Simpson Thacher is representing Kohlberg Kravis Roberts & Co. L.P. (“KKR”) in its proposed acquisition of an indirect minority equity interest in the Labrador Island Link (“LIL”) from Emera Inc. (“Emera”) for $1.19 billion CAD. The transaction value consists of $957 million CAD in cash and $235 million CAD for assuming Emera’s obligation to fund the remaining initial capital investment. Following closing of the proposed acquisition, KKR will receive quarterly distribution payments over the remaining life of the 50-year LIL contract.
The LIL is a 1,100 km high voltage transmission line that delivers renewable energy to Newfoundland, Nova Scotia and beyond, helping to meet the growing demand for clean energy across the region.
The Simpson Thacher team includes Breen Haire, Shamus Crosby, Jack Traylor, Braxton Duhon, Christine Robb and Matthew Warren (Corporate); Nancy Mehlman, Adam Arikat and Lina Pan (Tax); Lori Lesser and Chandler Gerard-Reimer (Intellectual Property); David Rubinsky and Alisa Tschorke (Executive Compensation and Employee Benefits); Krista McManus (Real Estate); Peter Guryan and Jamie Logie (Antitrust); and Brian Steinhardt, Brandon Barton and Adam Danciu (Credit).