June 26, 2019

June 25, 2019

Subscribe to Latest Legal News and Analysis

June 24, 2019

Subscribe to Latest Legal News and Analysis

Energy & Sustainability M&A Activity – May 2019

Recent M&A Activity:

  • March 25, 2019: Emera Maine, a subsidiary of Emera, reached a definitive agreement to be acquired by Enmax for CAD 1.29 billion. This transaction reflects Enmax's strategy to grow through the expansion of its regulated utility business in North America, leveraging Enmax's established expertise in the provision of regulated transmission and distribution electricity services.
  • March 26, 2019: C-Automation Services, a subsidiary of Proserv, was acquired by C-Automation for an undisclosed amount.
  • March 26, 2019: U.S. Water Services was acquired by Kurita Water Industries for $270 million. The acquisition will help Kurita Water Industries to expand its businesses globally by establishing bases in four regions of the world — Japan, Asia, Europe, and the Americas — and  will strengthen its businesses in North America.
  • March 27, 2019: Tradewind Energy was acquired by Enel Green Power, a subsidiary of Enel, through its subsidiary Enel Green Power North America for an undisclosed amount. This strategic acquisition will enable Enel Green Power North America to manage all aspects of the renewable value chain in North America from greenfield development through operations.
  • March 27, 2019: New Earth Development Corporation was acquired by XYZ Hemp, formerly known as Gold River Productions, for an undisclosed amount.
  • April 1, 2019: Powerhouse Dynamics was acquired by Middleby for an undisclosed amount.
  • April 2, 2019: AmeriGas Partners reached a definitive agreement to be acquired by UGI for $2.44 billion.
  • April 2, 2019: Luthin Associates was acquired by Energyby5 for an undisclosed amount. With this acquisition, Energyby5 will expand its presence in the northeastern United States.
  • April 4, 2019: Cactus Fuel was acquired by Pilot Thomas Logistics, a subsidiary of Pilot Flying J, for an undisclosed amount.
  • April 11, 2019: Rowan Companies was acquired by Ensco International for $2.38 billion. The acquisition will further enhance Ensco's market leadership with a fleet of high-specification floaters and jackups and a diverse customer base.
  • April 16, 2019: Axxis Geo Solutions reached a definitive agreement to acquire Songa Bulk through a reverse merger, resulting in the combined entity.
  • April 16, 2019: Warring Water Service reached a definitive agreement to be acquired by American Water for an undisclosed amount.
  • April 19, 2019: East Pasadena Water Company reached a definitive agreement to be acquired by American Water for an undisclosed amount.
  • April 22, 2019: Sempra Renewables, a subsidiary of Sempra Energy, was acquired by American Electric Power Company through its subsidiary AEP Renewables for approximately $1.05 billion. The acquisition will fit AEP's goal to diversify its power generation portfolio and invest $2.2 billion in competitive and contracted renewables.
  • April 24, 2019: Anadarko Petroleum has received a bid to be acquired by Occidental Petroleum for $38 billion in cash and 0.6094 Occidental shares, valuing the company at $57 billion. On April 12, 2019, Anadarko Petroleum had reached a definitive agreement to be acquired by Chevron for $33 billion. Should the company accept the Occidental Petroleum offer, it would be required to pay a $1 billion breakup fee to Chevron. 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.
©1994-2019 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. All Rights Reserved.

TRENDING LEGAL ANALYSIS


About this Author

Thomas Burton, Tom, Corporate Finance Attorney, Armstrong Teasdale Law Firm
Member

Tom’s practice focuses on complex corporate finance matters including mergers and acquisitions, venture capital, private equity, and securities transactions. He represents high-growth and emerging businesses, including companies in the energy and clean technology, social media and software industries, as well as life science companies, from start-ups to public companies.

In 2004, Tom founded, and currently chairs, the firm’s Energy & Clean Technology Practice, which serves more than 250 clients. Since 2006, the firm’s Energy & Clean Technology Practice has completed more...

(617) 348-3097
Sahir Surmeli, Mintz Levin Law Firm, Boston, Corporate, Energy and Litigation Attorney
Member

Sahir represents emerging growth and established energy and clean technology, life sciences and information technology companies, investors and investment banks in public offerings and private financings, mergers & acquisitions, joint ventures and strategic partnerships. In 2013, Sa was listed among the Top 100 Cleantech & Renewables Lawyers by Euromoney’s LMG Cleantech & Renewable Energy.

Sa serves as Co-chair of the firm's Energy & Clean Technology Practice, which serves more than 250 clients. Since 2006, the firm’s Energy & Clean Technology Practice has completed more than 300 transactions in this sector totaling over $7 billion. In 2013 the firm was listed among the “Top 10 Clean Technology Firms" by Euromoney’s LMG Cleantech & Renewable Energy. The Energy & Clean Technology Practice has been ranked #2 nationally among top Clean Technology law firms, according to Watershed Capital Group, and the practice was listed as a “Best Law Firm” by U.S. News & World Report, both in Boston and nationally.

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.

617-348-3013