M&As this week: Devon Energy, Daseke, Northern Oil and Gas

Devon Energy has entered an agreement to sell its ownership interest in EnLink Midstream Partners and EnLink Midstream to a subsidiary of Global Infrastructure Partners (GIP) for $3.125bn.

Both based in the US, Devon Energy is an exploration company, while GIP is an infrastructure fund.

The deal is aimed at reducing Devon Energy’s consolidated debt by 40%.

Daseke has completed the acquisition of Aveda Transportation and Energy Services for $42.6m.

The transaction also involved Daseke offering approximately $27.3m in cash, 1.6 million shares worth $15.3m, and a $54.8m payoff in Aveda debt.

Daseke is a flatbed and specialised transportation consolidator, while Aveda provides specialised transportation services and equipment required for the exploration, development and production of petroleum resources.

Both companies are based in the US.

Northern Oil and Gas has completed the acquisition of Salt Creek Oil & Gas.

Northern Oil and Gas is an American independent energy company, while Salt Creek Oil & Gas is involved in the identification, acquisition and development of onshore oil and gas properties in the US.

UK-based investment company Reabold has purchased the entire issued shares of Gaelic Resources (Gaelic).

The acquisition was carried out through the issuance of 420 million new ordinary shares Reabold worth £3.05m ($4.07m), with each share priced at 0.725p a share.

Gaelic owns a 100% interest in Temporary Energy, which has signed an earn-in agreement with Sunset Exploration to gain a 50% interest in several oil and gas assets owned by Sunset in California.

The acquisition is expected to enable Reabold to acquire high-impact oil and gas leases in California, US.

A consortium led by CK Infrastructure Holdings (CKI) and comprising CKI, CK Asset Holdings (CKA) and Power Assets Holdings has announced plans to acquire APA.

Based in Hong Kong, CKI, CKA and Power Assets Holdings are investment holding companies, while APA is an Australian energy infrastructure business company.