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AMERICAS
bp, a British multinational oil and gas company, completed the acquisition of Archaea Energy, a renewable natural gas company, for $4.1bn.
"Archaea is a fantastic fast-growing business, and bp will add distinctive value through our trading business and customer reach. It will accelerate our key bioenergy growth engine, creating a real leader in the biogas sector, and support our net zero ambition. And, importantly, we're doing this while remaining focused on the disciplined execution of our financial frame. Investing with discipline into the energy transition, creating further value through integration - this is exactly what bp's transformation into an integrated energy company is all about," Bernard Looney, bp CEO.
Marathon Oil, an independent exploration and production company primarily focusing on unconventional resources, completed the acquisition of the Eagle Ford assets of Ensign Natural Resources, an operator of an exploration and production company focused on acquiring, developing and producing US unconventional resources, for $3bn.
"The transaction is immediately accretive to our key financial metrics; it will drive higher distributions to our shareholders consistent with our operating cash flow driven Return of Capital Framework; it's accretive to our inventory life with high rate-of-return locations that immediately compete for capital; and it offers compelling industrial logic by nearly doubling our position in a Basin where we have a tremendous track record of execution excellence. Importantly, we expect to execute this transaction while maintaining our investment grade balance sheet and while still delivering on our aggressive return of capital objectives in 2022 and beyond," Lee Tillman, Marathon Oil Chairman, President and CEO.
Marathon Oil was advised by Morgan Stanley and White & Case (led by Emery Choi and Mingda Zhao). Debt financing was provided by Morgan Stanley. Ensign Natural was advised by Evercore, JP Morgan and Sidley Austin (led by Jim Rice and Tim Chandler).
Workspace Property Trust, a privately held, vertically integrated, full-service commercial real estate company, completed the acquisition of six class A suburban office buildings from Griffin Realty Trust, an internally managed, publicly registered non-traded real estate investment trust, for $170m.
“In the post, post-pandemic environment where millions of Americans want to work closer to home, with short commutes, more affordable housing, and better schools, coupled with the benefits of fully-amenitized and flexible offices, we know that high-quality suburban office properties are the clear solution for corporations looking to provide a safe, accessible, flexible, lifestyle-oriented, and community-based environment for their employees. The integration of the newly-acquired properties within our national footprint has gone extremely well and we will continue to invest in our properties, our tenant relationships, our brand and in new innovations to deliver the highest quality experience to each of our tenants and their employees,” Thomas A. Rizk, Co-Founder, Workspace President and COO.
Workspace was advised by Newmark Group, McCausland Keen + Buckman, Seyfarth Shaw and ThroughCo Communications (led by Elliot Sloane).
Suburban Propane Partners, a nationwide distributor of propane and other energy products to local communities, agreed to acquire renewable natural gas assets of Equilibrium Capital, a sustainability-driven asset management firm, for $190m.
"This investment meaningfully advances our strategic goal of building out a renewable energy platform to help drive the energy transition to a low carbon economy. We are excited to be partnering with the Equilibrium team, which has a proven track record of sourcing, developing and managing high-quality renewable natural gas-producing assets. We look forward to building upon and advancing this opportunity as we seek to leverage Equilibrium's seasoned management team with a well-established network of operators, engineering and construction providers and off-takers, and a strong commitment to sustainable investments. The scalable platform complements our existing portfolio of renewable energy assets, either as a stand-alone RNG distributor, or as a pathway to rDME and hydrogen production," Michael Stivala, Suburban Propane President and CEO.
Equilibrium Capital is advised by Evercore. Suburban Propane is advised by Wells Fargo Securities.
Aggreko, a global supplier of mobile and modular power, temperature control equipment and energy services, agreed to acquire Resolute Industrial, a provider of specialized heating, ventilation and cooling solutions in North America, for $440m.
"We are delighted to announce the acquisition of Resolute Industrial, a high-quality business specializing in HVAC solutions in North America, a key target market, and are excited by the additional growth opportunities that the acquisition brings to the group," Mike Smith, Aggreko Chairman.
Integrative Life Network, a family of premier trauma-focused treatment programs, completed the acquisition of Shadow Mountain, a New Mexico treatment center. Financial terms were not disclosed.
“ILN is committed to providing the best trauma-focused care, and this partnership with Shadow Mountain will enable us to expand our services. With the natural landscape of the southwest, it is a spiritual healing environment where clients can safely explore patterns that no longer serve them to find lasting recovery,” Christi Cessna, Integrative Life Network CEO.
South Korean day traders bought $2.8bn of Tesla's stock.
South Korean retail investors have bought a net $2.8bn worth of Tesla stock this year amid the electric-vehicle maker's worst slump on record, Bloomberg reported.
Day traders have added $160m in Tesla shares this month through December 27, on track for a third month of net purchases. They continued to buy even as the stock has tumbled 44% in December, headed for its worst-ever month.
Hilb Group completed the acquisition of an agency in Southeast region.
The Hilb Group, a property and casualty and employee benefits insurance brokerage and advisory firm, completed the acquisition of an agency with specialties in commercial property and casualty and personal lines business in the Southeast region.
