Marian Fielding, and Akshay Soman (Employee Benefits and Executive Compensation); Zackary Pullin and Aaron S. Mitchell (Tax); Lawrence D. Silverman (Antitrust and Consumer Protection); Margaret H. Allen and Kyle J. Fiet (Commercial Litigation and Disputes); Sasha Hondagneu-Messner and Ash Nagdev (Privacy and Cybersecurity); Leslie A. Shubert and Allison L. Dapper (White Collar: Government Litigation and Investigations); Howard J. Stanislawski (Global Arbitration, Trade and Advocacy); Scott J.F. Goldstein (Insurance); and Paul Kariyawasam (Technology and Life Sciences Transactions).

Jun 13

2 min

Sidley represented Conduit Power, LLC in the execution of definitive agreements to expand the scope of its joint venture, RPC Power, LLC, with Riley Exploration Permian, Inc. to build new power generation and storage assets for the sale of energy and ancillary services to ERCOT, the Texas power grid operator. In connection with the agreements, Riley Permian has increased its ownership in RPC Power from 35% to 50% and has agreed to sell up to 10 MMcf/d of natural gas to RPC Power as feedstock supply for the generation facilities. Conduit will operate the facilities and dispatch power into ERCOT through its qualified scheduling entity. The team included Tommer Yoked, Jessica Adkins, Robert Stephens,  Jeff Kinney, and Logan Kiefer (all Energy and Infrastructure).~~Sidley represented Conduit Power, LLC in the execution of definitive agreements to expand the scope of its joint venture, RPC Power, LLC, with Riley Exploration Permian, Inc. to build new power generation and storage assets for the sale of energy and ancillary services to ERCOT, the Texas power grid operator. In connection with the agreements, Riley Permian has increased its ownership in RPC Power from 35% to 50% and has agreed to sell up to 10 MMcf/d of natural gas to RPC Power as feedstock supply for the generation facilities. Conduit will operate the facilities and dispatch power into ERCOT through its qualified scheduling entity. The team included Tommer Yoked, Jessica Adkins, Robert Stephens,  Jeff Kinney, and Logan Kiefer (all Energy and Infrastructure).

