Deals
Rice Gets Into Renewable Gas With $1.2 Billion SPAC Deal
- Rice SPAC buys Aria, Archaea and merges them into single firm
- To focus on harnessing gas from landfills; shares surge 53%
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Rice Acquisition Corp. will merge with two other companies to create a $1.15 billion renewable natural gas giant.
Rice will combine with Aria Energy Operating LLC and Archaea Energy LLC, with the new company taking Archaea’s name, it said in a press release. Rice said it will be the leading U.S. platform for harnessing natural gas seeping out of decaying matter in landfills. Its shares surged as much as 53% on Thursday in New York.