Occidental Agrees to Acquire Carbon Engineering for Approximately $1.1 Billion
August 15, 2023
Occidental (through a wholly owned subsidiary) has entered into a definitive agreement to acquire Carbon Engineering Ltd. for approximately $1.1 billion in cash, payable in three roughly equal annual installments. The deal — which will make Carbon Engineering a subsidiary of Oxy Low Carbon Ventures upon closing — is intended to accelerate deployment and commercialization of direct air capture (DAC) technology and expand Occidental's low-carbon capabilities.
- Buyers
- Occidental, Oxy Low Carbon Ventures, 1PointFive
- Targets
- Carbon Engineering Ltd.
- Industry
- Energy
- Location
- British Columbia, Canada
- Transaction Type
- Buyout
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