M&A · Industrials · Services-Business Services, NEC
Thoma Bravo to acquire Stamps.com Inc
Announced Jul 9, 2021 · Closed Oct 5, 2021
Deal value$6.60BEV $5.49B
Premium67.0%To unaffected price
EV / Adj. EBITDA19.2x6.9x EV / Revenue
ConsiderationAll cash$330.00 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Stamps.com Inc (STMP)
- Buyer type
- Private equity
- Offer price per share
- $330.00
- Enterprise value
- $5.49B
- Status
- Closed Oct 5, 2021
Deal protections
- Break fee (target pays)
- $199M · 3.0%
- Reverse fee (buyer pays)
- $365M · 5.5%
- Go-shop
- Go-shop
- Financing
- Committed · Wells Fargo, JPMorgan
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- JPMorgan fee
- $48.0M
Sector context · Industrials
- Comparable deals
- 31 in the prior 24 months
- Premium
- 67.0% vs. 30.0% sector median
- EV / Adj. EBITDA
- 19.2x vs. 10.6x sector median
- Break fee
- 3.0% vs. 2.6% sector median
Timeline
- AnnouncedJul 9, 2021
- Proxy filedAug 19, 2021
- Definitive proxyAug 30, 2021
- Shareholder voteSep 30, 2021
- ClosedOct 5, 2021
Valuation · fairness opinions
Trading comparables$164.25$310.50
Precedent transactions$178.25$310.00
Discounted cash flow$225.00$287.25
Offer $330.00
Implied value per Stamps.com Inc share by analysis, from JPMorgan · DCF discount rate 9%–10%.