Tokyo Gas Poised To Acquire US Natural Gas Producer From Private Equity In Almost $5B Deal

Tokyo Gas Co Ltd's TKGSY TKGSF unit is reportedly in advanced talks to buy Rockcliff Energy from Quantum Energy Partners for about $4.6 billion.
The unit, TG Natural Resources, which is 70% owned by Tokyo Gas, is expected to announce the deal sometime this month, the sources told Reuters. Castleton Commodities International (CCI) owns the rest of TG Natural Resources.
Reuters writes that TG Natural Resources is arranging the funding. The sources also added that no deal is guaranteed.
Rockcliff produces more than 1 billion cubic feet per day of natural gas from the Haynesville shale formation.
The purchase of Rockcliff would significantly increase TG Natural Resources' operations, with the company producing around 330 net million cubic feet per day as of June 2022 from the Haynesville formation.
Japan has been working to diversify from Russia's Sakhalin project, which accounts for 9% of Japan's total LNG imports of 74.3 million tons annually.