New Fortress Energy to Sell Jamaican Operations to Excelerate Energy for $1.055 Billion

On March 26, 2025, New Fortress Energy Inc. (NFE) and its affiliate Atlantic Energy Holdings LLC entered into a definitive equity and asset purchase agreement with Excelerate Energy Limited Partnership, a subsidiary of Excelerate Energy Inc. Under the terms of the agreement, Excelerate will acquire NFE’s Jamaican business for an initial purchase price of $1.055 billion in cash, subject to adjustments for working capital, transaction expenses, and fuel inventory.

The transaction includes the transfer of NFE’s energy operations and assets in Jamaica and is expected to close as early as the second quarter of 2025. Closing is subject to customary conditions including pre-closing restructuring, delivery of audited financial statements, receipt of required consents, and release of assets from existing debt obligations.

The agreement allows either party to terminate the deal if closing does not occur by July 24, 2025, extendable to August 25, 2025. In certain termination scenarios, NFE may be required to reimburse Excelerate for documented transaction-related expenses.

On March 27, NFE issued a press release announcing the agreement. The deal is expected to support NFE’s strategy to reduce debt and realign capital toward its remaining operations.

A copy of the agreement and press release were filed with the SEC as Exhibits 10.1 and 99.1, respectively.