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Energy & Sustainability M&A Activity – December 2019

Recent M&A Activity:

  • November 1, 2019: Enbridge St. Lawrence Gas was acquired by Liberty Utilities, a subsidiary of Algonquin Power & Utilities Corp., from Enbridge Gas for $70 million.

  • November 1, 2019: Ambit Energy was acquired by Vistra Energy for approximately $475 million. The acquisition will consolidate Vistra Energy’s position among the leading residential retail electric providers in Texas and will help it gain a new complementary sales channel.

  • November 4, 2019: Zona Energy reached a definitive agreement to be acquired by Principal Solar through a reverse merger.

  • November 4, 2019: White Star Petroleum was acquired by Contango Oil & Gas for $133 million. Following adjustment for the results of operations for the period between the effective and closing dates, and other estimated customary closing adjustments, Contango paid a total cash consideration of $95.8 million, which includes the previously funded cash deposit of $12.5 million.

  • November 4, 2019: Integrated Control Solutions (Midland) was acquired by SitePro for an undisclosed amount. The acquisition is expected to increase SitePro’s service availability in the operating regions it serves.

  • November 5, 2019: Coking was acquired by CRU International for an undisclosed amount. The acquisition enables CRU International to take a prominent position in the refining industry conference space.

  • November 8, 2019: Equinor’s Eagle Ford stake was acquired by Repsol Oil & Gas Canada, a subsidiary of Repsol, for $325 million.

  • November 11, 2019: CUI Power Business, a business of CUI Global, was acquired by Bel Fuse for $32 million. The acquisition enables Bel Fuse to grow and utilize CUI’s success with electronic catalog distributors.

  • November 14, 2019: Banner Energy Services Corp acquired Mount Tam Biotechnologies through a reverse merger, resulting in the combined entity trading on the OTC Stock Exchange under the ticker symbol BANM. Following the closing of the merger, the existing Mount Tam shareholders will have a combined ownership position of approximately 10% and the former Banner shareholders will collectively own approximately 90% of the outstanding stock.

  • November 20, 2019: Liberty Utilities reached a definitive agreement to acquire New York American Water, a subsidiary of American Water, for $608 million.

  • November 20, 2019: Central States Water Resources acquired Airview Utilities, Brooklyn Utilities, and Flushing Meadows Water System, each for an undisclosed amount.

  • November 20, 2019: W&W Energy Services was acquired by Petrofac for $22 million. The acquisition enables Petrofac to create a platform to grow its Engineering and Production Services division, using a low-risk reimbursable services model in the US onshore services market.

  • November 21, 2019: APR Energy reached a definitive agreement to be acquired by Seaspan for $750 million. The transaction amount includes debt as well as the equity component valued at $425 million.

*Source: PitchBook

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About this Author

Member / Chair, Energy & Sustainability Practice

Tom Burton’s zeal for innovation and passion for energy and sustainability have shaped the clean energy industry. He created one of the nation’s first clean energy legal practices. Clients ranging from investors to entrepreneurs to Fortune 100 companies rely on him for creative and strategic legal solutions, and he has completed hundreds of venture capital and private equity financings, mergers and acquisitions, and IPOs. He guides the industry’s next generation of leaders through active involvement with start-up organizations and accelerators. The Northeast Clean Energy Council recognized...

Sahir Surmeli Energy & Sustainability Attorney Mintz Levin

Sa is a highly skilled and versatile 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. Sa guides public and private companies and investors, primarily in the energy and sustainability, technology, materials science, hospitality, retail and life sciences industries. Known as a problem-solver, Sa executes transactions with creative structures to address new opportunities in finance and development of new markets by clients in partnership with global corporations. He also helps entrepreneurs secure financing, commercial agreements and partnerships.

Sahir represents emerging growth and established energy technology, information technology, life sciences and retail companies, investors and investment banks in public offerings, 144A offerings and other private financings, mergers & acquisitions, joint ventures and strategic partnerships. Sa is listed among the Top 100 Cleantech & Renewables Lawyers by Euromoney’s LMG Cleantech & Renewable Energy. He was also named a Massachusetts Super Lawyer in 2014, 2015, 2016 and 2017.

Sa is a senior member of the firm’s Securities Practice Group and Technology Practice Group and serves as Co-chair of the firm's Energy & Sustainability Practice. The firm’s Energy & Sustainability Practice has completed more than 500 transactions across energy sectors totaling over $8.5 billion since 2006. Serving more than 250 clients, spanning the ecosystem from emerging companies to large corporations, venture capital and private equity funds, investment banks, project developers, and family offices, the firm is recognized nationally as a leading law firm in the space.

Sa has worked on a wide variety of capital-raising projects, including equity, debt, syndicated loan, strategic investment and structured finance offerings, with aggregate proceeds of more than $10.6 billion. He has extensive experience in corporate finance and securities law as well as mergers and acquisitions. Sa represents issuers, underwriters, initial purchasers, and placement agents in public and private equity offerings, debt offerings (particularly high-yield, but also investment grade), bank financings, leveraged buyouts, securitizations, and related transactions as well as private equity funds in leveraged buyouts. He is also a key contributor to MintzEdge, an online resource for entrepreneurs that includes useful tools and information for starting and growing a company.

Sa has an MBA in corporate finance and focuses on adding value in complex financing structures and helping younger companies navigate the challenges of the public and private markets. He handles projects in a broad range of sectors, including energy and clean technology, information technology, telecommunications, materials technology, biotech, aerospace, semiconductor, retail and hospitality. He also has extensive international experience — he previously practiced in New York, Tokyo, and Hong Kong and now works from the Boston office of Mintz. He has represented clients in the United States, Australia, Canada, China, France, Germany, Japan, Korea, the Netherlands, Turkey, the United Kingdom, and elsewhere.