M&A · Energy · Natural Gas Transmisison & Distribution
Energy Transfer LP to acquire Crestwood Equity Partners LP
Announced Aug 16, 2023 · Closed Nov 3, 2023
Deal value$7.10BEV $10.35B
Premium—To unaffected price
EV / Adj. EBITDA—2.0x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Energy Transfer LP (ET)
- Target
- Crestwood Equity Partners LP (CEQP)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $10.35B
- Status
- Closed Nov 3, 2023
Deal protections
- Break fee (target pays)
- $96.0M · 1.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- BofA Securities
- To the target
- Intrepid Partners, Evercore
Sector context · Energy
- Comparable deals
- 35 in the prior 24 months
- Premium
- Sector median 24.6%
- EV / Adj. EBITDA
- Sector median 8.7x
- Break fee
- 1.4% vs. 2.9% sector median
Timeline
- AnnouncedAug 16, 2023
- Proxy filedSep 15, 2023
- Definitive proxySep 27, 2023
- Shareholder voteOct 25, 2023
- ClosedNov 3, 2023
Valuation · fairness opinions
Discounted cash flow$39.62$53.68
Discounted cash flow$34.66$47.87
Discounted cash flow$30.31$52.30
Discounted cash flow$24.96$46.34
Discounted cash flow$29.09$41.43
Implied value per Crestwood Equity Partners LP share by analysis, from Evercore.