Vedder Price is pleased to announce the completion of a suite of mergers that were part of a strategic initiative to restructure the closed-end fund product line of funds managed by Tortoise Capital. 

On December 20, 2024, the mergers of Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP), Tortoise Energy Independence Fund, Inc. (NYSE: NDP) and Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) with and into a wholly owned subsidiary of Tortoise Power and Energy Infrastructure Fund, a series of Tortoise Capital Series Trust and a newly formed exchange-traded fund, were completed. TTP, NDP and TPZ are closed-end funds that trade on the NYSE. As a result of the merger, each merged fund was converted into an actively managed exchange-traded fund.  The combined fund will continue to trade on the NYSE under the ticker TPZ as an exchange-traded fund.

On December 23, 2024, the merger of Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) with and into a wholly owned subsidiary of Tortoise Energy Infrastructure Corporation (NYSE: TYG) was completed. The combined fund will continue to trade on the NYSE under the ticker TYG.

“We are pleased to have guided our long-standing client through all aspects of this important strategic initiative,” said Vedder Price Shareholder Deborah Bielicke Eades.

Tortoise’s announcements of the completed mergers can be found here and here.

The Vedder Price team was led by Investment Services Group Shareholders Deborah Bielicke Eades, Jacob Tiedt and Cody Vitello.  Additional team members include Adam Goldman, Chris Barrett, Nathaniel Segal, Christina West, Liz Baxter, Devin Eager, Dan Sherlock and Andrew Falevich.