Excelerate Energy (EE) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition expands and diversifies the global platform in the Atlantic Basin LNG market, aligning with the downstream growth strategy and providing first-mover advantage in Jamaica.

• Provides a fully integrated LNG and power platform, including Jamaica's only two LNG terminals and sole combined heat and power plant, serving both industrial and power customers.

• Enhances long-term contract revenue, margins, and diversifies geographic exposure and customer base, with access to a desirable Atlantic Basin natural gas market.

• Secures downstream and last-mile infrastructure, supporting value-accretive LNG supply agreements and pull-through demand.

• Strengthens position as a trusted partner for sovereign governments and major LNG producers.

Financial terms and conditions

• Cash purchase price of $1.055 billion, representing approximately 9x 2025 estimated Adjusted EBITDA, with no assumed debt.

• Funded through a combination of permanent financing and cash on hand, with an $850 million fully committed bridge facility.

• Transaction expected to be immediately accretive to earnings per share and to close as early as Q2 2025.

Synergies and expected cost savings

• Immediate accretion to earnings per share and significant enhancement of operating cash flow.

• Stable margins and high-quality, long-term contracts with inflation escalators ensure healthy revenue growth.

• Integration of downstream and last-mile infrastructure complements existing portfolio and operational expertise.

• Maintenance CapEx for the assets is minimal.

• Provides a pipeline of potential growth opportunities, including LNG bunkering and expansion of the Clarendon CHP plant.