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
- AnnouncedSep 11, 2023
- Proxy filedOct 6, 2023
- Definitive proxyOct 16, 2023
- Shareholder voteNov 21, 2023
- 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%.