Companion files · The Infrastructure M&A Handbook

The Infrastructure M&A Handbook

How Infrastructure Funds Buy and Sell Assets: Auctions, Valuation, Acquisition Financing, Regulatory Approvals and the Sale and Purchase Agreement.

Julian R. Sterling

These are the companion files of the book. One workbook rebuilds the sale of Corvane Terminals, the fictional platform of liquid bulk storage terminals the book follows from the teaser to closing: four business units and an expansion year by year, the seller's plan and the buyer's diligence case, a 30-year DCF with a concession that ends in 2056, precedents and the football field, the equity bridge and the locked box, opco and holdco debt, the levered and unlevered returns, the walk-away price, the two binding bids as the seller weighs them, the regulatory delay cases, W&I insurance, the consortium and the exit options. A second file holds the deal checklists of Appendix B in editable form. No sign-up, no email is asked for, nothing is locked. Amounts are in millions of US dollars; blue type is an input, black type is a formula.

The files

• Chapters 3 to 15 · Appendix A

  Infrastructure_MA_Model.xlsx

  One Inputs sheet holds every assumption, labeled with its chapter, and ten scenario switches: plan or base view, expansion, occupancy, recontracting, inflation, concession renewal, closing date, staple, exit mode and mitigation cost. Segments and Platform build revenue, EBITDA and free cash flow from 2026 to 2057. DCF values the platform at the locked box date; Diligence bridges the seller's plan to the buyer's case; Multiples draws the football field. Price, Financing and Returns turn the bid into an equity cheque, a debt package and two IRRs, and a bisection table finds the walk-away price without Goal Seek. Then the sensitivities of chapter 11, the bids, the approvals, the SPA, the consortium, the exit, and a Checks sheet that runs 354 tests, including every case figure of the book beside the cell that computes it.

  Download the workbook616 KB

• Appendix B

  Infrastructure_MA_Deal_Checklists.docx

  Seller readiness, the first-round bid letter, confirmatory diligence, the binding bid package, the regulatory filing map, SPA and W&I negotiation, signing to closing, and the consortium agreement. Edit them for your own deal.

  Download the checklists39 KB

• Read first

  00_START_HERE.md

  What each file holds, which sheet answers which chapter, and the two switches to change first.

  Download the read-me2 KB

Three numbers to reproduce first

The price chip	Four diligence findings take the seller's plan from $2,079 million to $1,927 million of enterprise value; the binding bid is $1,830 million, against a first-round range of $1,950 million to $2,050 million
The walk-away	At the bid the consortium earns a levered IRR of 9.98 percent; the highest EV that still gives the 9.5 percent target is $1,851 million, $21.1 million of headroom
The seller's choice	Northgate's lower bid is worth $706 million to Ashgrove in risk-adjusted value at 31 December 2026, against $671 million for Halvard's higher headline

The files are provided as they are, without warranty of any kind. The model is illustrative: Corvane Terminals, Ashgrove Infrastructure Fund II, Northgate Infrastructure Partners, Laurentide Pension Plan, Aldara Investment Authority, Halvard Capital and their advisers are fictional, and the figures are the book's assumptions, not market statistics or forecasts. Nothing here is investment, legal, tax, accounting or regulatory advice.