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• 现在，以促进能源过渡的收购占所有能源和自然资源交易的27％。
• 这是在能源和自然资源公司比任何其他行业都更加富有现金的时候，具体取决于行业或地区。
• 能源过渡交易的风险/回报概况与以前的交易不同，它们需要从根本上进行价值创造的方法。
• 将注意力集中在收入协同效应上，通过地理，产品线，市场和特定客户确定业务模型机会至关重要。

本文是贝恩2023年并购报告的一部分。BOB体育app

探索报告

能源和自然资源（ENR）投资组合的变化速度有多快？我们最近对并购从业人员进行的调查发现，80％的能源行业受访者已积极评估分离或分离业务的部分。在2022年的前九个月中，剥离活动总计2500亿美元，这比其他任何行业都要多。

Indeed, companies are racing to dispose of carbon-heavy assets. Enel, a global energy company based in Italy, recently announced plans to sell assets valued at $21.5 billion, representing 15% to 20% of the company’s enterprise value. The move was part of a strategy to streamline its business and push electrification across the full value chain in Europe, the US, and Latin America as well as to cut debt. In oil and gas, TotalEnergies is spinning off its Canadian oil sands operations and plans to list the new company on the Toronto Stock Exchange. The assets simply don’t fit with the company’s new low-emissions strategy.

尽管这些衍生产品正在发生，但与能源过渡相关的收购占所有交易量的百分比逐渐增长，从2021年的21％到2022年前四季度的27％（见图1）。我们认为，投资组合重新平衡的这种趋势将在2023年和未来几年加速。在贝恩并购从业BOB体育app人员的2023 Outlook调查中，有72％的能源和自然资源受访者表示，最常见的投资论文将扩展到新的商业领域，或者建立新的增长引擎。（我们将它们称为Engine 2，这是一家现有公司中的新业务，它使用核心业务的规模益处比独立初创企业所能更快。现金比任何其他行业（3000亿美元），尽管部门和地区之间存在一些差异。这将推动他们对能源过渡的投资。

图1

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能源过渡越来越多地推动并购交易。

新型交易，新挑战

In last year’s M&A report, we talked about why these deals are becoming so important. Now, we focus on the how. The new wave of M&A—namely, scope deals to enable energy transition—is becoming more competitive and has a different risk/return profile than previous deals, requiring fundamentally different approaches to value creation. Scale deals succeed based on rapid overall integration, capture of cost synergies, and full cultural integration. Scope deals, however, require a much more tailored approach when it comes to deciding what to preserve, what to integrate, and how to evolve the business strategy to make the most of the core strengths of the acquirer (if possible).

In the chemical industry, for example, LyondellBasell formed a joint venture called Source One Plastics to build an energy-efficient, advanced plastic waste sorting and recycling facility in Germany, using LyondellBasell’s proprietary MoReTec technology and working with its customers, who are increasingly demanding renewable and circular solutions. Recognizing that the business model requires greater investment in technology and interaction with customers than its legacy commodity business, LyondellBasell created a separate business unit with its own leadership team, management processes, and salesforce.

Bain’s experience from hundreds of scope M&A transactions indicates that while returns can be comparable to scale M&A, there is a much wider range of outcomes. Three features of scope deals make them more difficult:

• By definition, scope deals occur outside the acquirer’s core business, geographies, or competencies. The risk is that the acquirer stumbles as it learns to manage an unfamiliar business.
• 范围交易通常涉及查找和编织新功能，这些功能是引擎2活动中竞争优势的来源。这要求收购方提前考虑几步，并确定其他潜在的业务和公司，以将目前正在收购的企业固定。随着近年来交易倍数的增加，我们已经观察到，更具侵略性的收购方愿意将未来收购的预期协同作用纳入其初始交易的购买价格中。
• Scope deals are typically aimed at generating revenue synergies, which inherently come with more risk and less control than cost synergies. In a 2021 Bain survey, M&A practitioners in energy and natural resources cited overestimated revenue synergies as the top reason for deal failure (see Figure 2). Among the causes: In scale transactions, companies are selling into familiar territory, often global commodity markets with established supply and demand patterns; in scope deals, customer needs and market dynamics are not as well known.