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Brean Murray, Carret & Co. Serves as Financial Advisor to Sinoenergy Corporation
Monday, October 12, 2009
Sinoenergy Corporation (Nasdaq: SNEN), a Chinese manufacturer of compressed natural gas (CNG) equipment, announced that it will be taken private in a merger with Skywide Capital Management Ltd. Skywide, which is owned by Sinoenergy's chairman, Tianzhou Deng, and its president, Bo Huang, is the Company's largest shareholder, owning approximately 39% of Sinoenergy's outstanding common stock. Shareholders other than Skywide will receive $1.90 per share when the merger is completed, representing a 48.4% premium over Sinoenergy's closing price prior to the announcement. Following the merger, Sinoenergy will cease to exist as a separate corporation and its stock will no longer be publicly traded. Brean Murray, Carret & Co. served as financial advisor to Sinoenergy in this transaction and rendered a fairness opinion to the Company’s special committee with respect to the transaction.
Sinoenergy is a developer and operator of retail CNG stations as well as a manufacturer of CNG transport truck trailers, CNG station equipment, and natural gas fuel conversion kits for automobiles, in China. In addition to its CNG related products and services, the Company designs and manufactures a wide variety of customized pressure containers for use in the petroleum and chemical industries.
Brean Murray, Carret’s Investment Banking Group is dedicated to helping our clients achieve their strategic and financial goals. For over 35 years, the Firm has specialized in providing underwriting, financing, M&A advisory and independent financial advisory services. As demonstrated by our track record, Brean Murray, Carret’s industry knowledge, commitment and experience are critical to ensure a successful transaction.
For further details regarding this transaction or Brean Murray, Carret’s Investment Banking practice, please contact Richard Serrano, Managing Director, at 212.702.6506, John Fletcher, Managing Director, at 212.702.6521 or Derek Woodworth, Managing Director, at 212.702.6545. |
