Deal description: Pennybacker Capital Management, LLC (Pennybacker), a leading real assets investment manager, has entered into a definitive agreement to acquire the Miami, Florida liquefaction, storage and terminal business (Miami LNG) of New Fortress Energy Inc. (Nasdaq: NFE) in Pennybacker’s Critical Infrastructure Platform. Financial terms were not disclosed. The transaction is expected to close in the third quarter of 2024 subject to customary terms and conditions.

Miami LNG includes a liquefaction facility capable of producing 8,300 MMBtu of LNG per day with onsite storage capacity of ~1,000 cubic meters. The facility can load LNG into both truck and rail and is permitted to export LNG to Free Trade Agreement (FTA) and non-FTA countries.

Baker Botts represented Pennybacker and its affiliated portfolio companies in the transaction.

Baker Botts Lawyers/Offices involved:

Corporate/GP M&A: Clay Brett (Partner, Houston), Carlos Solé III (Partner, Houston), Carlos Marquez (Senior Associate, Washington, D.C.), Megan Lawhorne (Associate, Washington, D.C.), Peter Frintzilas (Associate, New York)

LNG: David Jetter (Partner, Houston)

Portfolio Company: Catherine Ellis (Senior Associate, Houston)

Energy Regulatory: Ryan Norfolk (Special Counsel, Washington, D.C.)

Real Estate: Christopher Tillotson (Associate, Dallas)

Tax: Jon Lobb (Partner, Houston), Matthew Larsen (Partner, Dallas), Jared Meier (Senior Associate, Houston)

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