NEW YORK – Bracewell LLP is representing Talen Energy Corporation (Talen Energy) in the sale of 100% of the equity interests in Talen Energy's Interstate Energy Company LLC (IEC) pipeline subsidiary to Adelphia Gateway, LLC (Adelphia), a subsidiary of New Jersey Resources Corporation. Talen Energy's IEC subsidiary currently owns and operates an 84-mile pipeline that interconnects the producing region of southeastern Pennsylvania to the Philadelphia gas market.
Aggregate consideration for the sale is $189 million payable in cash, of which up to $23 million is contingent cash consideration based on certain specified conditions. The sale is expected to close in approximately 12 months, following receipt of all necessary permits and regulatory actions, including those from the Federal Energy Regulatory Commission and the Pennsylvania Public Utility Commission.
Bracewell lawyers involved in this transaction include:
Partners: D. Kirk Morgan II, Ron I. Erlichman and Daniel E. Hemli
Counsel: Jacqueline R. Java
Associates: Molly E. Butkus