M&A · Industrials · Retail-Miscellaneous Retail
Evercel, Inc. to acquire ZAGG Inc
Announced Dec 11, 2020 · Closed Jan 4, 2021
Deal value$125MEV $206M
Premium10.1%To unaffected price
EV / Adj. EBITDA—0.4x EV / Revenue
ConsiderationAll cash$4.20 per share
Transaction
- Acquirer
- Evercel, Inc.
- Target
- ZAGG Inc (ZAGG)
- Buyer type
- Strategic
- Offer price per share
- $4.20
- Enterprise value
- $206M
- Status
- Closed Jan 4, 2021
Deal protections
- Break fee (target pays)
- $3.0M · 2.4%
- Reverse fee (buyer pays)
- $5.0M · 4.0%
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities
Advisors
- To the acquirer
- Lincoln International, Oppenheimer
- To the target
- BofA Securities
Sector context · Industrials
- Comparable deals
- 4 in the prior 24 months
- Premium
- 10.1% vs. 30.0% sector median
- EV / Adj. EBITDA
- Sector median 9.2x
- Break fee
- 2.4% vs. 2.7% sector median
Timeline
- AnnouncedDec 11, 2020
- Proxy filedJan 7, 2021
- Definitive proxyJan 21, 2021
- Shareholder voteFeb 18, 2021
- ClosedFeb 22, 2021
Valuation · fairness opinions
Trading comparables$1.60$4.15
Trading comparables$3.40$8.75
Precedent transactions$9.15$11.55
Discounted cash flow$3.10$5.30
Discounted cash flow$2.71$4.12
Offer $4.20
Implied value per ZAGG Inc share by analysis, from BofA Securities · DCF discount rate 10%–12.5%.