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    Power & Energy Q4 2019

    Q4 Power Energy

    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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    Contacts

    Michael Poole

    Orlando Office

    407-621-2112

    Michael Rosendahl

    New York Office

    201-444-6280 Ext 1

    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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