M&A · Energy · Pipe Lines (No Natural Gas)
PBF Energy Inc. to acquire PBF Logistics LP
Announced Jul 28, 2022 · Closed Dec 1, 2022
Deal value—
Premium32.5%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- PBF Energy Inc. (PBF)
- Target
- PBF Logistics LP (PBFX)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Dec 1, 2022
Deal protections
- Break fee (target pays)
- $5.0M
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Barclays
- To the target
- Intrepid Partners
Sector context · Energy
- Comparable deals
- 38 in the prior 24 months
- Premium
- 32.5% vs. 27.3% sector median
- EV / Adj. EBITDA
- Sector median 12.2x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedJul 28, 2022
- Proxy filedOct 25, 2022
- Definitive proxyOct 25, 2022
- Shareholder voteNov 30, 2022
- ClosedDec 1, 2022
Valuation · fairness opinions
Trading comparables$15.19$20.32
Trading comparables$13.86$19.08
Discounted cash flow$10.41$17.36
Discounted cash flow$9.16$14.39
Discounted cash flow$10.91$14.12
Implied value per PBF Logistics LP share by analysis.