GE completes sale of Water & Process Technologies business to SUEZ
GE has completed the closing of the sale of GE Water & Process Technologies to SUEZ for $3.4 billion.
"I am thrilled to welcome GE Water & Process Technologies' teams and knowhow," said Jean-Louis Chaussade, CEO of SUEZ. "This is an exciting moment for SUEZ, as our group now has an ever-stronger knowledge and skillset to bring innovation and enhanced value to industrial and municipal customers around the world. With over 90,000 employees working across the entire water and waste value chain, we will help address pressing global challenges such as water scarcity, resources preservation and climate change."
SUEZ will provide further details on SUEZ Water Technologies & Solutions' business and present its strategy in the industrial water markets during a separate dedicated meeting Dec. 13.
For more information, visit www. ge.com or www.suez.com.
United Rentals completes acquisition of Neff Corp.
United Rentals Inc. has completed its previously announced acquisition of Neff Corp. for a total purchase price of approximately $1.3 billion. The purchase was funded primarily through newly issued unsecured debt.
The acquisition will augment the company's earthmoving capabilities and efficiencies of scale in key market areas, particularly fast-growing southern geographies, and is expected to lead to attractive revenue synergies through the cross-selling of United Rentals' broader fleet, including its specialty offerings. The assets acquired with Neff include approximately $867 million of fleet based on original equipment cost and 69 branch facilities serving end markets in the infrastructure, nonresidential, energy, municipal and residential construction sectors.
For more information, visit www. unitedrentals.com or call (203) 618-7122
American Industrial Partners acquires The Brock Group
The Brock Group has unveiled that American Industrial Partners (AIP) has acquired majority ownership of the company. AIP is a New York-based private equity firm that focuses on buying, improving and growing industrial businesses in the U.S. and Canada. Through the transaction, a substantial new money investment has added meaningful liquidity and capital resources to the company's balance sheet, putting Brock in its strongest financial position in recent history.
"This announcement represents an extremely positive step for the future of our company," said Brock Chairman and CEO Mike McGinnis. "Brock's leading position as a trusted supplier of services for largescale capital projects, critical maintenance and turnarounds will be further solidified with AIP as a partner. Furthermore, AIP's investment in Brock significantly reduces our debt, strengthens our balance sheet and enables us to make new investments to enhance our commitments to our customers and drive the growth of our company. AIP's expertise in industrial-sector businesses and collaborative management style will help position us to take advantage of the significant marketplace opportunities we see."
AIP will work with management and employees to implement an operating agenda and business transformation that will substantially enhance Brock's already excellent ability to service its customers and grow its presence in existing and new end markets.
For more information, visit www. brockgroup.com or call (281) 807-8255.
ExxonMobil acquires Permian Basin crude oil terminal
Exxon Mobil Corp. has acquired a crude oil terminal in Wink, Texas, from Genesis Energy LP. The terminal is located in the rapidly growing Delaware Basin, part of Permian Basin -- one of the most prolific plays in the U.S.
The terminal is strategically positioned to handle Permian Basin crude oil and condensate for transport to Gulf Coast refineries and marine export terminals. The facility is interconnected to the Plains Alpha Crude Connector pipeline system and is permitted for 100,000 bpd of throughput, with the ability to expand.
This acquisition marks ExxonMobil's first terminal in the Permian Basin to be anchored by the corporation's newly acquired Delaware Basin acreage.
For more information, visit www. exxonmobil.com or call (800) 243-9966.
BP Energy to sell Pinnacle Midstream to I Squared Capital
BP Energy Partners LLC (BPEP) and I Squared Capital have entered into a definitive agreement by which BPEP will sell Houston-based Pinnacle Midstream LLC, a portfolio company of BPEP, to I Squared Capital through its ISQ Global Infrastructure Fund II. Pinnacle is a provider of crude and natural gas gathering, natural gas processing and related midstream solutions in the Delaware portion of the Permian Basin of West Texas.
Pinnacle's current management team will continue to run the company as it pursues its growth strategy. The transaction is expected to close following customary regulatory approvals.
