M&A · Tech · Communications Equipment, NEC
Stryker Corp to acquire Vocera Communications, Inc.
Announced Jan 6, 2022 · Closed Feb 23, 2022
Deal value—
Premium27.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash
Transaction
- Acquirer
- Stryker Corp (SYK)
- Target
- Vocera Communications, Inc.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Feb 23, 2022
Deal protections
- Break fee (target pays)
- $109M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Evercore
- Evercore fee
- $45.0M
Sector context · Tech
- Comparable deals
- 52 in the prior 24 months
- Premium
- 27.0% vs. 29.9% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedJan 6, 2022
- Tender offerJan 25, 2022
- ClosedFeb 23, 2022
Valuation · fairness opinions
Discounted cash flow$24.79$47.68
Discounted cash flow$46.99$88.47
Discounted cash flow$12.56$23.64
Discounted cash flow$38.25$51.77
Trading comparables$50.46$67.80
Implied value per Vocera Communications, Inc. share by analysis, from Evercore · DCF discount rate 8%–9%.