M&A · Financials · Security Brokers, Dealers & Flotation Companies
Citizens Financial Group Inc to acquire JMP Group LLC
Announced Sep 8, 2021 · Closed Nov 15, 2021
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash
Transaction
- Acquirer
- Citizens Financial Group Inc (CFG)
- Target
- JMP Group LLC
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Nov 15, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Stifel, Citizens
Sector context · Financials
- Comparable deals
- 53 in the prior 24 months
- Premium
- Sector median 35.9%
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedSep 8, 2021
- Proxy filedOct 5, 2021
- Definitive proxyOct 15, 2021
- Shareholder voteNov 12, 2021
- ClosedNov 15, 2021
Valuation · fairness opinions
Trading comparables$3.21$9.24
Trading comparables$1.57$1.94
Precedent transactions$3.85$9.94
Precedent transactions$6.89$14.25
Discounted cash flow$4.90$6.55
Implied value per JMP Group LLC share by analysis, from Stifel · DCF discount rate 11%–15%.