BP completes $4.1 billion acquisition of Archaea

Dec. 29 (Renewables Now) — British oil and gas company BP Plc (LON:BP) on Wednesday completed the acquisition of U.S. renewable natural gas (RNG) producer Archaea Energy Inc (NYSE:LFG), which will now be delisted on the New York Stock Exchange. (NYSE).

BP agreed to buy Archaea in October for $3.3 billion in cash plus $800 million in net debt to grow its bioenergy business. The deal was subject to regulatory and shareholder approval from Archaea.

BP says the purchase allows it to better support customers’ decarbonisation goals and advances its goal of reducing the carbon intensity of its energy products. Bioenergy is one of BP’s five strategic growth engines that the company is aiming to develop rapidly in the current decade.

Archaea, based in Houston, operates 50 random gas generators and landfill gas power plants in the US. For the first nine months of 2022, the company posted revenue of $239.1 million and a net loss of $24.8 million.

(1 USD = 0.941 EUR)

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