M&A · Energy · Pipe Lines (No Natural Gas)
BP p.l.c to acquire BP Midstream Partners LP
Announced Dec 20, 2021 · Closed Apr 5, 2022
Deal value—
Premium16.2%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- BP p.l.c
- Target
- BP Midstream Partners LP
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Apr 5, 2022
Deal protections
Not yet read from the merger agreement.
Advisors
- To the acquirer
- Not disclosed
- To the target
- Tudor, Pickering, Holt
Sector context · Energy
- Comparable deals
- 24 in the prior 24 months
- Premium
- 16.2% vs. 25.1% sector median
- EV / Adj. EBITDA
- Sector median 13.3x
- Break fee
- Sector median 2.6%
Timeline
- AnnouncedDec 20, 2021
- Proxy filedMar 4, 2022
- Definitive proxyMar 4, 2022
- Shareholder voteApr 5, 2022
- ClosedApr 5, 2022
Valuation · fairness opinions
Other analysis$10.75$15.24
Other analysis$10.94$15.48
Other analysis$10.90$15.44
Discounted cash flow$12.56$15.09
Discounted cash flow$14.24$17.12
Implied value per BP Midstream Partners LP share by analysis.