MADRID, 17 Oct. (EUROPA PRESS) –
The British oil company BP has reached an agreement for the acquisition of the American producer of renewable natural gas (GNR) Archaea Energy in exchange for 41,000 million dollars (42,138 million euros), as reported by the multinational.
The transaction, which will be completed by the end of 2022, contemplates the payment in cash of 3,300 million dollars (33,916 million euros) at a rate of 26 dollars per share, which represents a premium of 54% with respect to the price marked at the closing of last Friday’s session.
Likewise, BP will assume a cost of another 800 million dollars (822 million euros) in debt of the American company, which will allow it to expand and accelerate the growth of the strategic bioenergy business.
Bioenergy is one of five strategic transition growth engines that BP intends to accelerate rapidly over the current decade. The company thus expects investment in its transition businesses to reach more than 40% of its total annual capex by 2025, with the goal of increasing this to around 50% by 2030.
“Archaea is a fantastic fast-growing business… It will accelerate our key bioenergy growth engine, creating a true leader in the biogas sector, and support our net-zero emissions ambition,” said Bernard Looney, CEO of BP.
For his part, Nick Stork, CEO of Archaea Energy, highlighted that the company has become one of the largest and fastest growing GNR platforms in the United States.
“Today’s announcement will allow this business to reach its full potential. BP is a world-class partner with an operating track record in the GNR value chain that is fully aligned with ours and that of our partners,” he added.
