Home Global Business issues Services Industries Research & insights About us Careers PwC Open University United States International PwC Sites Consulting case studies 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. 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!" 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. 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. 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. Published 5/2016 Contact us for a more in-depth conversation Neil Dhar Partner, Capital Markets Leader, PwC’s Deals Practice Tel: +1 (646) 471 3700 Email Download the full case study Similar case studies A Perfect Split Carving out a global business Improve your cost structure and growth will follow Banking on a big transformation Browse all Related business issues Optimize deals Align costs with business strategy Grow and create competitive advantage Secure Assets Transform human capital Navigate risk and regulatory complexity Consulting Business issues Case studies Press room Alumni US offices Contact us © 2015-2016 PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. Privacy Cookies info Legal Site provider Site map