M&A · Energy · Industrial Organic Chemicals
Chevron Corp to acquire Renewable Energy Group, Inc.
Announced Feb 28, 2022 · Closed Jun 13, 2022
Deal value$3.15BEV $2.57B
Premium88.5%To unaffected price
EV / Adj. EBITDA9.1x0.9x EV / Revenue
ConsiderationAll cash$61.50 per share
Transaction
- Acquirer
- Chevron Corp (CVX)
- Target
- Renewable Energy Group, Inc.
- Buyer type
- Strategic
- Offer price per share
- $61.50
- Enterprise value
- $2.57B
- Status
- Closed Jun 13, 2022
Deal protections
- Break fee (target pays)
- $91.0M · 2.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Guggenheim
- Guggenheim fee
- $2.5M
Sector context · Energy
- Comparable deals
- 27 in the prior 24 months
- Premium
- 88.5% vs. 20.6% sector median
- EV / Adj. EBITDA
- 9.1x vs. 13.6x sector median
- Break fee
- 2.9% vs. 2.5% sector median
Timeline
- AnnouncedFeb 28, 2022
- Proxy filedMar 23, 2022
- Definitive proxyApr 5, 2022
- Shareholder voteMay 17, 2022
- ClosedJun 13, 2022
Valuation · fairness opinions
Discounted cash flow$46.02$87.03
Premiums paid$37.20$49.18
52-week trading range$41.05$47.99
Offer $61.50
Implied value per Renewable Energy Group, Inc. share by analysis, from Guggenheim.