According to various outlets, Chevron Corp. (NYSE: CVX) is closing in on buying Renewable Energy Group (NASDAQ: REGI) Inc. for ~ $3 Billion.
Chevron is looking at paying $61.50 per share for Renewable Energy according to the sources close to the deal.
Renewable Energy stock climbed over 36% in after-market trading on the pending news.
The official announcement could be made as early as next week, but the terms and talks could still fall through.
This would be a major push for Chevron’s energy transition into renewable fuels. Renewable energy demand is expected to grow in the coming years as organizations and governments follow through on their decarbonization pledges.
Chevron earlier stated they are tripling their low-carbon investments to $10 Billion through 2028.