BP to acquire one of Pittsburgh’s newest public companies in $4.1B deal
Oil and natural gas giant BP will acquire Archaea Energy, the Canonsburg-based renewable natural gas producer that merged last year with a special acquisition corporation formed by the Rice family, in a $4.1 billion deal.
The deal, announced Monday, will see BP (NYSE: BP) pay about $26 a share in cash and take on $800 million in debt when it closes by the end of the year. The companies said some big Archaea shareholders who own 27% of the company will vote in favor of the deal.
Archaea (NYSE: LFG) has only been a publicly traded company for a little more than a year, born when privately held Archaea Energy was acquired along with Aria Energy in a $1 billion special acquisition company deal with Rice Acquisition Corp. (NYSE: RICE) in September 2021. Rice Acquisition was formed by former Rice Energy CEO Daniel Rice IV.
Read more at Pittsburgh Business Times.
TRENDING NOW:
Missing Texas teen found driving in Nebraska with mother’s dead body in trunk Pittsburgh Public Schools mourning after student hit and killed by car in Ross Township parking lot Tennessee football program fined $100K when fans storm field after Alabama upset VIDEO:Police: Teenager dead after hit by vehicle in North Hills Village shopping center DOWNLOAD the Channel 11 News app for breaking news alerts
