Deal Description: CenterPoint Energy, Inc. (NYSE: CNP) (“CenterPoint”) today announced the sale of its Arkansas and Oklahoma natural gas LDC assets to Summit Utilities for $2.150 billion in cash, including recovery of approximately $425 million in cash of unrecovered storm-related incremental natural gas costs incurred in February 2021, subject to true-up at transaction close. The assets include approximately 17,000 miles of main pipeline in Arkansas, Oklahoma, and Texarkana serving more than half a million customers residing in high-quality regulatory jurisdictions.

Baker Botts Lawyers/Office Involved:

Corporate: Timothy S. Taylor (Partner, Houston); Clint Rancher (Partner, Houston); Jamie Yarbrough (Senior Associate, Houston); Joshua M. Gonzales (Associate, Houston).

Finance: Robert Wann (Partner, New York)

Tax: Michael Bresson (Partner, Houston); Richard Husseini (Partner, Houston); Renn Neilson (Partner, Houston); Jared Meier (Senior Associate, Houston); Derek Young (Senior Associate, Houston)

Employee Benefits: Gail Stewart (Partner, Houston); Gabriela Alvarez (Associate, Houston)

Antitrust: Thomas Fina (Partner, Washington, D.C.)

Regulatory: Emil Barth (Partner, Washington, D.C.)

CenterPoint’s press release can be read here.

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