Target Acquiror Dates & Values
China Gas Holdings Ltd (95.7843%) ENN Energy Holdings / China Petroleum & Chemical Corp -SINOPEC  Announcement Date 12th Dec 2011
Hong Kong | Oil & Gas China | Oil & Gas Expected Closing Date 31st Mar 2012
Public company listed in Hong Kong | Target Ticker Symbol 384 Public companies listed in Hong Kong | Acquiror Ticker Symbols 2688 & 386
Deal Techniques Public offer
A gas services operator and service provider engaged in gas pipeline infrastructure management and transmission of natural gas and LPG, construction and operation of gasoline and gas refilling stations, and development and application of petroleum, natural gas and LPG related technologies in China. Engaged in gas connection, sales of piped gas, construction and operation of vehicle gas refuelling stations, distribution of bottled liquefied petroleum gas and sales of gas appliances in China.
Value $m 3,428
Value ex-Debt $m 2,026
Value Structure $m
Advisors Fairness Opinion Advisors Fairness Opinion
Macquarie Citi
Deal Financials
Income Statement $m Balance Sheet $m Premium Comparison
LTM to 30th Sep 2011 As of 30th Sep 2011
Total Assets: $4,042m
Exit Multiples Exit Multiples
This Deal Ind. Avg. * This Deal Ind. Avg. * Cash Flow      Profitability
EV/Sales 1.6 16.2 P/B 1.8 3.7 Operations $m            236      Profit Margin 3%
EV/EBITDA 14.9 12.4 P/CF (This Deal)              9.0      Return on Equity -1%
P/E 18.2 68.9
* Global Oil & Gas Target, EV > $1bn, this year ** Average Premiums based on deal Value > $1bn, globally this year
  Dealogic                                   Date Run:  15-Dec-11