October 21, 2019

October 21, 2019

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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.
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About this Author

Member / Chair, Energy & Sustainability Practice
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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...

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Sahir Surmeli Energy & Sustainability Attorney Mintz Levin
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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.

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