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Energy Transfer Partners, L.P. Message Board

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  • clownbucks clownbucks Dec 23, 2012 2:17 AM Flag

    Sale for $1B of "Holdco" assets

    The book value for the gas distribution assets is almost certainly below the sales prices of roughly 1B$. I assume this, because the distribution business had ~60M$ in EBIT or roughtly 40M$ posttax.. Typically and utility should generate a roughly 10% ROE posttax, even if we assume 8%, that would be a book value of 500M$, which would mean that LG paid at leat 2x book.

    I think LG paid full value for this asset, which should be good news for ETP and ETE unitholders.

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    • Went back to SUG 10K/Q posts. The book value is somewhere between $300-400M (probably closer to $300M) according to the reports. ETP stated "we will do everything possible to minimize taxes on our unitholders." This obviously means they will find a replacement property - should not be hard as anything in the NG gathering business would work.

 
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