Jackson Walker successfully represented global commodity merchant Castleton Commodities International LLC (CCI) in its acquisition, through one of its subsidiaries, of Enstor Energy Services LLC (EES), the natural gas trading business of Avangrid Renewables Holdings Inc., a wholly owned subsidiary of Avangrid Inc., a $32 billion diversified energy and utility company. The transaction closed on March 1, 2018.
CCI consistently ranks among the top marketers of natural gas in the U.S. – transacting on approximately 100 pipelines and over 60 storage facilities to create a geographically diverse portfolio of natural gas assets. CCI markets a broad range of physical commodities, including electric power, natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, base metals, and petrochemicals.
Robert Ruckman, Head of CCI’s U.S. Natural Gas Trading group, said in a recent press release: “The EES acquisition increases our activities in the North American wholesale natural gas market. We are pleased to add this business to CCI’s broader natural gas platform and remain focused on pursuing strategic growth opportunities through targeted principal investments.”
Representing CCI in the acquisition was a Jackson Walker team led by Jesse S. Lotay and Christina M. Lyons with assistance from Leonard H. Dougal, Richard G. Garza, Kevin A. Jones, Brit Nelson, Emily K. Quiros, John M. Ransom, Eve M. Searls, Jeremy I. Sheng, and Paul E. Vrana. Jackson Walker’s successful representation emphasizes the firm’s demonstrated experience in energy acquisition and disposition transactions and in commodities and derivatives. For more information about the firm’s experience, visit Jackson Walker’s Energy Law and Corporate and Securities practice area pages.
Jesse S. Lotay is a San Antonio partner and energy, structured finance, and commodities and derivatives attorney. Jesse’s practice includes advising clients on energy-based commodities, derivatives, and other structured products, marketing and trading activities, assessing and minimizing risk across transactions, and financially and physically settled hedging transactions under industry-standard and party-specific agreements.
Christina M. Lyons is a Houston partner and corporate and securities attorney. Her broad practice experience includes corporate governance, healthcare, credit facilities, and joint ventures. Christina regularly assists clients in the structuring and negotiation of joint ventures, mergers, and stock and asset acquisitions on both the sale and buy side.