Consolidated Edison, Inc. (Con Edison) (NYSE: ED), one of the nation's largest investor-owned energy-delivery companies, has announced that it entered into a purchase and sale agreement pursuant to which Con Edison agreed to sell its interest in its wholly-owned subsidiary, Con Edison Clean Energy Businesses, Inc. and its subsidiaries to RWE Renewables Americas, LLC, a subsidiary of RWE Aktiengesellschaft. The transaction is valued at US$6.8 billion, subject to certain customary adjustments. The transaction is subject to customary closing conditions, including, among other things, expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and approvals by the Committee on Foreign Investment in the United States and the Federal Energy Regulatory Commission. The transaction is not subject to a financing condition. The transaction is expected to close in the first half of 2023, subject to satisfaction of the foregoing conditions, among other things.
Latham & Watkins LLP represents Con Edison in the transaction with an M&A team led by New York partners Christopher Cross and Leah Sauter, with New York associate Shanta Chirravuri. Advice was also provided on renewable asset matters by San Diego partner Omar Nazif and San Diego counsel Sosi Birick, with New York associate Jiyeon Chun; and on tax matters by New York partner Eli Katz and Houston partner Jim Cole, with Houston associate Christine Mainguy.