Simpson Thacher Represents PPL Corporation in Proposed Reverse Morris Trust Transaction with Riverstone Holdings
06.10.14
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The Firm is representing PPL Corporation (NYSE: PPL) in connection with a Reverse Morris Trust transaction with Riverstone Holdings to combine their merchant power generation businesses into a stand-alone, publicly listed independent power producer called Talen Energy Corporation. The new company will own and operate 15,320 megawatts of generating capacity and, based on current generating capacity statistics, would be the third-largest investor-owned IPP in the nation. The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close in nine to twelve months.
Founded in 1920, PPL operates regulated utilities in the United Kingdom, Kentucky and Pennsylvania with more than 10 million customers.
The Simpson Thacher team includes Mario Ponce, Breen Haire, Ben Schaye, Mickey Baden and Ashley Belton (M&A); Brian Chisling (M&A - Trading); Andrew Purcell, Seojung Park and Joseph Tootle (Tax); Greg Grogan, Jamin Koslowe, Jeannine McSweeney and Holly Gurian (Executive Compensation and Employee Benefits); Krista McManus (Real Estate); Zara Ohiorhenuan (Intellectual Property); Michael Isby and Timothy Mulvihill (Environmental); Andy Keller, Brian Rosenzweig, Sung Bum Cho and Nakita Cuttino (Capital Markets); and James Cross, James Doyle and Isaac Gruber (Credit).