M&A Deal Summary

Highstar Capital and Ontario Teachers Pension Plan Acquire InterGen NV

On April 19, 2005, private equity firm Highstar Capital and pension Ontario Teachers Pension Plan acquired utilities company InterGen NV from Shell Generating B.V. and Bechtel Energy for 1.8B USD

Acquisition Highlights
  • This is Highstar Capital’s 1st and Ontario Teachers Pension Plan’s 1st transaction in the Utilities sector.
  • This is Highstar Capital’s and Ontario Teachers Pension Plan’s 11th largest (disclosed) transaction.
  • This is Highstar Capital’s 8th and Ontario Teachers Pension Plan’s 7th transaction in the United States.
  • This is Highstar Capital’s 1st and Ontario Teachers Pension Plan’s 1st transaction in Massachusetts.
Investment Fate
  • InterGen NV was sold to a strategic buyer in 2008.
  • InterGen NV was sold to a consortium of strategic buyers in 2011.

M&A Deal Summary
Date 2005-04-19
Target InterGen NV
Sector Utilities
Buyer(s) Highstar Capital
Ontario Teachers Pension Plan
Sellers(s) Shell Generating B.V.
Bechtel Energy
Deal Type Divestiture
Deal Value 1.8B USD
Advisor(s) Citigroup Investment Banking (Financial)

Target

InterGen NV

Burlington, Massachusetts, United States
InterGen NV is a global power generation platform in Europe, Australasia and Mexico with 12 power plants representing an equity share of 6,252 MW of production capacity.

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Buyer(S) 2

Buyer

Highstar Capital

New York, New York, United States
Category Private Equity Firm
Founded 2000
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Highstar Capital is a private equity fund focused on investments in infrastructure related companies and assets. Highstar specifically targets businesses that deal in energy, transportation, waste management and water. The Firm will consider opportunities throughout North America and Europe. Highstar Capital was formerly known as AIG Highstar Capital. The Firm was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 8 of 21
Sector (Utilities) 1 of 2
Type (Divestiture) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 8 of 19
Year (2005) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-20 TransCore Holdings

Hummelstown, Pennsylvania, United States

TransCore Holdings, Inc is a provider of technologies and related services in areas such as radio frequency identification (RFID), satellite-based communication, mobile asset tracking, security applications and comprehensive toll system and processing services.

Sell $600M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 American Ref-Fuel

Montvale, New Jersey, United States

American Ref-Fuel Co. LLC is a waste-to-energy business is operated through subsidiaries whose equity is held by two separate entities, MSW Energy Holdings LLC (MSW I) and MSW Energy Holdings II LLC (MSW II)

Sell $740M
Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 16 of 175
Sector (Utilities) 1 of 7
Type (Divestiture) 3 of 15
State (Massachusetts) 1 of 5
Country (United States) 7 of 72
Year (2005) 3 of 9
Size (of disclosed) 11 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-27 Alliance Laundry Systems

Ripon, Wisconsin, United States

Alliance Laundry Systems is a manufacturer of stand-alone commercial laundry equipment in North America. Alliance Laundry produces a full line of washing machines, dryers, and pressing machines under the brand names of Speed Queen, UniMac, Huebsch and Ajax.

Buy $450M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-01 ISS

SAborg, Denmark

ISS is one of the world?s largest facility services companies with more than 290,000 employees in more than 40 countries worldwide. The company holds market leading positions in most of the countries where it operates. ISS was founded in 1901 and is based in Søborg, Denmark.

Buy -

Seller(S) 2

SELLER

Shell Generating B.V.

Netherlands
Category Company
Sector Utilities
DESCRIPTION

Shell Generating (Holding) B.V. is a power generation company.

DEAL STATS #
Overall 1 of 1
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2005) 1 of 1
Size (of disclosed) 1 of 1
SELLER

Bechtel Energy

San Francisco, California, United States
Category Company
Sector Construction
DESCRIPTION

Bechtel Energy Corp is a provider of construction services for power generation company.

DEAL STATS #
Overall 1 of 1
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2005) 1 of 1
Size (of disclosed) 1 of 1
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