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Energy & Sustainability M&A Activity – March 2019

Recent M&A Activity:

  • January 22, 2019: Combustion Technologies was acquired by Environmental Energy Services for an undisclosed amount. This acquisition positions EES as a complete energy efficiency monitoring and optimization solutions provider serving utilities and a broad array of industrial applications including steel, cement, petroleum refineries, pulp & paper, and others.
  • February 3, 2019: Maxwell Technologies reached a definitive agreement to be acquired by Tesla for $218 million. The acquisition will help Tesla to improve its energy technology and reduce the cost of producing electric vehicles. The deal is expected to close in the second quarter of 2019.
  • February 4, 2019: SigmaFlow was acquired by IPKeys Technologies for an undisclosed amount. The acquisition accelerates IPKeys’s strategy of leveraging its Cyber Lab as a Service (CLaaS™) platform and related cyber security services that have been provided in the federal and Department of Defense (DOD) sectors.
  • February 4, 2019: XALT Energy was acquired by Freudenberg Group for an undisclosed amount. The acquisition will allow the company to revitalize its production facilities at Midland and increase its research and development into new mobility technologies.
  • February 8, 2019: U.S. Water Services reached a definitive agreement to be acquired by Kurita Water Industries for $270 million. The acquisition will help Kurita Water Industries to expand its businesses globally by establishing bases in four regions of the world — Japan, Asia, Europe, and the Americas — and was implemented as a measure for strengthening its businesses in North America.
  • February 11, 2019: Artisan Vehicle Systems was acquired by Sandvik for an undisclosed amount. The acquisition will help Sandvik become a leading company in the market for Battery Electric Vehicle solutions.
  • February 12, 2019: American Electric Power Company reached a definitive agreement to acquire Sempra Renewables through its subsidiary AEP Renewables for $1.056 billion. The acquisition fits with AEP's goals to diversify its power generation portfolio and invest $ 2.2 billion in competitive and contracted renewables.
  • February 12, 2019: Newfield Exploration was acquired by Encana for $5.5 billion. In addition, Encana also assumed $2.2 billion of the company's net debt. Encana will proceed with its previously announced $1.25 billion share buyback in 2019, following receipt of regulatory approvals, and increase its dividend by 25 percent. The remaining 36.5 percent stake will be held by shareholders of the company.
  • February 13, 2019: Aquion was acquired by Pentair for $160 million. The acquisition will enable Pentair to better serve residential consumers by offering turnkey water conditioning solutions through Aquion's network of affiliated dealers.
  • February 19, 2019: AM Racing was acquired by BorgWarner, for an undisclosed amount. The company was acquired along with Rinehart Motion Systems LLC, and they will together be known as Cascadia Motion LLC. The transaction will allow BorgWarner to offer design, development, and production of full electric and hybrid propulsion systems for niche and low-volume manufacturing applications.
  • February 19, 2019: CityBase was acquired by GTY Technology Holdings for $160 million.

*Source: PitchBook


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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 build and grow companies. He handles public offerings, 144A and private financings, acquisitions, joint ventures, and strategic partnerships.