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Energy & Sustainability M&A Activity – January 2020

Recent M&A Activity:

  • December 2, 2019: Sabine Oil & Gas Corporation, a subsidiary of Sabine Oil & Gas Holdings, was acquired by Osaka Gas USA Corporation, a subsidiary of Osaka Gas, for $610 million.
  • December 2, 2019: Energy Hunter Resources was acquired by Home Treasure Finders through a reverse merger.
  • December 5, 2019: Chesapeake Utilities Corporation entered into a definitive agreement to acquire Elkton Gas, a subsidiary of South Jersey Industries, for approximately $15 million. The acquisition of the company enables Chesapeake Utilities to expand its footprint in Cecil County.
  • December 5, 2019: Furie Operating Alaska reached a definitive agreement to be acquired by Mr. John L. Hendrix for $15 million. Mr. John L. Hendrix will be acquiring the company via HEX LLC, a company he formed in November 2019.
  • December 5, 2019: SemGroup was acquired by Energy Transfer LP, a subsidiary of Energy Transfer Equity, for $5.1 billion. The acquisition enables Energy Transfer to increase its scale across multiple regions and provide increased connectivity for its crude oil and NGL transportation businesses. As a result of the transaction, SemGroup has ceased to be a publicly traded company and its common stock was discontinued from trading on the New York Stock Exchange.
  • December 6, 2019: Growmark entered into a definitive agreement to acquire the agronomy and energy assets of Mid-Iowa Cooperative for an undisclosed amount.
  • December 6, 2019: Jones Energy II, Inc. reached a definitive agreement to be acquired by Revolution II WI Holding Company, LLC for approximately $201.5 million through a public-to-private transaction.
  • December 10, 2019: Third Coast Midstream’s natural gas transmission business was acquired by Basalt Infrastructure Partners II GP Limited for an undisclosed amount. The acquisition enables Basalt Infrastructure Partners to capture continued industrial growth in demand-driven, regulated ‘last-mile’ natural gas pipelines serving utilities.
  • December 13, 2019: Kane Transport was acquired by Transwood for an undisclosed amount. The acquisition will help Transwood provide the additional hauling capacity of liquid bulk products to its customers in a larger service area, including more capacity in core markets of the upper Midwest.
  • December 16, 2019: Felix Energy II reached a definitive agreement to be acquired by WPX Energy for $2.5 billion. The deal is expected to close early in the second quarter of 2020 and consists of $900 million in cash and $1.6 billion in WPX stock.
  • December 17, 2019: Cepsa Panama was acquired by Minerva Bunkering, a subsidiary of Mercuria Energy Trading, for an undisclosed amount.
  • December 18, 2019: GPM, a subsidiary of Arko Holdings, reached a definitive agreement to acquire the U.S. fuel distribution activities of Empire Petroleum Partners for $400 million.
  • December 18, 2019: The Wind Composites Service Company, LLC (WindCom) business unit of Tecsis was acquired by Hansplace for an undisclosed amount.
  • December 19, 2019: The wastewater system business of Cheltenham Township was acquired by Aqua America for $50.25 million. The acquisition will help Aqua America to improve sewer pipes and provide high-quality service to residents in the township.
  • December 20, 2019: Carrizo Oil and Gas was acquired by Callon Petroleum Company for approximately $740 million. The acquisition will accelerate Callon Petroleum Company’s free cash flow and support its capital efficiency and deleveraging goals through an optimized model of large-scale development across the portfolio.

*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.