M&A · Tech · Services-Prepackaged Software
CommerceHub, Inc. to acquire Channeladvisor Corp
Announced Sep 6, 2022 · Closed Nov 15, 2022
Deal value$664MEV $579M
Premium57.0%To unaffected price
EV / Adj. EBITDA17.1x3.4x EV / Revenue
ConsiderationAll cash$23.10 per share
Transaction
- Acquirer
- CommerceHub, Inc.
- Target
- Channeladvisor Corp
- Buyer type
- Strategic
- Offer price per share
- $23.10
- Enterprise value
- $579M
- Status
- Closed Nov 15, 2022
Deal protections
- Break fee (target pays)
- $23.0M · 3.5%
- Reverse fee (buyer pays)
- $62.0M · 9.3%
- Go-shop
- No-shop
- Financing
- Committed · Baird
Advisors
- To the acquirer
- Stifel
- To the target
- Baird
- Baird fee
- $9.8M
Sector context · Tech
- Comparable deals
- 76 in the prior 24 months
- Premium
- 57.0% vs. 33.0% sector median
- EV / Adj. EBITDA
- 17.1x vs. 18.1x sector median
- Break fee
- 3.5% vs. 3.0% sector median
Timeline
- AnnouncedSep 6, 2022
- Proxy filedSep 27, 2022
- Definitive proxyOct 11, 2022
- Shareholder voteNov 11, 2022
- ClosedNov 15, 2022
Valuation · fairness opinions
Trading comparables$17.86$26.83
Trading comparables$17.79$27.70
Trading comparables$17.32$25.18
Trading comparables$17.26$25.86
Other analysis$16.28$24.39
Offer $23.10
Implied value per Channeladvisor Corp share by analysis, from Baird · DCF discount rate 11%–14%.