M&A · Tech · Services-Computer Programming Services
EQT to acquire Perficient Inc
Announced May 5, 2024 · Closed Oct 2, 2024
Deal value$3.00BEV $3.00B
Premium75.0%To unaffected price
EV / Adj. EBITDA16.7x3.4x EV / Revenue
ConsiderationAll cash$76.00 per share
Transaction
- Acquirer
- EQT
- Target
- Perficient Inc (PRFT)
- Buyer type
- Private equity
- Offer price per share
- $76.00
- Enterprise value
- $3.00B
- Status
- Closed Oct 2, 2024
Deal protections
- Break fee (target pays)
- $81.3M · 2.7%
- Reverse fee (buyer pays)
- $163M · 5.4%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Nomura, Barclays, Citigroup, BofA Securities, Wells Fargo
Advisors
- To the acquirer
- JPMorgan, TD Cowen
- To the target
- BofA Securities, Wells Fargo
Sector context · Tech
- Comparable deals
- 55 in the prior 24 months
- Premium
- 75.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- 16.7x vs. 14.7x sector median
- Break fee
- 2.7% vs. 3.0% sector median
Timeline
- AnnouncedMay 5, 2024
- Proxy filedJun 11, 2024
- Definitive proxyJun 26, 2024
- Shareholder voteJul 30, 2024
- ClosedOct 2, 2024
Valuation · fairness opinions
Trading comparables$54.50$71.25
Trading comparables$64.00$79.50
Trading comparables$48.50$62.75
Trading comparables$47.00$64.25
Trading comparables$57.25$74.50
Offer $76.00
Implied value per Perficient Inc share by analysis, from BofA Securities · DCF discount rate 10.5%–12.5%.