Rice Acquisition filed a preliminary proxy on its proposed business combinations with Aria Energy and Archaea Energy, which would create an industry-leading renewable natural gas platform. The combined company would be named Archaea Energy.
Announced in April, Ares is being acquired for $680 million. Archaea is being acquired for $347 million.
Funds for the deal include a $300 million PIPE. The SPAC has also secured $340 million of debt commitments from Comerica Bank’s Environmental Services Department. Rice Acquisition raised $215 million in an October IPO.
The transaction is expected to close in the third quarter, when the combined company plans to list on the NYSE under LFG. A stockholder vote date has not been set. Read more.
