Zimmer Partners, LP, established in 2012 and based in New York City, is a well-regarded registered investment advisory firm. They specialize in investments related to utilities and infrastructure, making their investment in PG&E a natural fit with their portfolio strategy. PG&E Corporation, headquartered in San Francisco, is the parent company of Pacific Gas and Electric Company. This energy giant provides services to 16 million people across a vast 70,000-square-mile area in Northern and Central California.
The transaction, facilitated by Jackson Walker, is structured as a private placement of public equity (PIPE). This PIPE transaction is crucial for PG&E as it will contribute significantly to the company’s Chapter 11 exit financing. The deal is contingent upon several factors, including PG&E successfully completing a public equity offering and further private placements, aiming to raise a total of $5.75 billion in gross proceeds. Zimmer Partners’ substantial investment underscores the importance of this PIPE transaction for PG&E’s financial restructuring.
The legal team at Jackson Walker representing Zimmer Partners included key figures from the firm. Alex Frutos, a corporate partner, played a leading role, alongside Michael Held, a bankruptcy partner, and Ronald D. Kerridge, a tax partner. Their combined expertise in corporate law, bankruptcy proceedings, and tax implications was essential in advising Zimmer Partners through this complex investment.
Jackson Walker’s involvement in this significant deal highlights their expertise in handling sophisticated transactions. With over 400 attorneys across seven Texas offices, Jackson Walker is recognized as a leading law firm in the state and beyond. Their Corporate & Securities practice group has a strong track record in advising clients on both public and private offerings and investment opportunities, making them a valuable partner for firms like Zimmer Partners navigating complex financial landscapes.
For those interested in further details about the investment, PG&E Corporation has released an official announcement providing additional information on this transaction. This strategic investment by Zimmer Partners represents a key step in PG&E’s financial recovery and a significant move within the utility investment sector.
