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...He added: “If you’re growing at the pace that we are, then the P&L does manifest itself in cash requirements.” Sales at Interpath’s advisory business climbed to £26.9mn, up from £2.8mn a year earlier....
...EQT’s deal for Equitrans follows a flurry of pipeline deals in the past year, including Oneok’s $19bn acquisition of Magellan Midstream Partners and Energy Transfer’s $7.1bn purchase of Crestwood Equity...
...Aaron Milford, chief executive of Magellan Midstream Partners, said that the “opportunity to invest and grow” as a company focused on crude oil and refined products, such as petrol and jet fuel, had become...
...The latest deal was the $18.8bn sale of pipeline company Magellan Midstream Partners to rival Oneok this week....
...US pipeline giant Oneok is set to buy Magellan Midstream Partners for $18.8bn, creating one of the biggest oil and gas infrastructure companies in North America as consolidation in the hydrocarbon business...
...Now scarcity has thrown a spotlight on their value, intensified by Oneok’s recommended offer for Magellan Midstream Partners at an enterprise value of $18.8bn....
...As such the buyout does not look too shabby at 20 times this year’s operating profit on S&P Capital IQ estimates. But with more effort management might be able to double these earnings....
...Gas pipeline giant Oneok in May announced an $18.8bn deal to buy oil-focused Magellan Midstream Partners, though the takeover has faced some pushback from big shareholders....
...In today’s newsletter, I look at a big pipeline deal between Oneok and Magellan Midstream, and what it says about the profound shift under way in the American energy landscape....
...Oil-focused pipeline group Magellan Midstream Partners has explicitly pointed to gas’s “more powerful growth engine” as it pursues a sale to the gas-heavy Oneok....
...It is the second major deal in the US oil industry over the past week, coming after Oklahoma-based pipeline giant Oneok agreed to buy rival Magellan Midstream Partners for $18.8bn....
...The stock had risen 27 per cent over the past five years to Tuesday, compared with a 64 per cent rise in the S&P 500 oil refining and marketing index over the same period....
...“PE compensation is predominantly derived from the P&L of the firm — which is based on the management fee of the fund, and this is locked in for the life of the fund,” said Tom Thackeray, a partner at Heidrick...
...Are we going to see that trickle down or flow through to midstream operators, and service companies?” (Myles McCormick and Amanda Chu) 3....
...News round-up FTC lawsuit targets serial acquisitions by private equity (FT) Venture firm GGV Capital to split off China business after US pressure (FT) Magellan Midstream holders approve $18.8bn sale...
...Pipeline giant Oneok is buying Magellan Midstream Partners for $18.8bn, creating a company with an enterprise value of $60bn and a sprawling 25,000-mile network of pipelines stretching from North Dakota...
...Midstream in $19bn US pipeline deal (FT) Brookfield puts UK holiday resort Center Parcs up for sale (FT) London brokers braced for shake-up as equity market languishes (FT) CEO pay packages fell sharply...
...With new fossil fuel infrastructure facing heavy opposition in the US, expect the midstream M&A drive to continue....
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