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News Date
ID - Chevron buys Anadarko for $50B; 6th-largest upstream deal - April 2019
Breaking the logjam that has blocked global deal flow since late 2018, Chevron agreed to acquire Anadarko Petroleum for $50 billion. The deal expands Chevron’s US onshore portfolio, primarily in the Permian Basin, adds deepwater Gulf of Mexico assets, and enhances its global LNG portfolio with the addition of Anadarko’s gas discoveries off Mozambique and proposed liquefaction project. “It creates attractive growth opportunities in areas that play to Chevron’s operational strengths and...
Apr 17, 2019
ID - Petrobras sells off most of gas transporter TAG for $8.6B - April 2019
French power producer Engie and the Canadian pension fund Caisse de dépôt et placement du Québec will buy a 90% stake in the Transportadora Associada de Gas SA from Brazil’s Petrobras for $8.6 billion. The new owners will issue new debt to allow TAG, Brazil’s largest storage and transportation network, to repay its current debt holders and to maintain a 70:30 debt-to-equity ratio. TAG has operated as a Petrobras subsidiary since June 2014. Engie will take over operations and maintenance...
Apr 17, 2019
ID - Saudi Aramco to take over SABIC in $69B transaction - April 2019
Saudi Aramco agreed to buy a 70% stake in SABIC, Saudi Arabia’s petrochemical giant, for $69.1 billion, merging the country’s two largest companies and giving Crown Prince Mohammed bin Salman’s plans to diversify the country a significant boost. The transaction is one of the biggest in the global chemical industry and formalizes a process that has been under discussion for more than a year. SABIC employs 34,000 people globally, lists 30% of its shares on the Saudi stock exchange and has a...
Apr 17, 2019
ID - International M&A in Q1 fares better than US or Canada - April 2019
The international upstream deal market fared significantly better than the US and Canada in the wake of the late2018 oil price decline. That may seem strange since disclosed international deal values dropped 60% from $8.84 billion in 4Q18 to $3.56 billion in 1Q19, the lowest level since 2Q12, according to the Global M&A Database. However, compare that to US M&A’s 78% drop to a 10-year low of $4.17 billion and the 93% plummet to $52 million seen in Canada. Looking at the number of...
Apr 17, 2019
ID - Carlyle to buy 30-40% of Cepsa from Mubadala for $3.6-4.8B - April 2019
The Carlyle Group has agreed to buy 30-40% of Madrid-based Cepsa from Abu Dhabi’s sovereign fund Mubadala Investment Co. The investment group said the transaction assigned Cepsa an enterprise value of $12 billion, implying payment of $3.6- 4.8 billion for the minority stake. Founded in 1929 and acquired by Mubadala in 2011, Cepsa is Europe’s largest privately held integrated oil and gas company. The transaction is expected to be completed by YE19. The transaction comes after Mubadala...
Apr 17, 2019
ID - Vopak sells 3 Euro terminals to Aussie investor for $812MM - April 2019
Australian wealth manager Colonial First State Investments Ltd. will buy three terminals in Algeciras, Spain; Amsterdam; and Hamburg, Germany from Dutch storage company Vopak for $812 million (~€723 million). The sale, which Vopak said has an implied multiple of more than 10x EBITDA, is expected to close in H2. Vopak is working to shift its portfolio towards industrial, chemicals and LNG. In particular, it wants to expand chemical and bunker fuel terminals in Antwerp, Rotterdam, Singapore and...
Apr 17, 2019
ID - Ensco & Rowan close merger to form largest offshore driller - April 2019
Ensco Plc and Rowan Companies completed their previously disclosed merger, creating the world's largest driller by fleet size. Rowan shareholders received 2.75 Ensco shares for each Rowan share they owned immediately prior to closing on April 11. Ensco shareholders hold ~55% of the combined company, now called Ensco Rowan Plc. Rowan shareholders hold the balance. The deal was originally announced as a $2.5 billion merger of equals in October, when Rowan shareholders were told the merger would...
Apr 17, 2019
ID - Delek & Ineos leading contenders for Chevron’s UK North Sea - April 2019
Israel’s Delek Group Ltd. and UK-based chemicals giant Ineos are reportedly the frontrunner's for Chevron’s UK North Sea portfolio, Bloomberg reported in an article citing unnamed sources. The two companies are reportedly the frontrunners for the assets, ahead of Chrysaor, Premier Oil and Oman’s NOC Petrogas, which submitted bids for the assets. Since the news broke last year that the USbased supermajor was shopping its UK North Sea portfolio, various sources have said a deal could fetch up to...
Apr 17, 2019
ID - Independent seeks partner after fending off hostile bidder - April 2019
London-listed Independent Oil and Gas plc will continue to seek a farm-out arrangement with a partner before it makes a final investment decision on its assets in the southern North Sea. IOG wants to develop two 100%-owned gas hubs at Vulcan and Blythe on the UK Continental Shelf. The strategic decision to pursue a farm-out arrangement comes after Independent fended off a hostile takeover attempt from RockRose Energy. In early March, RockRose made an unexpected offer for all of IOG’s...
Apr 17, 2019
ID - HitecVision acquires 26% of Gassled pipeline network - April 2019
Norwegian private equity firm HitecVision agreed to buy Solveig Gas Norway, which owns ~26% of Gassled, a gas infrastructure company that delivers about a quarter of Europe’s gas consumption. HitecVision is buying 100% of the shares Solveig from fellow money managers CPP Investment Board European Holdings (40%), Infinity Investments (30%) and Allianz Infrastructure Norway Holdco (30%) for an undisclosed sum. Gassled transports gas from producing fields on the Norwegian shelf through...
Apr 17, 2019

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