M&A · Energy · Natural Gas Transmission
Phillips 66 to acquire DCP Midstream, LP
Announced Jan 6, 2023 · Closed Jun 15, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed
Transaction
- Acquirer
- Phillips 66 (PSX)
- Target
- DCP Midstream, LP
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jun 15, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Barclays
- To the target
- Evercore
Sector context · Energy
- Comparable deals
- 38 in the prior 24 months
- Premium
- Sector median 28.6%
- EV / Adj. EBITDA
- Sector median 12.8x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedJan 6, 2023
- Proxy filedMar 22, 2023
- Definitive proxyMay 19, 2023
- Shareholder vote—
- ClosedJun 15, 2023
Valuation · fairness opinions
Discounted cash flow$36.05$43.31
Discounted cash flow$37.83$45.40
Discounted cash flow$44.86$53.18
Discounted cash flow$18.84$24.22
Discounted cash flow$33.35$49.58
Implied value per DCP Midstream, LP share by analysis, from Evercore.