M&A · Financials · Security Brokers, Dealers & Flotation Companies
Mizuho to acquire Greenhill & Co Inc
Announced May 22, 2023 · Closed Dec 1, 2023
Deal value$550M
Premium121.2%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$15.00 per share
Transaction
- Acquirer
- Mizuho
- Target
- Greenhill & Co Inc (GHL)
- Buyer type
- Strategic
- Offer price per share
- $15.00
- Enterprise value
- —
- Status
- Closed Dec 1, 2023
Deal protections
- Break fee (target pays)
- $15.4M · 2.8%
- Reverse fee (buyer pays)
- $38.5M · 7.0%
- Go-shop
- No-shop
- Financing
- Committed · Mizuho
Advisors
- To the acquirer
- Citigroup, Mizuho
- To the target
- Houlihan Lokey
- Houlihan Lokey fee
- $5.0M
Sector context · Financials
- Comparable deals
- 76 in the prior 24 months
- Premium
- 121.2% vs. 29.4% sector median
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 2.8% vs. 3.5% sector median
Timeline
- AnnouncedMay 22, 2023
- Proxy filedJun 30, 2023
- Definitive proxyJul 13, 2023
- Shareholder voteAug 16, 2023
- ClosedDec 1, 2023
Valuation · fairness opinions
Trading comparables$9.32$13.66
Trading comparables$8.64$14.21
Discounted cash flow$9.31$15.38
Offer $15.00
Implied value per Greenhill & Co Inc share by analysis, from Houlihan Lokey · DCF discount rate 12%–15%.