Five Largest Private Equity-Backed Buyout Deals YTD (March 2012)

by Kevin Smith

  • 29 Mar 2012
  • PE

In 2012 so far, there have been 649 private equity-backed deals globally, representing $49.95bn in aggregate capital. Nine of these deals were above the $1bn mark. In today’s post, we examine the five largest private equity-backed buyout deals globally in the year to date.

#5 - Cheniere Energy, Inc.

This $2bn deal comes in fifth on the list of largest private equity-backed deals made so far this year. Blackstone Group was the acquirer, having entered into an exclusive agreement in February to purchase newly issued CQP Senior Subordinated Paid-in-Kind Units for $2bn. Credit Suisse Securities was advising Cheniere Energy on the transaction, which is still subject to customary closing conditions. Blackstone Group has invested $5.41bn in aggregate capital, year to date.

#4 – Ahlsell

Ahlsell represents the fourth largest transaction this year, with CVC Capital Partners entering an agreement in February to acquire the Sweden-based company for €1.8bn ($2.36bn). The deal was supported with a €1.2bn debt package by a consortium of lenders, including Nordea, Deutsche Bank, Goldman Sachs, Barclays Capital, DNB Nor and Danske Bank. The transaction represents an EBITDA multiple of 9.4x and a revenue multiple of 0.8x.

#3 - Reliance Infratel Limited

In February 2012, Blackstone Group and Carlyle Group announced the 95% stake acquisition of Reliance Infratel from Reliance Communications Limited, for $2.96bn. Blackstone Group has made seven private equity investments YTD, while Carlyle Group has made five.

#2 – TransUnion

The TransUnion deal comes in second largest at $3bn. In February Advent International and Goldman Sachs Merchant Banking signed a definitive agreement to acquire TransUnion from its current stockholders, including Madison Dearborn Partners and the Pritzker Group. The buyout is expected to be complete in late Q1 or early Q2, 2012.

#1 - El Paso Corporation’s Oil and Natural Gas Exploration and Production Assets

This $7.15bn deal is the largest so far this year and the second largest deal post-Lehman (Samson Investment Company is the largest, just eclipsing the El Paso deal at $7.2bn). A consortium of investors led by Apollo Global Management including Riverstone Holdings, Access Industries and Korea National Oil Corporation, signed a definitive agreement to acquire the oil and natural gas exploration and production assets of El Paso Corp in February this year. The deal is supported by a $5.5bn debt package, with Citi and J.P. Morgan operating as co-lead bankers on a $3.5bn bridge to bond loan, while J.P. Morgan is the lead banker on a $2bn revolving credit facility. The transaction is subject to the closing of the merger between Kinder Morgan, Inc. and El Paso Corporation and other customary closing conditions.

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