M&A Deal Summary

Repsol Acquires ConnectGen

On September 9, 2023, Repsol acquired renewable energy company ConnectGen from Quantum Energy Partners for 768M USD

Acquisition Highlights
  • This is Repsol’s 3rd transaction in the Renewable Energy sector.
  • This is Repsol’s 2nd largest (disclosed) transaction.
  • This is Repsol’s 3rd transaction in the United States.
  • This is Repsol’s 3rd transaction in Texas.

M&A Deal Summary
Date 2023-09-09
Target ConnectGen
Sector Renewable Energy
Buyer(s) Repsol
Sellers(s) Quantum Energy Partners
Deal Type Add-on Acquisition
Deal Value 768M USD
Advisor(s) Kirkland & Ellis (Legal)

Target

ConnectGen

Houston, Texas, United States
ConnectGen is focused on developing renewable energy and energy storage projects to bring clean power to markets across North America. ConnectGen was formed in 2018 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

Repsol

Madrid, Spain
Category Company
Founded 1927
Sector Oil/Gas Exploration
Employees24,537
Revenue 58.9B EUR (2023)
DESCRIPTION

Repsol operates as a multi-e energy company worldwide. Its Upstream segment engages in the exploration, development, and production of crude oil and natural gas reserves, as well as develops low-carbon geological solutions. Repsol was founded in 1927 and is based in Madrid, Spain.

DEAL STATS #
Overall 7 of 7
Sector (Renewable Energy) 3 of 3
Type (Add-on Acquisition) 5 of 5
State (Texas) 3 of 3
Country (United States) 3 of 3
Year (2023) 2 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-07 Repsol - Canadian upstream oil and gas business

Calgary, Alberta, Canada

Repsol's Canadian upstream oil and gas business comprises of all the mineral rights, related facilities and infrastructure. Repsol's Canadian upstream oil and gas business is based in Calgary, Alberta.

Sell $468M

Seller(S) 1

SELLER

Quantum Energy Partners

Houston, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 17.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Quantum Energy Partners is a specialist private equity firm focused on investments within the energy sector. Quantum's primary focus is on opportunities within the oil and gas upstream and midstream sectors, however, the Firm will also consider investments in oil field services and equipment, coal, power generation and transmission, and renewable/alternative energy. Quantum's target investment size is $100 to $400 million. Quantum invests in start-ups as well as established companies needing expansion capital. Quantum Energy Partners was formed in 1998 and is headquartered in Houston, Texas.

DEAL STATS #
Overall 24 of 26
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 16 of 17
State (Texas) 12 of 14
Country (United States) 21 of 23
Year (2023) 3 of 4
Size (of disclosed) 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-16 Tug Hill

Fort Worth, Texas, United States

Tug Hill is an oil and gas operating company focused on the acquisition, development and exploitation of unconventional gas and liquids-rich assets in the Appalachian Basin, with an emphasis on the Marcellus and Utica/Point Pleasant formations in West Virginia and Southwest Pennsylvania. Tug Hill was founded in 2007 and is based in Fort Worth, Texas with offices in Canonsburg, PA and Boulder, CO.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-15 Rockcliff Energy

Houston, Texas, United States

Rockcliff Energy is an upstream company focused on the acquisition, development, and exploitation of conventional and unconventional assets in the Ark-La-Tex and other unconventional resource plays in select U.S. basins. Rockcliff Energy is based in Houston, Texas.

Sell $2.7B
Mergr

Product

Company

Legal