For more information, visit www. bpenergypartners.com or call (214) 265- 1090, or visit www.isquaredcapital.com or email info@isquaredcapital.com.
New Jersey Resources acquires Pennsylvania pipeline
New Jersey Resources (NJR) subsidiary Adelphia Gateway LLC has entered into an agreement with Talen Generation LLC to purchase all of its membership interests in Interstate Energy Co. LLC, owner and operator of an existing 84-mile pipeline in southeastern Pennsylvania, for an estimated $166 million, plus additional contingent payments of up to $23 million based on certain specified conditions.
NJR's Adelphia Gateway project will repurpose the southern 50-mile portion of the pipeline to flow natural gas and provide local customers with a new source of clean, safe, low-cost supply utilizing existing infrastructure with minimal new construction or environmental impact. Once converted, the pipeline will be able to transport an incremental 250,000 dekatherms per day of natural gas to the greater Philadelphia market.
For more information, visit www.njresources.com or www. AdelphiaGateway.com.
LINN Energy to sell Williston properties for $285M
LINN Energy Inc. has signed a definitive agreement to sell its interest in properties located in the Williston Basin to an undisclosed buyer for a contract price of $285 million, subject to closing adjustments.
The properties to be sold consist of approximately 20,000 net acres in North Dakota, South Dakota and Montana, with second-quarter net production of approximately 8,000 BOE/d, proved developed reserves of approximately 20 million BOE and proved developed PV-10 of approximately $186 million. For the fourth quarter of 2017, the company had budgeted approximately $7 million of capital for these properties.
At press time, the sale was expected to close in the fourth quarter of 2017.
For more information, visit www. linnenergy.com or call (281) 840-4000.
C&J Energy Services to acquire O-Tex Holdings
C&J Energy Services Inc. has entered into a definitive agreement to acquire O-Tex Holdings Inc. and its operating subsidiaries, including O-Tex Pumping LLC. O-Tex is majority owned by White Deer Energy LP.
Under the terms of the agreement, C&J will acquire all the outstanding equity interests of O-Tex in a cash and stock transaction, with consideration comprising $132.5 million in cash and approximately 4.42 million shares of C&J's common stock.
O-Tex specializes in both primary and secondary downhole specialty cementing services in most major U.S. shale plays. O-Tex recently opened its newest facility in Pecos, Texas, serving customers in the Delaware Basin. O-Tex also holds a presence in the mid-continent, the Rocky Mountains and the Northeast.
For more information, visit www. cjenergy.com or call (713) 325-6000.
Kalnin Ventures makes fifth Marcellus asset acquisition
An affiliate of Kalnin Ventures LLC's BKV Oil and Gas Capital Partners LP fund has entered into purchase and sale agreements with respect to the fund's fifth acquisition of assets in just over two years in the northeast portion of the Marcellus Shale.
The transaction is valued at an aggregate price of $210 million, with potential additional payments of up to $18.75 million over the next three years, depending on natural gas prices. Separate agreements were entered into with Carrizo (Marcellus) LLC and Reliance Marcellus II LLC to acquire their respective interests in the assets, comprising 112 wells.
Upon completion of this transaction, the fund will have an interest in 355 active wells with net natural gas production of 160 million cubic feet per day. The assets are predominantly located in Pennsylvania's Wyoming and Susquehanna Counties.
For more information, visit www. kalninventures.com or call (720) 375-9680.
Ensco completes acquisition of Atwood Oceanics
Ensco plc has completed its acquisition of Atwood Oceanics Inc. The deal results in a combined company with a fleet of 63 rigs, comprising ultra-deepwater drill ships, deep- and mid-water semisubmersibles and shallow-water jack-ups.
Under the terms of the merger agreement, Atwood shareholders are entitled to receive 1.6 Ensco Class A ordinary shares for each share of Atwood common stock they own. Ensco and Atwood shareholders will own approximately 69 percent and 31 percent, respectively, of the outstanding shares of the combined company.
For more information, visit www. enscoplc.com or call (713) 789-1400.
