Power & Energy Q4 2019

Q4 Power Energy

M&A Transaction Trends

Largest Transactions Closed

  • Target
  • Buyer
  • Value($mm)
  • Buckeye Partners, L.P.
  • IFM Investors Pty Ltd
  • $10,501
  • All Alaska Operations of BP p.l.c. and BP Pipelines (Alaska) Inc.
  • Hilcorp Alaska LLC
  • $5,600
  • SemGroup Corporation
  • Energy Transfer LP
  • $5,260.00
  • Gathering System and Pipeline in the Haynesville Shale Formation
  • DTE Michigan Gathering Holding Company
  • $2,650
  • Dominion Energy Cove Point LNG, LP
  • Brookfield Asset Management Inc.
  • $2,000
  • Kinder Morgan Cochin LLC
  • Pembina U.S. Corporation
  • $1,546
  • Central Penn Pipeline
  • NextEra Energy Partners, LP
  • $1,280
  • Thermal North America, Inc.
  • Antin Infrastructure Partners S.A.S.
  • $1,250
  • Connecticut Water Service, Inc.
  • SJW Group
  • $1,130
  • Cube Hydro Partners, LLC/Helix Partners, LLC
  • Ontario Power Generation Inc.
  • $1,123

 

Source S&P Capital IQ as of 1/10/2020 and PCE Proprietary Data

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Data Assumptions

This report represents transaction activity as mergers & acquisitions, consolidations, restructurings and spin-offs. Targets are defined as U.S. Based companies with either foreign or U.S. based buyers. Transaction information provided is based on closed dates only.

Glossary

EBIT - Earnings Before Interest and Taxes
EBITDA - Earnings Before Interest, Taxes, Depreciation, Amortization
LTM - Last Twelve Months
TEV - Total Enterprise Value

Sources:

  1. Krauss, Clifford, “Natural Gas Boom Fizzles as a U.S. Glut Sinks Profits,” The Wall Street Journal, December 11, 2019.
  2. “Natural Gas (Henry Hub),” Market Insiders, December 31, 2019.
  3. Penn, Ivan, Eavis, Peter, “Report Detailing PG&E’s Failures Raises New Hurdles for Utility,” The New York Times, December 3, 2019.
  4. Dummett, Ben, Said, Summer, “Aramco Valued at $1.7 Trillion in World’s Biggest IPO,” The Wall Street Journal, December 5, 2019.
  5. Jones, Rory, “Aramco Shares Rise 10% After World’s Biggest IPO,” The Wall Street Journal, December 11, 2019.
  6. Plumer, Brad, Davenport, Coral, “Science Under Attack: How Trump Is Sidelining Researchers and Their Work,” The New York Times, December 28, 2019.
  7. Yang, Stephanie, “In Tougher Times, China Falls Back on Coal,” The Wall Street Journal, December 23, 2019.
  8. Puko, Timothy, Ferek, Katy, “Trump Administration Waives Tighter Rules for Less Efficient Lightbulbs,” The Wall Street Journal, December 20, 2019.
  9. Carlton, Jim, “Idaho Needs More Power but Parts of Oregon Object,” The Wall Street Journal, December 30, 2019.

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