Tidewater Midstream and Tidewater Renewables to combine, creating a single integrated low-carbon fuels company
In Canada, Tidewater Midstream and Infrastructure and Tidewater Renewables announced that they have entered into a definitive arrangement agreement pursuant to which the former will acquire all of the outstanding common shares of Tidewater Renewables that Tidewater Midstream does not already own.
The combined company will operate as Tidewater Midstream and Infrastructure.
The combined company is expected to benefit from operating efficiencies and corporate synergies through public company cost savings, reduced administrative burden and potential tax synergies, Tidewater said.
Jeremy Baines, President and Chief Executive Officer of Tidewater Midstream, said: “Renewables was created by Midstream to build the HDRD Complex, and the two companies have operated as one integrated site at Prince George ever since – shared infrastructure, shared feedstock logistics, shared management, and a shared customer base. Today’s announced combination will complete that evolution: one company, one balance sheet, one strategy, one share. With the HDRD Complex running at nameplate capacity, contracted offtake, strong crack spreads, and federal and provincial support in place, the combined company will be in the strongest position in the two companies’ history to reduce debt and advance to the next phase of growth.”
Category: Fuels
