Notable Merger and Acquisition of the Day 2/28: [(BP)/(LINE) (ALR)]

• BP (NYSE: BP) announced today that it has agreed to sell its interests in the Hugoton, Kansas, Jayhawk gas processing plant and associated producing gas fields in Kansas to an affiliate of LINN Energy, LLC (NASDAQ: LINE).
  
  Under the agreement, LINN Energy has agreed to pay BP $1.2 billion in cash. Completion of the agreement is subject to closing conditions including the receipt of all necessary governmental and regulatory approvals. The sale is currently expected to complete on 30 March, 2012.
  
  The agreement includes the sale of all of BP's working interest in about 2,400 wells in the Hugoton natural gas field, as well as the Hugoton Jayhawk gas processing plant, which has a processing capacity of about 450 million standard cubic feet of gas per day (mmscf/d). The majority of BP's current net natural gas production of about 110 million cubic feet of gas equivalent in the area is processed through the plant.
  
  
• Alere, Inc. (NYSE: ALR), a global leader in enabling individuals to take charge of their health through the merger of rapid diagnostics and health management, announced today that it has entered into a binding agreement to purchase eScreen, Inc., a leading technology firm that specializes in toxicology screening and employee health products and services.
  
  The base purchase price is $270 million cash subject to a customary working capital adjustment and follow-on contingent consideration of up to an additional $70 million. The acquisition is expected to close within the next 45 days, but remains subject to customary closing conditions.
  
  Headquartered in Overland Park, KS, with operations in Phoenix, AZ and sales and service offices in Richmond, VA and Calgary, Canada, eScreen deploys a class-leading automated platform and FDA-cleared reader for the collection, provision, management and reporting of regulated and non-regulated urine drug screens. The company also offers a growing portfolio of employee-related health testing products and services, and had revenues of approximately $120 million in 2011.

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