Golar LNG and Stonepeak Infrastructure Partners have agreed to sell Hygo Energy Transition, a gas-to-power and downstream liquefied natural has distribution company, to Nasdaq-listed New Fortress Energy in a cash-plus-equity deal.

Nasdaq-listed Golar and Stonepeak have, however, each retained indirect interests in Hygo, due to the merger aspects of the deal.

Merger terms

Under the terms of the takeover, New Fortress will pay a cash element of $580 million and transfer 31.4 million shares of its own Class A common stock.