July 27, 2004
National Energy & Gas Transmission, Inc. (NEGT), ArcLight Capital Partners, LLC and Caithness Energy, LLC announce a definitive agreement for Denali Power, LLC, a company formed by affiliates of ArcLight and Caithness, to acquire NEGT’s equity interests in 12 power plants and a natural gas pipeline for approximately $558 million.
Willkie client National Energy & Gas Transmission, Inc. (NEGT) and Goldman Sachs & Co. announced a definitive agreement for GS Power Holdings II, LLC, a company formed by Goldman Sachs & Co., to acquire NEGT’s equity interests in 12 power plants and a natural gas pipeline for approximately $656 million, subject to certain post-closing adjustments. The power plants are located throughout the country and have a combined generating capacity of more than 2,500 megawatts. NEGT voluntarily filed for Chapter 11 bankruptcy protection in July 2003; the sale of its equity interests in these projects to the Goldman affiliate was approved by the bankruptcy court in September 2004. The deal, which was covered in the July 29 Daily Deal was handled by partners Jeffrey Poss, Matthew Feldman, Paul Shalhoub and Jeffrey Van Hove, and associates Mark DiPaolo, Joshua Foster, Matthew Guercio, and Robin Spigel.
