M&A · Tech · Semiconductors & Related Devices
Entegris Inc to acquire CMC Materials, Inc.
Announced Dec 15, 2021 · Closed Jul 6, 2022
Deal value$6.50BEV $6.50B
Premium35.0%To unaffected price
EV / Adj. EBITDA17.2x5.4x EV / Revenue
ConsiderationCash and stock$197.53 per share
Transaction
- Acquirer
- Entegris Inc (ENTG)
- Target
- CMC Materials, Inc. (CCMP)
- Buyer type
- Strategic
- Offer price per share
- $197.53
- Enterprise value
- $6.50B
- Status
- Closed Jul 6, 2022
Deal protections
- Break fee (target pays)
- $187M · 2.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 48 in the prior 24 months
- Premium
- 35.0% vs. 29.0% sector median
- EV / Adj. EBITDA
- 17.2x vs. 18.1x sector median
- Break fee
- 2.9% vs. 3.0% sector median
Timeline
- AnnouncedDec 15, 2021
- Proxy filedJan 28, 2022
- Definitive proxyJan 28, 2022
- Shareholder voteMar 3, 2022
- ClosedJul 6, 2022
Valuation · fairness opinions
Discounted cash flow$133.00$215.00
Future share price$131.00$216.00
Precedent transactions$100.00$255.00
Premiums paid$174.00$218.00
Offer $197.53
Implied value per CMC Materials, Inc. share by analysis, from Goldman Sachs · DCF discount rate 9.5%–11.5%.