BP has completed its acquisition of Archaea, according to an announcement from the company today.
“We see enormous opportunity to grow our bioenergy business by bringing Archaea fully into BP,” said Dave Lawler, chairman and president of BP America, in a statement. “The talent, expertise and passion of their team has let them achieve incredible growth so far, and we're excited to support the next chapter in line with our strategy.”
The transaction was first announced in October. It has since received all necessary regulatory approvals, as well as approval from Archaea’s shareholders on Dec. 13. The deal was valued at $4.1 billion, based on a price of $26 per share and $800 million of net debt.
Archaea became publicly traded in September 2021, following the completion of a special purpose acquisition company transaction that merged it with Aria Energy. Since then it has grown to become a leading developer of renewable natural gas facilities at U.S. waste sites through multiple acquisitions and development projects. Active sites include the company’s Assai facility at a landfill in Pennsylvania, described as “the highest capacity operational RNG facility in the world,” with dozens more currently in development.