M&As this week: Harmony Merger, Indorama Ventures, Ektos-Volga


Harmony Merger has agreed to acquire NextDecade in a reverse takeover transaction, involving payment of an additional $200m of contingent stock consideration to NextDecade upon accomplishment of certain milestones.

NextDecade is engaged in the development of Rio Grande LNG project located in Brownsville and Galveston, Texas, US.

Graubard Miller is the legal advisor to Harmony for the transaction, while King & Spalding is the legal advisor to NextDecade.

Indorama Ventures Public Company plans to acquire certain interest in Haldia Petrochemicals from The Chatterjee Group (TCG).

Haldia Petrochemicals operates a naphtha-based petrochemical complex at Haldia, West Bengal, India, and produces low and high-density polyethylene and polypropylene.

TCG currently owns approximately 48% stake in Haldia Petrochemicals, while the West Bengal government owns approximately 31%.

The acquisition will allow Indorama Ventures to expand its petrochemicals business.

Ektos-Volga has completed the acquisition of 100% stake in Uralorgsintez from Sibur for a purchase consideration of $390.5m.

"Indorama Ventures Public Company plans to acquire certain interest in Haldia Petrochemicals from The Chatterjee Group (TCG)."

Uralorgsintez is the producer of liquefied petroleum gas (LPG) and methyl tertiary butyl ether (MTBE). It has a hydrocarbon fractionation capacity of approximately 0.91mtpa, MTBE production capacity of 220 kilotonnes per annum (ktpa) and benzene production capacity of 95ktpa.

The transaction is part of SIBUR’s strategy to divest non-priority businesses and allows EKTOS-Volga to strengthen its petrochemical business.

Parkland Fuel Corporation has agreed to acquire Chevron Canada R&M ULC from Chevron Canada.

The deal involves a purchase consideration of approximately $1.23bn, which will be funded by Parkland Fuel through a bought-deal private placement of shares, and funds sourced from a revolving credit facility, bridge facility and non-debt sources.

Chevron Canada R&M owns and operates 129 Chevron-branded retail service stations, 37 commercial cardlock sites, three marine fuelling stations, an associated refinery in Burnaby, three terminals and a wholesale business, including aviation fuel sales to the Vancouver International Airport.

Parkland Fuel has appointed Merrill Lynch, Pierce, Fenner & Smith Incorporated, TD Securities and National Bank Financial as financial advisors, and McCarthy Tetrault and Bennett Jones as legal advisors for the transaction.

Scheduled for completion in the fourth quarter of this year, the transaction will allow Parkland Fuel to strengthen its supply-focused business model and expand its network in British Columbia.

Centurion Midstream Group has completed the acquisition of Remuda Energy Transportation through its subsidiary Centurion Transport from Agave Energy Holdings, a subsidiary of Lucid Energy Group.

Remuda Energy offers integrated crude logistics services in the Permian Basin, New Mexico, US.

The acquisition allows Centurion Midstream to expand its business in New Mexico, US.