Shearman & Sterling advised Consolidated Edison, Inc. (“Con Edison”) in connection with the approximately $343 million sale of 4,100,000 of its common shares to J.P. Morgan.
The net proceeds from the sale of common shares will be invested by Con Edison in its subsidiaries for funding of their construction expenditures and for other general corporate purposes.
Con Edison is based in New York and through its subsidiaries provides electric service to approximately 3.4 million customers in New York City and most of Westchester County, and 0.3 million customers in southeastern New York and northern New Jersey. Additionally, Con Edison operates the largest steam distribution system in the United States.
The Shearman & Sterling team included partner Richard Alsop (New York – Capital Markets); of counsel Robert Treuhold (New York – Capital Markets); and associates Rupa Briggs and Daniel Yao (both New York – Capital Markets). Other key members of the team included partner Kristen Garry (Washington DC – Tax); and associate Eric Grosshandler (New York – Tax).