April.25.2017
An Orrick team advised Equus Total Return, Inc. in its acquisition of U.S. Gas & Electric, Inc., establishing one of the largest energy services companies in the U.S. Houston-based Equus is a business development company that plans to consolidate its operations with USG&E, a residential and commercial energy services company.
Under the terms of the agreement announced this week, USG&E stockholders will receive 32,606,539 shares of Equus common stock, at a deemed transaction price of $3.28 per share, and $40 million in par value of 5-year mandatory convertible Equus preferred stock that is entitled to a dividend of 7.5 percent per year.
The Orrick team was led by partners Andrew Thorpe. Associates Ryan Giggs, Joe Lawlor and Adam Kowis also worked on the deal, while partner John Narducci and associate Michael Rodgers worked on the tax aspects of the transaction.