Idemitsu acquires interests in Canadian oil and gas company Petrogas for CAD440,000,000 (US$400 million)
Clients Idemitsu Kosan Co., Ltd.
Jones Day represented Idemitsu Kosan Co., Ltd. ("Idemitsu") in an indirect acquisition from SAM Holdings Ltd. of a 33 1/3 percent interest in Petrogas Energy Corp. ("Petrogas"), a Canadian company specializing in energy supply, logistics, and marketing with operations in Canada and the U.S., for CAD440,000,000 (US$400 million). The investment was made through AltaGas Idemitsu Joint Venture LP ("AIJV"), a joint venture between subsidiaries of Idemitsu and AltaGas Ltd. ("AltaGas"), which became a 66 2/3 percent shareholder of Petrogas. This transaction provides strategic alignment with a major North American integrated midstream service provider, captures a unique opportunity to optimize and expand current midstream assets, and brings in key infrastructure required to develop AIJV's LPG export initiative. The total purchase price of the 66 2/3 percent interest was CAD880,000,000 (US$800 million), of which Idemitsu invested CAD440,000,000 (US$400 million).