Sidley is representing Henkels & McCoy Group, Inc., a large U.S. private electrical power transmission and distribution utility services firm, in its US$600 million acquisition by MasTec, Inc. (NYSE: MTZ). Founded in 1923, Henkels has been in operation for over 98 years, with approximately US$1.5 billion in fiscal 2021 revenue primarily with long tenured relationships across a diverse blue chip customer base, with expansive geographic operations across the United States. The transaction supports MasTec's long-term strategy to expand in the fast-growing electric utility services market with incremental recurring master service agreement revenue. The US$600 million total consideration includes about US$420 million in cash and approximately 2 million shares of MasTec common stock. The transaction is expected to close by year end 2021, subject to receiving required Hart-Scott-Rodino approvals and the satisfaction of other customary closing conditions.
The Sidley team is being led by David Grinberg, Payom Pirahesh, and Sara Carian (M&A and Private Equity), and includes Sylonda E. Lang, Nayef Andrabi, and Daniel M. Sieradzki (M&A and Private Equity); Laura Collins, Karen Kazmerzak, Edward W. Sharon, Elizabeth Chen, and Jamie M. Sadler (Antitrust/Competition); Michael P. Heinz and Jennie M. Balkas (Capital Markets); Eric Schwartz (Commercial Litigation and Disputes); Heather M. Palmer and Allen S. Braddock (Environmental); Benjamin A. Rosemergy and Susan Delgado (Executive Compensation and Transactional Employee Benefits); James Mendenhall and Scott T. Nonaka (Global Arbitration, Trade and Advocacy); Banks Bruce (Global Finance); Scott J.F. Goldstein (Insurance); Katherine A. Roberts, James D. Weiss, and Jordan Varberg (Labor and Employment); Lauren Kitces (Privacy and Cybersecurity); Jessica N. Adkins (Project Finance and Infrastructure); Keith Hayden Del Prete, Jared R. Feldman, and Jonathan H. Koh (Real Estate); Rachel D. Kleinberg, Edwin L. Norris, and Jonathan M. Westreich (Tax); Joshua T. Hofheimer (Technology and IP Transactions); and Brian J. Stretch and Leslie A. Shubert (White Collar: Government Litigation and Investigations).