McGuireWoods advised Dominion Energy in a recapitalization of the company’s
Cove Point liquefied natural gas facility in Lusby, Maryland, by an
affiliate of Brookfield Asset Management.
The deal calls for Dominion Energy to transfer a 25 percent,
non-controlling equity interest in Cove Point to Brookfield Super-Core
Infrastructure Partners, a fund managed by Brookfield Asset Management, in
exchange for cash consideration of just over $2 billion, excluding working
Dominion Energy Cove Point LNG, LP owns a liquefied natural gas import,
export and storage facility and a 136-mile pipeline that connects the
facility with an interstate system. The facility serves customers in the
United States, India and Japan. In 2018, Dominion Energy Cove Point LNG
completed a $4.1 billion expansion to enable natural gas exports. Dominion
Energy will retain operational control of the facility and its services.
Partner Jay Hughes and deputy managing partner
Joanne Katsantonis led the McGuireWoods deal team, which included Colin Bumby,
Will Tysse, Jon Neal,
Marvin Rogers and
Jane Whitt Sellers and
Emily Blair also assisted in the transaction.
“We were pleased to represent Dominion Energy in connection with another
significant transaction that advances the company’s strategic priorities
and demonstrates McGuireWoods’ substantial M&A capabilities in the
energy sector,” Hughes said.
“This was a team effort by lawyers from multiple practices, showing the
strength of our collaborative, industry-focused approach to client
service,” Katsantonis added.
Earlier this year, McGuireWoods served as legal adviser to Dominion Energy
in finalizing its
$13.4 billion merger with South Carolina-based SCANA Corporation. The firm also represented
Dominion Energy in completing a merger agreement with
Dominion Energy Midstream Partners.
McGuireWoods’ multidisciplinary energy team includes more than 200 lawyers
who work across all sectors of the industry. The firm consistently ranks
among the top law firms in
highly respected league tables for M&A deals involving U.S. companies.