# The Infrastructure M&A Handbook: companion files

Julian R. Sterling

## What is here

- **Infrastructure_MA_Model.xlsx**: the workbook that rebuilds the Corvane Terminals case and reproduces every case figure in the book with live formulas. Sheets: Cover, Inputs, Segments, Platform, DCF, Diligence, Multiples, Price, Financing, Returns, Sensitivities, Bids, Approvals, SPA, Consortium, Exit, Checks.
- **Infrastructure_MA_Deal_Checklists.docx**: the deal checklists of Appendix B in editable form, from seller readiness to the consortium agreement.

## Which sheet answers which chapter

- Chapters 3 and 8: Segments, Platform and DCF
- Chapters 5 and 6: Diligence (the value bridge and the price chip)
- Chapter 7: Consortium
- Chapter 9: Multiples (precedents, football field, the RAB premium)
- Chapter 10: Price (equity bridge, locked box, ticking fee, leakage)
- Chapter 11: Returns, Sensitivities and Bids
- Chapter 12: Financing
- Chapter 13: Approvals
- Chapter 14: SPA
- Chapter 15: Exit

## Two switches to change first

1. Occupancy shift (Inputs, scenario switches): set it to -5% and read the Returns sheet. The levered IRR at the bid falls to 4.16 percent and the walk-away EV to $1,626 million. Reset it to 0.
2. Closing date (Inputs, scenario switches): set it to 1.25, the long stop date. The levered IRR rises to 10.06 percent and the walk-away EV to $1,853 million, because box cash outruns the ticking fee (chapter 13).

Blue type is an input, black type a formula. No macro, no circular reference, no external link, no Goal Seek. The Checks sheet should read ALL CHECKS OK on the default inputs.

Corvane Terminals, Ashgrove Infrastructure Fund II, Northgate Infrastructure Partners, Laurentide Pension Plan, Aldara Investment Authority, Halvard Capital and every adviser named are fictional; all case figures are illustrative teaching assumptions. Provided as is, without warranty. Not investment, legal, tax, accounting or regulatory advice.