M&A · Industrials · Services-Employment Agencies
Advent International, L.P. to acquire Heidrick & Struggles International Inc
Announced Oct 6, 2025 · Closed Dec 10, 2025
Deal value$1.30BEV $1.01B
Premium—To unaffected price
EV / Adj. EBITDA8.9x0.9x EV / Revenue
ConsiderationAll cash$59.00 per share
Transaction
- Acquirer
- Advent International, L.P.
- Target
- Heidrick & Struggles International Inc (HSII)
- Buyer type
- Private equity
- Offer price per share
- $59.00
- Enterprise value
- $1.01B
- Status
- Closed Dec 10, 2025
Deal protections
- Break fee (target pays)
- $38.9M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Deutsche Bank, UBS, Santander
Advisors
- To the acquirer
- William Blair, Deutsche Bank, UBS
- To the target
- BofA Securities
- BofA Securities fee
- $17.6M
Sector context · Industrials
- Comparable deals
- 98 in the prior 24 months
- Premium
- Sector median 37.5%
- EV / Adj. EBITDA
- 8.9x vs. 9.2x sector median
- Break fee
- 3.0% vs. 2.5% sector median
Timeline
- AnnouncedOct 6, 2025
- Proxy filedOct 24, 2025
- Definitive proxyNov 3, 2025
- Shareholder voteDec 5, 2025
- ClosedDec 10, 2025
Valuation · fairness opinions
Trading comparables$41.00$52.75
Trading comparables$48.00$53.75
Precedent transactions$48.75$65.25
Discounted cash flow$52.50$67.25
52-week trading range$36.75$51.79
Offer $59.00
Implied value per Heidrick & Struggles International Inc share by analysis, from BofA Securities · DCF discount rate 10%–12%.