Akin Gump Advises New Fortress Energy in $2 Billion Sale of LNG Infrastructure Vessels to Apollo
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(Dallas) – New Fortress Energy, Inc. (NFE), an energy infrastructure company, and Apollo Global Management Inc. have announced that they entered into a definitive equity purchase and contribution agreement involving the sale of 11 liquid natural gas (LNG) infrastructure vessels, valued at $2 billion. Akin Gump represented NFE in the transaction.
Under the deal, expected to close in Q3 2022, NFE will sell its 11 LNG infrastructure vessels to a newly formed joint venture (JV) between funds managed by Apollo and NFE. Further, NFE will receive approximately $1.1 billion in proceeds after accounting for NFE’s share of the JV and paydown of existing debt. The transaction is subject to satisfying customary closing conditions, including receipt of certain regulatory approvals and third-party consents.
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The Akin Gump team advising NFE was led by corporate partner Brittain Rogers and included partners Anthony Renzi, Timothy Clark, counsel Ashton Butcher and associates Penelope Shumway, Melqui Fernandez and Zachary Buda and tax partner Menachem Danishefsky and counsel Ryan Dahan.
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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