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BP Buying Leading RNG Production Group in $4.1 Billion Deal

October 17, 2022

British oil major BP is continuing to diversify its energy portfolio, announcing a deal to acquire a company considered an industry leader in production of renewable natural gas (RNG).

BP on Oct. 17 said it was buying Houston, Texas-based Archaea Energy for $3.3 billion in cash, or $26 a share, along with $800 million for Archaea’s debt. The deal is subject to regulatory approvals and approval by Archaea’s shareholders, with the companies targeting the deal’s closing by year-end. Archaea will operate as a subsidiary within BP after the transaction closes, according to the companies.

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