BP $4.1 billion biofuel deal makes strategic sense, but it comes at a SPAC-tacular price.
The British oil-and-gas giant is buying Archaea Energy a leading U.S. producer of so-called renewable natural gas, a greener version of the fuel because it is recovered from waste rather than pumped out of the ground. The acquisition adds to BP’s new-energy business and there could be synergies in the two companies’ complementary skills—energy trading in BP’s case and gas production in Archaea’s.
