Golar LNG Limited (“Golar”) announced today that it and Stonepeak Infrastructure Partners (“Stonepeak”) have entered into a definitive agreement and plan of merger to sell 100% of Hygo Energy Transition Ltd. (“Hygo”) to New Fortress Energy Inc. (“NFE”). Hygo, a gas to power and downstream LNG distribution company, is owned 50% by Golar and 50% by funds and other entities managed by Stonepeak.
Under the terms of the merger agreement, NFE will acquire all of the outstanding shares of Hygo for 31.4 million shares of NFE’s Class A common stock and $580 million in cash. The transaction values Hygo at an enterprise value of $3.1 billion. The completion of the transaction is subject to the receipt of certain approvals and third party consents and the satisfaction of other customary closing conditions, and is expected to occur in the first half of 2021.
Baker Botts is representing Golar LNG Limited in the transaction.
Baker Botts Lawyers/Office Involved:
Corporate: Catherine Gallagher (Partner, Washington, D.C.); Michael Swidler (Partner, New York); Michael Rosenwasser (Special Counsel, New York); John Johnston (Special Counsel, New York); Jonathan Kovacs (Associate, New York)
For more information, please see the Golar Partners news release by clicking here.
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