Debevoise & Plimpton LLP is advising PowerTeam Services, LLC in its purchase of Miller Pipeline and Minnesota Limited, wholly-owned subsidiaries of CenterPoint Energy, Inc. (NYSE: CNP), for $850 million in cash. The combination of Miller Pipeline and Minnesota Limited with PowerTeam creates one of the largest integrated infrastructure services providers to the natural gas and electric industries in the United States. For more information, please see the company’s press release.
PowerTeam, comprising KS Energy Services, Southeast Connections, Volt Power and Hydro- X, is an industry-leading provider of integrated infrastructure services to the natural gas and electric industries across 20 states. Miller Pipeline and Minnesota Limited, which represent CenterPoint Energy’s Infrastructure Services business segment, provide infrastructure, underground construction, repair and replacement service to natural gas utilities and customers in the oil, natural gas and water and wastewater industries in 35 states. PowerTeam is owned by affiliates of Clayton Dubilier & Rice.
The Debevoise team is led by M&A partner Kevin Schmidt and includes M&A counsel David Iozzi and associates Kimberly Drexler, Sean Foley and Thomas Lopez, finance partner Scott Selinger and associates Elizabeth Ferrie, Brett Novick, Alyssa Novoselac and Dominique Trudelle, tax associate Tina Xu, benefits partner Jonathan Lewis and associate Nana Agyeman Taylor, antitrust partner Ted Hassi and associate Leah Martin, capital markets partner Eric Juergens and associate Devon Klein, environmental counsel Stuart Hammer and corporate counsel Keith Slattery.