M&A · Tech · Telephone Communications (No Radiotelephone)
ATN International, Inc. to acquire Alaska Communications Systems Group Inc
Announced Jan 4, 2021 · Closed Jul 22, 2021
Deal value$332MEV $321M
Premium78.0%To unaffected price
EV / Adj. EBITDA4.8x1.4x EV / Revenue
ConsiderationAll cash$3.40 per share
Transaction
- Acquirer
- ATN International, Inc. (ATNI)
- Target
- Alaska Communications Systems Group Inc
- Buyer type
- Strategic
- Offer price per share
- $3.40
- Enterprise value
- $321M
- Status
- Closed Jul 22, 2021
Deal protections
- Break fee (target pays)
- $4.8M · 1.4%
- Reverse fee (buyer pays)
- $8.8M · 2.7%
- Go-shop
- No-shop
- Financing
- Committed · Macquarie
Advisors
- To the acquirer
- The Bank Street Group
- To the target
- B. Riley
Sector context · Tech
- Comparable deals
- 12 in the prior 24 months
- Premium
- 78.0% vs. 22.0% sector median
- EV / Adj. EBITDA
- 4.8x vs. 20.0x sector median
- Break fee
- 1.4% vs. 3.0% sector median
Timeline
- AnnouncedJan 4, 2021
- Proxy filedJan 25, 2021
- Definitive proxyFeb 9, 2021
- Shareholder voteMar 12, 2021
- ClosedJul 22, 2021
Valuation · fairness opinions
Trading comparables$2.74$4.51
Trading comparables$2.48$4.38
Trading comparables$2.31$3.19
Precedent transactions$2.88$4.69
Discounted cash flow$2.16$3.26
Offer $3.40
Implied value per Alaska Communications Systems Group Inc share by analysis, from B. Riley · DCF discount rate 11.5%–12.5%.