Law.com
15 Aug 2008
Brian Baxter
The union between Heller Ehrman and Baker & McKenzie may have fallen through, but that doesn't mean the two can't work together.
Embattled San Francisco-based Heller advised Singapore's sovereign wealth fund in a $1.25 billion dollar energy investment in Dallas-based Oncor Electric Delivery Company. Baker & McKenzie is advising Oncor on the deal, announced Wednesday.
Heller's client on the deal is one any firm would envy: GIC Special Investments, the infrastructure and private equity unit of Singapore's $100 billion sovereign wealth fund. Founded in 1981, GIC has been a longtime client of the firm through relationship partner Brett Dick, a tax partner in Heller's San Francisco office.
GIC's infrastructure unit partnered with Borealis Infrastructure Management -- an arm of the Toronto-based Ontario Municipal Employees Retirement System, a massive pension plan with nearly $50 billion in assets -- to acquire a 20 percent stake in Oncor, a subsidiary of Dallas-based Energy Future Holdings (ESH), formerly known as TXU.
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