M&A · Tech · Services-Computer Processing & Data Preparation
NEC Corporation to acquire CSG Systems International Inc
Announced Oct 29, 2025 · Closed May 14, 2026
Deal value$2.90BEV $2.90B
Premium17.4%To unaffected price
EV / Adj. EBITDA—2.4x EV / Revenue
ConsiderationAll cash$80.70 per share
Transaction
- Acquirer
- NEC Corporation
- Target
- CSG Systems International Inc (CSGS)
- Buyer type
- Strategic
- Offer price per share
- $80.70
- Enterprise value
- $2.90B
- Status
- Closed May 14, 2026
Deal protections
- Break fee (target pays)
- $82.0M · 2.8%
- Reverse fee (buyer pays)
- $135M · 4.7%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Jefferies
- Jefferies fee
- $37.0M
Sector context · Tech
- Comparable deals
- 65 in the prior 24 months
- Premium
- 17.4% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.7x
- Break fee
- 2.8% vs. 3.0% sector median
Timeline
- AnnouncedOct 29, 2025
- Proxy filedDec 2, 2025
- Definitive proxyDec 16, 2025
- Shareholder voteJan 30, 2026
- ClosedMay 14, 2026
Valuation · fairness opinions
Trading comparables$63.25$77.75
Trading comparables$55.50$72.75
Trading comparables$58.50$85.00
Precedent transactions$62.00$90.25
Discounted cash flow$61.75$88.50
Offer $80.70
Implied value per CSG Systems International Inc share by analysis, from Jefferies.