May 22

1 min

Sidley represented Stonepeak on TMT Finance’s 2023 “Data Center Deal of the Year” which was announced at the TMT M&A Awards USA Gala Dinner in New York. The winning deal and parties involved were honored for their work on the acquisition of a 29% stake in American Tower’s U.S. data center business, Coresite for US$2.5 billion, implying an enterprise value of approximately US$10.5 billion. This investment is part of Stonepeak’s core infrastructure strategy, and will position American Tower and Stonepeak to mutually benefit from the demand for low-latency, hybrid IT solutions, and agile interconnection across the platform’s data center campuses, which are strategically located in key U.S. metro areas. The platform’s data center portfolio consists of 27 data centers in 10 U.S. markets, more than 450 networks, 23 native cloud on-ramps, and over 35,000 interconnections. The TMT M&A Awards USA celebrates the most significant American digital infrastructure and telecommunications, media and technology investment, and M&A transactions of the year. Sidley’s Data Center team is global and comprised of Corporate, M&A, Real Estate, Securities, Finance, Energy & Infrastructure, IP/IT, Environmental, Tax, Government, Regulatory, and other specialists. This team has expertise in the architecture, and the legal and regulatory environment, for digital infrastructure. The Sidley team was led by partners Tim Chandler, Cliff Vrielink, and Tommer Yoked, as well as senior managing associate John Stribling, managing associate Chanse Barnes, and associates Jack Messer and Kiana Shin (all Energy and Infrastructure). Additional support was provided by partners Chris Brause, Jerry Cummins, and Jason Friedhoff (all REITs); Patrick Harrison (Antitrust); Liz McCloy (Real Estate); Glenn Nash (Technology & Life Sciences Transactions); Heather Palmer (Environmental); Alan Raul (Privacy); Angela Richards (Tax); Josh Thompson (Finance); George Vlahakos (Capital Markets); Eric Winwood (Employee Benefits and Executive Compensation); as well as counsel Marian Fielding (Employee Benefits and Executive Compensation); Robert Kelly (Technology & Life Sciences Transactions); Kenny Terrero (REITs); and James Weiss (Labor, Employment and Immigration). Support was also provided by senior managing associate Dustin Anderson (REITs); managing associate Andrew Smith (REITs); managing associate Shen Mei Bolton (Finance); associate Sasha Hondagneu-Messner (Privacy); associate Dina Kang and managing associate Paul Kariyawasam (both Technology & Life Sciences Transactions); associate Shahrukh Khan (REITs); associate Collin Marshall (Technology & Life Sciences Transactions); managing associate Daniel Raymer (REITs); counsel Sheri Rockwell (Privacy); and managing associate Katie Sreenan (Labor, Employment and Immigration).~~Sidley represented Stonepeak on TMT Finance’s 2023 “Data Center Deal of the Year” which was announced at the TMT M&A Awards USA Gala Dinner in New York. The winning deal and parties involved were honored for their work on the acquisition of a 29% stake in American Tower’s U.S. data center business, Coresite for US$2.5 billion, implying an enterprise value of approximately US$10.5 billion. This investment is part of Stonepeak’s core infrastructure strategy, and will position American Tower and Stonepeak to mutually benefit from the demand for low-latency, hybrid IT solutions, and agile interconnection across the platform’s data center campuses, which are strategically located in key U.S. metro areas. The platform’s data center portfolio consists of 27 data centers in 10 U.S. markets, more than 450 networks, 23 native cloud on-ramps, and over 35,000 interconnections. The TMT M&A Awards USA celebrates the most significant American digital infrastructure and telecommunications, media and technology investment, and M&A transactions of the year. Sidley’s Data Center team is global and comprised of Corporate, M&A, Real Estate, Securities, Finance, Energy & Infrastructure, IP/IT, Environmental, Tax, Government, Regulatory, and other specialists. This team has expertise in the architecture, and the legal and regulatory environment, for digital infrastructure. The Sidley team was led by partners Tim Chandler, Cliff Vrielink, and Tommer Yoked, as well as senior managing associate John Stribling, managing associate Chanse Barnes, and associates Jack Messer and Kiana Shin (all Energy and Infrastructure). Additional support was provided by partners Chris Brause, Jerry Cummins, and Jason Friedhoff (all REITs); Patrick Harrison (Antitrust); Liz McCloy (Real Estate); Glenn Nash (Technology & Life Sciences Transactions); Heather Palmer (Environmental); Alan Raul (Privacy); Angela Richards (Tax); Josh Thompson (Finance); George Vlahakos (Capital Markets); Eric Winwood (Employee Benefits and Executive Compensation); as well as counsel Marian Fielding (Employee Benefits and Executive Compensation); Robert Kelly (Technology & Life Sciences Transactions); Kenny Terrero (REITs); and James Weiss (Labor, Employment and Immigration). Support was also provided by senior managing associate Dustin Anderson (REITs); managing associate Andrew Smith (REITs); managing associate Shen Mei Bolton (Finance); associate Sasha Hondagneu-Messner (Privacy); associate Dina Kang and managing associate Paul Kariyawasam (both Technology & Life Sciences Transactions); associate Shahrukh Khan (REITs); associate Collin Marshall (Technology & Life Sciences Transactions); managing associate Daniel Raymer (REITs); counsel Sheri Rockwell (Privacy); and managing associate Katie Sreenan (Labor, Employment and Immigration).

