Rice Acquisition announced an agreement to enter into a business combination with Aria Energy and Archaea Energy, which would create an industry-leading renewable natural gas platform. The combined company will be named Archaea Energy.
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.
The transaction is expected to close in the third quarter, when the combined company plans to list on the NYSE under LFG. Read more.
