Simpsons and Sullivans lead on $6.7 all-cash energy deal
Simpson Thacher & Bartlett and Sullivan & Cromwell have taken lead roles on a $6.7 all-cash deal for power company PPL’s acquisition of E.ON US’s power and natural gas unit.
Simpson Thacher & Bartlett is advising longtime client PPL with a team led by partners Vincent Pagano Jr and Mario Ponce. The team has obtained bridge financing from Bank of America and Credit Suisse, and the company may also sell some non-core assets to raise enough cash to finance the deal.
PPL has also sought advice from K&L Gates for antitrust work in Washington, D.C., and has retained a local firm to deal with regulators in Kentucky.
E.ON called on Sullivan & Cromwell to provide legal advice with a team led by partner Joseph Frumkin.