Professional M&A intelligence for the energy transition
Vistra Corp acquired a 15% minority stake in Vistra Vision for $3.3B. The deal consolidated Vistra's position as a leading integrated power company.
EQT Infrastructure, through Otello BidCo, made a cash offer to acquire Swedish renewable energy developer OX2 for ~$1.51B. The deal aimed to transform OX2 into a renewables developer and integrated asset owner.
Woodside acquired OCI's 1.1 Mtpa Clean Ammonia project under construction in Beaumont, Texas for $2.35B. The world's first large-scale low-carbon ammonia facility, targeting production from 2025 and lower carbon ammonia from 2026 using CCS technology.
Sunoco LP acquired NuStar Energy in an all-equity deal valued at $7.3B (incl. assumed debt). NuStar brought ~9,500 miles of pipeline and 63 terminal/storage facilities, significantly diversifying Sunoco's business and enhancing its distribution network. Expected $150M+ of run-rate synergies.
Chesapeake Energy and Southwestern Energy merged in an all-stock deal to form Expand Energy. The combined company became the largest U.S. natural gas producer with 7.9 Bcfe/d production capacity, headquartered in Oklahoma City.
EQT acquired Equitrans Midstream in an all-stock deal, creating America's only large-scale vertically integrated natural gas company. The combined entity has >2,000 miles of pipeline infrastructure and $425M+ of annual synergies, with a free cash flow breakeven of ~$2/MMBtu.
ConocoPhillips acquired Marathon Oil in an all-stock deal valued at $22.5B (incl. $5.4B net debt). The deal added 2B barrels of resources across the Eagle Ford, Bakken, and Permian basins, with expected $500M in annual cost and capital synergies within the first full year.
Diamondback Energy merged with privately held Endeavor Energy Resources in a $26B cash-and-stock transaction ($8B cash + 117.3M FANG shares), creating a premier Permian Basin independent operator with ~838,000 net acres and 816 MBOE/d of production, making it the third-largest Permian producer.
LS Power acquired Algonquin Power & Utilities Corp.'s renewable energy business (excluding hydro) for up to $2.5B. The renewables business is comprised largely of wind and solar assets located throughout the United States and Canada, including 44 operating assets with more than 3,000 MW of generating capacity and an 8,000 MW pipeline of wind, solar, […]
ONEOK acquired Global Infrastructure Partners' entire interest in EnLink Midstream (NYSE: ENLC). The deal consists of 43% of EnLink's outstanding common units for $14.90 per unit and 100% of the interests in the managing member for $300 million, for about $3.3 billion.