Aaron Stine

Milbank LLP advised Valia Energía, a portfolio company of the global private equity fund manager Actis, dedicated to affordable and reliable power generation in Mexico, on the acquisition of EVM, an energy portfolio that generates electricity from natural gas. This transaction consolidates Valia's platform, with seven natural gas-fired generation plants with a total installed capacity of 3.2 GW located in the states of Tamaulipas, Coahuila and Estado de México along with an adjacent natural gas pipeline. The integration of EVM adds two advanced natural gas-powered plants to Valia's current portfolio, EVM II, a combined cycle plant with an installed capacity of 850 megawatts (MW) equipped with GE’s H-Class advanced turbines, and EVM I, a 100 MW simple cycle plant, equipped with three GE aeroderivative units, both located in the State of Mexico. The acquisition includes the purchase of GE Energy Financial Services’ 40% stake in EVM II. The Milbank team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini and Global Corporate/M&A partner Aaron Stine, along with special counsel Benjamin Fidler and associates Victor Zhao* and Yuna Pyun. The core Milbank team also included Global Project, Energy and Infrastructure Finance partner Roland Estevez and associates Séverine Losembe and Sofia Duclaud. * Not yet admitted to practice in New York

Jul 18

1 min

Milbank LLP advised Global Container Terminals Inc. (“GCT”) on the successful conclusion of its sale of its GCT USA assets to CMA CGM Group, a global shipping and logistics leader based in Marseille, France. GCT, through its subsidiary GCT Canada Limited Partnership, continues to fully own and operate two leading container terminals in the Port of Vancouver, GCT Vanterm and GCT Deltaport providing over 3.5 million TEU’s of capacity through Canada’s Pacific Gateway. "We are pleased to have advised GCT and its sponsors on the successful sale of GCT Bayonne and GCT New York to CMA CGM,” said Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini. “We look forward to seeing the continued success of the terminals under CMA's leadership." The Milbank team was led by Mr. Franchini and Global Corporate/M&A partner Aaron Stine, along with special counsel Ross Shepard and associates Rachel Rice, Ashley Kemper and Marcello Kilani. The team also included Global Project, Energy and Infrastructure Finance partner Jeffrey Leider and associates Séverine Losembe and Monica Borda-Olarte, CFIUS partner John Beahn and special counsel Dana Zelman, Antitrust partners Fiona Schaeffer and Adam Di Vincenzo and special counsel Andrew Wellin, and Tax partner Max Goodman and associate Michael Rivkin.

Aug 31

1 min

Milbank LLP advised Energy Capital Partners, LLC (“ECP”) in connection with the definitive agreements with Talen Energy Corporation (NASDAQ: TLN) pursuant to which Talen will acquire the Waterford Energy Center (“Waterford”) and Darby Generating Station (“Darby”) in Ohio and the Lawrenceburg Power Plant (“Lawrenceburg”) in Indiana, totaling approximately 2.6 gigawatts of natural gas generation capacity, from ECP. The acquisition price is $3.45 billion and consists of approximately $2.55 billion in cash and approximately $900 million in Talen stock. Milbank also advised ECP on its acquisition of the Cornerstone Generation portfolio. “We are pleased to have advised ECP on its initial acquisition of these assets, as well as its agreement to sell this portfolio to Talen Energy,” said Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini. “As the PJM region sees increased demand from datacenter buildouts and electrification of other sectors, these assets will continue to provide the region with a critical, reliable source of power generation. We wish Talen great success with the portfolio in the future.” The Milbank team is led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini and Global Corporate/M&A partner Aaron Stine with special counsel Evelyn Liristis and associates Joysheel Shrivastava, Marc Kilani and Emilie Blicher and law clerk Christian Marciano.

Jan 15

1 min

Milbank LLP represented SouthWest Water Company in connection with the merger of the water and wastewater businesses of Corix Infrastructure (U.S.), Inc. and SouthWest Water Company to create Nexus Water Group, Inc., a leading regulated water and wastewater utility. The closing of the merger was completed on April 1, 2024. The newly formed company is a regulated, private water and wastewater utility with local operations across 20 US states and two Canadian provinces. Nexus Water Group employs more than 1,300 professionals who serve more than 1.3 million people across North America. Local operations deliver vital, safe and reliable service through over 670 water systems and over 360 wastewater systems. The Milbank M&A team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini and Global Corporate/M&A partner Aaron Stine, along with special counsel Evelyn Liristis and associates Jennifer Lang, Bobby Sommers and Sarah Murray. The Milbank finance team was led by Global Project, Energy and Infrastructure Finance partner Jeffrey Leider along with special counsel Rhys Howard and associates Claudia Martin and Natália d'Avila. The Milbank team also included Alternative Investments partner Catherine Leef Martin and special counsel Megha Kalbag, and Tax partner Russell Kestenbaum and associate Michael Rivkin.

Apr 2

1 min

Milbank LLP represented Actis, a leading global investor in sustainable infrastructure, in connection with the acquisition by Niagara Energy, a Peruvian company controlled by Actis, of the equity stakes held by Enel S.p.A subsidiary Enel Perú S.A.C in Enel Generación Perú S.A.A. and Compañía Energética Veracruz S.A.C., for a total of approximately $1.3 billion, equivalent to an enterprise value of approximately $2.1 billion on a 100% basis. Specifically, Enel Perú sold to Niagara Energy the equity stakes it held in the share capital of Enel Generación Perú S.A.A. (equal to approximately 86.95%), within the framework of a full takeover bid launched by Niagara Energy, and in the share capital of Compañía Energética Veracruz S.A.C. (equal to 100%). The transaction closed on May 9 following the fulfillment of the conditions set forth in the sale and purchase agreement, including clearance from the competent antitrust authority in Peru, and the consummation of the takeover tender offer. The Milbank team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini, Global Corporate/M&A partner Aaron Stine and Global Project, Energy and Infrastructure Finance partner Roland Estevez. The team also included Global Corporate/M&A partner Ross Shepard and associates Douglas Howell, Christina Sonageri, Joysheel Shrivastava and Justin Hill, as well as Global Project, Energy and Infrastructure Finance special counsel Tim Fitzpatrick and associates Sofia Duclaud, Louise Toledo Farias and Chelsea Minuche and international associate Javier Vivas Treviño.

Nov 22

1 min