Oct 4

3 min

Sidley represented Coastal Waste & Recycling, Inc. (“Coastal”) in its acquisition of Southwest Waste, a leading independent waste-hauling and recycling company on Florida’s west coast. This is the largest acquisition to date for Florida-based Coastal, which also operates in Georgia and South Carolina. Coastal is a portfolio company of Macquarie Asset Management. The Sidley team was led by Ashley Moulder and Chris Folmsbee (Energy and Infrastructure), and Tommer Yoked (M&A and Private Equity); and included Lawrence D. Silverman (Antitrust and Competition); Kyle J. Fiet and Melissa Gerdts (Commercial Litigation and Disputes); Eric M. Winwood and Marian Fielding (Employee Benefits and Executive Compensation); Daniel F. Allison, Di Duan, Logan M. Kiefer, Kiana N. Shin, and Katy Yu (Energy and Infrastructure); Heather M. Palmer (Environmental); Jen Fernandez and Kayla M. Scott (Global Arbitration, Trade and Advocacy); Joe Zenruffinen (Global Finance); Scott J.F. Goldstein (Insurance); Cathryn Le Regulski, and Marketa Lindt (Labor and Employment); Sasha Hondagneu-Messner and Ash Nagdev (Privacy and Cybersecurity); Beatriz Azcuy, Katherine Medianik, and Connor T. Evans (Real Estate); Zackary Pullin, Joel Lifshitz, Andrew B. Smith, and Richard M. Silverman (Tax); Glenn G. Nash (Technology and Life Sciences Transactions); and Leslie A. Shubert (White Collar Defense and Investigations).~~Sidley represented Coastal Waste & Recycling, Inc. (“Coastal”) in its acquisition of Southwest Waste, a leading independent waste-hauling and recycling company on Florida’s west coast. This is the largest acquisition to date for Florida-based Coastal, which also operates in Georgia and South Carolina. Coastal is a portfolio company of Macquarie Asset Management. The Sidley team was led by Ashley Moulder and Chris Folmsbee (Energy and Infrastructure), and Tommer Yoked (M&A and Private Equity); and included Lawrence D. Silverman (Antitrust and Competition); Kyle J. Fiet and Melissa Gerdts (Commercial Litigation and Disputes); Eric M. Winwood and Marian Fielding (Employee Benefits and Executive Compensation); Daniel F. Allison, Di Duan, Logan M. Kiefer, Kiana N. Shin, and Katy Yu (Energy and Infrastructure); Heather M. Palmer (Environmental); Jen Fernandez and Kayla M. Scott (Global Arbitration, Trade and Advocacy); Joe Zenruffinen (Global Finance); Scott J.F. Goldstein (Insurance); Cathryn Le Regulski, and Marketa Lindt (Labor and Employment); Sasha Hondagneu-Messner and Ash Nagdev (Privacy and Cybersecurity); Beatriz Azcuy, Katherine Medianik, and Connor T. Evans (Real Estate); Zackary Pullin, Joel Lifshitz, Andrew B. Smith, and Richard M. Silverman (Tax); Glenn G. Nash (Technology and Life Sciences Transactions); and Leslie A. Shubert (White Collar Defense and Investigations).

Nov 4

2 min

Retail landlord Simon Properties and luxury retailer Saks Global on Monday wrangled over the wording of a 2024 investment agreement as they asked a Texas bankruptcy judge to determine the fate of the leases of two Saks locations. Counsel for the parties made their closing arguments to U.S. Bankruptcy Judge Alfredo R. Perez after three days of hearings on Simon's request for a ruling that it can terminate the leases without the notice periods in the leases themselves. The parties are disputing whether a letter agreement Simon and Saks entered into when Simon invested $100 million in Saks in 2024 allows Simon to terminate the leases of a Saks location in Woodbury, New York, and a Neiman Marcus store in Palo Alto, California, effective Jan. 8, six days before Saks declared bankruptcy and a stay on contract terminations went into effect. Both parties acknowledged that the agreement granted Simon the right to terminate the Palo Alto lease and one other lease for "failure to perform" on either lease and that Saks had overdue lease payments, but they disagreed on whether the letter overrode notice of default and cure period provisions in the leases that would have given Saks 30 days from its Jan. 8 notice to make up the payments. At Monday's hearing, Simon counsel Robert Velevis argued the default provisions in the leases were not relevant, saying the agreement specifically allowed termination for "failure to perform" and not "default." "The letter agreement does not give a cure period," it said. Saks counsel Allyson Smith argued the letter agreement doesn't define "failure to perform" but the leases do, and that definition includes cure rights. The sole purpose of the clause in the letter agreement was to give Simon the right to terminate the leases for a default on a different lease, she argued. She also argued calling a default on the leases was a break with the parties' standard relationship. She said Simon had always accepted late payments, for example when Saks disputed a particular charge and delayed payment until the dispute was reconciled. "There has always been an amount technically outstanding," she said. Velevis argued this only meant that Simon had the right to terminate the leases anytime after the agreement was signed, and only invoked it now for "its own reasons." Smith claimed Simon learned of Saks' plans to file and "manufactured a default" in order to seize the leases and prevent Saks from selling them in its Chapter 11. Judge Perez reserved decisions on the issue. Simon Property Group is represented by Duston K. McFaul, Robert S. Velevis, Jeri Leigh Miller and Maegan Quejada of Sidley Austin LLP. Saks is represented by Kelli S. Norfleet, Kenric D. Kattner, Arsalan Muhammad, Kourtney P. Lyda and David Trausch of Haynes Boone and Debra M. Sinclair, Robin Spigel, Allyson B. Smith, Betsy L. Feldman, Jessica D. Graber, Jennifer J. Hardy, Ryan B. Bennett, Stuart R. Lombardi and Nathaniel G. Ward of Willkie Farr & Gallagher LLP. The case is In re: Saks Global Enterprises LLC et al., case number 4:26-bk-90103, in the U.S. Bankruptcy Court for the Southern District of Texas.

Mar 2

2 min