M&A · Financials · Real Estate Investment Trusts
Pacific Investment Management Company LLC to acquire Columbia Property Trust, Inc.
Announced Sep 7, 2021 · Closed Dec 8, 2021
Deal value$3.90BEV $2.75B
Premium27.0%To unaffected price
EV / Adj. EBITDA—10.1x EV / Revenue
ConsiderationAll cash$19.30 per share
Transaction
- Acquirer
- Pacific Investment Management Company LLC
- Target
- Columbia Property Trust, Inc.
- Buyer type
- Strategic
- Offer price per share
- $19.30
- Enterprise value
- $2.75B
- Status
- Closed Dec 8, 2021
Deal protections
- Break fee (target pays)
- $86.0M · 2.2%
- Reverse fee (buyer pays)
- $196M · 5.0%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, Deutsche Bank, Citigroup, Morgan Stanley
Advisors
- To the acquirer
- Goldman Sachs, Deutsche Bank
- To the target
- Morgan Stanley, Eastdil Secured, JPMorgan
- Morgan Stanley fee
- $33.0M
Sector context · Financials
- Comparable deals
- 52 in the prior 24 months
- Premium
- 27.0% vs. 39.8% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 2.2% vs. 3.7% sector median
Timeline
- AnnouncedSep 7, 2021
- Proxy filedOct 6, 2021
- Definitive proxyOct 26, 2021
- Shareholder voteDec 2, 2021
- ClosedDec 8, 2021
Valuation · fairness opinions
Analyst price targets$18.00$19.50
Analyst price targets$20.60$25.98
Analyst price targets$3.07$3.50
Trading comparables$14.55$20.71
Trading comparables$18.55$22.76
Offer $19.30
Implied value per Columbia Property Trust, Inc. share by analysis, from Morgan Stanley · DCF discount rate 6.6%–7.7%.