Coal M&A
Anglo American to sell South African thermal coal operations for 2.3B rand
Anglo American Plc is selling its Eskom-tied domestic thermal coal operations in South Africa to a wholly owned subsidiary of Seriti Resources Holdings Pty. Ltd. for 2.3 billion South African rand. The sale includes the New Vaal, New Denmark and Kriel collieries, as well as four closed collieries.
Coal of Africa to acquire Pan African's Uitkomst thermal coal operation
Coal of Africa Ltd. has struck a deal to acquire Pan African Resources Coal Holdings Pty. Ltd. and its 91% stake in the Uitkomst thermal coal operation in South Africa. To settle the transaction with Pan African Resources Plc, Coal of Africa must make an initial cash payment of 125 million rand and issue 125 million rand worth of shares.
Natural gas/midstream M&A
$3.3B retail divestment cuts debt as Sunoco defines relationship with Energy Transfer
Sunoco LP executives said selling the majority of its convenience stores to 7-Eleven Inc. is a step toward decreasing debt and defining its relationship with Energy Transfer Equity LP and Energy Transfer Partners LP. Thomas Long, CFO of ETE and ETP, also reiterated that consolidation is not likely in the near future.
Tallgrass Energy Partners raises stake in Rockies Express to 50% for $400M
Tallgrass Energy Partners LP acquired an additional 24.99% membership stake in Rockies Express Pipeline LLC from Tallgrass Development LP for $400 million. The deal boosts Tallgrass Energy Partners' ownership in the 1,698-mile, bidirectional natural gas pipeline to about 50%.
Possible NJ gas utility merger would have limited synergies, analysts say
A potential merger between New Jersey Resources Corp. and South Jersey Industries Inc. could decrease the utility companies' operational costs and increase access to capital, but the overall value-add might not go beyond obvious synergies, a pair of industry observers said after The Wall Street Journal reported talks about such a deal.
Noble Midstream, Plains complete Delaware Basin pipeline system buy through JV
Noble Midstream Partners LP and Plains All American Pipeline LP have completed the $133 million 50/50 joint venture acquisition of Advantage Pipeline LLC. Noble Energy Inc. contributed $66.5 million of cash, while Plains Marketing LP contributed about 1.3 million of its units and $26.3 million of cash.
Carbon Natural Gas buys Appalachian assets through newly formed company
Carbon Natural Gas Co. has finalized the LLC agreement of Carbon Appalachian Co. LLC. Carbon Appalachia, with an initial equity commitment of $100 million, was formed by Carbon Natural Gas and two institutional investors to acquire producing assets in southern Appalachia.
Summit Utilities completes acquisition of Ark., Okla. gas utility company
Summit Utilities Inc. completed its acquisition of AOG Corp. and its gas utility subsidiary, Arkansas Oklahoma Gas Corp., expanding Summit's operations to Arkansas and Oklahoma. Arkansas Oklahoma Gas serves about 60,000 customers in the two states. Summit Utilities acquired 100% of AOG's equity, but AOG will retain its name.
Enbridge warns shareholders against below-market 'mini-tender' offer
Enbridge Inc. urged shareholders to reject an unsolicited "mini-tender" offer by TRC Capital Corp. seeking to buy up to 2,500,000 common shares, or about 0.15% of Enbridge's outstanding shares, at a below-market price.