M&As this week: Vermilion Energy, Interpose Holdings, PBF Logistics

Vermilion Energy has signed an agreement to acquire Spartan Energy Corp, an oil and gas company based in Canada.

Valued at $1.4bn, the acquisition includes the assumption of Spartan Energy Corp’s debt, which amounts to $175m.

Spartan shareholders will receive 0.1476 of a Vermilion share for each Spartan common share held. The transaction is planned to be completed by June 2018.

The exchange ratio is based on Vermilion’s closing price of $44.04 on 13 April 2018, which translates to $6.5 per Spartan common share and represents a 5% premium to Spartan’s closing price.

The financial advisor to Spartan for the transaction is TD Securities, while the strategic advisors are GMP FirstEnergy and Peters & Co.

Vermilion Energy is an oil and gas company based in Canada.

Interpose Holdings (IHS) has signed a binding sale and purchase agreement to acquire Invictus Energy Resources from Bayethe Investments, a company controlled by Macmillan.

The purchase consideration will include the issue of IHS shares equivalent to a 19.9% stake upon completion of a A$4.5m ($3.49m) capital raising transaction.

IHS will also issue an option and exercise fee of A$0.075m ($0.058m).

In addition, Bayethe Investments will be issued further shares by IHS based on three performance milestones.

Invictus Energy Resources is a US-based company that provides drilling and leasing for oil and gas properties. The company owns an 80% interest and operatorship in the SG4571 Permit located in Zimbabwe.

Based in Australia, IHS explores and develops gas projects in southern Africa, while Bayethe Investments is an investment firm based in Australia.

IHS expects the acquisition to strengthen its business operations. The transaction is scheduled for completion by May 2018.

PBF Logistics has acquired Cummins Terminal for an undisclosed consideration.

Cummins Terminal specialises in terminal automation technology and owns the East Terminal and West Terminal in Knoxville, Tennessee, which comprise nine loading bays and two truck loading facilities.

PBF Logistics has concurrently signed an agreement to acquire a number of development assets from PBF Energy subsidiaries.

PBF Logistics expects the acquisition to help leverage its growing footprint and capitalise on commercial opportunities with new customers.