M&A Deal Summary

IKAV and CPP Investments Acquire Aera Energy

On September 1, 2022, asset manager IKAV and pension CPP Investments acquired energy services and equipment company Aera Energy from ExxonMobil Energy and Shell

Acquisition Highlights
  • This is IKAV’s 1st and CPP Investments’ 1st transaction in the Energy Services and Equipment sector.
  • This is IKAV’s 1st and CPP Investments’ 24th transaction in the United States.
  • This is IKAV’s 1st and CPP Investments’ 7th transaction in California.

M&A Deal Summary
Date 2022-09-01
Target Aera Energy
Sector Energy Services and Equipment
Buyer(s) IKAV
CPP Investments
Sellers(s) ExxonMobil Energy
Shell
Deal Type Divestiture

Target

Aera Energy

Bakersfield, California, United States
Aera Energy is an energy producer that provides safety and environmental performance, innovative business practices, and application of cutting-edge technology. Aera Energy was founded in 1997 and is based in Bakersfield, California.

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Buyer(S) 2

Buyer

IKAV

Category Asset Manager
Founded 2010
PE ASSETS 2.5B USD
Size Large
Type Sector Focused
DESCRIPTION

IKAV is an international asset management that offers institutional investors with investment solutions spanning a broad range of infrastructure energy assets, including solar, concentrated solar power, wind, energy efficiency, geothermal, thermal power plants, and upstream. IKAV is a long-term investor and primarily targets assets throughout Europe. IKAV was formed in 2010 and is headquartered in Hamburg, Germany.

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1
Buyer

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.

DEAL STATS #
Overall 45 of 51
Sector (Energy Services and Equipment) 1 of 2
Type (Divestiture) 8 of 8
State (California) 7 of 7
Country (United States) 24 of 26
Year (2022) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-07 D1

Bogotá, Colombia

D1 is a food retail space that focuses on offering selections of private-label products at affordable prices. D1 is based in Bogotá, Colombia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-12 Qualtrics

Provo, Utah, United States

Qualtrics is a software-as-a-service company that helps clients monitor and gather customer insights. Qualtrics has pioneered a new category of software that enables organizations to deliver the experiences that turn their customers into fanatics, employees into ambassadors, brands into religions, and products into obsessions. Qualtrics was founded in 2002 and is based in Provo, Utah.

Buy $12.5B

Seller(S) 2

SELLER

ExxonMobil Energy

Hong Kong, China
Category Company
Founded 1964
Sector Utilities
DESCRIPTION

ExxonMobil Energy Ltd. owns gas fired power plants.ExxonMobil Energy Limited operates as a subsidiary of Exxon Mobil Corporation.

DEAL STATS #
Overall 2 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-12 Castle Peak Power

Hong Kong, China

Castle Peak Power Company Limited owns and operates coal fired power stations. Company had a total capacity of 4,108 megawatts, Black Point Power Station with a total capacity of 2,500 megawatts, and Penny’s Bay Power Station with a total capacity of 300 megawatts.

Sell -
SELLER

Shell

London, United Kingdom
Category Company
Founded 1907
Sector Oil/Gas Exploration
Employees103,000
Revenue 316.6B USD (2023)
DESCRIPTION

Shell is an Anglo–Dutch multinational oil and gas company. Shell was founded in 1907 and is based in London, the United Kingdom.

DEAL STATS #
Overall 19 of 19
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 19 of 19
State (California) 2 of 2
Country (United States) 5 of 5
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-29 Sprng Energy

Pune, India

Sprng Energy is a renewable energy platform that develops and manages renewable energy facilities such as solar and wind farms and infrastructural assets. Sprng Energy was founded in 2017 and is based in Pune, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-28 Nature Energy

Odense, Denmark

Nature Energy operates plants with associated infrastructure, feedstock arrangements, and current 2022 production of around 6.5 mln MMBtu/y. Nature Energy was founded in 1979 and is based in Odense, Denmark.

Buy €1.9B
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