M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Medtronic plc to acquire Intersect ENT, Inc.
Announced Aug 6, 2021 · Closed May 13, 2022
Deal value$1.10BEV $1.10B
Premium15.2%To unaffected price
EV / Adj. EBITDA—10.7x EV / Revenue
ConsiderationAll cash$28.25 per share
Transaction
- Acquirer
- Medtronic plc (MDT)
- Target
- Intersect ENT, Inc.
- Buyer type
- Strategic
- Offer price per share
- $28.25
- Enterprise value
- $1.10B
- Status
- Closed May 13, 2022
Deal protections
- Break fee (target pays)
- $29.3M · 2.7%
- Reverse fee (buyer pays)
- $75.0M · 6.8%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Perella Weinberg
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $18.0M
Sector context · Healthcare
- Comparable deals
- 23 in the prior 24 months
- Premium
- 15.2% vs. 44.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- 2.7% vs. 3.3% sector median
Timeline
- AnnouncedAug 6, 2021
- Proxy filedAug 27, 2021
- Definitive proxySep 7, 2021
- Shareholder voteOct 8, 2021
- ClosedMay 13, 2022
Valuation · fairness opinions
Discounted cash flow$22.06$28.37
Trading comparables$19.02$30.16
Precedent transactions$14.70$22.70
Premiums paid$26.67$34.53
Offer $28.25
Implied value per Intersect ENT, Inc. share by analysis, from Goldman Sachs · DCF discount rate 9.5%–10.5%.