BP to Acquire US Biogas Producer Archaea for $4.1 Billion
- London-based energy giant pledged net-zero emissions by 2050
- Archaea captures waste-gas emissions from landfills and farms
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BP Plc agreed to acquire biogas producer Archaea Energy Inc. for about $4.1 billion including debt, the latest step in the UK energy giant’s expansion into into lower-carbon fuels.
BP will pay $26 per share, a 38% premium to the average share price in the 30 days to Oct. 14, Archaea said Monday in a statement. The Houston-based company, which captures waste-gas emissions from landfills and farms, will become a key part of BP’s bioenergy business and accelerate its growth, according to the statement.