Deal Flow
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Transaction tear sheetData as of Nov 7, 2026
M&A · Financials · Finance Services

Cetera Holdings to acquire Avantax, Inc.

Announced Sep 11, 2023 · Closed Nov 27, 2023

Deal value$1.20B
Premium30.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$26.00 per share

Transaction

Acquirer
Cetera Holdings
Target
Avantax, Inc.
Buyer type
Strategic
Offer price per share
$26.00
Enterprise value
—
Status
Closed Nov 27, 2023

Deal protections

Break fee (target pays)
$32.3M · 2.7%
Reverse fee (buyer pays)
$82.1M · 6.8%
Go-shop
No-shop
Financing
Committed · Morgan Stanley, UBS, Goldman Sachs, BMO Capital Markets

Advisors

To the acquirer
Morgan Stanley
To the target
PJT Partners
PJT Partners fee
$24.0M

Sector context · Financials

Comparable deals
61 in the prior 24 months
Premium
30.0% vs. 34.5% sector median
EV / Adj. EBITDA
Sector median 22.5x
Break fee
2.7% vs. 3.0% sector median

Timeline

  1. AnnouncedSep 11, 2023
  2. Proxy filedOct 6, 2023
  3. Definitive proxyOct 16, 2023
  4. Shareholder voteNov 21, 2023
  5. ClosedNov 27, 2023

Valuation · fairness opinions

52-week trading range$17.94$30.23
Analyst price targets$23.90$26.60
Offer $26.00

Implied value per Avantax, Inc. share by analysis, from PJT Partners · DCF discount rate 11%–13%.

Sources
  • 8-K (EX-99) · Sep 11, 2023
  • 8-K · Sep 11, 2023

Adj. EBITDA is operating income + D&A + impairment, restructuring, deal costs and stock compensation, less any large gain on a sale, last twelve months, from the target's filings. Calculated by Castle, so it can differ from a bank's adjusted figure.

Prepared with Castle from public SEC EDGAR filings. Figures are extracted automatically; verify against the source documents. Not investment advice.