Tudor, Pickering, Holt & Co Investment Banking
Precedent Simplification Transactions
Announcement
Date
8/1/18
5/17/18
3/26/18
1/2/18
2/1/17
11/21/16
10/24/16
9/6/16
5/30/16
11/3/15
10/26/15
7/13/15
5/6/15
4/6/15
1/26/15
6/15/14
10/13/14
8/10/14
8/10/14
7/24/14
A
10/10/13
8/27/13
5/6/13
1/29/13
2/23/11
AMGP Proposal
AM Proposal
Energy Transfer Equity, L.P.
William Companies
Tall Grass Energy GP, LP
Archrock, Inc.
ONEOK, Inc
Sunoco Logistics Partners, LP
American Midstream Partners LP
Enbridge, Inc.
SemGroup Corp.
Acquiror
Targa Resources Corp.
Western Refining, Inc.
MPLX LP
Crestwood Equity Partners, LP
Tesoro Logistics LP
Energy Transfer Partners, LP
Williams Partners LP
Targa Resources Partners LP
Kinder Morgan Inc.
Kinder Morgan Inc.
Breitburn Energy Partners
Regency Energy Partners LP
ains All American LP
Inergy Midstream LP
Kinder Morgan Energy Partners LP
Enterprise Products Partners LP
Median
Mean
Antero Midstream GP LP
Antero Midstream GP LP
C
Target
Energy Transfer Partners, LP
Williams Partners, LP
Tallgrass Energy Partners, LP
Archrock Partners, LP
ONEOK Partners, LP
Energy Transfer Partners, LP
JP Energy Partners LP
Spectra Energy
Rose Rock Midstream
Targa Resources Partners LP
Northern Tier Energy
MarkWest Energy Partners, LP
Crestwood Midstream Partners
QEP Midstream Partners LP
Regency Energy Partners LP
Access Midstream Partners LP
Atlas Pipeline Partners LP
Kinder Morgan Energy Partners
El Paso Pipeline Partners
QR Energy LP
PVR Partners LP
PAA Natural Stor LP
Crestwood Midstream Partners LP
Copano Energy LLC
Duncan Energy Partners LP
Antero Midstream Partners LP
Antero Midstream Partners LP
D
Transaction
Value
$66,981
$57,793
$2,438
$23,654
$54,455
$46,980
$2,004
$12,229
$5,286
$22,360
$6,920
$1,145
$18,993
$35,891
$6,002
$52,566
$13,677
$2,856
$5,659
$2,643
$4,858
$3,282
$6,461
$17,897
$10,121
$10,382
E
FY + 1
Accretion
(8.7%)
(11.8%)
2.8%
5.0%
(0.8%)
12.9%
(7.3%)
(13.6%)
(16.0%)
11.80
(8.1%)
(11.3%)
(9.1%)
12.5%
(0.5%)
(5.9%)
5.5%.
(13.8%)
0.8%
(3.0%)
(3.4%)
(5.4%)
(0.9%)
Source: Company filings, Wall Street Research
Note: Accretion Dilution represents Target DCF pro forma for Acquirer Exchange Ratio (grossed up for cash consideration where applicable)
F
FY + 2
Accretion
3.6%
12.6%
0.5%
7.1%
0.7%
5.0%
10.2%
10.1%
(10.9%)
3.1%
(21.8%)
(15.1%)
(14.2%)
(6.7%)
(4.8%)
16.3%
(0.7%)
(23.3%)
1.3%
1.3%
(0.6%)
(1.8%)
2.5%
G
FY+ 3
Accretion
6.0%
5.7%
5.7%
10.6%
2.1%
4.1%
7.4%
1.6%
0.0%
(10.0%)
6.9%
(16.25)
2.7%
(15.9%)
(4.8%)
2.7%
34.0%
(5.8%)
(5.6%)
(20.3%)
(1.5%)
2.4%
0.8%
1.1%
5.2%
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
H
% Equity
Consideration
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
35.46
92.48
100.0%
100.0%
100.0%
96.7%
80.7%
100.0%
96.20
100.0%
100.0%
100.0%
95.2%
100.0%
100.0%
|
Cash
Consideration
$17.50
$6.20
$0.32
$1.26
$10.77
$4.65
$4.29
$0.29
---
$1.03
$2.77
$3.60
TUDORPICKERING
HOLT&COI:
ENERGY INVESTIMENTA
MERCHANT BANKING
69View entire presentation