M&A · Tech · Telephone & Telegraph Apparatus
Nokia Corp to acquire Infinera Corp
Announced Jun 28, 2024 · Closed Feb 28, 2025
Deal value$2.30BEV $2.30B
Premium28.0%To unaffected price
EV / Adj. EBITDA21.8x1.5x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- Nokia Corp (NOK)
- Target
- Infinera Corp (INFN)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $2.30B
- Status
- Closed Feb 28, 2025
Deal protections
- Break fee (target pays)
- $65.0M · 2.8%
- Reverse fee (buyer pays)
- $130M · 5.7%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- PJT Partners
- To the target
- Centerview
Sector context · Tech
- Comparable deals
- 55 in the prior 24 months
- Premium
- 28.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- 21.8x vs. 15.5x sector median
- Break fee
- 2.8% vs. 3.0% sector median
Timeline
- AnnouncedJun 28, 2024
- Proxy filedAug 21, 2024
- Definitive proxyAug 21, 2024
- Shareholder voteOct 1, 2024
- ClosedFeb 28, 2025
Valuation · fairness opinions
Trading comparables$3.75$4.75
Discounted cash flow$4.75$7.25
52-week trading range$2.87$6.50
Analyst price targets$4.50$12.00
Premiums paid$6.25$7.94
Implied value per Infinera Corp share by analysis, from Centerview.