Target Acquiror Dates & Values
Energias De Portugal SA - EDP (21.35% stake) China Three Gorges Corp Announcement Date 22nd Dec 2011
Portugal | Utility & Energy China | Utility & Energy Expected Closing Date 22nd Feb 2012
Public company listed in Lisbon | Target Ticker Symbol BEDPC Government (Not Listed)
Deal Techniques Divestment, Privatization, Auction
Vertically integrated electric utility which generates, transmits and distributes electricity. Manager of the Three Gorges Hydroelectrical power generation project.
Value $m 3,526
Value ex-Debt $m 3,526
Value Structure $m
Advisors Attorney Advisors Attorney
Caixa Geral de Depositos SA - CGD
Perella Weinberg Partners LP
Credit Suisse Skadden Arps Slate Meagher & Flom
Deal Financials
Income Statement $m Balance Sheet $m Premium Comparison
LTM to 30th Sep 2011 As of 30th Sep 2011
Total Assets | $52,072m
Exit Multiples Exit Multiples
This Deal Ind. Avg. * This Deal Ind. Avg. * Cash Flow      Profitability
EV/Sales 1.9 3.4 P/B 1.6 2.0 Operations $m         4,097      Profit Margin 3%
EV/EBITDA 8.0 13.2 P/CF (This Deal)              4.0      Return on Equity -1%
P/E 11.2 23.5
** Average Premiums based on deal Value > $1bn, globally this year
* Global Utility & Energy Target, EV > $1bn, this year
  Dealogic                                   Date Run:  23-Dec-11