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Energy, Utilities & Infrastructure

Greenhill has considerable transaction experience and a global network of corporate relationships in the Energy, Utilities & Infrastructure sector.  Our managing directors and professionals in North America, the United Kingdom, Continental Europe, Australia and Japan have executed many of the most significant and complex transactions for some of the leading companies in the industry.

Our experience in the Energy, Utilities & Infrastructure sector encompasses the following sub-sectors: regulated and independent power producers; oil and gas; pipelines, storage facilities and other midstream assets; transportation; waste recycling; and water.  Greenhill also has particular expertise in master limited partnerships holding energy assets.

Below we highlight a few of the transactions on which we have advised in this area:

DATE $   COMPANY/ASSET ACQUIRED   ACQUIROR
24-Jul-2014
Pending
$3.0 billion QR Energy, LP
Advising QR Energy, LP on the merger with Breitburn Energy Partners LP to create the largest oil-weighted MLP in the upstream oil & gas sector
BreitBurn Energy Partners LP
24-Feb-2014
$887 million Essar Energy plc
Advised the Independent Committee of the Board of Essar Energy plc in connection with possible offers from Essar Global Fund Limited, its 78% shareholder, for the remaining shares it does not already own and $550m convertible bonds issued by Essar Energy plc
Essar Global Fund Limited
04-Nov-2013
$4.9 billion Berry Petroleum Co.
Advised the Independent Directors of LINN Energy, LLC, the largest oil & gas upstream MLP, related to the amended terms of the acquisition of Berry Petroleum Company
LINN Energy, LLC
21-Oct-2013
$4.8 billion Devon Energy Corporation (U.S. Midstream Assets)
Advised Crosstex Energy, Inc. & Crosstex Energy, L.P., a leading U.S. based midstream company, on the creation of a new midstream energy partnership with Devon Energy Corporation, a top-five U.S. independent exploration & production company
Crosstex Energy, Inc. & Crosstex Energy, L.P.
03-Sep-2013
$830 million American Roads LLC
Advised American Roads LLC, the operator of five toll road facilities in the United States and Canada, in connection with its pre-arranged Chapter 11 proceedings
 
17-Jun-2013
$200 million Tesoro Hawaii, LLC
Advised the Special Committee of the Board of Directors of Par Petroleum in connection with its acquisition of Tesoro Hawaii, LLC from Tesoro Corporation
Par Petroleum
06-May-2013
~$7.0 billion Crestwood Midstream Partners LP
Advised Inergy, a leading diversified midstream energy company, and its affiliates on their merger with Crestwood Midstream Partners LP and affiliates
Inergy, L.P. / Inergy Midstream L.P.
01-Mar-2013
$1.7 billion 50% of El Paso Natural Gas and 50% of El Paso Midstream Investment Company
Advised the Independent Directors of the Board of Kinder Morgan Energy Partners on the acquisition of 50% of El Paso Natural Gas, a ~10,000 mile natural gas pipeline system connecting the Permian Basin in Texas / New Mexico with key consumer markets in Arizona, California and Mexico, and 50% of El Paso Midstream Investment Company which includes oil and gas gathering and processing assets in the Altamont region in Northeast Utah and in the Eagle Ford shale play in Southwest Texas
Kinder Morgan Energy Partners, L.P.
21-Feb-2013
$4.3 billion Berry Petroleum Co.
Advised the Independent Directors of LINN Energy, LLC, the largest oil & gas upstream MLP, related to the acquisition of Berry Petroleum Company
LINN Energy, LLC
20-Dec-2012
NA Germanischer Lloyd
Advised Det Norske Veritas on its merger with Germanischer Lloyd to create the third largest player in the Testing, Inspection and Certification industry, focused on ship classification, oil & gas and energy
Det Norske Veritas
12-Nov-2012
~$100 million Aurelian Oil & Gas PLC
Advised Aurelian Oil & Gas, an AIM-listed E&P company primarily focused on natural gas exploration in Central Europe, on its recommended merger with AIM-listed peer San Leon Energy PLC
San Leon Energy PLC
06-Aug-2012
$6.2 billion Tennessee Gas Pipeline and 50% of El Paso Natural Gas
Advised the Independent Directors of the Board of Kinder Morgan Energy Partners on the acquisition of Tennessee Gas Pipeline, a ~14,000 mile natural gas pipeline system connecting Texas, Louisiana, and the Gulf of Mexico with the northeastern U.S., and 50% of El Paso Natural Gas, a ~10,000 mile natural gas pipeline system connecting the Permian Basin in Texas / New Mexico with key consumer markets in Arizona, California and Mexico
Kinder Morgan Energy Partners, L.P.
13-Jul-2012
NA Timberland Assets of Forest Capital Partners, LLC
Advised Hancock Timber Resources Group, the largest Timber Investment Management Organization globally and a subsidiary of Hancock Natural Resource Group, Inc., and Molpus Woodlands Group on the acquisition of 1.9 million acres of timberlands from Forest Capital Partners, LLC
Hancock Timber Resources Group and Molpus Woodlands Group
26-Apr-2012
$1.8 billion Retail Propane Operations of Inergy, L.P.
Advised Inergy, L.P., a master limited partnership with propane and midstream natural gas operations, on the sale of its retail propane operations to Suburban Propane Partners, L.P., a national propane retailer
Suburban Propane Partners, L.P.
23-Apr-2012
$2.0 billion Moorebank Intermodal Terminal
Acted as independent advisor to the Australian Government in a peer review of the proposed intermodal terminal linking Sydney’s major port with Australia’s road and rail system
 
