Fieldwood Energy LLC has purchased the business unit of SandRidge Energy Inc in the Gulf of Mexico and Gulf Coast. The acquisition deal is valued at $750 million, according to The Middle Market.

Fieldwood is backed by Houston-based private equity group Riverstone Holdings LLC. The firm is focused mainly on the acquisition and development of Gulf Coast oil and gas assets. In July, Fieldwood secured a $3.75-million contract for the assets of oil company Apache Corp, the report detailed.

Riverstone is a company that focuses on the energy industry. The firm has raised around $27 billion in equity capital. In December, the private equity firm poured in a $300-million investment in Eagle Energy Exploration LLC. In October, Riverstone invested $200 million in Abaco Energy Technologies, the report said.

Under the terms of the acquisition deal, SandRidge will continue to hold a 2% interest in two exploration projects. SandRidge is an oil company that deals mainly with the drilling of oil wells. The firm is presently based in Oklahoma City, The Middle Market reported.