Tudor, Pickering, Holt & Co Investment Banking
Selected Energy Precedent Transactions
(USD in millions, except per unit (share) data)
Announcement
Data
5/23/2018
4/26/2018
4/23/2018
2/5/2018
12/12/2017
8/29/2017
8/18/2017
7/19/2017
1/25/2017
6/3/2016
2/9/2016
2/1/2016
10/26/2015
9/4/2015
6/14/2015
10/20/2014
9/29/2014
4/30/2014
12/11/2013
11/19/2013
5/2-1/2013
4/8/2013
1/7/2013
12/5/2012
12/21/2011
10/17/2011
9/12/2011
7/15/2011
4/20/2011
11/9/2010
3/3/2010
9/15/2009
7/28/2008
Median
Babcock Wilcox Enterprises Inc
5W Group
point Energy Partners LP
Are Logistics Partners LP
Calpine Corp
Avista Corp
De Natural Gas Conc
WGL Holdings inc
CST Brands Inc
Tan Energy Corp
Empire District Electric Co
Piedmont Natural Gas Conc
APR Energy (6.12468)
TECO Energy Inc
AGL Resources Inc
Niska Gas Storage Partners LLC)
Claco Corp
Action Energy Inc
Pepco Holdings Inc
UNS Energy Corp
Coastal Energy Co
NV Energy Inc
Luin Industries Inc
EnergySolutions Inc
McMan Exploration Co
WCA Waste Corp
Brigham Exploration Co
Global Industries Ltd
Target
Perak Energy Corp
Central Vermont Public Service Corp
DPL Inc
Bronco Driting Conc
Atlas Energy Inc
Superior wall Services Inc (240)
Southwest Water Co
Encone Acquisition Co
Parallel Petroleum Corp
Steel Partners Holdings LP
CenterPoint Energy In
Capital Dynamics AG
SCR SNV
Zenith Energy US LP
Energy Capital Partners: Access Industries; CPPB
Hydro One Ltd
PMG Companies LLC
AG Ltd
Alimentation Couche-Tardin
Riverstone Holdings LLC
Algonquin Power & Utilities Corp
Dominion Resources Inc
Duke Energy Corp
Fairtex Financial Holdings: Management ACONInstments Abright Capital
Management
Emers Inc
Acquiror
Brookfield Infrastructure Partners LP
Macquarie Group: Manulife Financial, British Columbia Investment
Management
EnCane Corp
Exion Corp
Fortis Inc
Compania Espanola de Petroles SACEPSA
Berkshire Hathaway Inc
General Electric Co
Energy Capital Partners LLC
Freeport-McMoran Copper & Gold Inc
Macquarie Infrastructure Partners I
Tech SA
Private Investor (Timothy M. Marque
BHP Billiton Ltd
Gas Metro
AES Corp
Chesapeake Energy Corp
Chevron Corp
Nabor Industries Ltd
Denbury Resources Inc
Apollo Global Management LLC
Sempra Energy
Transaction
Value (MM)
$323
$17,389
$260
$6,602
$2,371
$10,391
53,182
$10,423
$1,073
$15,00
34,678
Source: Dealogic as of 8/30/2018.
Note: Excludes MLPs and transactions without publicly available premiums data. Based on deals involving U.S. targets with deal value greater than $250MM,
target general industry group defined as oil & gas or utilities & energy, announce date since 2008, acquirer final stake 90% and 100% cash consideration.
(1) Niska units were trading at $1.21 / unit for a market capitalization of $50MM at the time of the transaction, net debt of $726MM and LTM EBITDA of
($25.4MM).
5427
$731
4,310
1-Day
95%
TON
54%
TON
24%
17M
20
17%
21
23%
42%
20
31%
338%
15%
25%
20%
30%
20%
21%
30%
55%
DAN
204
*
ME
37N
21
SAN
11%
23%
21%
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
1-Month
(1790)
20%
80
140
73
15/8%
278
40%
11
TERG
24%
35%
220
116
30%
340
626
1290
5TK
15%
42%
B4%
64%
24%
34%
TUDORPICKERING
HOLT&CO:
EVEAGY INVESTMENTS
MERCHANT BANKING
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