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Asset Summaries

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M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Algonquin Power & Utilities Corp.
Actual Acquirer: Liberty Energy Utilities Co.
Target: Granite State Electric Company/EnergyNorth Natural Gas Inc
Deal Type: Utility
Agreement Date12/8/2010
Announcement Date12/9/2010
Announcement Deal Value ($000)270,000
Short-term and Current Long-term Debt ($000)NA
Cash and Cash Equivalents ($000)NA
Current Investments ($000)NA
Inventories ($000)NA
Obligations under Capital Leases ($000)NA
Postretirement Benefits ($000)NA
Announced Transaction Value ($000)285,000
Completion Date7/3/2012
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)270.0
Deal Pricing Ratios
Transaction Value / LTM Recurring EBITDA (x)NANA
Transaction Value / Energy Operating Revenues (x)NANA
Transaction Value / Assets (%)114.40114.40
Price / Adj. Op. Cash Flows (x)NANA
Price / Book (%)NANA
Price / Tangible Book (%)NANA
Price / Earnings (x)NANA
Transaction Value / Electricity Sold ($/MWH)NANA
Transaction Value / Elec. Customer Acquired ($/customer)NANA
Transaction Value / Gas Throughput ($/MCF)NANA
Transaction Value / Gas Customer Acquired ($/customer)NANA
Deal Terms
Description of Consideration
Algonquin Power & Utilities Corp. has acquired Granite State Electric Co. and EnergyNorth Natural Gas Inc. from National Grid plc for $285 million in cash, including 15.0 million debt of Granite State assumed at closing.
Accounting MethodAcquisition
Merger of Equals?
Geographic Expansion?In Market
Goodwill Generated ($000)28,325
Estimated Cost Savings (%)NA
Est. Restructuring Charges ($000)NA
Termination Fee ($000)
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesMacquarie Cap Markets Canada L
SellerYesUBS Securities LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesHusch Blackwell LLP
SellerYesSkadden Arps Slate Meagher