M&As this week: VTTI Energy Partners, Rockhound Royalties, BP

VTTI Energy Partners LP, through its wholly-owned subsidiary VTTI MLP Holdings Ltd, has agreed to buy an additional 8.4% interest in VTTI MLP B.V. (VTTI Operating), from VTTI MLP Partners B.V. (VTTI MLP Partners), a subsidiary of VTTI B.V. (VTTI).

The deal involves a purchase consideration of $96.2m in cash and will increase VTTI Energy Partners’ stake in VTTI Operating to 51% from 42.6%.

Scheduled for completion on 1 September 2016, the acquisition will enable VTTI Energy to fortify its business portfolio.

BP p.l.c. is planning to divest its 50% interest in Shanghai SECCO Petrochemical Company Limited (SECCO). The deal is estimated to be valued up to $3,000m.

SECCO owns and operates a refinery in Caojing near Shanghai, China, which has the capacity to produce 1.3 million tonnes of ethylene a year.

SECCO is currently owned by BP (50%) and China Petroleum & Chemical Corp. (Sinopec) (50%).

Exterran Corporation has sold Belleli Energy Critical Processing Equipment S.r.l. (Belleli Energy CPE) to Fratelli Tosto s.r.l – Ingrosso for an undisclosed value.

Belleli Energy CPE offers engineering, procurement and fabrication services for critical process equipment used in refineries and petrochemical complexes.

The sale allows Exterran to concentrate on its core operations and expand its product portfolio.

SM Energy Company has agreed to acquire 100% stake in Rock Oil Holdings LLC, from Riverstone Global Energy and Power Fund V, L.P.

The deal implies a purchase consideration of approximately $980m in cash, which will be funded by placing $100m unsecured convertible notes and 15 million shares.

Rock Oil has 24,783 acres in Howard County, Midland Basin that have a net production of an estimated 4,900 barrels of oil equivalent a day (boed).

Scheduled for completion on 4 October 2016, the acquisition will increase SM Energy’s acreage to approximately 46,750 net acres in Midland Basin.