EIG Global Energy Partners (EIG) today announced that it has been granted an injunction by the U.S. District Court in the Central District of California blocking the proposed acquisition of The TCW Group by investment funds managed by the Carlyle Group, together with TCW’s management, from Société Générale of France pending the resolution of a related arbitration claim filed by EIG. In granting the injunction, the Court found that EIG “had a strong likelihood of success on the merits as against both TCW and TAMCO.” EIG’s complaint alleged that the proposed transaction runs afoul of certain consent rights granted to EIG as part of its consensual spin-out from TCW in 2009.
R. Blair Thomas, Chief Executive Officer of EIG, said, “We’re obviously very pleased with the Court’s decision and agree completely with the Court’s analysis of the law and facts at issue in this matter. It’s unfortunate that it has come to this, but each of TCW, Carlyle and Société Générale were fully aware of this issue when they decided to recklessly announce a transaction that infringes upon our rights.”
EIG is a leading institutional investor to the global energy sector with $10.3 billion under management as of September 30, 2012. EIG specializes in private investments in energy, resources and related infrastructure and was formerly the Energy & Infrastructure Group of Trust Company of the West. During its 30-year history, EIG has invested over $14 billion in the sector through more than 290 projects or companies in 33 countries on 6 continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, DC, with offices in Houston, London, Sydney, Hong Kong, Seoul and Rio de Janeiro.
EIG is represented in this litigation by the law firm of Munger, Tolles & Olson LLP.