M&A · Industrials · Services-Engineering, Accounting, Research, Management
Ardian to acquire PRGX Global, Inc.
Announced Dec 24, 2020 · Closed Mar 4, 2021
Deal value$195MEV $190M
Premium—To unaffected price
EV / Adj. EBITDA6.1x1.2x EV / Revenue
ConsiderationAll cash$7.71 per share
Transaction
- Acquirer
- Ardian
- Target
- PRGX Global, Inc. (PRGX)
- Buyer type
- Strategic
- Offer price per share
- $7.71
- Enterprise value
- $190M
- Status
- Closed Mar 4, 2021
Deal protections
- Break fee (target pays)
- $9.8M · 5.0%
- Reverse fee (buyer pays)
- $11.7M · 6.0%
- Go-shop
- No-shop
- Financing
- Committed · Truist Securities
Advisors
- To the acquirer
- Not disclosed
- To the target
- Truist Securities
Sector context · Industrials
- Comparable deals
- 6 in the prior 24 months
- Premium
- Sector median 30.0%
- EV / Adj. EBITDA
- 6.1x vs. 9.8x sector median
- Break fee
- 5.0% vs. 2.2% sector median
Timeline
- AnnouncedDec 24, 2020
- Proxy filedJan 19, 2021
- Definitive proxyJan 29, 2021
- Shareholder voteMar 2, 2021
- ClosedMar 4, 2021
Valuation · fairness opinions
Discounted cash flow$6.93$8.54
Offer $7.71
Implied value per PRGX Global, Inc. share by analysis, from Truist Securities.