Chevron Corporation completed the acquisition of Renewable Energy Group, Inc. from State Street Corporation, BlackRock, Inc., The Vanguard Group, Inc., Dimensional Fund Advisors LP, Ameriprise Financial, Inc. and others.
If the deal is not consummated by November 28, 2022; provided, that if the required regulatory approvals have not been obtained but all other conditions to closing have been satisfied, the end date shall automatically be extended to February 27, 2023; provided, further that if the deal is not consummated by the initial extension date by reason of a failure to obtain the required regulatory approvals but all other conditions to closing have been satisfied, the end date shall automatically be extended to May 30, 2023; provided, further, that if on the second extension date a regulatory proceeding is still pending, either Renewable Energy or Chevron Corporation shall be entitled to extend the end date until August 28, 2023. The transaction is expected to be accretive to Chevron earnings in the first year after closing and accretive to free cash flow after start-up of REG's Geismar expansion.
Goldman Sachs & Co. LLC acted as financial advisor, and, Scott A. Barshay, Kyle T. Seifried, Caith Kushner, John Kennedy, Manuel Frey, Patricia Vaz de Almeida, Brian Krause, Jeffrey Samuels, Kevin Colan, Larry Witdorchic, Claudine Meredith-Goujon, William O'Brien and Peter Fisch of Paul, Weiss, Rifkind, Wharton & Garrison LLP and David Higbee, Ben Gris and Jonathan Cheng of Shearman & Sterling LLP acted as legal advisor to Chevron. Guggenheim Securities, LLC acted as financial advisor and fairness opinion provider and Mark D. Gerstein, David Owen, Brent Epstein, Roderick Branch, Joel Trotter, Michelle Carpenter, Jeffery Tochner, Jean-Philippe Brisson, Diana Doyle, Eli Katz, Omar Nazif, Christopher Dolan, Sosi Biricik Klijian, Michael Egge, Max Hauser, Michele Johnson, Robert Frances, Meredith Monroe, Andrew Galdes, Jana Dammann de Chapto, Robert Blamires and Bradley Faris of Latham & Watkins LLP acted as legal advisor to Renewable Energy. MacKenzie Partners, Inc. acted as proxy solicitor to Renewable Energy. Renewable Energy will pay a fee of $45,000 to MacKenzie Partners in total. MacKenzie Partners will pay a fee of $42.5 million to pay Guggenheim Securities for its services, of which a fee of $2.5 million will be paid to Guggenheim for rendering of fairness opinion. Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor for Renewable Energy. Computershare acted as transfer agent for Renewable Energy.
Chevron Corporation (NYSE:CVX) completed the acquisition of Renewable Energy Group, Inc. (NasdaqGS:REGI) from State Street Corporation (NYSE:STT), BlackRock, Inc. (NYSE:BLK), The Vanguard Group, Inc., Dimensional Fund Advisors LP, Ameriprise Financial, Inc. (NYSE:AMP) and others on June 13, 2022.