backOn November 12, 2024, Adams Resources & Energy, Inc. (NYSE American: AE) (“Adams”) announced that it has entered into a definitive agreement to be acquired by our client, Tres Energy LLC (“Tres”), for $38.00 per share in cash, or an enterprise value of approximately $138.9 million. This is a public M&A deal and upon completion of the transaction, Adams will become a privately held company, and its common stock will no longer be traded on the NYSE American.
Tres is a privately held company that invests in and operates strategic energy assets across the United States. Through its subsidiaries, Tres operates upstream oil and gas facilities in the Permian Basin of West Texas and New Mexico and the Marcellus Shale in Northeast Pennsylvania as well as natural gas-fired peaker plants throughout Texas.
Adams is engaged in crude oil marketing, transportation, terminalling and storage, tank truck transportation of liquid chemicals and dry bulk and recycling and repurposing of off-spec fuels, lubricants, crude oil and other chemicals through its subsidiaries.
The King & Spalding team advising Tres on the take private transaction includes Jonathan Newton, Robert Leclerc, Billy Padula, Jake Downing, Heather Cron, Sydney Jones Lampard, Cynthia Stroman, John Sweet, Erin Mendez and Rehman Mir.
A press release announcing the transaction can be found here.