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Latham Advises CenterPoint Energy in Sale of Miller Pipeline and Minnesota Limited to PowerTeam Services

February 3, 2020
The US$850 million sale will streamline CenterPoint's operations allowing for an increased focus on its core utility businesses.

CenterPoint Energy, Inc. (NYSE: CNP) and PowerTeam Services, LLC ("PowerTeam"), an integrated infrastructure services provider, have announced that they have entered into an agreement through which CenterPoint Energy will sell Miller Pipeline and Minnesota Limited (collectively, "MVerge") to PowerTeam for US$850 million in cash, subject to customary purchase price adjustments. Net proceeds of the sale will be used to repay a portion of outstanding CenterPoint Energy debt.

Latham & Watkins LLP represents CenterPoint Energy, Inc. in the transaction with a corporate team led by Houston partners Ryan Maierson and Nick Dhesi with Chicago associate Max Schleusener and Houston associates Blake Berkey, Lexi Udeh, Kate Wang and Jessica Sherman. Advice was also provide by Washington, D.C. partner Adam Kestenbaum with associate Kirk Porter on benefits and compensation matters; by Houston partners Tim Fenn and Bryant Lee with associate Jared Grimley on tax matters; by Washington, D.C. partner Jason Cruise with counsel Peter Todaro and associate Doug Tifft on antitrust matters; by Houston partner Catherin Ozdogan with Washington, D.C. counsel Charles Cassidy and Houston associate Michelle Synhorst on finance matters; by Houston partner Joel Mack with Washington, D.C. counsel Joshua Marnitz on environmental matters; by Chicago partner Rachel Bates with New York counsel Shira Bressler on real estate matters; and by Orange County partner David Kuiper with associate Nathan Wages on intellectual property matters.