M&A · Industrials · Special Industry Machinery, NEC
Seagate Technology Holdings plc to acquire Intevac Inc
Announced Feb 13, 2025 · Closed Mar 31, 2025
Deal value$119MEV $72M
Premium45.0%To unaffected price
EV / Adj. EBITDA—1.1x EV / Revenue
ConsiderationAll cash$4.00 per share
Transaction
- Acquirer
- Seagate Technology Holdings plc (STX)
- Target
- Intevac Inc (IVAC)
- Buyer type
- Strategic
- Offer price per share
- $4.00
- Enterprise value
- $72M
- Status
- Closed Mar 31, 2025
Deal protections
- Break fee (target pays)
- $4.3M · 3.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Houlihan Lokey
Sector context · Industrials
- Comparable deals
- 87 in the prior 24 months
- Premium
- 45.0% vs. 36.5% sector median
- EV / Adj. EBITDA
- Sector median 9.1x
- Break fee
- 3.6% vs. 2.7% sector median
Timeline
- AnnouncedFeb 13, 2025
- Tender offerMar 3, 2025
- ClosedMar 31, 2025
Valuation · fairness opinions
Trading comparables$3.71$4.21
Discounted cash flow$3.31$3.64
Offer $4.00
Implied value per Intevac Inc share by analysis, from Houlihan Lokey.