Morgan Lewis Among Law Firms With Roles on Nuclear Energy Deals
Mayer Brown, McGuireWoods, Morgan Lewis and Weil, Gotshal & Manges are advising on a pair of potential transactions that could reshape the U.S. nuclear energy sector. Weil has reaped millions in legal fees for its work on behalf of one company, bankrupt Westinghouse Electric.
January 05, 2018 at 07:40 PM
4 minute read
The original version of this story was published on The American Lawyer
. announced on Jan. 3 in a $7.9 billion cash-and-stock deal. McGuireWoods and Morgan, Lewis & Bockius picked up roles representing Richmond, Virginia-based Dominion, while Mayer Brown has taken the lead for Scana. On Jan. 4, Brookfield Business Partners LP, an affiliate of Canada's Brookfield Asset Management Inc., unveiled its $4.6 billion bid with institutional partners to buy bankrupt nuclear services company Westinghouse Electric Co. LLC from Japan's Toshiba Corp. Weil, Gotshal & Manges, which has been advising Westinghouse Electric in Chapter 11 proceedings, has taken the lead for the suburban Pittsburgh-based debtor on its proposed sale. Canada's largest alternative asset manager, did not immediately return a request for the name of its outside legal adviser on the deal, which will include the remainder of Westinghouse Electric's operations, including its non-bankrupt European arm, from Tokyo-based Toshiba. Once a major player in the U.S. nuclear power industry, Westinghouse Electric fell on hard financial times as a result of the construction of two U.S. reactor projects that went billions of dollars over budget. One of them is the Virgil C. Summer nuclear plant in Jenkinsville, South Carolina, a stalled project whose majority stakeholder is Scana. In late July 2017, Scana-owned South Carolina Electric & Gas Co. halted the plant's proposed expansion. A subsequent federal investigation 's advising a marketing subsidiary counseling a nuclear energy unit came in the 90 days prior 's filed on Oct. 19 business finance and restructuring co-chair Gary Holtzer and restructuring partners Garrett Fail and Alexander Wood. Michael Sweeney serves as general counsel for the debtor. Other Weil lawyers working on the deal include tax partners Stuart Goldring, Kenneth Heitner and David Irvine, executive compensation and benefits partners Paul Wessel and Amy Rubin, technology and intellectual property transactions partner Jeffrey Osterman, banking and finance partner Douglas Urquhart, cybersecurity and data privacy partner Randi Singer, antitrust partners John Scribner and Douglas Nave, environmental partner Annemargaret Connolly, international trade partner Theodore Posner, insurance partner Joseph Verdesca, labor and employment counsel Ivor Gwilliams and Lawrence Baer, and Foreign Corrupt Practices Act counsel Adam Safwat. accused of using unlicensed workers absorb the costs of that scandal Scana's customers $1.3 billion, or roughly $1,000 per person, in order to push forward with the purchase. Dominion has also promised to slash electricity bills by 5 percent to assuage Scana customers angered at being overcharged by the company for years as it sought to recoup its costs on other projects. A combination between both companies will include a more than $1.7 billion write-off of costs for Dominion associated with the two unfinished reactors at the V.C. Summer plant site. If its purchase of Scana is approved, Dominion plans to extend a natural gas pipeline it is constructing to its $6.5 million new customers in 18 states. McGuireWoods, a longtime outside legal adviser to Dominion, is representing the company on its current deal with a team led by energy practice chair Joanne Katsantonis. Others working on the matter at McGuireWoods include energy finance and transactions partners Jane Whitt Sellers, Jay Hughes and Patrick Horne, employee benefits co-chair G. William Tysse and energy regulatory partners Joseph Reid III and Elaine Ryan and counsel Stephen Watts II. who joined the company as general counsel previously spent 15 years as a lawyer brother-in-law of Richard Cullen succeeded by litigation partner Jonathan Harmon promoted last year to general counsel Morgan Lewis is providing tax counsel to Dominion through partners James Bridgeman and Joshua Brady in Washington, D.C. William Kucera, co-chair of the M&A group for the Americas at Mayer Brown, is leading a team from his firm advising Scana on its sale that includes corporate and securities partner Frederick Thomas, corporate partners Andrew Noreuil and K. Magnus Karlberg, employee benefits and compensation partner Debra Hoffman and tax transactions partner James Barry.
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