Ed Patricoff chairs Shutts & Bowen’s international dispute resolution group, but the Miami partner is finding himself becoming one of the firm’s top dealmakers these days.
Patricoff and a team of Miami attorneys including Alfred Smith, chair of the firm’s corporate and securities practice, advised APR Energy PLC on its planned $314 million acquisition of General Electric Co.’s power rental business.
The deal for a unit of GE Power & Water in Houston represents Patricoff’s biggest deal of the year to date.
“Whenever a Florida company buys a division of GE it’s very exciting,” he said. “This particular market, the energy market, is growing very fast.”
Under the deal, GE would receive $64 million in cash and 15.5 million APR Energy shares valued at about $250 million, making GE a strategic investor in the company.
The day the deal was announced Oct. 23, Jacksonville-based APR was the top gainer on the London Stock Exchange, jumping 19 percent to a record high.
Shutts & Bowen did the due diligence and corporate work on the transaction. The Shutts team also included partners Daniela Fonseca and Kimberly Prior and associate Marcela Lozano.
Sullivan & Cromwell in New York and Pinsent Masons in London also worked on the deal.
APR provides rapidly deployed power for disaster relief, electricity shortfalls and other energy needs. The company built a 205-megawatt (delete the number and the word megawatt) power plant in Japan in 60 days after the 2011 tsunami left the country with massive outages.
Most of APR’s clients are in developing markets like Argentina, Botswana, Indonesia, Libya, Senegal and Uruguay. The planned acquisition would double APR’s fleet of dual-fuel turbines, making APR the world’s leading provider of fast-track, mobile turbine power.