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Energy & Sustainability M&A Activity – June 2019

Recent M&A Activity:

  • April 26, 2019: Pika Energy was acquired by Generac Power Systems for an undisclosed amount.
  • April 26, 2019: The Energy, Chemicals and Resources unit of Jacobs Engineering Group was acquired by WorleyParsons for $3.2 billion. The acquisition will enable WorleyParsons to expand its exposure to the refining and petrochemicals sectors.
  • April 29, 2019: Breakthrough Fuel was acquired by U.S. Venture for an undisclosed amount. This acquisition will enable U.S. Venture to diversify its business.
  • April 30, 2019: Attis Oil and Gas reached a definitive agreement to acquire Mayan Energy through a reverse merger. With the acquisition, the company intends to fulfill operational efficiency, economies of scale, increased acreage and production, exposure to a service provider, and the creation of a cash flow positive platform from which to grow the enlarged group further.
  • May 6, 2019: Midstates Petroleum Company and Amplify Energy reached a definitive agreement to form the company. The combined company’s strong balance sheet, liquidity, and free cash flow create additional capacity to return capital to stockholders and support improved market performance.
  • May 9, 2019: Harsco reached a definitive agreement to sell its Air-X-Changers business to Chart Industries for $592 million. The acquisition enables Chart’s newest segment, E&C FinFans, to concentrate on its unique and broad product offering and capabilities in air cooled heat exchangers and fans.
  • May 9, 2019: Anadarko Petroleum has reached a definitive agreement to be acquired by Occidental Petroleum for $38 billion in cash and 0.6094 Occidental shares on April 24, 2019, valuing the company at $57 billion. This acquisition would help Occidental maintain its leading position in the Permian Basin of West Texas and New Mexico, where it currently faces being overtaken by Chevron. Earlier the company had reached a definitive agreement to be acquired by Chevron for $33 billion on April 12, 2019. Subsequently, the deal with Chevron was canceled on May 9, 2019. Chevron said it would collect its $1 billion termination fee and walk away from the negotiations.
  • May 10, 2019: Genbright was acquired by ENGIE North America, a subsidiary of Dynegy, for an undisclosed amount. The acquisition enables ENGIE and its DER businesses, including ENGIE Storage, to further the adoption and growth of DERs within markets throughout the United States.
  • May 13, 2019: Colonial Pipeline reached a definitive agreement to be acquired by Shell Midstream Partners for $800 million.
  • May 14, 2019: Southwest Electronic Energy Group was acquired by Ultralife for $25 million. The acquisition enables Ultralife to advance its strategy of commercial revenue diversification and enhances the operating leverage of its business model.
  • May 16, 2019: Sharyland Utilities was acquired by Sempra Energy for approximately $98 million.
  • May 16, 2019: Maxwell Technologies was acquired by Tesla for approximately $235 million. The acquisition will help Tesla to improve its energy technology and reduce the cost of producing electric vehicles.
  • May 20, 2019: Stream Energy reached a definitive agreement to sell its retail energy business to NRG Retail, a subsidiary of NRG Energy, for $300 million. This acquisition will strengthen NRG’s position as a leading, customer-driven energy company.
  • May 20, 2019: Isramco reached a definitive agreement to be acquired by Naphtha Israel Petroleum Corp for $96.5 million. The acquisition expands Naphtha’s footprint in the United States to include ISRL’s more than 400 oil and gas wells.

*Source: 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.