M&As this week: Utica Resources, Lonmin, Bombora Natural Energy

Utica Resources has offered to purchase all of the outstanding common shares of Junex for C$37.21m ($28.22m).

Junex shareholders will either receive C$0.42 ($0.32) in cash or C$0.4 ($0.3) in cash per share along with a contingent value right (CVR), which will entitle the holder to get a pro-rata share with a 1% royalty of Junex’s revenue share from Galt project.

Based in the US, Utica Resources is an investment holding company and a subsidiary of Lansdowne Partners Austria, while Junex is an oil and gas exploration company based in Canada.

The acquisition is expected to strengthen Utica’s oil and gas investment portfolio.

Lonmin has signed a conditional sale of shares agreement with National Oil Infrastructure Co of Zimbabwe (NOIC) to divest its 50% stake in Zimbabwean midstream company Petrozim Line for $22.75m.

Based in the UK, Lonmin produces platinum metal, while NOIC is a Zimbabwe-based company involved in the transportation of petroleum products.

Bombora Natural Energy has signed a sale and purchase agreement to divest its 40% interest in Gas Fields to Raven Energy for A$16.8m ($12.34m).

Gas Fields owns a working interest in the Tulainyo gas discovery in the Sacramento Basin in California, US.

Raven Energy will fund the acquisition by paying A$0.3m ($0.22m) in cash and issuing 555.56 million shares priced A$1m ($0.73m), as per the agreement.

Bombora Natural Energy is an oil and gas company and an affiliate of Pancontinental Oil & Gas, while Raven Energy is an oil and gas company. Both are based in Australia.

The acquisition will expand Raven Energy’s business operations.

Boardwalk GP LP has proceeded with the right to purchase the remaining 49.8% issued and outstanding common units of Boardwalk Pipeline Partners for $1.5bn at $12.06 a unit.

Both based in the US, Boardwalk GP LP is a natural gas transportation and storage services provider and a subsidiary of Loews Corp, while Boardwalk Pipeline Partners is a midstream company.

Another subsidiary of Loews Corp, Boardwalk Pipelines Holding Corp will either directly or indirectly own a 100% share in the common units of Boardwalk Pipeline, following the transaction.

Netherlands-based Odfjell Terminals (OTBV) plans to divest 100% of its stake in Odfjell Terminals Rotterdam (OTR) and Odfjell Terminals Maritiem (OTM) to Koole Tanktransport (Koole Terminals) for $155m.

Odfjell Terminals Rotterdam and Odfjell Terminals Maritiem are subsidiaries of Odfjell Terminals. Koole plans to merge the terminals with its existing network and strengthen its business operations.

Odfjell Terminals is the owner and operator of tank terminals, while Koole Tanktransport is a storage and transport company.

The proceeds from the divestment will be used by Odfjell Terminals to repay its debts.