Consulting case studies

May 09, 2016

A billion dollar successful separation

A multi-billion-dollar energy company successfully launches an MLP IPO and separates into two new companies that are ready to run on Day One.

Client challenge

To plan and execute a Master Limited Partnership (MLP) and a major spin-off by:

  • Evaluating the costs and challenges of various MLP and separation plans.
  • Addressing the operations and transaction complexities, industry regulations and tax laws as well as NYSE and SEC requirements.
  • Preparing for the possibility of business disruptions.

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PwC's solution

Helping to design and implement an MLP formation and operations separation plan across all departments and workstreams by:

  • Working with department heads on separation analysis and execution, financial modeling, and transaction planning.
  • Using a minimal-risk “clone and go” approach to set up the new entities.
  • Dealing with the tax modeling and public offering associated with creating an additional MLP.

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Impact on client's business

  • The MLP raised over $1 Billion.
  • The billion-dollar spin-off occurred on time and was met enthusiastically by investors.
  • There were no post-separation business disruptions.
  • The new entities complied with all financial, tax and industry regulations.

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As the company’s CEO told us, “There aren't enough superlatives for the PwC Team. You have been absolutely outstanding, the personification of execution excellence!"

Contact us

Curt Moldenhauer
Partner, US Deals Solutions Leader, PwC Deals
Tel: +1 (408) 817 5726
Email

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