Simpson Thacher & Bartlett and Kirkland & Ellis are advising on Blackstone’s acquisition of data analytics energy intelligence platform Enverus.
A Simpson Thacher team led by M&A partners Elizabeth Cooper, William Allen and Erica Egenes is counselling Blackstone in the acquisition, which comes amid signs of a revival in private equity deal-making after a tarriff-driven slowdown. Between them the trio of partners have counselled Blackstone on numerous major deals, including its $20bn partnership with Thomson Reuters for Thomson’s financial and risk business to form Refinitiv in 2021 and its AUD$24bn acquisition of AirTrunk last year.
Meanwhile Kirkland & Ellis is counselling Enverus and Hellman & Friedman (H&F), which had bought Enverus from private equity rival Genstar Capital in 2021 in a $4.25bn deal that saw Kirkland guide H&F and Simpson Thacher act for Enverus.
The terms of the latest deal were not disclosed, though Reuters reported it could value Enverus at up to $6.5bn if it meets certain financial metrics. At the deal’s closing, Blackstone will commit between $6.1bn and $6.4bn to acquire Enverus, according to Reuters, with the transaction expected to be financed with around $3bn of debt.
Enverus provides benchmark and analytics data sourced from US energy producers and 40,000 suppliers to 8,000 customers globally. Manuj Nikhanj, CEO of the Austin, Texas-based company, described the acquisition by Blackstone as a launchpad for the business.
“Blackstone shares our conviction that the future of energy will be defined by AI, real-time intelligence and bold execution,” Nikhanj said. “Their global reach and expertise across energy, infrastructure and data-rich industries will accelerate our momentum.”
The Enverus acquisition is the latest in a string of investments in the energy sector by Blackstone, which often calls in Kirkland for counsel on major transactions. So far this year Kirkland has guided the alternative asset manager’s $1bn acquisition of a natural gas power plant in Virginia and its $11.5bn take-private of New Mexico electric utility TXNM Energy, the biggest private equity deal globally in the second quarter. The firm also guided Blackstone’s commitment to invest $25bn to support the build out of Pennsylvania’s digital and energy infrastructure.
Meanwhile the Enverus deal comes as the prospect of rate cuts and easing economic uncertainty signal a revival in private equity M&A after a somewhat muted second quarter, when uncertainties related to tariffs and supply chains saw global PE investment fall to $363.7bn – down from $505.3bn in Q1 according to Markets Group.
RBC Capital Markets is acting as financial advisor to Blackstone on the deal, which is expected to close by the end of 2025. Citi and Morgan Stanley are advising Enverus and H&F.
The Simpson Thacher team acting for Blackstone also includes partners Brian Gluck and Adam Moss (both credit); Gregory Grogan and Jana Hymowitz (both executive compensation and employee benefits); Jonathan Goldstein (tax); Caroline Geiger (IP); and Leah Malone (ESG).
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