Brand Energy & Infrastructure Services acquires SYN-Service
In a move to expand its geographic footprint in eastern Germany and its capabilities in the energy sector and industrial markets, Brand Energy & Infrastructure Services has acquired SYN-Service. A provider of scaffolding solutions to industrial markets and the energy sector, SYN-Service also supports maintenance, repair and new construction in the bridge industry.
"SYN-Service is a welcome addition to Brand Energy & Infrastructure Services," said Dave Witsken, president of Energy and Industrial at BrandSafway. "With its outstanding experience, expertise and commitment to safety, SYN-Service can help us strengthen our position in Germany and deliver a higher level of excellence to our customers. It's one more step in our commitment to growing our energy and industrial services."
For more information, visit www.brandsafway.com or call (800) 558-4772.
NOV completes acquisition of Denali Inc.
NOV recently completed its acquisition of Denali Inc., a renowned leader in fiberglass-reinforced plastic (FRP) products and technologies with more than 50 years of providing innovative FRP solutions to the petroleum, chemical, power generation and water industries. Denali's largest business, Containment Solutions Inc., primarily manufactures large underground FRP tanks used to store fuel at gasoline stations across North America. Denali will incorporate seamlessly within NOV's established Fiber Glass Systems business unit, which will now provide customers with integrated, full-service solutions -- fiberglass pipes, risers and tanks -- from a single, trusted provider. NOV is excited to incorporate Denali's fiberglass expertise to continue to provide superior products to its customers.
With this acquisition, NOV also acquired the Denali Inc. brands of Belco, Ershigs, Fabricated Plastics, Fibra and Plasti-Fab.
For more information, visit www.nov.com.
Entergy Mississippi acquires Choctaw County Generating Station
Entergy Mississippi LLC has closed its purchase of the 810-megawatt Choctaw County Generating Station. The transaction represents a major step toward modernizing the electric grid and providing additional efficient, clean energy for customers.
The Choctaw County Generating Station is a clean and modern combined-cycle natural gas turbine unit, consisting of three combustion turbines, a steam turbine and an air-cooled condenser. The plant will employ 27 people.
The facility's technology uses natural gas and its steam byproduct to produce clean, affordable electricity. It is also environmentally friendly and furthers Entergy Corp.'s reputation as one of the cleanest utilities in the country.
For more information, visit www.entergy-mississippi.com or call (800) 368-3749.
Parsley Energy acquires Jagged Peak Energy in all-stock transaction
Parsley Energy Inc. and Jagged Peak Energy Inc. have entered into a definitive merger agreement under which Parsley will acquire Jagged Peak in an all-stock transaction valued at approximately $2.27 billion, including Jagged Peak's net debt of approximately $625 million. Under the terms of the agreement, Jagged Peak shareholders will receive a fixed exchange ratio of 0.447 shares of Parsley Class A common stock for each share of Jagged Peak common stock they own.
The transaction, which is expected to close in the first quarter of 2020, was unanimously approved by each company's board of directors. Following the close of the transaction, Parsley shareholders will own approximately 77 percent of the combined company, and Jagged Peak shareholders will own approximately 23 percent of the combined company, on a fully diluted basis in each case.
For more information, visit www.parsleyenergy.com or www.jaggedpeakenergy.com.
DTE Midstream acquires gathering system, pipeline
DTE Midstream, a non-utility business of DTE Energy, has entered into an agreement to acquire a gathering system and gathering pipeline in the Haynesville Shale formation of Louisiana for a purchase price of $2.25 billion in cash, plus a $400 million milestone payment upon completion of the gathering pipeline in the second half of 2020. Under the terms of the agreement, DTE will acquire 100 percent of the assets from Momentum Midstream and Indigo Natural Resources, the primary gas producer supplying the system. Assets that are part of the acquisition include an existing gathering system and a 150-mile gathering pipeline under construction, which will be in service in the second half of 2020. The primary assets gather natural gas produced in the Haynesville Shale Basin and access multiple major downstream pipelines, including those serving the Gulf Coast.
At press time, the transaction was expected to close in the fourth quarter of 2019, subject to customary closing conditions and regulatory approvals.
For more information, visit www.dtemidstream.com or call (313) 235-1001.
The Arnold Cos. makes major West Coast acquisition
TACenergy, a division of The Arnold Cos. (TAC), recently acquired the U.S. wholesale petroleum distribution business of IPC (USA) Inc. Terms of the sale between the companies were not disclosed.
Increasing its West Coast presence with a majority of the IPC sales team, TACenergy will maintain offices in Santa Ana and Sacramento, California, and Seattle. The shared expertise and TACenergy resources will allow local sales to continue providing the service expected by existing IPC customers. Along with competitive fuel prices and reliable supply, the TACenergy network offers expanded opportunities to all customers.
For more information, visit www.tacenergy.com or www.thearnoldcos.com.
Kraton Corp. to sell Cariflex business unit to Daelim Industrial
Kraton Corp. has agreed to sell its Cariflex business unit to Daelim Industrial Co. Ltd. for a purchase price of $530 million. The transaction is expected to close in the first quarter of 2020, subject to customary regulatory approvals and other closing conditions. Cariflex contributed $50.5 million of pro forma adjusted EBITDA for fiscal year 2018.
"We are excited to have found a strong strategic home for Cariflex in Daelim, a leading petrochemical, engineering and construction company based in Korea. The acquisition of Cariflex will provide Daelim with an excellent opportunity to strengthen its polymer presence globally," said Kevin M. Fogarty, Kraton's president and CEO.
For more information, visit www.kraton.com.
C&J Energy Services, Keane merge to form NexTier
C&J Energy Services Inc. and Keane Group Inc. recently merged, creating a new leading well completion and production services company: NexTier Oilfield Solutions.
The NexTier brand reflects the combined company's mission to consistently outperform in service delivery and returns, enabling customers to win by safely unlocking affordable, reliable and plentiful sources of oil and natural gas.
"Through this landmark combination, we have united two quality platforms and talented workforces who share a common commitment to safety, efficient operations, partnership with top-tier customers and technological innovation," said Robert Drummond, president and CEO of NexTier.
For more information, visit www.NexTierOFS.com or www.cjenergy.com.
