GIC closes first phase of minority investment in Duke Energy Indiana
Duke Energy has completed the first of a two-phase sale transaction with GIC, receiving cash proceeds of US$1.025 billion in exchange for an 11.05% minority interest sale of Duke Energy Indiana (DEI), a subsidiary of Duke Energy.
Under the transaction agreement, GIC will acquire a 19.9% indirect minority interest in Duke Energy Indiana for a total purchase price of US$2.05 billion in two separate phases. Duke Energy is an energy holding company serving 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, and collectively owns 51,000 MW of energy capacity.
J.P. Morgan Securities LLC and Centerview Partners served as Duke Energy's financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP served as Duke Energy’s legal advisor.
Barclays served as GIC’s exclusive financial advisor. Sidley Austin LLP served as GIC’s lead legal advisor alongside Steptoe & Johnson LLP and Ice Miller LLP.
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