15-Mar-2012
$650 million Viridian Group
Advised the Board of Viridian, the leading energy utility company in the all-Ireland market, on its refinancing comprising the issue of €313 million and $250 million notes due April 2017
 
20-Jan-2012
NA Solar PV power plant in Italy
Advised Antin Infrastructure Partners on the acquisition of a c.20MW solar PV power plant in Italy
Antin Infrastructure Partners
08-Dec-2011
NA U.S. Department of Energy
Advised Herb Allison in an independent review of a $35.9 billion energy loan portfolio
 
10-Oct-2011
$3.2 billion Complete Production Services
Advised Superior Energy Services on its acquisition of Complete Production Services, a leading provider of oilfield services in North America
Superior Energy Services
14-Jul-2011
$340 million Edge Oilfield Services
Advised Key Energy Services, the largest onshore, rig-based well servicing contractor, on its acquisition of Edge Oilfield Services, a provider of onshore oilfield rental equipment
Key Energy Services, Inc.
20-Jun-2011
$2.0 billion Capital Power Income L.P.
Advised Capital Power Income L.P., a Canadian power trust with a portfolio of 20 power generation assets located in Canada and the United States (total net generating capacity of 1,400 MW), on its sale to Atlantic Power Corporation
Atlantic Power Corporation
18-May-2011
$146 million Portfolio of solar PV power plants from Kinexia SpA
Advised Antin Infrastructure Partners on the acquisition of a portfolio of solar PV power plants in Italy
Antin Infrastructure Partners
06-May-2011
NA Aker Solutions (Aker Holding)
Advised the Norwegian Government on strategic and financial matters in relation to its investment in Aker Holding, the largest shareholder of Aker Solutions during the demerger of the company’s EPC activities
Norwegian Government
02-Mar-2011
NA TSmarine
Advised CHAMP Ventures on the sale of its portfolio company TSmarine, a provider of subsea services to the offshore oil and gas industry, to Fugro, among the world's leading service providers for the collection and interpretation of data relating to the earth's surface and sub-surface and for associated services
Fugro N.V.
04-Feb-2011
$420 million Bosque Power Company
Advised Bosque Power Company, a natural gas-fired power plant located in Texas, on its negotiations with lenders and restructuring
 
07-Jul-2010
$1.8 billion Viridian
Advised Viridian, one of the leading electricity companies in the all Ireland market, on the sale of NIE, its regulated electricity transmission and distribution businesses in Northern Ireland, to ESB, the state owned vertically integrated utility in Republic of Ireland
ESB
30-Jun-2010
$820 million Trident Resources Corporation
Advised Chilton Investment Company on Trident’s financial restructuring and emergence from CCAA / Chapter 11 bankruptcy protection including the negotiation of a new equity investment
 
03-Mar-2010
NA Puerta Mexico Transportation Facility
Advised Ports America, Inc., a portfolio company of Highstar Capital, on its sale of Puerta Mexico, a state-of-the-art customs-clearing intermodal transportation facility located in the Mexico City market
Kansas City Southern
18-Sep-2009
$81 million UKAEA Limited
Advised United Kingdom Atomic Energy Authority Non Departmental Public Body, arm of the UK Government, on the sale of UKAEA Limited, its commercial nuclear decommissioning services business, to Babcock International Group plc
Babcock International Group plc
31-Aug-2009
$5.5 billion BJ Services Company
Advised BJ Services Company, a leading pressure pumping company, on its merger with Baker Hughes Incorporated, a global oilfield services company
Baker Hughes Incorporated
10-Aug-2009
$1.5 billion Dynegy, Inc.
Advised Dynegy, Inc., a merchant power generator, on its sale of 9 power plants to LS Power Equity Partners in exchange for cash and Dynegy shares
LS Power Equity Partners
07-Jun-2009
$1.6 billion EPCOR Power L.P.
Advised the Independent Committee of the Board of Directors of EPCOR Power L.P., an Alberta-based power trust, on approval of the transfer of its GP interest and 30.6% LP interest from EPCOR Utilities to a newly formed company, Capital Power Corporation
 
21-May-2009
$111 million Shanks Group plc
Acted as Financial Adviser and Sponsor to Shanks Group plc, a leading European waste management group, on its rights issue
 
