Barclays Investment Banking Pitch Book
Trans Am Historical Premiums Paid Analysis
Selected Historical MLP Merger and Buy-in Premiums
Total Transaction
Value Imm
Announce
8/1/2018
6/19/2018
5/17/2018
5/17/2018
5/17/2018
5/17/2018
5/17/2018
3/25/2018
2/8/2018
1/2/2018
11/8/2017
6/29/2017
8/14/2017
6/2/2017
5/18/2017
3/3/2017
2/1/2017
1/26/2017
10/24/2016
9/26/2016
6/1/2016
5/31/2016
11/3/2015
10/26/2015
7/13/2015
5/13/2015
5/6/2015
1/26/2015
10/27/2014
10/13/2014
10/1/2014
8/10/2014
8/10/2014
10/10/2013
6/27/2013
5/7/2013
1/29/2013
2/23/2011
Acquiror
Energy Transfer Equity, L.P.
Cheniere Energy, Inc.
Enbridge
Enbridge
Enbridge
Enbridge
Williams
Talligrass
NuStar Energy LP
Archrock
Zenith
Andeavor Logistics
World Point Terminals, Inc.
==== D D D D
Energy Transfer Partners, L.P.
VITI B.V.
ONEOK, Inc.
Enbridge Energy Co, Inc.
American Midstream Partners, LP
TransCanada Corporation
Transocean Ltd.
SemGroup Corporation
Targa Resources Corp.
Western Refining, Inc.
MPLX LP
The Williams Companies, Inc.
Crestwood Equity Partners LP
Energy Transfer Partners, L.P.
Access Midstream Partners LP
Targa Resource Partners LP
Enterprise Products Partners L.P.
Kinder Morgan, Inc.
Kinder Morgan, Inc.
Regency Energy Partners LP
Plains All American Pipeline, L.P.
Pioneer Natural Resources Company
Inergy Midstream L.P.
Kinder Morgan Energy Partners, L.P.
Enterprise Products Partners L.P.
Target
Energy Transfer Partners, L.P.
Cheniere Partners Holdings
Enbridge Energy Partners
Spectra Energy Partners
Enbridge Energy Mgmt.
Enbridge Income Fund
Williams Partners.
Talligrass Energy Partners
Star GP Holdings
Archrock Partners
Alon Partners
ARCX
Western Refining Logistics
World Point Terminals, LP
on a
PennTex Midstream Partners, LP
VTTI Energy Partners LP
ONEOK Partners, L.P.
Midcant Energy Partner, LP.
JP Energy Partners LP
Columbia Pipeline Partners LP
Transocean Partners LLC
Rose Rock Midstream, LP.
Targa Resources Partners LP
Northem Tier Energy LP
MarkWest Energy Partners, L.P.
William Partners L.P.
Crestwood Midstream Partners LP
Regency Energy Partners LP
Williams Partners LP.
A Pipeline Partners, L.P.
Onking Partners LP
Kinder Morgan Energy Partners, L.P.
El Paso Pipeline Partners, LP.
PVR Partners, L.P.
PAA Natural Gas Storage LP.
Pioneer Southwest Energy Partners LP.
Crestwood Midstream Partners LP
Copano Energy, LLC.
Duncan Energy Partners LP.
$1.243
$2,174
4
$3,216
$10.500
$4,000
1700
$1.381
$857
$1,754
$157
$327
$572
$17,116
$641
$452
ST 216
$2,741
154,142
$5,909
$58.551
$10,032
$2,272
$2,402
$4,724
$3,303
MLP Buy-Ins
All MLP Mergers
Consideration Mix
Unit-for-Unt
Stock-for-Unit
Stock-for-Unit
Stock-for-Unit
Stock-for-Unit
Stock-for-Unit
Unit-for-Unit
Stock-for-Unit
Stock-for-Unt
Uni-for-Uni
Cath
Cash
Cash
Stock-for-Unit
Cash
Unit-for-Unit
Cash
Stock-for-Unit
Stock-for-Unit
Stock-for-Unit
CashStock-for-Uni
Unit-for-Unit
Stock-for-Unit
Unit-for-Unit
Unt-for-Unit
Unit-for-Unit
Unit-for-Unit
Stock-for-Unit
Stock-for-Unit
Unit-for-Unt
Unit-for-Unit
Stock-for-Unit
Unt-for-Unt
Unit-for-Unit
Unit-for-Lest
Median
Mean
Min
Mean
Max
Min
1-Day
11.2%
12.9%
00%
0 0%
5.2%
6.4%
0.0%
1.7%
20%
15.2%
5.8%
100%
16.0%
(8.0%)
11.1%
15.0%
0.0%
18.4%
14.0%
31.8%
17.9%
17.2%
6.5%
15.0%
5.6%
12.0%
15.4%
8.5%
23.0%
4.8%
21.8%
11.2%
10.4%
27.9%
(8.6%)
11.6%
31.6%
(8.6%)
Premium Paid To Closing Price:
11.6%
10:3%
5.7%
(1774)
10.5%
(594)
40%
22.2%
(1096)
13.7%
15.0%
10.9%
23.1%
11.9%
17.1%
17.4%
66%
7.8%
46%
27.5%
17%
21.7%
10.6%
10.2%
27.7%
11.2%
35.8%
(17.7%)
10.7%
(5.6%)
(5.3%)
1.7%
(10.0%)
12.7%
23.1%
10.3%
10.5%
14.9%
12.7%
29UN
13.5%
27.8%
10.0%
8.4%
30%
10.7%
7.3%
23.7%
7.2%
8.1%
12.4%
10.6%
126%
(100%)
Source: Company/Partnership filings, press releases and FactSet
Note: Transactions below dashed line per Evercore/WPT Presentation (6/1/2017), as filed in WPT filing dated 6/2/2017. Highlighted transactions reflect MLP buy-ins Premiums based on undisturbed closing price to be
consistent with Evercore methodology 1-Day and 5-Day prices based on business days; 30-Day prices based on calendar days
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