M&A · Industrials · Miscellaneous Fabricated Metal Products
KKR & Co. Inc. to acquire Circor International Inc
Announced Jun 5, 2023 · Closed Oct 18, 2023
Deal value$1.04BEV $1.51B
Premium77.0%To unaffected price
EV / Adj. EBITDA14.2x1.9x EV / Revenue
ConsiderationAll cash$51.00 per share
Transaction
- Acquirer
- KKR & Co. Inc. (KKR)
- Target
- Circor International Inc
- Buyer type
- Private equity
- Offer price per share
- $51.00
- Enterprise value
- $1.51B
- Status
- Closed Oct 18, 2023
Deal protections
- Break fee (target pays)
- $42.8M · 4.1%
- Reverse fee (buyer pays)
- $67.0M · 6.4%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Citigroup
- To the target
- Evercore, JPMorgan
- Evercore fee
- $23.3M
- JPMorgan fee
- $2.0M
Sector context · Industrials
- Comparable deals
- 76 in the prior 24 months
- Premium
- 77.0% vs. 49.0% sector median
- EV / Adj. EBITDA
- 14.2x vs. 11.9x sector median
- Break fee
- 4.1% vs. 2.8% sector median
Timeline
- AnnouncedJun 5, 2023
- Proxy filedJul 5, 2023
- Definitive proxyJul 17, 2023
- Shareholder voteAug 24, 2023
- ClosedOct 18, 2023
Valuation · fairness opinions
Discounted cash flowEvercore$36.25$56.25
Trading comparablesEvercore$29.25$55.25
Precedent transactionsEvercore$31.50$52.50
Analyst price targetsEvercore$36.00$40.00
Premiums paidEvercore$36.50$49.00
Trading comparablesJPMorgan$32.60$71.40
Trading comparablesJPMorgan$34.90$80.70
Precedent transactionsJPMorgan$43.70$61.70
Discounted cash flowJPMorgan$42.80$68.60
Analyst price targetsJPMorgan$36.00$40.00
Offer $51.00
Implied value per Circor International Inc share by analysis, from Evercore and JPMorgan · DCF discount rate 12%–14%.