Infrastructure Investments Fund’s Acquisition of South Jersey Industries

Skadden, Arps, Slate, Meagher & Flom advised the Infrastructure Investments Fund on the deal. Willkie Farr & Gallagher represented BofA Securities as financial advisor to South Jersey Industries.

The Infrastructure Investments Fund (IIF), a private investment vehicle focused on investing in critical infrastructure assets, announced alongside South Jersey Industries, Inc. (SJI) that they have entered into a definitive agreement under which IIF will purchase SJI for $36.00 per share in cash, reflecting an enterprise value of approximately $8.1 billion.

SJI (NYSE: SJI), an energy infrastructure holding company based in Folsom, NJ, delivers energy services to customers through two primary subsidiaries: SJI Utilities (SJIU) and SJI Energy Enterprises (SJIEE). SJIU houses the company’s regulated natural gas utility operations, delivering safe, reliable and affordable natural gas to more than 700,000 residential, commercial and industrial customers across New Jersey via its South Jersey Gas and Elizabethtown Gas subsidiaries. 

Headquartered in New York with additional offices in London, the Infrastructure Investments Fund (IIF) is an approximately $20 billion private investment vehicle focused on investing in critical infrastructure assets. IIF is responsible for investing and growing the retirement funds of more than 60 million families.

The Skadden team included M&A partner Jeremy London (Picture; Washington, D.C.), counsel Erik Elsea (Washington, D.C.) and associate Ataefiok Etukeren (Washington, D.C.); Energy and Infrastructure Projects partner Paul Kraske (Washington, D.C.); Banking partner Steven Messina (New York); Executive Compensation and Benefits partner Joseph Penko (New York); Tax partner Sean Shimamoto (Palo Alto); Energy Regulatory of counsel Clifford (Mike) Naeve (Washington, D.C.); Labor and Employment partner David Schwartz (New York); Capital Markets partner Michael Zeidel (New York); and Intellectual Property and Technology partner Jose Esteves (New York/Palo Alto).

The Willkie team was led by partners Steven Seidman and Sean Ewen, and included associate Ian Morganelli and law clerk Emily Tu.

Involved fees earner: Erik Elsea – Skadden; Jose Esteves – Skadden; Ataefiok Etukeren – Skadden; Paul Kraske – Skadden; Jeremy London – Skadden; Steven Messina – Skadden; Clifford Naeve – Skadden; Joseph Penko – Skadden; David Schwartz – Skadden; Sean Shimamoto – Skadden; Michael Zeidel – Skadden; Sean Ewen – Willkie Farr & Gallagher; Ian Morganelli – Willkie Farr & Gallagher; Steven Seidman – Willkie Farr & Gallagher;

Law Firms: Skadden; Willkie Farr & Gallagher;

Clients: Bank of America Securities; Infrastructure Investments Fund (IIF) ;