M&A · Energy · Pipe Lines (No Natural Gas)
Ergon Asphalt & Emulsions, Inc. to acquire Blueknight Energy Partners, L.P.
Announced Apr 22, 2022 · Closed Aug 17, 2022
Deal value—
Premium51.5%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$4.65 per share
Transaction
- Acquirer
- Ergon Asphalt & Emulsions, Inc.
- Target
- Blueknight Energy Partners, L.P.
- Buyer type
- Strategic
- Offer price per share
- $4.65
- Enterprise value
- —
- Status
- Closed Aug 17, 2022
Deal protections
- Break fee (target pays)
- $5.5M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Evercore, Jefferies
- Evercore fee
- $1.3M
Sector context · Energy
- Comparable deals
- 30 in the prior 24 months
- Premium
- 51.5% vs. 25.1% sector median
- EV / Adj. EBITDA
- Sector median 12.8x
- Break fee
- Sector median 2.6%
Timeline
- AnnouncedApr 22, 2022
- Proxy filedJun 1, 2022
- Definitive proxyJul 8, 2022
- Shareholder voteAug 16, 2022
- ClosedAug 17, 2022
Valuation · fairness opinions
Discounted cash flow$2.01$4.29
Discounted cash flow$2.36$5.03
Discounted cash flow$1.90$5.40
Discounted cash flow$0.71$4.06
Discounted cash flow$0.87$4.84
Offer $4.65
Implied value per Blueknight Energy Partners, L.P. share by analysis, from Evercore.