Milbank LLP advised the financing sources on the financing for TPG’s acquisition of a majority stake in Sabre Industries, Inc., a provider of engineered critical infrastructure solutions for power utilities, telecom companies and data centers, from Blackstone. TPG will make the investment through TPG Rise Climate, the firm’s dedicated climate investing platform. Funds managed by Blackstone Energy Transition Partners, which first invested in Sabre in 2021, will retain a significant minority stake and continue Blackstone’s partnership with the company. The deal, which was announced February 6, 2026, is expected to close by Q2 2026, subject to customary approvals and closing conditions. The Milbank team was led by New York-based Global Leveraged Finance partners Marcus Dougherty, Benjamin Miles and Spencer Pepper, along with associates Natasha Graham, Jordan Hall and Qianfeng Li.