The transaction became effective on December 1, 2022.
Clean Energy receives Riverstone Credit's funding for RNG growth. (FS)
Clean Energy Fuels, a provider of the cleanest fuel for the transportation market, entered into a four-year $150m sustainability-linked senior secured term loan with credit investment platform Riverstone Credit Partners.
"As we articulated at the beginning of the year, we have big plans to increase our supply of RNG from dairies because when it ends up in the tank of a heavy-duty truck or a transit bus, it is rated cleaner than any other alternative in the marketplace. Our joint ventures with bp and TotalEnergies are having great success. We are currently constructing multiple RNG projects at dairies around the country with a healthy pipeline of other projects. This additional financing will allow us to stay on this rapid pace of development," Andrew J. Littlefair, Clean Energy President and CEO.
DILA Capital Acquisition announces delisting of its securities from Nasdaq.
DILA Capital Acquisition, a special purpose acquisition company, announced that it intends to dissolve and liquidate all of its outstanding shares of Class A common stock that were included in the units issued in its initial public offering on December 22, 2022, because the company will not be able to consummate an initial business combination within the time period required by its Certificate of Incorporation.
The company announced that its trust account established in connection with the company's initial public offering has been liquidated and that 5.8m of the company's public shares were submitted to the transfer agent, Continental Stock Transfer & Trust Company, and were redeemed on December 27, 2022 at a price of approximately $10.04 per share.
EMEA
Hitachi, a Japanese multinational conglomerate corporation headquartered in Chiyoda, Tokyo, completed the acquisition of the remaining 20% stake in Hitachi Energy, a sustainable energy firm, from ABB, a pioneering technology company, for $1.7bn.
"We are pleased with the progress of Hitachi Energy, and we look forward to supporting the Hitachi Energy 2030 Plan, as announced during Hitachi Investor Day 2022," Yoshihiko Kawamura, Hitachi Executive Vice President and Executive Officer, CFO.
Hitachi was advised by UBS. ABB was advised by Freshfields Bruckhaus Deringer (led by Stephen Hewes).
IMI, a specialized engineering company, completed the acquisition of Heatmiser, a smart thermostatic control manufacturer for radiant systems, for £110m ($133m).
"I am very excited about the possibilities that Heatmiser provides for our division and its potential to provide significant energy efficiencies for our customers. Helping our customers save energy is key to our Better World purpose. The business has a fantastic range of smart products, a leading position in the UK and a highly innovative and recognized proposition for its customers. We are all looking forward to working with Martyn & Sarah Kay and the entire Heatmiser team to grow the business jointly in the coming years," Phil Clifton, IMI Divisional Managing Director of Hydronic Engineering.
IMI was advised by Headland Consultancy (led by Matt Denham).
The Carbon Blockchain, a carbon finance and technology services company, agreed to acquire Minerva Green, a South African agriculture group specializing in the development of proprietary, indigenous African hemp strains. Financial terms were not disclosed.
"We are excited to accelerate industrial hemp production and processing in South Africa by combining advanced technologies with regenerative farming. Our focus will be on socio-economic upliftment and the inclusion of local genetics and plant cultivation expertise," Mike Laws, Minerva Green Founder.
Avalon, a technology company, completed the acquisition of Alea, an Austrian provider of soft facility services with 230 employees, from Caverion, a Finnish listed company that designs, implements and maintains building technology and industrial services. Financial terms were not disclosed.
"At Caverion, we together with PORREAL, focus on offering our customers a wide range of technical facility services and smart, sustainable solutions," Manfred Simmet, Caverion Head of Austria division.
Saudi Aramco refiner Luberef slumps after $1.3bn IPO.
Saudi Aramco Base Oil, a refining unit of the state-owned oil producer, slumped in its trading debut following an initial public offering that raised $1.3bn, Bloomberg reported.
Luberef, as the refiner is known, dropped as much as 6.6% to $24.6, bucking the trend for strong debuts in the Gulf region amid the gloomy outlook for the global economy. It trimmed losses to 2.7%, valuing the company at $4.4bn.
APAC
BPEA, the Hong Kong-based alternative investment firm, completed a $67m investment in WeWork India, a provider of co-working spaces.
WeWork India will use the fresh funds to achieve growth and consolidate business opportunities.
Sheela Foam to buy rival mattress maker Kurlon for $241m.
Indian mattress maker Sheela Foam will soon acquire competitor Kurlon for $241m, Reuters reported.
Should the deal go through, Sheela Foam could command a market share of 35-40%, Moneycontrol had reported last month.
Berjaya weighing potential acquisition.
Malaysian consumer-to-property conglomerate Berjaya is evaluating a "major potential acquisition" involving a licensed entity governed by the Malaysian central bank, DealStreetAsia reported.
To facilitate the potential purchase of a 51% equity stake, Berjaya said its founder and major shareholder Vincent Tan Chee Yioun intends to pare down his stake to not more than 19.6% by the end of January 2023.
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