2012-11-30 06:06:33 -
Crescent Point Energy to Acquire Ute Energy's Upstream Arm for US$861MM - Acquisition will Enable Crescent to Enter Uinta Basin and Expand its Exit Production by Around 9% - Deal Analysis - a new market research report on companiesandmarkets.com
Crescent Point Energy to Acquire Ute Energy´s Upstream Arm for US$861MM - Acquisition will Enable Crescent to Enter Uinta Basin and Expand its Exit Production by Around 9% - Deal Analysis - Crescent Point Energy Corp. (Crescent) agreed to acquire Ute Energy Upstream Holdings LLC (Ute) from Ute Energy, LLC (Ute Energy), a portfolio company formed by Ute Indian Tribe (Ute Tribe) of the Uinta and Ouray Reservation and Quantum Energy Partners LP (Quantum), for a purchase consideration of approximately US$861MM, including a cash consideration of US$784MM plus the assumption of US$77MM in net debt. The transaction will have an effective date of November 30, 2012. BMO Capital Markets Corp. and RBC Capital Markets, LLC are acting as financial advisors,
whereas Evercore Partners Inc. is acting as strategic advisor to Crescent Point. Tudor, Pickering, Holt & Co., LLC is acting as financial advisor and Credit Suisse Securities (USA) LLC is acting as strategic advisor to Ute Energy in the transaction.
Scope
- Rationale behind Crescent Point Energy acquiring Ute Energy´s upstream arm.
- Rationale behind the Ute Tribe to divest its upstream business in order to fund its midstream business and other investment activities .
- Geography Covered- US.
Reasons to buy
- Develop a sound understanding about how acquisition of Ute will enable Crescent to enter Uinta Basin and expand its exit production by around 9%.
- To know about how Crescent acquired Ute at a premium of around 39% of its 1P reserve multiple.
- To have an understanding of how Ute Tribe is divesting its upstream business in order to fund its midstream business and other investment activities .
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