Baird Investment Banking Pitch Book
Announced
Date
1 SELECTED PRECEDENT TRANSACTIONS
Selected corporate midstream transactions with values of greater than $1.0 billion for which data were
publicly available
05/17/18 Williams Companies, Inc.
04/26/18
02/01/17
11/21/16
11/03/15
07/13/15
09/26/16 Columbia Pipeline Group, Inc.
01/26/15
Buyer(s)
EQT Midstream Partners, LP
ONEOK Inc.
04/28/14
Sunoco Logistics Partners LP
Targa Resources Corp.
MPLX LP
05/06/15 Crestwood Equity Partners LP
Energy Transfer Partners, LP.
01/21/15 Kinder Morgan Inc.
Access Midstream Partners LP
Seller(s)
Williams Partners LP
Rice Midstr am
ONEOK Partners LP
Energy Transfer Partners, LP.
Columbia Pipeline Partners
Targa Resources Partners LP
MarkWest Energy Partners, LP.
Crestwood Midstream Partners LP
Regency Energy Partners LP
Hiland Partners LP
Williams Partners LP
Transaction
Value (SMM)
$10,470
Low (1)
Median
High (1)
2,43
13,988
52,364
9,684
11,198
21,588
4,895
17,595
3,000
36,793
Trans.
Value /
Fwd. EBITDA
Source: Company and partnership filings, investor presentations, press releases and transcripts, S&P Capital IQ and Wall Street research.
(1) Excludes lowest and highest metrics to remove the impact of potential outlier effects from the analysis.
12.2x
9.3x
12.1x
10.6x
12.0x
12.0x
14.9x
12.6x
13.7x
10.0x
13.5x
10.0x
12.1x
13.7x
Confidential
Transaction Summary
Williams acquired Williams Partners LP in a stock-for-unit exchange
EQM merged with RMP in a unit-for-unit exchange
BAIRD
ONEOK, Inc. merged with its underlying MLP in an all-stock transaction,
eliminating the IDRS
Sunoco merged with Energy Transfer, under common GP ownership, in an all-
stock transaction
Columbia Pipeline Group, Inc. acquired all of the outstanding common units
of Columbia Pipeline Parnters, not already beneficially owned
Targa Resources merged with its underlying MLP in an all-stock transaction,
eliminating the IDRS
MPLX acquired MarkWest for stock and cash consideration
Crestwood Equity merged with its underlying MLP in an all-stock
transaction, eliminating the IDRS
Energy Transfer merged with Regency, under common GP ownership, for
stock and cash consideration
Kinder Morgan acquired Hiland Partners in an all cash transaction
Access Midstream merged with Williams Partners, under common GP
ownership, for stock and cash consideration
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