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Proposed Acquisition of Sino Gas by Lone Star

Source: www.gulfoilandgas.com 5/31/2018, Location: Asia

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Sino Gas & Energy Holdings Limited has entered into a Scheme Implementation Agreement with a wholly owned subsidiary of Lone Star Fund X Acquisitions, LLC (together with its affiliates, “Lone Star”) under which Lone Star proposes to acquire 100% of the issued share capital of Sino Gas by way of a scheme of arrangement (the “Scheme”).

Under the terms of the Scheme, Sino Gas shareholders will receive cash consideration of A $0.25 per Sino Gas share, subject to all applicable conditions being satisfied or waived and the Scheme being implemented. The Scheme consideration at A $0.25 per share values Sino Gas at a market capitalization of A$530 million.

This represents an attractive premium of:
• 19% to closing price of A$0.21 per share on 30 May 2018
• 32% to 1 month VWAP of A$0.19 per share up to and including 30 May 2018
• 39% to 3 month VWAP of A$0.18 per share up to and including 30 May 2018
• 47% to 6 month VWAP of A$0.17 per share up to and including 30 May 2018

Lone Star is a private equity firm that invests globally in a range of different assets classes, including the oil and gas industry. Since inception in 1995, Lone Star has organised seventeen private equity funds with aggregate capital commitments totalling over US$70 billion.

Funding for this acquisition is being provided by affiliates of Loan Star Fund X (U.S.), L.P. and Loan Star Fund X (Bermuda) L.P., which closed in November 2016 with a US$5.5 billion capital commitment. The Scheme is not subject to any funding condition.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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