Evercore Investment Banking Pitch Book
Additional Materials
2021 Acquisition of 60% of SCR
2021 Acquisition Overview
On November 19, 2021, Ciner Enterprises agreed to sell
a 60% interest in Sisecam Chemicals to Sisecam USA
for $300.0 million (the "2021 Acquisition")
As a result of the transaction:
Sisecam Parent owns a controlling interest in the
Partnership and Sisecam Wyoming through its
indirect, majority ownership of Partnership GP
Sisecam Parent owns 60.0% of an approximate
74.1% economic interest in SIRE
Illustrative Value per LP Unit
SIRE Units Owned by Sisecam Chemicals
Implied Value of SIRE Units
Implied Value Paid by Sisecam Parent
Implied Value for Control
Implied SIRE Equity Market Cap¹
Control Value as % of SIRE Equity Market Cap
Implied Sisecam Wyoming Equity Value²
Control Value as a % of Sisecam Wyoming Equity Value
Assumed Unit Price Premium and Implied Value Paid for Partnership GP
$18.34 $20.00 $22.00
14.6
14.6
14.6
$266.8 $291.0 $320.1
$500.0 $500.0
$233.2 $209.0
$370.3
63.0%
$726.2
32.1%
Source: Public filings
1. Based on Illustrative Value per LP Unit and 20.2 million SIRE LP and GP units
2.
SIRE Market Cap divided by 51% to arrive at an implied equity value for Sisecam Wyoming
EVERCORE
$792.1
26.4%
($ in millions, except per unit amounts,
Implied Value of Sisecam Chemicals
51
Value of Sisecam Parent Interest
Divided by Ownership in Sisecam Chemicals
Implied Value of Sisecam Chemicals
$404.0 $444.4 $484.8
51.7%
31.1%
40.5%
$24.00 $26.00 $28.00 $30.00 $32.00
14.6
14.6
14.6
14.6
14.6
$349.2 $378.3 $407.4 $436.5 $465.6
$500.0 $500.0 $500.0
$179.9 $150.8 $121.7
$500.0 $500.0 $500.0
$92.6 $63.5 $34.4
$525.2 $565.6
23.2% 16.4%
$871.3 $950.5 $1,029.7
20.6%
15.9%
11.8%
$606.0 $646.4
10.5%
5.3%
$300.0
60.0%
$500.0
$34.36
14.6
$500.0
$500.0
$-
$694.1
--%
$1,109.0 $1,188.2 $1,267.4 $1,360.9
8.3%
5.3%
2.7%
--%
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