On July 15, 2019, Vistra Energy (“Vistra”), a NYSE-listed integrated power company based in Irving, Texas completed the acquisition of the business of Crius Energy Trust (“Crius”). Crius provides competitive electricity and natural gas products to residential and commercial customers in 19 states and the District of Columbia in the United States.
The acquisition was completed for cash, on the basis of C$8.80 per trust unit of Crius, for total consideration of approximately C$498 million, plus the assumption of net debt of approximately C$108 million. Following completion of the acquisition, Crius redeemed all its outstanding trust units for C$8.80 per unit and was wound up.
Vistra’s in-house team on the transaction included Stephanie Zapata Moore (Executive Vice President and General Counsel), Greg Santos (Managing Counsel) and Seth Rasmussen (Corporate Counsel). Vistra was represented in the United States by Latham & Watkins LLP with a team that included David Kurzweil, Eyal Orgad, Alyssa Manlowe and Wayne Yu (Corporate/M&A), Jocelyn Noll and Lea Li (Tax), and Natasha Gianvecchio (Regulatory), and in Canada by Blake Cassels & Graydon LLP with a team that included Jamie Koumanakos, Daniel McLeod, Chelsea Hunter, Michael Barrett, Taylor Dickinson, Robert Sevalrud and Evan Straight (Corporate/M&A), Paul Stepak, Ian Caines and Evan Schmid (Tax), Navin Joneja and David Dueck (Competition and Foreign Investment), Elizabeth Boyd (Pensions and Incentives), and Holly Reid (Employment).
Crius’s in-house team on the transaction included Barbara Clay as Chief Legal Officer and Martine Trinka as Senior Counsel. Bennett Jones LLP represented Crius in Canada with a team that included Christian Gauthier, Andrew Disipio and Michael Rosenbloom (Corporate/M&A), and Thomas Bauer and Philip Ward (Tax) . Baker Botts LLP advised Crius on US regulatory matters.