New Fortress Energy Completes Acquisition of Hygo Energy

New Fortress Energy Hygo

New Fortress Energy (NFE) announced this Friday the acquisition of Hygo Energy, which is a 50-50 joint venture between Golar LNG and Stonepeak Infrastructure Fund. The transaction was for 31,372,549 shares of NFE and $580 million in cash.

Firstly, NFE also completed the acquisition of all the outstanding common units of Golar LNG, for $3.55 per common unit in cash. Combined transactions are valued at a $5.1 billion enterprise value and a $2.43 billion equity value.

Secondly, after the transaction, New Fortress Energy becomes a leading international gas-to-power company. It owns an operational floating storage and regasification unit (FSRU) terminal and a 50% interest in a 1500MW power plant in Sergipe, Brazil.

Thirdly, the company also has three other FSRU terminals with associated power opportunities that are advancing through development and construction; consequently; also, it has a leading position in the world’s gas market.

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New Fortress Energy with a leading position in the international gas markets

Moreover, with the acquisition of GMLP, New Fortress Energy has become more integrated; by adding a global shipping fleet of seven FSRUs and six LNG carriers; as well as a 50% interest in Trains 1 and 2 of the Hilli Episeyo, a floating liquefaction vessel.

In addition, Wes Edens, Chairman and CEO of NFE, said. “The addition of the Hygo team, together with a great portfolio of world-class LNG ships and operators, enhances our efforts to bring more clean and affordable energy around the world.”

He also remarked. “With this acquisition, we are now a leading gas and power provider in a large and fast-growing market and have become one of the world’s premier energy transition companies.”

Finally, New Fortress Energy will offer a press conference on April 16, to further discuss the company’s future. The company funds, builds and operates natural gas infrastructure and logistics. It delivers fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship; and also transform local industries and communities.

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