Conyers provided Bermuda law advice to Teekay Corporation (NYSE: TK) (“Teekay”) in connection with its internal restructuring to facilitate the merger of Teekay LNG Partners L.P. (NYSE: TGP) (“Teekay LNG”) with investment vehicles managed by Stonepeak. Pursuant to the merger, Teekay sold all of its ownership interest in Teekay LNG, including approximately 36 million Teekay LNG common units, and Teekay GP L.L.C., Teekay LNG’s general partner, for US$17.00 per common unit or common unit equivalent in cash. Teekay also transferred various management services companies to Teekay LNG. The management services companies provide the operations for Teekay LNG and certain of its joint ventures under existing contracts. Teekay received total gross cash proceeds of approximately US$641 million as consideration.
Director Marcello Ausenda and associate Andrew Barnes of Conyers’ Bermuda office advised on the matter.