Sinopec International Completes Acquisition of Daylight Energy for $2.1 Billion to Expand its Unconventional Assets - Deal Analysis from GlobalData by GlobalData

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									           Sinopec International Completes Acquisition of Daylight
         Energy for $2.1 Billion to Expand its Unconventional Assets -
                        Deal Analysis from GlobalData
        Reference Code: GDGE0356M&A                                                                                                           Publication Date: February 2012


        1         Table of Contents
        1 Table of Contents.................................................................1
         1.1 List of Tables .................................................................1
         1.2 List of Figures ................................................................1
        2 Sinopec International Completes Acquisition of Daylight
          Energy for $2.1 Billion ..........................................................2
         2.1 Deal Overview ...............................................................2
         2.2 Deal in Brief ...................................................................2
         2.3 Deal Background ...........................................................2
         2.4 Daylight Energy Management Decided to Sell Off the
              Company Amidst Falling Gas Prices and Liquidity
              Pressure ........................................................................2
         2.5 Sinopec: Making International Acquisitions to Ensure
              Energy Security .............................................................3
         2.6 Sinopec International Petroleum has Bought Daylight
              Energy at a Premium .....................................................5
         2.7 Deal Financials and Valuations .....................................5
        3 Appendix ..............................................................................8
         3.1 Methodology ..................................................................8
         3.2 Contact Us.....................................................................8
         3.3 Disclaimer......................................................................9

        1.1       List of Tables
        Table 1: Sinopec International, Asset Transactions (Announced
                   / Completed), 2011 - 2012 ........................................4
        Table 2: Alberta, Asset Transactions Details, July 2011 -
                   December 2011 ........................................................5
        Table 3: Companies Involved ....................................................5
        Table 4: Financials of the Deal ..................................................6
        Table 5: Advisor Information ......................................................6
        Table 6: Target Information .......................................................6
        Table 7: Target’s Financial Information......................................6
        Table 8: Share Price Information ...............................................6
        Table 9: Company Valuation Multiples ......................................6
        Table 10: Target’s Production and Reserves Information ..........7
        Table 11: Company Valuation Multiples ....................................7
        Table 12: Commodity Prices in $, Last Close ............................7
        Table 13: Acquirer Information ..................................................7



        1.2       List of Figures
        Figure 1: Daylight Energy, Contribution of Natural Gas to
                  Total Production and Total Revenue, Percentage,
                  Q3 2011....................................................................3
        Figure 2: Daylight Energy, Working Capital, CADm, 2006 -
                  2010 .........................................................................3




                                                                                                                                                  GDGE0356M&A / Published FEB 2012
Sinopec International Completes Acquisition of Daylight Energy for $2.1                                                                                                            Page 1
Billion to Expand its Unconventional Assets                                                          © GlobalData. This report is a licensed product and is not to be copied, reproduced,
                                                                                                                                                             shared or resold in any form
        2       Sinopec International Completes                                 2.3     Deal Background
                Acquisition of Daylight Energy for $2.1
                                                                                On October 09, 2011 Sinopec International announced the
                Billion                                                         acquisition of Daylight Energy for $ 2.12 billion (CAD2.2 billion).
                                                                                Both the companies completed the transaction on December
        2.1     Deal Overview                                                   23, 2011, under the Business Corporations Act (Alberta,
        Deal Type:                    Acquisition                               Canada). Sinopec International acquired all outstanding
                                                                                common shares of Daylight Energy at CAD10.08 per share and
        Deal Status:                  Completed
                                                                                all of Daylight Energy's outstanding 6.25% series D convertible
        Announced Date:               October 09, 2011                          debentures at a price of CAD1,110 ($1,067.27) per CAD1,000
                                                                                ($961.5) principal amount, plus accrued and unpaid interest up
        Completed Date:               December 23, 2011
                                                                                to, but excluding, the closing date of the arrangement.
        2.2     Deal in Brief                                                   After the acquisition, the common shares and Series D
                                                     
								
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