Akin Gump Advises CenterPoint Energy in $6 Billion Merger with Vectren Corporation
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(Houston) - CenterPoint Energy, Inc. and Vectren Corporation today announced they have entered into a definitive merger agreement to form a leading energy delivery, infrastructure and services company serving more than 7 million customers across the United States. Akin Gump advised CenterPoint in the $6 billion transaction.
Under the terms of the agreement, which have been unanimously approved by both CenterPoint Energy's and Vectren's Boards of Directors, Vectren shareholders will receive $72.00 in cash for each share of Vectren common stock. CenterPoint Energy will also assume all outstanding Vectren net debt.
The combined company is expected to have electric and natural gas delivery operations in eight states with assets totaling $29 billion and an enterprise value of $27 billion.
The Akin Gump team was led by corporate partner Zachary Wittenberg and energy partner W. Robert Shearer, with Rick Burdick, chair of the firm’s global energy and transactions practice, providing instrumental support. Others on the team included corporate partners Frederick Lee and Lucas Torres for finance work; energy regulation, markets and enforcement practice co-head Chip Cannon; employee benefits partner Rolf Zaiss, labor and employment practice head Robert G. Lian Jr, labor and employment senior counsel Eric Field, who provided pensions advice; environment and natural resources practice head David Quigley; and cybersecurity, privacy and data protection practice co-head Michelle Reed.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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