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Energy & Sustainability M&A Activity - August 2018

Recent M&A Activity

  • June 22, 2018: Gill Ranch Storage reached a definitive agreement to be acquired by Sensa Holdings for $51.5 million.
  • June 25, 2018: SAES Pure Gas, a subsidiary of SAES Getters, was acquired by Entegris for $355 million. With this acquisition, the acquirer’s customers will benefit from a complete portfolio of gas purifications solutions for both bulk and specialty gases.
  • June 26, 2018: Geokinetics entered into an agreement, which calls for some of its assets to be acquired by SAExploration Holdings for an undisclosed amount as part of Geokinetics’s Chapter 11 bankruptcy proceeding. External borrowing will be used to finance the purchase price of the acquisition of GEOK’s assets and to pay related transaction costs. The assets SAExploration Holdings has offered to acquire include equipment and machinery, seismic processing software and equipment, and certain contracts with large exploration and production companies.
  • June 26, 2018: Performance Oil Equipment was acquired by Southern Pump & Tank for an undisclosed amount. The acquisition enables the acquirer to provide high-quality products and services throughout Mississippi.
  • June 28, 2018: Metrix Skyline Solar acquired All American Gold through a reverse merger.
  • June 28, 2018: B4MC Gold Mines was acquired by RocketFuel Blockchain Company through a reverse merger, resulting in the combined entity trading on the OTC Stock Exchange under an undisclosed ticker symbol.
  • June 28, 2018: Kisensum was acquired by ChargePoint for an undisclosed amount.
  • June 29, 2018: New England Motor Oil was acquired by a subsidiary of an unnamed publicly traded company for an undisclosed sum. The acquisition will benefit the companies’ collective customer bases for years to come.
  • June 29, 2018: River Basin Energy was acquired by Biomass Secure Power for an undisclosed amount.
  • July 2, 2018: BTCPower was acquired by Innogy for an undisclosed amount. The acquisition will enable the acquirer to increase production capabilities and know-how to ensure prompt delivery times and excellent quality for Innogy’s turnkey processes.
  • July 2, 2018: EPIC Fuels was acquired by BBA Aviation for $88.1 million. This acquisition fully supports BBA’s strategic development by increasing its network relevance, extending the range of fuel and non-fuel services it offers customers across its unique FBO network, and continuing to establish its competitive cost structure through investment in technology and economies of scale.
  • July 2, 2018: Elizabethtown Gas, a subsidiary of Southern Company Gas, was acquired by South Jersey Industries for $1.7 billion. The acquisition consideration will be funded through a public offering of 575 million shares. This transaction supports SJI’s strategy of earnings growth from high-quality, regulated businesses.
  • July 6, 2018: WGL Holdings was acquired by AltaGas for CAD 6 billion. AltaGas will pay additional CAD 2.4 billion in assumed liabilities. The acquirer will finance the transaction through a fully committed $4.95 billion bridge financing facility with J.P. Morgan Chase Bank, The Toronto-Dominion Bank and Royal Bank of Canada. The acquirer completed a CAD 2.10 billion public offering and CAD 400.21 million share placement to help finance the acquisition of WGL Holdings. The combined company will have an ability to target high-growth markets and enhance its clean energy offering to customers while maintaining reliable and affordable utility service with local rates no higher as a result of the transaction.
  • July 9, 2018: EnerNex reached a definitive agreement to be acquired by CESI for an undisclosed amount. The acquisition brings together two stable and profitable companies with complementary portfolios to provide utilities, energy investors, and regulatory bodies around the world with engineering and consulting services related to cutting-edge, technology-driven energy solutions.
  • July 10, 2018: Five Star Rig and Supply was acquired by 66 Oilfield Services for an undisclosed amount. This transaction allows the acquirer to continue their focused growth within the drilling sector and will also enhance the bottom line for the overall benefit of the stockholders.
  • July 10, 2018: Prisma Renewable Composites was acquired by Domtar for an undisclosed amount. With its investment, the acquirer will help commercialize the process of using lignin to make engineered plastic compounds such as Acrylonitrile Butadiene Styrene (ABS) and other high-value fiber and lignin applications.
  • July 10, 2018: Constellation (US), a subsidiary of Exelon, reached a definitive agreement to acquire the retail and wholesale load-serving business of FirstEnergy for $140 million. This acquisition would provide an opportunity for the acquirer to grow their retail business in strategically attractive markets.
  • July 15, 2018: U.S. Well Services reached a definitive agreement to acquire Matlin & Partners Acquisition through a reverse merger, resulting in the combined entity trading on the NASDAQ Capital Market under an undisclosed ticker symbol.
  • July 19, 2018: RSP Permian was acquired by Concho Resources for $9.51 billion. The transaction consideration is inclusive of assumed liabilities. Under the terms of the merger, each share of RSP common stock was converted into the right to receive 0.320 shares of Concho common stock. As a result, Concho expects to issue approximately 51 million shares of common stock in connection with the merger. Following closing, the acquirer’s shareholders will own around 74.5% of the combined company, with Permian stakeholders holding the remaining 25.5%. The acquisition will enable the acquirer to expand its portfolio of oil and gas properties across the United States.
  • July 19, 2018: Sidewinder Drilling reached a definitive agreement to be acquired by Independence Contract Drilling for an undisclosed amount. The acquisition will enable Independence Contract Drilling to gain significant size and scale, expand growth opportunities and realize significant synergies. The deal is expected to close in the fourth quarter of 2018.
  • July 19, 2018: Roxbury Water Company reached a definitive agreement to be acquired by New Jersey American Water, a subsidiary of American Water, for an undisclosed amount. The acquisition will help the acquirer to strengthen their ability to provide water in the water-scarce Highlands Region.

*Sources: Pitchbook

 

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Authors

Thomas R. Burton, III

Member / Chair, Energy & Sustainability Practice

Tom Burton has helped to shape the clean energy industry by drawing on his passion for innovation. As a Mintz attorney, Tom counsels investors, entrepreneurs, and Fortune 100 companies. He also guides start-up organizations and accelerators to foster the next generation of energy leaders.

Sahir Surmeli

Member / Co-chair, Energy & Sustainability Practice

Sahir Surmeli is a Mintz business counselor who advises companies, boards, entrepreneurs, investment banks, and venture and private equity investors as they grow. He handles public offerings, 144A and private financings, acquisitions, joint ventures, and strategic partnerships.