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M&A Deal Summary

Duke Energy Acquires Cinergy

On April 3, 2006, Duke Energy acquired energy services and equipment company Cinergy for 9.0B USD

Acquisition Highlights
  • This is Duke Energy’s 1st transaction in the Energy Services and Equipment sector.
  • This is Duke Energy’s 2nd largest (disclosed) transaction.
  • This is Duke Energy’s 1st transaction in the United States.
  • This is Duke Energy’s 1st transaction in Ohio.

M&A Deal Summary
Date 2006-04-03
Target Cinergy
Sector Energy Services and Equipment
Buyer(s) Duke Energy
Deal Type Add-on Acquisition
Deal Value 9.0B USD
Advisor(s) BofA Securities (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

Cinergy

Cincinnati, Ohio, United States
Cinergy has a balanced, integrated portfolio consisting of two core businesses: regulated operations and commercial businesses. Cinergy’s integrated businesses make it a Midwest leader in providing both low-cost generation and reliable electric and gas service.

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Buyer(S) 1

Buyer

Duke Energy

Charlotte, North Carolina, United States
Category Company
Founded 1904
Sector Energy Services and Equipment
Employees27,859
Revenue 30.4B USD (2024)
DESCRIPTION

Duke Energy is an electric power holding company that regulates utility operations that serves approximately 4 million customers located in five states in the Southeast and Midwest, representing a population of approximately 11 million people. Its commercial power and international business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States. Duke Energy was incorporated in 1904 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 2 of 12
Sector: Energy Services and Equipment M&A 1 of 3
Type: Add-on Acquisition M&A Deals 2 of 5
State: Ohio M&A 1 of 1
Country: United States M&A 1 of 11
Year: 2006 M&A 1 of 1
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-13 Algonquin LNG

Providence, Rhode Island, United States

Algonquin LNG, LP is the owner and operator of a 600,000 barrel FERC-regulated liquefied natural gas (LNG) storage and receiving facility in Providence, Rhode Island

Sell $28M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-29 Spectra Energy

Houston, Texas, United States

Spectra Energy Corp. is a pipeline and midstream gas company. Spectra Energy’s operations in the United States and Canada include more than 22,000 miles of natural gas, natural gas liquids, and crude oil pipelines; approximately 305 billion cubic feet (Bcf) of natural gas storage; 4.8 million barrels of crude oil storage; as well as natural gas gathering, processing, and local distribution operations. Spectra Energy was formed in 2006 and is based in Houston, Texas.

Sell -
Mergr

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