31-Jul-2008
$10.3 billion TransAlta Corporation
Advised TransAlta Corporation, a power generation and wholesale marketing company, on an unsolicited offer from LS Power Equity Partners / Global Infrastructure Partners
LS Power Equity Partners / Global Infrastructure Partners
26-Nov-2007
$11.4 billion Kelda Group plc
Advised Kelda Group plc, a leading provider of water and waste water services in the UK, on a recommended cash offer from a consortium of international infrastructure investors
Citi Infrastructure Investors, GIC Special Investments, Infracapital Partners and HSBC Bank
25-Jun-2007
$8.1 billion Energy East Corporation
Advised Energy East Corporation, a super-regional electric and gas utility with nearly 3 million regulated customers in the northeast US, on its sale to Iberdrola SA
Iberdrola SA
18-Apr-2007
$950 million Trans Mountain Pipeline System
Advised Independent Committee of the Board of Kinder Morgan Energy Partners on the acquisition of Trans Mountain Pipeline System, an ~800 mile pipeline which transports crude oil and refined products from Alberta to British Columbia and Washington State
Kinder Morgan Energy Partners, L.P.
29-Jan-2007
$900 million Eggborough CTA Bonds
Advised an ad hoc committee of bondholders representing over 70% of the debt in Eggborough Power Limited, a UK power station, on (a) the formation of a new company for the purpose of acquiring and holding a controlling interest in the Eggborough CTA Bonds and (b) an associated US$600m financing. The Eggborough CTA Bonds include an option to purchase Eggborough power station in March 2010
Ampere plc (a newly formed company)
15-Sep-2006
$4.1 billion LS Power Group
Advised Dynegy, Inc., a merchant power generator, on its acquisition of LS Power Group's power generation portfolio
Dynegy, Inc.
30-Jun-2006
NA Topaz Power Partners (portfolio of seven power plants)
Advised Topaz Power Partners (a joint venture of Sempra Energy and Carlyle / Riverstone) on the sale of a portfolio of seven power plants to an affiliate of Carlyle / Riverstone
Carlyle / Riverstone
24-Feb-2006
$860 million Aquarion Company (a wholly-owned subsidiary of Kelda Group plc)
Advised Kelda Group plc on the sale of Aquarion Company, one of the largest investor-owned water utilities in the US
Macquarie Bank
15-Dec-2005
$4.5 billion Drax Group Limited
Advised bondholders of Drax Group Limited on the refinancing & listing of, and possible offers for, the company. On 15-Dec-05, Drax Group plc was successfully listed on the London Stock Exchange
 
15-Jul-2005
$70 million Texas Genco LLC
Advised Texas Genco LLC on the sale of a fuel oil pipeline and associated storage assets to TEPPCO Partners LP
TEPPCO Partners LP
11-Jul-2005
NA Inergy, L.P.
Provided a fairness opinion to Inergy Holdings GP, LLC regarding the Stagecoach natural gas storage acquisition
Inergy Holdings GP, LLC
28-Jun-2005
$111 million Texas Genco LLC
Advised Texas Genco LLC on the sale of natural gas storage assets to Kinder Morgan Energy Partners LP
Kinder Morgan Energy Partners LP
28-Apr-2004
$161 million Atlantic Electric and Gas Ltd
Advised Atlantic Electric and Gas, an affiliate of Sempra Energy, on the sale of its assets to Scottish and Southern Energy.
Scottish and Southern Energy plc
09-Jun-2003
$237 million Kelda Group plc’s 46% stake in Waste Recycling Group plc
Advised Kelda Group plc on the disposal of its 46% stake in Waste Recycling Group plc.
Terra Firma Investments
04-Apr-2003
$6.1 billion Dynegy Inc.
Advised Dynegy Inc., a leading integrated energy company involved in power generation, gas marketing and processing and regulated energy delivery, on restructuring alternatives during a period of significant pending debt maturities and liquidity constraints. The assignment culminated in a successful renegotiation and extension of Dynegy’s credit facilities
 
18-Jan-2002
$520 million Thus plc
Advised THUS plc on its underwritten £275 million open offer, £90 million bank loan and demerger from its parent, ScottishPower
 
01-Jun-1999
$601 million Aquarion Company
Advised Kelda Group (formerly Yorkshire Water) on the all-cash purchase of Aquarion Company, a US water utility group.
Kelda Group plc
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Case Study
Financing Advisory & Restructuring:
Pension Benefit Guaranty Corporation (“PBGC”)
Pension Benefit Guaranty Corporation (“PBGC”)
Greenhill is acting as sole financial adviser to the Pension Benefit Guaranty Corporation (“PBGC”), a federal corporation created by the Employee Retirement Income Security Act of 1974, in connection with the Chapter 11 filing of AMR Corporation, the parent company of American Airlines, Inc.
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