2021-01-13 08:08:55 NFE New Fortress Energy
01/13/21 01/1308:08 01/13/2108:08 | New Fortress Energy to buy Hygo ,Golar LNG Partners combined in $5B dealNew Fortress Energy (NFE) announced that it has entered into definitive agreements to acquire Hygo Energy Transition a 50-50 joint venture between Golar LNG Limited (GLNG) and Stonepeak Infrastructure Fund II Cayman. "With a strong presence in Brazil and a world-class LNG shipping business, Hygo and GMLP are excellent additions to our efforts to accelerate the world's energy transition," said Wes Edens, Chairman and CEO of NFE. "The addition of Hygo will quickly expand our footprint in South America with three gas-to-power projects in Brazil's large and fast-growing market. With GMLP, we gain LNG ships and world-class operators that are an ideal fit to support our existing terminals and robust pipeline." "We are impressed with what Wes Edens and the NFE team have created and their commitment to changing the energy industry," said Golar LNG Chairman Tor Olav Troim. "They share our vision to provide cheaper and cleaner energy to a growing population. The consolidation of two of the entrepreneurial LNG downstream players gives the company improved access to capital and creates a unique world-leading energy transition company which Golar shareholders will benefit from being a part of going forward." With the acquisition of Hygo, NFE will acquire an operating floating storage and regasification unit terminal and a 50% interest in a 1500MW power plant in Sergipe, Brazil as well as two other FSRU terminals with 1200MW of power in advanced stages in Brazil. Hygo's fleet consists of a newbuild FSRU and two operating LNG carriers. NFE will also acquire a leading owner of FSRUs and LNG carriers as well as a pioneer in floating liquefaction technologies with the GMLP transaction. The addition of GMLP's fleet of six FSRUs, four LNG carriers and a 50% interest in Trains 1 and 2 of the Hilli, a floating liquefaction vessel, is expected to support both NFE's , NFE will acquire all of the outstanding shares of Hygo for 31.4M shares of NFE Class A common stock and $580M in cash. The transaction is valued at a $3.1B enterprise value and a $2.18B equity value. Pursuant to the transaction, GLNG will receive 18.6 million shares of NFE Class A common stock and $50 million in cash and Stonepeak will receive 12.7 million shares of NFE Class A common stock and $530 million in cash. Hygo's Board of Directors, together with GLNG and Stonepeak, the shareholders of Hygo, have unanimously approved the proposed transaction with NFE. The closing of the transaction is subject to the receipt of certain regulatory approvals and third party consents and other customary closing conditions, and is expected to occur in the first half of 2021. Under NFE's agreement with GMLP , NFE has agreed to acquire all of the outstanding common units of GMLP for $3.55 per common unit in cash. NFE has also agreed to acquire GMLP's general partner for equivalent consideration based on the general partner's economic interest in GMLP. The preferred units of GMLP will remain outstanding. The transaction is valued at a $1.9B enterprise value and $251 million common equity value. GMLP's Board of Directors, acting upon the recommendation of a special committee of independent directors of GMLP, unanimously approved the proposed transaction with NFE. The closing of the transaction is subject to the approval by the holders of a majority of GMLP's outstanding common units, the receipt of certain regulatory approvals and third party consents and other customary closing conditions, and is expected to occur in the first half of 2021. GLNG has entered into a support agreement with NFE committing to vote its approximately 30.8% interest in GMLP's common units in favor of the transaction. |
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Initiation
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Rapid7 initiated with neutral view at Scotiabank »
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Rapid7
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Closing CBOE SPX and VIX Index summary for April 25th »
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Earnings
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SPS Commerce sees Q2 EPS 75c-76c, consensus 76c »
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SPS Commerce
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World Kinect reports Q1 adjusted EPS 47c, consensus 49c »
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WKC
World Kinect
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Columbia Sportswear sees Q2 EPS (46c) to (26c), consensus (21c) »
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COLM
Columbia Sportswear
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Byline Bancorp reports Q1 adjusted EPS 70c, consensus 63c »
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BY
Byline Bancorp
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Columbia Sportswear raises FY24 EPS view to $3.65-$4.05 from $3.45-$3.85 »
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COLM
Columbia Sportswear
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Hartford Financial reports Q1 core EPS $2.34, consensus $2.45 »
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Hartford Financial
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AllianceBernstein reports Q1 EPS 73c, consensus 71c »
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AB
AllianceBernstein
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Allison Transmission reports Q1 EPS $1.90, consensus $1.89 »
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ALSN
Allison Transmission
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COPT Defense acquires 202,000 square foot building in Columbia, MD »
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SPS Commerce reports Q1 EPS 86c, consensus 73c »
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SPSC
SPS Commerce
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Financial Institutions reports Q1 EPS 11c, consensus 59c »
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04/25/24
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Financial Institutions
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COPT Defense raises FY24 FFO view to $2.51-$2.57 from $2.47-$2.55
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CDP
COPT Defense Properties
Consensus $2.50. |
Initiation
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Qualys initiated with neutral view at Scotiabank »
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Earnings
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COPT Defense sees Q2 FFO 62c-64c
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CDP
COPT Defense Properties
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Earnings
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Columbia Sportswear reports Q1 EPS 71c, consensus 35c »
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COLM
Columbia Sportswear
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COPT Defense reports Q1 FFO 62c, consensus 60c »
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CDP
COPT Defense Properties
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Earnings
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Hub Group sees FY24 EPS $1.80-$2.25, consensus $2.12 »
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Hub Group
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Alexander & Baldwin raises 2024 adjusted FFO view to 89c-$1.00 from 80c-90c »
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ALEX
Alexander & Baldwin
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Alexander & Baldwin raises 2024 adjusted FFO view to 89c-$1.00 from 80c-90c »
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ALEX
Alexander & Baldwin
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Initiation
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Napco Security initiated with bullish view at DA Davidson, here's why »
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Napco Security
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Rogers Corporation sees FY24 CapEx $60M-$70M
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ROG
Rogers Corporation
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Earnings
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KLA Corp. sees Q4 adjusted EPS $6.07 +/- 60c, consensus $5.68 »
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KLAC
KLA Corp.
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Rogers Corporation sees Q2 adjusted EPS 50c-70c, two estimates 70c »
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ROG
Rogers Corporation
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