M&A Deal Summary

KKR and Alberta Investment Management Acquire Coastal GasLink

On December 26, 2019, private equity firm KKR and pension Alberta Investment Management acquired energy services and equipment company Coastal GasLink from TC Energy

Acquisition Highlights
  • This is KKR’s 11th and Alberta Investment Management’s 1st transaction in the Energy Services and Equipment sector.
  • This is KKR’s 6th and Alberta Investment Management’s 4th transaction in Canada.
  • This is KKR’s 1st and Alberta Investment Management’s 1st transaction in British Columbia.

M&A Deal Summary

Date 2019-12-26
Target Coastal GasLink
Sector Energy Services and Equipment
Buyer(s) KKR
Alberta Investment Management
Sellers(s) TC Energy
Deal Type Divestiture

Target

Coastal GasLink

Vancouver, British Columbia, Canada
website
Coastal GasLink transports natural gas to the approved LNG Canada facility near Kitimat. Coastal GasLink Pipeline Project involves the estimated CAD $6.6 billion construction of 670 kilometers (416 miles) of the natural gas pipeline and associated facilities. Coastal GasLink is based in Vancouver, British Columbia.

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Buyer(S) 2

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 321 of 429
Sector (Energy Services and Equipment) 11 of 11
Type (Divestiture) 35 of 49
State (British Columbia) 1 of 1
Country (Canada) 6 of 9
Year (2019) 29 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-24 OverDrive

Cleveland, Ohio, United States

OverDrive is a global digital distribution platform, supplying the industry's largest catalog of eBooks, audiobooks, music, and streaming video to 30,000 libraries, schools, and retailers worldwide. OverDrive was founded in 1986 and is based in Cleveland, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-23 Axel Springer

Berlin, Germany

Axel Springer is a German publisher of newspapers and magazines. Axel Springer was founded in 1946 and is based in Berlin, Germany.

Buy -
Buyer
DESCRIPTION

Alberta Investment Management Corporation (AIMCo) is a Canadian diversified institutional investment manager serving pension, endowment and government funds in the province of Alberta. In addition to investing in public equities, fixed income, and debt, AIMCo looks to invest in private equity, real estate, timberlands, and infrastructure. AIMCo's private equity group invests in funds and directly in companies throughout North America and Western Europe. Areas of interest include consumer, industrials, business services, financial services, technology, and healthcare. AIMCo is based in Edmonton, with additional offices in Toronto and London.


DEAL STATS #
Overall 19 of 30
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 4 of 5
State (British Columbia) 1 of 1
Country (Canada) 4 of 5
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-08 IVC Evidensia

Bristol , United Kingdom

IVC Evidensia is a diversified vet services platform in Europe with more than 1,500 clinics and hospitals across 12 countries. IVC employs approximately 22,000 people, including over 6000 veterinarians. IVC Evidensia was founded in 2011 and is based in Bristol, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-24 PCI Pharma Services

Philadelphia, Pennsylvania, United States

PCI Pharma Services is a provider of outsourced pharmaceutical supply chain solutions supporting biotechnology and pharmaceutical companies throughout the various stages of drug development and commercialization. PCI Pharma Services was founded in 2012 and is based in Philadelphia, Pennsylvania.

Buy -

Seller(S) 1

SELLER

TC Energy

Calgary, Alberta, Canada

website


Category Company
Founded 1951
Sector Energy Services and Equipment
Employees7,477
Revenue 15.0B CAD (2022)
DESCRIPTION

TC Energy is a provider of energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TC Energy was founded in 1951 and is based in Calgary, Canada.


DEAL STATS #
Overall 4 of 4
Sector (Energy Services and Equipment) 3 of 3
Type (Divestiture) 2 of 2
State (British Columbia) 1 of 1
Country (Canada) 1 of 1
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-02 Columbia Midstream Group

United States

Columbia Midstream Group LLC holds five gathering systems, with capacity of roughly 2,675,000 MMBtu/day and 240 miles of pipeline, located in the southwestern core of the Appalachian Basin.

Sell $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-18 Pioneer Pipeline

Calgary, Alberta, Canada

Pioneer Pipeline is a 20 inch, 120km pipeline that provides approximately 130MMcf/d of natural gas.

Buy $255M