M&A Deal Summary

ITC Holdings, TransAlta and AES Acquire Trans-Elect Development

On May 12, 2006, ITC Holdings, TransAlta and AES acquired electrical equipment company Trans-Elect Development from GFI Energy Ventures and Oaktree Capital Management for 866M USD

Acquisition Highlights
  • This is ITC Holdings’ 1st, TransAlta’s 1st and AES’s 2nd transaction in the Electrical Equipment sector.
  • This is ITC Holdings’ , TransAlta’s 2nd and AES’s 5th largest (disclosed) transaction.
  • This is ITC Holdings’ 1st, TransAlta’s 1st and AES’s 4th transaction in the United States.
  • This is ITC Holdings’ 1st, TransAlta’s 1st and AES’s 1st transaction in Vermont.

M&A Deal Summary

Date 2006-05-12
Target Trans-Elect Development
Sector Electrical Equipment
Buyer(s) ITC Holdings
TransAlta
AES
Sellers(s) GFI Energy Ventures
Oaktree Capital Management
Deal Type Add-on Acquisition
Deal Value 866M USD

Target

Trans-Elect Development

Reston, Vermont, United States
website
Trans-Elect Development Co. LLC is an independent transmission company, focused on the acquisition and operation of transmission systems, the development and construction of new transmission lines, and the upgrade of existing transmission systems.

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Buyer(S) 3

Buyer

ITC Holdings

Novi, Michigan, United States

website


Category Company
Founded 2001
Sector Utilities
Employees637
Revenue 1.0B USD (2015)
DESCRIPTION

ITC Holdings Corp. is an electricity transmission and utility serving the central United States and Canada. company. ITC was formed in 2001 and is based in Novi, Michigan.


DEAL STATS #
Overall 1 of 1
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Vermont) 1 of 1
Country (United States) 1 of 1
Year (2006) 1 of 1
Size (of disclosed) 1 of 1
Buyer

TransAlta

Calgary, Alberta, Canada

website


Category Company
Founded 1909
Sector Utilities
Employees1,476
Revenue 3.0B CAD (2022)
DESCRIPTION

TransAlta is a power generation and wholesale marketing company focused on creating long-term shareholder value. TransAlta’s focus is to efficiently operate wind, hydro, natural gas and coal facilities in order to provide customers with a reliable, low-cost source of power. TransAlta was founded in 1909 and is based in Calgary, Canada.


DEAL STATS #
Overall 1 of 4
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 4
State (Vermont) 1 of 1
Country (United States) 1 of 1
Year (2006) 1 of 1
Size (of disclosed) 2 of 4
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-01 Canadian Hydro Developers

Calgary, Alberta, Canada

Canadian Hydro Developers, Inc. is a diversified developer, owner, and operator of 21 renewable energy generation facilities in Canada totaling net 694 MW of capacity in operation, 160 MW in and nearing construction, and 6,060 MW in development.

Buy $1.6B
Buyer

AES

Arlington, Virginia, United States

website


Category Company
Founded 1981
Sector Utilities
Employees8,162
Revenue 9.7B USD (2020)
DESCRIPTION

AES is a power company that owns and operates a diverse and growing portfolio of electricity generation and distribution businesses, which provide reliable, affordable energy to customers in 21 countries. AES understands that a reliable, affordable supply of electricity is essential to human progress, economic growth, public health and security. The AES was founded in 1981 and is based in Arlington, Virginia.


DEAL STATS #
Overall 4 of 13
Sector (Electrical Equipment) 2 of 2
Type (Add-on Acquisition) 4 of 12
State (Vermont) 1 of 1
Country (United States) 4 of 11
Year (2006) 1 of 1
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-30 SeaWest Holdings

San Diego, California, United States

SeaWest Holdings LLC is a provider of wind farms in the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-25 Silver Ridge Power

Arlington, Virginia, United States

AES Solar Energy, Ltd. Is formed to develop, own and operate a global portfolio of utility-scale solar photovoltaic installations.

Buy -

Seller(S) 2

SELLER

GFI Energy Ventures

Los Angeles, California, United States

website


Category Private Equity Firm
Founded 1995
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

GFI Energy Ventures is a specialist private investment firm focused on businesses surrounding the energy industry. GFI generally looks to acquire a controlling or significant interest in private companies or business units of public companies. Energy sub-sectors of interest include power quality/power conversion; energy measurement and control; transmission and distribution optimization; and information systems/transaction support. GFI seeks opportunities with at least $50 million in revenue and valued up to $500 million. The Firm will not invest in start-ups, turnarounds, unproven technology, or investments requiring less than $30 million of equity capital. GFI Energy Ventures was formed in 1995 and is based in Los Angeles, California.


DEAL STATS #
Overall 10 of 27
Sector (Electrical Equipment) 4 of 4
Type (Add-on Acquisition) 7 of 17
State (Vermont) 1 of 1
Country (United States) 8 of 25
Year (2006) 2 of 5
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-20 Genscape

Louisville, Kentucky, United States

Genscape, Inc. is a provider of energy information for commodity and financial markets. Genscape was founded in 1999 and is based in Louisville, Kentucky.

Sell $130M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-15 Cannon Technologies

Minneapolis, Minnesota, United States

Cannon Technologies, Inc. is a developer and marketer of measurement and control products aimed at helping utilities improve the utilization, reliability and cost effectiveness of their transmission and distribution systems.

Sell -
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


DEAL STATS #
Overall 13 of 74
Sector (Electrical Equipment) 4 of 8
Type (Add-on Acquisition) 8 of 30
State (Vermont) 1 of 1
Country (United States) 11 of 53
Year (2006) 2 of 6
Size (of disclosed) 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-20 Genscape

Louisville, Kentucky, United States

Genscape, Inc. is a provider of energy information for commodity and financial markets. Genscape was founded in 1999 and is based in Louisville, Kentucky.

Sell $130M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-02 Bristol Farms

Carson, California, United States

Bristol Farms, Inc. is a grocery retailer of gourmet, organic, and natural foods.

Sell -