REGI Renewable Energy Group Inc

By Will Feuer

Chevron Corp. said it will acquire all outstanding shares of Renewable Energy Group Inc. in an all-cash deal valued at $3.15 billion.

The deal values Renewable Energy Group at $61.50 a share, a premium of about 57% on a 30-day average based on Friday's closing stock prices.

"REG was a founder of the renewable fuels industry and has been a leading innovator ever since," Chevron Chairman and Chief Executive Mike Wirth said. "Together, we can grow more quickly and efficiently than either could on its own."

The deal is expected to help Chevron grow its renewable fuels production capacity and provide additional feedstock supplies and pre-treatment facilities.

After the deal closes, Chevron's renewable fuels business will be headquartered in Ames, Iowa. Renewable Energy Group Chief Executive CJ Warner also will join Chevron's board.

The deal is expected to close in the second half of 2022.

Shares of Renewable Energy Group were halted ahead of the announcement at $57.77 a share, up almost 32% in premarket trading.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

February 28, 2022 07:33 ET (12:33 GMT)

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