Energy & Sustainability M&A Activity – September 2019

Recent M&A Activity:

• August 1, 2019: Oklahoma’s Anadarko Basin of Overflow Energy was acquired by Bison for an undisclosed amount. This acquisition will complement the Bison existing water infrastructure footprint.
• August 1, 2019: Infiltrator Water Technologies was acquired by Advanced Drainage Systems for approximately $1.08 billion. The acquisition will add to the combined company’s distribution networks and increase the availability of products to customers.
• August 2, 2019: Das-co of Idaho was acquired by Whitaker Construction for an undisclosed amount. This acquisition will help Whitaker and Das-co to increase efficiency by sharing specialized equipment, experienced project planning teams, and professional work crews.
• August 5, 2019: Midflow Services was acquired by Profire Energy for $3.4 million. This acquisition strengthens Profire Energy’s position in the Northeastern United States.
• August 6, 2019: Amplify Energy was merged with Midstates Petroleum Company to form Amplify Energy. 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. Amplify and Midstates stockholders will each own 50% of the outstanding shares of the combined company.
• August 7, 2019: The retail energy business unit of Stream Energy was acquired by NRG Energy for $300 million. This acquisition will strengthen NRG’s position as a leading, customer-driven energy company.
• August 8, 2019: TransMontaigne Product Services reached a definitive agreement to be acquired by Pilot Flying J, a subsidiary of Pilot Corporation, for an undisclosed amount.
• August 8, 2019: Anadarko Petroleum was acquired by Occidental Petroleum for $38 billion. Occidental avoided its own shareholder vote on the deal after it secured a $10 billion financing agreement with Warren Buffett’s Berkshire Hathaway that allowed it to increase the cash portion of its offer. Occidental will likely shed the company’s non-US properties to focus on shale drilling.
• August 8, 2019: Boone-Raleigh Public Service District was acquired by West Virginia American Water, a subsidiary of American Water, for an undisclosed amount.
• August 14, 2019: Lens On Washington was acquired by LawIQ for an undisclosed amount. This acquisition will expand LawIQ’s natural gas and liquefied natural gas analytics platform.
• August 15, 2019: Navitas Systems was acquired by East Penn (Energy Storage) for an undisclosed amount. The acquisition will accelerate East Penn’s expansion of its Motive Power battery offering, as well as its strategic integration into other market segments.
• August 16, 2019: Arconic sold RTI Energy Systems to Hunting for $12.5 million. The acquisition enables Hunting to enlarge its product offering into the recovering deep water offshore market.
• August 19, 2019: The pressure pumping unit of Quintana Energy Services was acquired by Hurricane Services for $4.4 million. The acquisition enables QES to shift its focus to its core operations.
• August 19, 2019: City Pipe & Supply reached a definitive agreement to be acquired by Russel Metals for $160 million. The acquisition is a strategic and cultural fit that affords Russel Metals the opportunity to further expand its high-margin oilfield services business in the Permian Basin.
• August 20, 2019: Ambit Energy reached a definitive agreement to be acquired by Vistra Energy for approximately $475 million. The acquisition is expected to consolidate Vistra Energy’s position among the leading residential retail electric providers in Texas and will provide it with a new complementary sales channel. The transaction is expected to close by the end of 2019.
• August 21, 2019: AmeriGas Partners was acquired by UGI for $2.44 billion. The transaction enables UGI to build on its successful 60-year history in US propane distribution. AmeriGas’ common units will no longer trade on the New York Stock Exchange.
• August 21, 2019: Diversenergy was acquired by Stabilis Energy from Grupo Clisa and other owners for an undisclosed amount. The acquisition enables Stabilis Energy to pursue investments in LNG and CNG assets in Mexico.
• August 22, 2019: UVair, a subsidiary of Universal Weather and Aviation, reached a definitive agreement to be acquired by World Fuel Services for $170 million. The acquisition will expand World Fuel Services’ business and general aviation fuel portfolio.
• August 26, 2019: SRC Energy reached a definitive agreement to be acquired by PDC Energy for $971.3 million. The merged entity will hold 182,000 net acres in the Wattenberg Field in the DJ Basin, along with PDC’s 36,000 net acres in the Delaware Basin section of the Permian Basin. PDC is expected to exit 2019 with production of the equivalent of about 200,000 barrels of oil per day. The transaction is expected to close in the fourth quarter of 2019.
• August 26, 2019: Genscape, a subsidiary of Daily Mail and General Trust, reached a definitive agreement to be acquired by Wood Mackenzie for $364 million.
• August 27, 2019: BP reached a definitive agreement to sell its Alaskan business division to Hilcorp Alaska for $5.6 billion. The deal with Hilcorp Alaska is comprised of $4 billion that is payable in the near term and $1.6 billion in earn out payments later.
• August 27, 2019: Energy Hunter Resources reached a definitive agreement to acquire Home Treasure Finders through a reverse merger.
• August 30, 2019: The potable water distribution business of Bass Lake Water reached a definitive agreement to be acquired by American Water through its subsidiary California American Water for an undisclosed amount.

*Source: PitchBook

Subscribe To Viewpoints