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AltaGas/WGL deal may face regulatory fight; Plains to buy Alpha Crude Connector

European Energy Insights February 2021

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Global M&A Infographic Q1 2021

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Q1 2021 Global Capital Markets Activity: SPAC IPOs, Issuance in Consumer Discretionary Sector Surge

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COVID-19 Impact & Recovery: Private Equity


AltaGas/WGL deal may face regulatory fight; Plains to buy Alpha Crude Connector

Coal M&A

Yancoal's US$2.45B purchase of Rio's coal assets faces hurdles

Yanzhou Coal Mining Co. Ltd. unit Yancoal Australia Ltd. is facing several hurdles in its planned US$2.45 billion acquisition of Rio Tinto's Australian coal operation, as the company has now sought local investor support to fund the purchase, The Australian wrote Jan. 26.

Gas/Midstream M&A

AltaGas/WGL deal seen as harbinger of utility M&A but may face regulatory fight

The deal by Calgary-based AltaGas Ltd. for mid-Atlantic utility holding company WGL Holdings Inc. signals more utility M&A in the works, equity analysts said, but regulatory experts see headwinds ahead. The deal for the gas utility that serves Washington, D.C., and parts of Maryland and Virginia was an all-cash offer valued at US$6.4 billion.

Plains building 'dynamic system' in Permian with $1.2B crude pipeline buy

Plains All American Pipeline LP's $1.2 billion acquisition of Alpha Crude Connector puts the partnership in "the best of the best" region of the Delaware Basin, CEO Greg Armstrong said Jan. 25. As part of the deal, Plains would acquire 515 miles of gathering and transmission lines and five interconnects.

Targa finds 'needle in the haystack' in up to $1.5B Permian midstream buy

Targa Resources Corp. found a "needle in the haystack," its CEO said, in a deal for up to $1.5 billion its affiliate struck to buy Outrigger Delaware Operating LLC, a midstream company active in two of the fastest-growing unconventional plays in the world.

Enbridge partnership shuffles capital structure as it weighs strategic options

As it continues its strategic review, Enbridge Energy Partners LP has launched three actions to help fund ongoing projects and improve cash flow, among them the recently announced deal to take Midcoast Energy Partners LP private.

Del. Supreme Court reverses ruling on stockholder suit in ETP/Regency merger

Limited unit holders in Regency Energy Partners LP deserve to have their conflict-of-interest case following the partnership's acquisition by Energy Transfer Partners LP reheard, the Delaware Supreme Court ruled Jan. 20.

Hawkwood to expand east Texas position with $500M deal

Hawkwood Energy LLC subsidiary Hawkwood Energy East Texas LLC is set to acquire acreage in east Texas from subsidiaries of Halcon Resources for $500 million. Upon deal closing, Hawkwood will control 180,000 net acres and over 1,000 commercial drilling locations in the Eagle Ford and Woodbine formations.

Sprague to buy distillate terminal, convert half of capacity to gasoline service

Sprague Resources LP's operating subsidiary Sprague Operating Resources agreed to acquire a refined product terminal in Rhode Island from Capital Terminal Co. for $23 million. Separately, Sprague Operating agreed to acquire certain refined-products assets in Massachusetts from L.E. Belcher Inc. for $20 million.