M&A · Healthcare · Services-Home Health Care Services
UnitedHealth Group Inc to acquire LHC Group, Inc
Announced Mar 29, 2022 · Closed Feb 22, 2023
Deal value$5.39BEV $5.38B
Premium11.0%To unaffected price
EV / Adj. EBITDA24.1x2.4x EV / Revenue
ConsiderationAll cash$170.00 per share
Transaction
- Acquirer
- UnitedHealth Group Inc (UNH)
- Target
- LHC Group, Inc (LHCG)
- Buyer type
- Strategic
- Offer price per share
- $170.00
- Enterprise value
- $5.38B
- Status
- Closed Feb 22, 2023
Deal protections
- Break fee (target pays)
- $180M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Leerink Partners, Jefferies
- Leerink Partners fee
- $20.0M
- Jefferies fee
- $20.0M
Sector context · Healthcare
- Comparable deals
- 37 in the prior 24 months
- Premium
- 11.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- 24.1x vs. 19.3x sector median
- Break fee
- 3.3% vs. 3.4% sector median
Timeline
- AnnouncedMar 29, 2022
- Proxy filedApr 29, 2022
- Definitive proxyMay 17, 2022
- Shareholder voteJun 21, 2022
- ClosedFeb 22, 2023
Valuation · fairness opinions
Trading comparablesLeerink Partners$130.25$166.50
Trading comparablesLeerink Partners$137.25$163.50
Trading comparablesLeerink Partners$144.75$179.75
Trading comparablesLeerink Partners$153.25$177.00
Precedent transactionsLeerink Partners$83.50$109.25
Trading comparablesJefferies$145.26$163.97
Trading comparablesJefferies$144.98$167.40
Trading comparablesJefferies$148.13$170.92
Trading comparablesJefferies$160.06$181.40
Precedent transactionsJefferies$104.91$113.45
Offer $170.00
Implied value per LHC Group, Inc share by analysis, from Leerink Partners and Jefferies.