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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: Midwest natural gas distribution operations
Deal Type: Utility
Agreement Date5/12/2011
Announcement Date5/13/2011
Announcement Deal Value ($000)123,870
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 ($000)123,870
Completion Date8/1/2012
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)123.9
Deal Pricing Ratios
Transaction Value / LTM Recurring EBITDA (x)NANA
Transaction Value / Energy Operating Revenues (x)NANA
Transaction Value / Assets (%)105.78105.80
Price / Adj. Op. Cash Flows (x)NANA
Price / Book (%)NANA
Price / Tangible Book (%)NANA
Price / Earnings (x)NANA
Transaction Value / Electricity Sold ($/MWH)NANA
Transaction Value / Elec. Customer Acquired ($/customer)NANA
Transaction Value / Gas Throughput ($/MCF)NANA
Transaction Value / Gas Customer Acquired ($/customer)1,474.641,475.00
Deal Terms
Description of Consideration
Algonquin Power & Utilities Corp. has acquired certain Midwest natural gas distribution operations from Atmos Energy Corp. for $123.9 million in cash, subject to certain working capital and other closing adjustments.
Accounting MethodAcquisition
Merger of Equals?
Geographic Expansion?In Market
Goodwill Generated ($000)25,097
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
SellerYesUBS Investment Bank

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesHusch Blackwell LLP
SellerYesGibson Dunn & Crutcher LLP