M&A · Healthcare · Surgical & Medical Instruments & Apparatus
DiaSorin S.p.A. to acquire Luminex Corp
Announced Apr 11, 2021 · Closed Jul 14, 2021
Deal value$1.80BEV $1.69B
Premium23.1%To unaffected price
EV / Adj. EBITDA19.3x4.1x EV / Revenue
ConsiderationAll cash$37.00 per share
Transaction
- Acquirer
- DiaSorin S.p.A.
- Target
- Luminex Corp
- Buyer type
- Strategic
- Offer price per share
- $37.00
- Enterprise value
- $1.69B
- Status
- Closed Jul 14, 2021
Deal protections
- Break fee (target pays)
- $59.2M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley, Citigroup
- To the target
- Perella Weinberg
Sector context · Healthcare
- Comparable deals
- 14 in the prior 24 months
- Premium
- 23.1% vs. 52.8% sector median
- EV / Adj. EBITDA
- 19.3x vs. 11.6x sector median
- Break fee
- 3.3% vs. 3.2% sector median
Timeline
- AnnouncedApr 11, 2021
- Proxy filedMay 7, 2021
- Definitive proxyMay 20, 2021
- Shareholder voteJun 21, 2021
- ClosedJul 14, 2021
Valuation · fairness opinions
Trading comparables$25.47$39.62
Trading comparables$21.52$30.26
Precedent transactions$28.34$44.61
Precedent transactions$27.48$31.75
Discounted cash flow$28.94$39.57
Offer $37.00
Implied value per Luminex Corp share by analysis, from Perella Weinberg · DCF discount rate 7.5%–8.5%.