M&A · Energy · Oil & Gas Field Services, NEC
Kodiak Gas Services, Inc. to acquire CSI Compressco LP
Announced Dec 19, 2023 · Closed Apr 1, 2024
Deal value$854MEV $1.47B
Premium—To unaffected price
EV / Adj. EBITDA11.6x3.9x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Kodiak Gas Services, Inc. (KGS)
- Target
- CSI Compressco LP (CCLP)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $1.47B
- Status
- Closed Apr 1, 2024
Deal protections
- Break fee (target pays)
- $15.0M · 1.8%
- Reverse fee (buyer pays)
- $20.0M · 2.3%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Barclays
- To the target
- Jefferies
Sector context · Energy
- Comparable deals
- 34 in the prior 24 months
- Premium
- Sector median 24.6%
- EV / Adj. EBITDA
- 11.6x vs. 8.7x sector median
- Break fee
- 1.8% vs. 2.9% sector median
Timeline
- AnnouncedDec 19, 2023
- Proxy filedFeb 21, 2024
- Definitive proxyFeb 21, 2024
- Shareholder voteMar 19, 2024
- ClosedApr 1, 2024
Valuation · fairness opinions
Trading comparables$1.14$1.60
Trading comparables$0.89$1.14
Trading comparables$1.34$2.38
Trading comparables$1.59$2.77
Trading comparables$16.34$20.43
Implied value per CSI Compressco LP share by analysis, from Jefferies.