M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Globus Medical Inc to acquire Nuvasive Inc
Announced Feb 9, 2023 · Closed Sep 1, 2023
Deal value$3.10BEV $3.75B
Premium24.5%To unaffected price
EV / Adj. EBITDA21.1x3.1x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Globus Medical Inc (GMED)
- Target
- Nuvasive Inc (NUVA)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $3.75B
- Status
- Closed Sep 1, 2023
Deal protections
- Break fee (target pays)
- $120M · 3.9%
- Reverse fee (buyer pays)
- $120M · 3.9%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- BofA Securities
- Goldman Sachs fee
- $6.0M
Sector context · Healthcare
- Comparable deals
- 76 in the prior 24 months
- Premium
- 24.5% vs. 47.3% sector median
- EV / Adj. EBITDA
- 21.1x vs. 21.5x sector median
- Break fee
- 3.9% vs. 3.5% sector median
Timeline
- AnnouncedFeb 9, 2023
- Proxy filedMar 28, 2023
- Definitive proxyMar 28, 2023
- Shareholder voteApr 27, 2023
- ClosedSep 1, 2023
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$39.61$48.76
Future share priceGoldman Sachs$42.32$49.49
Precedent transactionsGoldman Sachs$45.56$72.21
Premiums paidGoldman Sachs$53.89$61.03
Discounted cash flowGoldman Sachs$73.27$84.74
Trading comparablesBofA Securities$40.00$63.25
Trading comparablesBofA Securities$43.25$52.50
Discounted cash flowBofA Securities$43.00$59.50
Precedent transactionsBofA Securities$44.00$59.25
Precedent transactionsBofA Securities$52.25$56.75
Implied value per Nuvasive Inc share by analysis, from Goldman Sachs and BofA Securities · DCF discount rate 7.5%–9.5%.