BP p.l.c., an energy company, completed the acquisition of cellulosic biofuels business, including the facilities, from Verenium Corporation, a developer of cellulosic ethanol technology, for a purchase consideration of $98.3 million.

The cellulosic biofuels business facilities is located in the provinces of Jennings, LA, including the pilot plant and the demonstration-scale facility as well as the San Diego, CA R&D facilities; Cellulosic biofuels technology and related IP; and Cellulosic enzyme technology and related IP. In addition, Verenium retained its commercial enzyme business, including its biofuels enzymes products and have the right to develop its own lignocellulosic enzyme program. Verenium also retained select R&D capabilities, as well as rights to access select biofuels technology developed by BP using the technology it is acquiring from Verenium. Pursuant to the transaction, BP became the sole owner of Vercipia Biofuels and Galaxy Biofuels, the 50-50 joint ventures created by the Verenium and BP.

UBS Investment Bank acted as financial advisor and Cooley LLP acted legal advisor to Verenium; while DLA Piper LLP (US) acted as legal advisor to BP for the transaction.

Deal History

Completed: On September 2, 2010, BP completed the acquisition of cellulosic biofuels business, including the facilities from Verenium Corporation, for $98.3 million.

Announced: On July 15, 2010, BP entered into an agreement to acquire cellulosic biofuels business, including the facilities from Verenium Corporation, for $98.3 million.

* Indicates Mandatory