M&A · Energy · Pipe Lines (No Natural Gas)
Preferred Units, respectively to acquire Shell Midstream Partners, L.P.
Announced Jul 25, 2022 · Closed Oct 19, 2022
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed
Transaction
- Acquirer
- Preferred Units, respectively
- Target
- Shell Midstream Partners, L.P.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Oct 19, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Intrepid Partners, Barclays, Evercore
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 27.3%
- EV / Adj. EBITDA
- Sector median 12.2x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedJul 25, 2022
- Proxy filedAug 17, 2022
- Definitive proxySep 16, 2022
- Shareholder vote—
- ClosedOct 19, 2022
Valuation · fairness opinions
Discounted cash flow$12.60$14.82
Trading comparables$12.51$15.87
Trading comparables$12.37$16.81
Discounted cash flow$14.14$19.96
Premiums paid$14.18$14.82
Implied value per Shell Midstream Partners, L.P. share by analysis.