M&A · Industrials · Services-Engineering Services
Global Infrastructure Solutions Inc. to acquire Hill International, Inc.
Announced Aug 16, 2022 · Closed Dec 27, 2022
Deal value$173MEV $201M
Premium62.8%To unaffected price
EV / Adj. EBITDA12.5x0.5x EV / Revenue
ConsiderationAll cash$2.85 per share
Transaction
- Acquirer
- Global Infrastructure Solutions Inc.
- Target
- Hill International, Inc. (HIL)
- Buyer type
- Strategic
- Offer price per share
- $2.85
- Enterprise value
- $201M
- Status
- Closed Dec 27, 2022
Deal protections
- Break fee (target pays)
- $5.2M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Société Générale
Advisors
- To the acquirer
- Not disclosed
- To the target
- Houlihan Lokey
- Houlihan Lokey fee
- $3.3M
Sector context · Industrials
- Comparable deals
- 77 in the prior 24 months
- Premium
- 62.8% vs. 47.4% sector median
- EV / Adj. EBITDA
- 12.5x vs. 10.8x sector median
- Break fee
- 3.0% vs. 2.8% sector median
Timeline
- AnnouncedAug 16, 2022
- Proxy filedSep 14, 2022
- Definitive proxySep 30, 2022
- Shareholder voteNov 2, 2022
- ClosedDec 27, 2022
Valuation · fairness opinions
Trading comparables$1.68$2.24
Trading comparables$1.73$2.34
Trading comparables$1.89$2.65
Precedent transactions$2.01$2.57
Discounted cash flow$1.90$2.72
Offer $2.85
Implied value per Hill International, Inc. share by analysis, from Houlihan Lokey · DCF discount rate 15%–17%.