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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: Natural gas distribution operations
Deal Type: Utility
Agreement Date8/8/2012
Announcement Date8/8/2012
Announcement Deal Value ($000)140,660
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 ($000)140,660
Completion Date4/1/2013
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)140.7
Deal Pricing Ratios
Transaction Value / LTM Recurring EBITDA (x)NANA
Transaction Value / Energy Operating Revenues (x)NANA
Transaction Value / Assets (%)NANA
Price / Adj. Op. Cash Flows (x)NANA
Price / Book (%)NANA
Price / Tangible Book (%)NANA
Price / Earnings (x)NANA
Transaction Value / Electricity Sold ($/MWH)NANA
Transaction Value / Elec. Customer Acquired ($/customer)NANA
Transaction Value / Gas Throughput ($/MCF)NANA
Transaction Value / Gas Customer Acquired ($/customer)2,197.812,197.81
Deal Terms
Description of Consideration
Algonquin Power & Utilities Corp. paid approx. $140.66 million in cash to acquire certain natural gas distribution operations in Georgia form Atmos Energy Corp. Algonquin did not assume any existing indebtedness of Georgia distribution operations.
Accounting MethodAcquisition
Merger of Equals?
Geographic Expansion?Market Expansion
Goodwill Generated ($000)12,265
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

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