Friday, September 3, 2010

BP (NYSE:BP) Completes Acquisition of Verenium's (Nasdaq:VRNM) Biofuels Business

BP (NYSE:BP) and Verenium Corporation (Nasdaq:VRNM) have completed their transaction, where Verenium sold their cellulosic biofuels business to the oil giant.

BP's Biofuels North America acquired the assets for $98.3 million.

The Verenium press release said:

"In the transaction, BP acquired the Company's facilities in Jennings, LA, including the pilot plant and demonstration-scale facility, the San Diego, CA R&D facilities, as well as cellulosic biofuels and cellulosic enzyme technology and related IP. In addition, BP retained select personnel needed to continue the cellulosic biofuels development program. BP also became the sole owner of Vercipia Biofuels and Galaxy Biofuels, the 50-50 joint ventures created by the Company and BP."

UBS Investment Bank (NYSE:UBS) advised Verenium on the deal.

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