Upcoming AWS Coverage on HRG Group
LONDON, UK / ACCESSWIRE / April 19, 2017 / Active Wall St. blog coverage looks at the headline from Blank Check Company Harmony Merger Corp. (NASDAQ: HRMN). Harmony Merger and NextDecade LLC jointly announced on April 18, 2017, the signing of an agreement for a business combination transaction. On completion of the merger transaction, NextDecade, which is currently a privately held liquefied natural gas development Company, will become a publicly listed Company. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
One of Harmony Merger's competitors within the Conglomerates space, HRG Group, Inc. (NYSE: HRG), is estimated to report its earnings on May 09, 2017. AWS will be initiating a research report on HRG Group following the release of its next earnings results.
Today, AWS is promoting its blog coverage on HRMN; touching on HRG. Get all of our free blog coverage and more by clicking on the link below: http://www.activewallst.com/register/.
Commenting on the merger agreement, Kathleen Eisbrenner, Founder and CEO of NextDecade said:
"We believe a transaction with Harmony will strengthen our ability to bring competitively priced, US-produced LNG to the world market in the early part of the next decade."
Eric Rosenfeld, CEO of Harmony added:
"Following confirmatory due diligence activities, we believe that NextDecade's commercial, regulatory, and engineering standing affords the Company key competitive advantages and brings a unique opportunity for Harmony stockholders to participate at the development stage in an investment in the US LNG export market."
About the Merger Agreement
The merger agreement is the result of the letter of intent signed by both Companies in March 2017. Harmony will bring to the table approximately $112.8 million cash in trust funds. The all-stock transaction will result in the formation of a merged entity with a pro-forma enterprise value of more than $1.0 billion at the close of the deal. NextDecade's shareholders will be entitled to additional contingent stock consideration of approximately $200 million, which will be payable on achieving certain pre-agreed milestones. Once the transaction is completed Harmony will own nearly 13% in the merged entity.
The Boards of Directors of both Harmony and its Special Advisor have approved the merger agreement. NextDecade's Board of Managers as well as its members has also approved this deal. The transaction is expected to close in the later part of Q2 2017 subject to approvals from Harmony's shareholders and certain closing conditions.
Details of the Parties to the Merger Agreement
Harmony Merger Corp. – The New York based Company is a blank check firm, also known as a Special Purpose Acquisition Company (SPAC). It does not have any business operations but has raised $100 million via an IPO (Initial Public Offering). Its only objective is to merge with a private Company whose value is in the range of $250 million to $1.0 billion or more. Harmony's management team lead by CEO Eric Rosenfeld has successfully completed four SPAC transactions, including Hill International (NYSE: HIL), Primoris Services Corp. (NASDAQ: PRIM), SAExploration (NASDAQ: SAEX), and Pangaea Logistics Solutions (NASDAQ: PANL).
Harmony had earlier on January 07, 2017 announced the merger with privately-held MUNDOmedia. However, the merger was terminated by MUNDOmedia in February 2017. The issue was resolved in early March 2017 with the merger being terminated amicably effective February 23, 2017.
NextDecade LLC – The Woodlands, Texas based Company was founded in 2010 and is a project development and management firm of LNG projects. NextDecade is currently focused on a land-based LNG export project - Rio Grande LNG (RGLNG) in Brownsville, Texas located on the US Gulf Coast and Rio Bravo pipeline originating in the Agua Dulce market area. Apart from this the Company is exploring and developing opportunities in the US and across the globe in areas like creation of natural gas infrastructure, transportation and storage of LNG, and the trading of natural gas as LNG. NextDecade has submitted its pre-filing request to the Federal Energy Regulatory Commission (FERC) in March 2015 followed by a formal application in May 2016.
The main investors and majority stakeholders in NextDecade include funds managed by York Capital Management, Valinor Management, and Halcyon Capital Management.
Stock Performance
At the close of trading session on Tuesday, April 18, 2017, Harmony Merger's stock price slipped 1.64% to end the day at $10.20. A total volume of 1.44 thousand shares were exchanged during the session. The Company's share price has gained 0.05% in the past one month and 0.29% on YTD basis. The stock currently has a market cap of $316.91 million.
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SOURCE: Active Wall Street