M&A · Financials · Real Estate
Fundamental Advisors to acquire MMA Capital Holdings, Inc.
Announced May 24, 2021 · Closed Aug 13, 2021
Deal value$162MEV $356M
Premium62.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$27.77 per share
Transaction
- Acquirer
- Fundamental Advisors
- Target
- MMA Capital Holdings, Inc. (MMAC)
- Buyer type
- Strategic
- Offer price per share
- $27.77
- Enterprise value
- $356M
- Status
- Closed Aug 13, 2021
Deal protections
- Break fee (target pays)
- $4.8M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- —
Advisors
- To the acquirer
- Houlihan Lokey
- To the target
- TD Cowen
- TD Cowen fee
- $2.5M
Sector context · Financials
- Comparable deals
- 28 in the prior 24 months
- Premium
- 62.0% vs. 45.7% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 3.0% vs. 3.7% sector median
Timeline
- AnnouncedMay 24, 2021
- Proxy filedJul 2, 2021
- Definitive proxyJul 13, 2021
- Shareholder voteAug 10, 2021
- ClosedAug 13, 2021
Valuation · fairness opinions
Other analysis$23.78$31.06
Precedent transactions$26.14$33.61
Precedent transactions$26.88$34.42
Premiums paid$18.81$23.94
Premiums paid$18.80$23.92
Offer $27.77
Implied value per MMA Capital Holdings, Inc. share by analysis, from TD Cowen · DCF discount rate 8%–16.5%.