IKAV, the international asset management group, set to acquire 100 percent membership interest in Aera
International asset management group IKAV has agreed to terms to acquire 100 percent membership interest in Aera Energy LLC (“Aera”), through two separate transactions with the joint venture subsidiaries of ExxonMobil and Shell respectively. The transactions are subject to regulatory approval. The deal is expected to close by the end of the year.
“We are excited about IKAV’s investment in Aera,” said Erik Bartsch, Aera president and CEO. ”It tells us they believe in the need for oil and gas for decades to come and are confident in our ability to deliver innovative solutions that will help California meet its bold climate goals.”
IKAV’s investment in Aera underlines the fact that conventional energy will continue to play an essential role in California’s energy supply during the state’s transition to renewable sources. IKAV is committed to driving forward Aera’s strategy to produce safe, responsible and affordable energy for all of California as well as to help achieve statewide carbon neutrality goals.
“Aera will continue to power the California economy and live our values of exceptional care for people and the environment. We will also remain committed to the principles that make us an employer of choice and a valued partner in the communities where we live and work,” Bartsch said.
Read the full press release > https://www.aeraenergy.com/library/ikav-acquires-aera-energy-from-shell-and-exxonmobil/