Duke Energy

:

Progress Energy

Dealogic Deal #  :

724220

Data as of :

1/10/2011

Target

Acquiror

Dates & Values

Progress Energy

Duke Energy

Target:

100

% stake

Buying:

100

% stake

Rumored

9th Jan 2011

Deal Value $m

25,814.7

NY

PGN

293

m shares outstanding

Public (Listed)

Announced

10th Jan 2011

Value ex Debt $m

13,614.7

United States

United States

Utility & Energy

Utility & Energy

Expected

4Q 2011

Consideration

Lazard | Advisor

JPMorgan | Advisor

Completed

-

Barclays | Non-Lead Advisor

JPMorgan | Fairness Opinion

Lazard | Fairness Opinion

BOA Merrill Lynch | Fairness Opinion

Withdrawn

-

Barclays | Fairness Opinion

Wachtell Lipton | Attorney

Hunton & Williams | Attorney

Termination Fee, Target $m

tbd

Timeline Events

Termination Fee, Acquiror $m

tbd

Financials

30th Sep 2010

Balance Sheet

Debt/Equity:

2.3

Premiums & Multiples

Initial Offer

$46.48

Current Offer

$46.48

Income Statement

Cash Flows

Operations $m

2,405

Profitability

Profit Margin

13%

Return on Equity

9%

League Table Impact

Sector Trend

2010 YTD Announced Global M&A by Deal Value, $bn

Monthly Announced Global M&A, $bn:

Utility & Energy

1

Barclays Capital

57.2

2

JPMorgan

42.4

3

Goldman Sachs

31.4

4

BOA Merrill Lynch

27.5

5

Lazard

25.8

6

UBS

18.0

7

Citi

18.0

8

Morgan Stanley

9.7

9

Deutsche Bank

6.0

10

Qatalyst Partners

3.6

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