M&As this week: American Patriot, Gear Energy, Wren House Infrastructure Management

Gear Energy has entered an agreement to purchase Steppe Resources for C$70.4m ($53.53m).

The transaction also includes the acquisition of Steppe Resources’ debt amounting to C$40.9m ($31.1m).

Steppe Resources shareholders will receive 0.1445 common shares of Gear Energy for each Steppe share held, as part of the agreement. Gear Energy is expected to issue approximately 21.8 million shares.

Gear Energy is an exploration and production company, while Steppe Resources is an oil and gas company. Both companies are based in Canada.

The acquisition is expected to strengthen Gear Energy’s business operations.

American Patriot Oil & Gas has entered a purchase and sale agreement to acquire Foothills Resources for $15m.

American Patriot will fund the acquisition through a debt facility and equity of A$7m ($5m).

Foothills Resources owns oil and gas assets in the Gulf Coast of Texas. The assets include 100% working interest in 4,393 acres of land in the Harris, Liberty and Hardin counties, Texas.

Based in Australia, American Patriot is an oil and gas company, while Foothills Resources is an oil and gas exploration and production company based in the US.

The acquisition is expected to strengthen American Patriot Oil’s business operations.

Wren House Infrastructure Management has entered an agreement to acquire a 100% stake in North Sea Midstream Partners (NSMP) from ArcLight Capital Partners for approximately £1.3bn ($1.7bn).

The assets owned by NSMP include the Teesside gas processing plant, the Frigg UK pipeline, the St. Fergus terminal and the Shetland Islands regional gas export system pipeline.

Both based in the UK, Wren House Infrastructure Management is an infrastructure investment company while North Sea Midstream is a midstream company.

ArcLight Capital Partners is a private equity firm based in the US.

The transaction is expected to strengthen Wren House’ midstream investment portfolio.

Toscana Energy Income Corp has entered a share purchase agreement to purchase the entire outstanding securities of Cortona Energy for a C$12.16m ($9.25m).

The consideration includes assumption of Cortona Energy’s outstanding debt of C$11.16m ($8.49m) and C$0.16m ($0.12m) of unpaid accrued interest and expenses.

Toscana Energy will acquire all Class A and Class B shares of Cortona Energy for C$0.84m ($0.64m), for which the Class A shareholders will receive C$1.2 ($0.91) a share and the Class B shareholders will receive C$1 ($0.76) a share.

Both parties involved in the transaction are Canadian oil and gas companies.

The acquisition will add the Carmangay Barons Oil Pool asset located in southern Alberta to Toscana Energy’s portfolio.

Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum have entered an agreement to divest 66% interest in Desfa SA to a consortium of Snam, Enagas Internacional SLU, and Fluxys for €535m ($661.46m).

Hellenic Petroleum and HRADF respectively own 35% and 31% in Desfa.

DESFA is the owner and operator of a 1,459km national natural gas transmission pipeline in Greece.

Hellenic Petroleum is an oil and gas company, while HRADF is a sovereign wealth fund. Both entities are based in Greece.

Snam is a natural gas company based in Italy, while Enagas is a Spanish gas transportation services provider. Fluxys is a Belgium-based natural gas transmission and storage infrastructure operator.