M&A · Energy · Natural Gas Transmission
Energy Transfer LP to acquire Enable Midstream Partners, LP
Announced Feb 17, 2021 · Closed Dec 3, 2021
Deal value$7.20BEV $11.47B
Premium—To unaffected price
EV / Adj. EBITDA12.2x4.6x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Energy Transfer LP (ET)
- Target
- Enable Midstream Partners, LP
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $11.47B
- Status
- Closed Dec 3, 2021
Deal protections
- Break fee (target pays)
- $97.5M · 1.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Citigroup, RBC Capital Markets
- To the target
- Goldman Sachs, Intrepid Partners
Sector context · Energy
- Comparable deals
- 6 in the prior 24 months
- Premium
- Sector median 41.5%
- EV / Adj. EBITDA
- 12.2x vs. 9.0x sector median
- Break fee
- 1.4% vs. 3.9% sector median
Timeline
- AnnouncedFeb 17, 2021
- Proxy filedApr 9, 2021
- Definitive proxyApr 9, 2021
- Shareholder voteMay 7, 2021
- ClosedDec 3, 2021
Valuation · fairness opinions
Trading comparables$7,095.00$8,468.00
Trading comparables$5.68$8.81
Trading comparables$6,358.00$7,674.00
Trading comparables$4.00$7.00
Discounted cash flow$6,796.00$7,736.00
Implied value per Enable Midstream Partners, LP share by analysis.