M&A · Energy · Crude Petroleum & Natural Gas
Woodside Energy Group Ltd to acquire Tellurian Inc.
Announced Jul 21, 2024 · Closed Oct 9, 2024
Deal value$1.20BEV $1.20B
Premium75.0%To unaffected price
EV / Adj. EBITDA—8.5x EV / Revenue
ConsiderationAll cash$1.00 per share
Transaction
- Acquirer
- Woodside Energy Group Ltd (WDS)
- Target
- Tellurian Inc. (TELL)
- Buyer type
- Strategic
- Offer price per share
- $1.00
- Enterprise value
- $1.20B
- Status
- Closed Oct 9, 2024
Deal protections
- Break fee (target pays)
- $36.1M · 3.0%
- Reverse fee (buyer pays)
- $31.5M · 2.6%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Lazard
- Lazard fee
- $5.0M
Sector context · Energy
- Comparable deals
- 38 in the prior 24 months
- Premium
- 75.0% vs. 16.2% sector median
- EV / Adj. EBITDA
- Sector median 7.1x
- Break fee
- 3.0% vs. 2.9% sector median
Timeline
- AnnouncedJul 21, 2024
- Proxy filedAug 16, 2024
- Definitive proxyAug 27, 2024
- Shareholder voteOct 3, 2024
- ClosedOct 9, 2024
Valuation · fairness opinions
Analyst price targets$1.00$2.60
Offer $1.00
Implied value per Tellurian Inc. share by analysis, from Lazard · DCF discount rate 16%–19%.