M&As this week: Gear Energy, Holly Energy, Infracore Processing, Rex International

Gear Energy has agreed to acquire Striker Exploration to strengthen its oil and gas operations.

With a net value of approximately $49m, the deal will transfer Gear Energy’s shares to Striker shareholders at a ratio of 2.325:1.

Peters & Co and FirstEnergy Capital are financial advisors to Gear and Striker, respectively.

The deal is scheduled for completion in July 2016.

Holly Energy has acquired a 50% stake in Cheyenne Pipeline.

The $42.5m transaction will allow Holly Energy to expand its portfolio of pipeline assets.

Cheyenne and Plains All American Pipeline co-own the 87mi-long Cheyenne Pipeline, which has a crude oil transmission capacity of 80,000bopd.

Infracore Processing, part of Petrocapita Income Trust, has acquired the outstanding shares of 1701307 Alberta, operating as MJ Vallee Trucking.

The transaction implies a net value of $0.42m, which has been financed by Petrocapita through the issue of 6% convertible debentures that are due in 2023.

MJ Vallee offers heavy oil transport trucks and trailers, as well as a repair and maintenance facility, and a storage yard for its fleet.

Rex International (REX) has acquired a 25% interest stake in Dahan Petroleum.

The deal involved a purchase consideration of $9.75m, which was funded through the transfer of 10% of REX shares in Lime Petroleum Norway and 5% in Masirah Oil.

Dahan is now owned by Lime Petroleum (59%), REX (25%) and Right Ally (16%).