Newco Energy Acquisition Holdings LLC, an energy-related asset and services acquisition firm, made an all share exchange offer to acquire ThermoEnergy Corporation.
The NEAH offer provides current ThermoEnergy shareholders the equivalent of one half share ("1/2 share") of NEAH Energy Holdings, Inc., a wholly owned affiliate of NEAH Energy for each fully diluted and converted share of ThermoEnergy. NEAH Energy intends to reverse merge NEAH Holdings into the current ThermoEnergy public shell and rename the surviving company "NEAH Holdings".
The NEAH Energy offer is compelling, allows ThermoEnergy shareholders the opportunity to participate in a much broader institutional business platform which will create a meaningful public stock over time and allow shareholders to potentially realize a significant return on capital invested.
ThermoEnergy is technically insolvent based upon public filings and has significant going concern challenges, thus an all share exchange offer has been deemed most appropriate value for current shareholders and future growth potential.
NEAH Energy will deliver significant access to institutional capital, deep global energy industry relationships and significant new business and revenue opportunities. NEAH Holdings will be governed by a newly formed Board of Directors and Management team comprised of global senior energy industry executives. NEAH Energy will appoint the Executive Chairman and Chief Financial Officer for NEAH Holdings.
NEAH Energy intends to spin off to current ThermoEnergy shareholders additional value in the form of the entire Pressurized Oxy-Combustion ("POXC") technology and business activities via a share distribution plan, which will result in POXC being owned entirely by ThermoEnergy shareholders independently from NEAH Holdings.
Current ThermoEnergy executives, operations staff and wastewater recovery assets will be incorporated into Water Consolidated Holdings, L.P., a NEAH Holdings subsidiary. NEAH Holdings will own the General Partner and Limited Partner interests in WaterCo.
Merriman Capital has been selected as the financial advisor to NEAH Holdings and WaterCo and will be responsible for arranging capital, assisting with target acquisitions and other key corporate finance matters.
Recommended Reading
OEP Completes Acquisition of TechnipFMC’s Measurement Solutions Business
2024-03-27 - One Equity Partners said TechnipFMC’s measurement solutions business will be rebranded as Guidant and specialize in measurement technology, automation solutions and global systems.
PE Investors Scoop Up Offshore Services Provider Acteon Group
2024-03-27 - Acteon Group, a U.K.-based subsea services provider serving customers in offshore oil, gas and renewables, was acquired by new private equity backers.
Exclusive: Is TG Natural Resources Looking to Snap Up More?
2024-03-27 - At Hart Energy's DUG Gas+ Conference and Expo in Shreveport, Louisiana, TG Natural Resources' President and CEO Craig Jarchow said the integration of the Rockcliff Energy acquisition is well underway and that "being acquisitive is certainly" in the company's future.
IKAV and VTTI to Buy Majority Stake in Italy's Adriatic LNG Terminal
2024-03-27 - The closing of the deal to buy majority stake in the Adriatic LNG terminal by VTTI and IKAV is expected in the second half of the year.
Eni, Vår Energi Wrap Up Acquisition of Neptune Energy Assets
2024-01-31 - Neptune retains its German operations, Vår takes over the Norwegian portfolio and Eni scoops up the rest of the assets under the $4.9 billion deal.