M&A · Tech · Services-Computer Processing & Data Preparation
Zoom Video Communications, Inc. to acquire Five9, Inc.
Announced Jul 19, 2021 · Terminated Oct 1, 2021
Deal value$14.70BEV $14.70B
Premium13.0%To unaffected price
EV / Adj. EBITDA—30.8x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Zoom Video Communications, Inc. (ZM)
- Target
- Five9, Inc. (FIVN)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $14.70B
- Status
- Terminated Oct 1, 2021
Deal protections
- Break fee (target pays)
- $450M · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Qatalyst
Sector context · Tech
- Comparable deals
- 35 in the prior 24 months
- Premium
- 13.0% vs. 30.8% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 3.1% vs. 3.0% sector median
Timeline
- AnnouncedJul 19, 2021
- Proxy filedAug 26, 2021
- Definitive proxyAug 26, 2021
- Shareholder voteSep 30, 2021
- TerminatedOct 1, 2021
Valuation · fairness opinions
Discounted cash flow$109.47$240.87
Discounted cash flow$159.48$247.54
Discounted cash flow$124.28$195.33
Discounted cash flow$130.58$242.18
Discounted cash flow$116.87$224.63
Implied value per Five9, Inc. share by analysis, from Qatalyst.