BHP Billiton to Acquire Petrohawk Energy - BHP Billiton is Expanding its Geographical Footprint and Customer Spread - Deal Analysis from GlobalData

Date: July 1, 2011
Pages: 8
Price:
US$ 500.00
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Publisher: GlobalData
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: E086946943AEN
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BHP Billiton to Acquire Petrohawk Energy - BHP Billiton is Expanding its Geographical Footprint and Customer Spread - Deal Analysis from GlobalData
BHP Billiton to Acquire Petrohawk Energy - BHP Billiton is Expanding its Geographical Footprint and Customer Spread - Deal Analysis from GlobalData

Summary

BHP Billiton Limited (BHP) entered into a definitive agreement to acquire all of the issued and outstanding shares of Petrohawk Energy Corporation (Petrohawk) for a purchase consideration of $15.1 billion, including the assumption of net debt of $3 billion. Barclays Capital Inc. and Scotia Waterous are acting as financial advisors, while Sullivan & Cromwell LLP and Morgan, Lewis & Bockius LLP are acting as legal advisors to BHP for the transaction. The Goldman Sachs Group, Inc. is acting as financial advisor and Simpson Thacher & Bartlett LLP is acting as legal advisor to Petrohawk for the transaction. The acquisition is subject to the terms and conditions, including a majority of the outstanding Petrohawk shares are tendered, the waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired or been terminated and that clearance is obtained from the Committee on Foreign Investment in the US, and other customary conditions. The transaction is expected to close in the third quarter of 2011. The transaction implies deal values of $109,663.1 per barrels of oil equivalent (boe) of daily production and $26.71 per boe of 1P reserves.

Scope
  • Rationale behind BHP Billiton acquiring Petrohawk
  • Strategic benefits for the companies involved,
  • Geography covered -The US

Reasons to buy
  • Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in North American industry,
  • Identify the most lucrative segments to leverage on the growth oppurtunities available in the US' oil & gas market,
  • Get a detailed analysis of a deal to enable you to take better decisions.
1 TABLE OF CONTENTS

1.1 List of Tables
1.2 List of Figures

2 BHP BILLITON TO ACQUIRE PETROHAWK ENERGY

2.1 Deal Overview
2.2 Deal in Brief
2.3 Through the Current Acquisition of Petrohawk, BHP will Gain Significant Acreages in Permian Basin, Haynesville and Eagle Ford Shale Plays
2.4 The Acquisition will allow BHP to Expand its Geographic Presence and Customer Base
2.5 BHP is Expected to Carry Forward Petrohawk’s Development Plans in Permian Basin, Haynesville and Eagle Ford Shale Plays
2.6 BHP-Petrohawk Deal is Over-Priced Compared to Other Shale Transactions in the US in 2011
2.7 Deal Financials and Valuations

3 APPENDIX

3.1 Methodology
3.2 Contact Us
3.3 Disclaimer 8

LIST OF TABLES

Table 1: Petrohawk, Debt Offerings Details, 2010–2011
Table 2: The US, E&P Shale Asset Transactions and Acquisitions Details, 2011
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Advisor Information
Table 6: Target Information
Table 7: Target’s Financial Information
Table 8: Share Price Information
Table 9: Company Valuation Multiples
Table 10: Target’s Production and Reserves Information
Table 11: Company Valuation Multiples
Table 12: Commodity Prices in $, Last Close
Table 13: Acquirer Information 6

LIST OF FIGURES

Figure 1: BHP Billiton Petroleum, Combined Net Risked Resources Post Fayetteville and Petrohawk Acquisitions, MMboe 3

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