M&As this week: PBF Logistics, Public Gas Corporation SA, Columbus Energy Resources

PBF Logistics has entered a $107m agreement to acquire CPI Operations from Crown Point International.

The acquisition will be made by initially paying $75m and the remaining $32m at the time of closure. 

The acquisition will be funded by PBF Logistics using funds raised from its existing credit facility, funds in hand, and through issuance of new common units that include a $35m concurrent direct placement and an additional $32m in common units issued to PBF Energy.

CPI Operations owns a storage facility, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts, and other assets, while PBF Logistics LP is the owner, operator and developer of crude oil and refined petroleum products terminals.

Both companies are based in the US.

Crown Point International (formerly Axeon Speciality Products) is an American company that deals with the refining and marketing of speciality petroleum products.

The deal is expected to strengthen PBF Logistics’ marine storage asset base in the US.

Public Gas Corporation SA (DEPA) has entered an agreement to purchase the remaining 49% interest in both Attiki Gas Supply Company SA and Attiki Gas Distribution Company SA from Attiki Gas for €150m ($174.45m).

The current partners in Attiki Gas Supply and Attiki Gas Distribution are DEPA (51%) and Shell (49%). DEPA will be the sole owner with a 100% stake in the two companies, following the acquisition.

DEPA is a state-owned natural gas supply company, while Attiki Gas is an oil and gas company that is a subsidiary of Royal Dutch Shell. Both companies are based in the US.

The acquisition is expected to strengthen DEPA’s business operations.

Columbus Energy Resources has entered a sale and purchase agreement to acquire Steeldrum Oil Company from West Indian Energy Holding, Rex Caribbean Holding, and Gelco Energy from Geoffrey Leid and Svein Kjellesvik for £6.73m ($8.87m).

The company is executing the transaction through its subsidiary Columbus Energy (St Lucia).

Based in the UK, Columbus Energy Resources is an oil and gas exploration and production company, while Steeldrum Oil Company is a company that owns petroleum assets and is based in Trinidad and Tobago.

West Indian Energy Holding and Gelco Energy are Norway-based oil and gas companies, while Rex Caribbean Holding is an oil and gas company based in Trinidad and Tobago.

A subsidiary of Rex International Holding Limited, Rex Caribbean will acquire 23.8 million shares, representing a 25.72 % stake, in Columbus, as part of the transaction.

The acquisition is expected to help Columbus Energy to strengthen its oil and gas business.

Empresas Lipigas has entered an agreement to acquire a 51.07% stake in Surcolombiana de Gas SAESP (Surgas) for $3m.

Based in Chile, Empresas Lipigas is a liquefied petroleum gas distributor, while Surgas is a Colombian gas distribution company.

The transaction will enable Lipigas to expand its gas distribution business and acquire gas distribution companies in Colombia.