M&As this week: Shell Midstream Partners, First Mountain Exploration and Range Resources Corporation

Shell Midstream Partners LP has agreed with Shell Pipeline Company LP to acquire additional 30%, 1% and 3% stakes in Zydeco Pipeline Company LLC, Bengal Pipeline Company LLC and Colonial Pipeline Company, respectively.

The company expects to fund the consideration with a combination of proceeds from a capital markets transaction, borrowings under its revolving credit facilities, cash on hand, and a combination thereof.

The transaction is scheduled for closure on or before 23 May 2016 and will increase Shell Midstream’s stakes in Zydeco to 92.5%, Bengal to 50%, and Colonial to 6%.

Shell Midstream has appointed Evercore Group and Andrews Kurth as financial and legal advisors respectively.

First Mountain Exploration Inc. is acquiring Point Loma Energy Ltd. under a definitive arms-length agreement. The acquisition paves the way for First Mountain to enhance its operations in Canada.

The deal implies a value of approximately $5.15m, which will be funded through the issuance of 17.9 million shares.

Point Loma currently produces at a rate of approximately 135boed and will be renamed Point Loma Resources Ltd., upon completion of the deal.

Range Resources Corporation (Range) is acquiring all of the outstanding shares of Memorial Resource Development Corp. (MRD) under a definitive merger agreement. The deal implies a total value of $4.4bn.

Scheduled for completion in the second half of 2016, the deal involves the issuance of 0.375 share of Range against each MRD share.

Range has appointed Credit Suisse Securities (USA) and Sidley Austin as the financial and legal advisors, respectively. Morgan Stanley & Co is the financial advisor and Vinson & Elkins is the legal advisor to MRD.

Ephindo International CBM Holding Inc has signed a pact with its joint venture (JV) partner Dart Energy Limited to acquire the remaining 50% interest in Sangatta West CBM Inc. (SWCI).

SWCI has 48% stake in Sangatta I CBM production-sharing contract in Kutai Basin. The acquisition will allow Ephindo to hold 100% stake in SWCI.

The deal is scheduled for completion by 13 May 2016.

SSE plc is planning to dispose up to 16.67% interest of its 50% stake in SGN Limited.

SGN is a distributer of natural and green gas to customers in Scotland and the south of England.

The amount raised from the stake sale will be reinvested in the business by the company.