M&A · Tech · Services-Computer Integrated Systems Design
Sitel Worldwide Corporation to acquire Sykes Enterprises Inc
Announced Jun 18, 2021 · Closed Aug 27, 2021
Deal value$2.20BEV $2.08B
Premium31.2%To unaffected price
EV / Adj. EBITDA9.9x1.2x EV / Revenue
ConsiderationAll cash$54.00 per share
Transaction
- Acquirer
- Sitel Worldwide Corporation
- Target
- Sykes Enterprises Inc
- Buyer type
- Strategic
- Offer price per share
- $54.00
- Enterprise value
- $2.08B
- Status
- Closed Aug 27, 2021
Deal protections
- Break fee (target pays)
- $66.0M · 3.0%
- Reverse fee (buyer pays)
- $99.0M · 4.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Lazard
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 32 in the prior 24 months
- Premium
- 31.2% vs. 31.9% sector median
- EV / Adj. EBITDA
- 9.9x vs. 17.3x sector median
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedJun 18, 2021
- Proxy filedJul 12, 2021
- Definitive proxyJul 26, 2021
- Shareholder voteAug 24, 2021
- ClosedAug 27, 2021
Valuation · fairness opinions
Analyst price targets$45.00$56.00
Analyst price targets$37.00$51.00
Precedent transactions$36.00$58.00
Premiums paid$47.00$61.00
Offer $54.00
Implied value per Sykes Enterprises Inc share by analysis, from Goldman Sachs · DCF discount rate 8%–9%.