M&A · Industrials · Services-Business Services, NEC
Gainwell to acquire HMS Holdings Corp
Announced Dec 21, 2020 · Closed Apr 1, 2021
Deal value$3.40BEV $3.07B
Premium52.0%To unaffected price
EV / Adj. EBITDA20.8x4.8x EV / Revenue
ConsiderationAll cash$37.00 per share
Transaction
- Acquirer
- Gainwell
- Target
- HMS Holdings Corp
- Buyer type
- Strategic
- Offer price per share
- $37.00
- Enterprise value
- $3.07B
- Status
- Closed Apr 1, 2021
Deal protections
- Break fee (target pays)
- $67.4M · 2.0%
- Reverse fee (buyer pays)
- $185M · 5.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Barclays
Sector context · Industrials
- Comparable deals
- 5 in the prior 24 months
- Premium
- 52.0% vs. 22.0% sector median
- EV / Adj. EBITDA
- 20.8x vs. 9.2x sector median
- Break fee
- 2.0% vs. 2.4% sector median
Timeline
- AnnouncedDec 21, 2020
- Proxy filedFeb 4, 2021
- Definitive proxyFeb 22, 2021
- Shareholder voteMar 29, 2021
- ClosedApr 1, 2021