OPAL Fuels, a vertically integrated producer and distributor of renewable natural gas, announced that it has completed its merger with ArcLight Clean Transition II.
OPAL Fuels began trading today on the Nasdaq under the ticker symbol OPAL. Warrants trade under OPALW.
The deal valued the combined company at $1.75 billion.
As announced last December, the transaction was expected to provide gross proceeds of approximately $536 million to OPAL Fuels, including ArcLight’s $311 million of cash held in trust, assuming there were no redemptions, and a $125 million PIPE.
The minimum cash condition was $225 million.
Sheppard Mullin Richter & Hampton is serving as legal advisor to OPAL Fuels. Kirkland & Ellis is legal advisor to ArcLight.
