M&A · Energy · Wholesale-Petroleum & Petroleum Products (No Bulk Stations)
Argo Infrastructure Partners, LP to acquire Macquarie Infrastructure Corp
Announced Jun 14, 2021 · Closed Sep 22, 2021
Deal value$4.47BEV $4.47B
Premium—To unaffected price
EV / Adj. EBITDA45.6x6.4x EV / Revenue
ConsiderationAll cash$3.83 per share
Transaction
- Acquirer
- Argo Infrastructure Partners, LP
- Target
- Macquarie Infrastructure Corp
- Buyer type
- Strategic
- Offer price per share
- $3.83
- Enterprise value
- $4.47B
- Status
- Closed Sep 22, 2021
Deal protections
- Break fee (target pays)
- $13.6M · 0.3%
- Reverse fee (buyer pays)
- $22.7M · 0.5%
- Go-shop
- No-shop
- Financing
- Committed · Jefferies
Advisors
- To the acquirer
- Not disclosed
- To the target
- Lazard, Evercore
- Lazard fee
- $1.9M
- Evercore fee
- $1.9M
Sector context · Energy
- Comparable deals
- 14 in the prior 24 months
- Premium
- Sector median 41.5%
- EV / Adj. EBITDA
- 45.6x vs. 12.8x sector median
- Break fee
- 0.3% vs. 2.3% sector median
Timeline
- AnnouncedJun 14, 2021
- Proxy filedJul 15, 2021
- Definitive proxyAug 23, 2021
- Shareholder voteSep 21, 2021
- ClosedSep 22, 2021
Valuation · fairness opinions
Sum of the partsLazard$2.63$3.33
Sum of the partsLazard$3.39$4.41
Sum of the partsLazard$3.65$4.59
Sum of the partsLazard$2.96$3.73
Sum of the partsLazard$2.87$4.01
Sum of the partsEvercore$2.68$4.57
Sum of the partsEvercore$3.80$4.89
Sum of the partsEvercore$2.41$4.52
Sum of the partsEvercore$3.40$4.25
Sum of the partsEvercore$2.81$3.60
Offer $3.83
Implied value per Macquarie Infrastructure Corp share by analysis, from Lazard and Evercore · DCF discount rate 8.75%–9.75%.