M&A · Financials · Real Estate
Centerbridge Partners and GIC Real Estate to acquire Indus Realty Trust, Inc.
Announced Feb 22, 2023 · Closed Jun 29, 2023
Deal value$868MEV $737M
Premium17.0%To unaffected price
EV / Adj. EBITDA14.9x
ConsiderationAll cash$67.00 per share
Transaction
- Acquirer
- Centerbridge Partners and GIC Real Estate
- Target
- Indus Realty Trust, Inc.
- Buyer type
- Private equity
- Offer price per share
- $67.00
- Enterprise value
- $737M
- Status
- Closed Jun 29, 2023
Deal protections
- Break fee (target pays)
- $24.4M · 2.8%
- Reverse fee (buyer pays)
- $62.8M · 7.2%
- Go-shop
- —
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- BofA Securities, JPMorgan
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $14.0M
Sector context · Financials
- Comparable deals
- 86 in the prior 24 months
- Premium
- 17.0% vs. 29.4% sector median
- EV / Adj. EBITDA
- 14.9x vs. 23.7x sector median
- Break fee
- 2.8% vs. 3.6% sector median
Timeline
- AnnouncedFeb 22, 2023
- Proxy filedMar 31, 2023
- Definitive proxyApr 14, 2023
- Shareholder voteMay 17, 2023
- ClosedJun 29, 2023
Valuation · fairness opinions
Trading comparables$60.10$67.37
Trading comparables$58.42$66.68
Discounted cash flow$57.26$64.56
Discounted cash flow$58.69$64.43
Analyst price targets$60.00$74.00
Offer $67.00
Implied value per Indus Realty Trust, Inc. share by analysis, from Morgan Stanley · DCF discount rate 7.1%–7.8%.