Tokyo Gas Expands Overseas With $2.7 Billion Acquisition of U.S. Natural Gas Producer
Tokyo Gas unit to buy U.S. natgas producer Rockcliff Energy for $2.7 bln
A unit of Tokyo Gas has decided to buy Texas-based natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners for $2.7 billion to expand its overseas business, it said on Saturday.
Under the deal, TG Natural Resources (TGNR) – 79% owned by Tokyo Gas – will buy all shares in Rockcliff Energy from Quantum Energy Partners.
With the acquisition, TGNR’s natural gas production will quadruple to 1.3 billion cubic feet per day from about 330 million cubic feet per day, making it one of the largest shale gas producers in Texas and Louisiana, according to Tokyo Gas.
Talks about the acquisition were reported by Reuters early this year.
