Milbank LLP advised Polaris Technology Inc., an infrastructure provider that designs, builds and operates custom and high-quality data centers in the United States, in connection with the successful sale of Polaris DS LLC, which has contracted 440 MW of gross, grid-connected power capacity under existing electric service agreements with Oklahoma Gas & Electric, to Core Scientific, Inc. (Nasdaq: CORZ) for an aggregate purchase price of approximately $444 million in cash.
The acquisition is part of Core Scientific’s plan to scale its Muskogee, Oklahoma campus to approximately 1.5 GW of gross power, or approximately 1.0 GW of leasable power, through a combination of grid-connected and behind-the-meter solutions.
The Milbank team was led by Global Corporate/M&A partner and co-head of Milbank’s Global Infrastructure practice John Franchini and Global Corporate/M&A partner Daniel P. Tyrrell, along with associates Ashley Kemper, Lisa Koo, Claire Jones and Gavin Small.
The team also included Global Project, Energy and Infrastructure Finance partners and co-chairs of Milbank’s Digital Infrastructure Practice Group Dan Bartfeld and Jaime Ramirez; Tax partner Max Goodman; Transportation and Space partner Patrick Campbell and associates Alexander Chan and Madison Card; Real Estate special counsel David Groman and associate Julianne Guzman; Executive Compensation and Employee Benefits partner Kelly Bartley; Intellectual Property special counsel John Garces; Environmental partner Thomas Goslin; Antitrust partner Adam Di Vincenzo and associate John Ceccio; and Global Project, Energy and Infrastructure Finance partner Jenna McGrath.
