M&A · Tech · Telephone Communications (No Radiotelephone)
Searchlight Capital Partners and British Columbia Investment Management Corporation to acquire Consolidated Communications Holdings, Inc.
Announced Oct 16, 2023 · Closed Dec 27, 2024
Deal value$3.10BEV $3.10B
Premium70.0%To unaffected price
EV / Adj. EBITDA10.6x2.7x EV / Revenue
ConsiderationAll cash$4.70 per share
Transaction
- Acquirer
- Searchlight Capital Partners and British Columbia Investment Management Corporation
- Target
- Consolidated Communications Holdings, Inc. (CNSL)
- Buyer type
- Private equity
- Offer price per share
- $4.70
- Enterprise value
- $3.10B
- Status
- Closed Dec 27, 2024
Deal protections
- Break fee (target pays)
- $15.9M · 0.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo, Mizuho, RBC Capital Markets, TD Cowen
- To the target
- Rothschild & Co
- Rothschild & Co fee
- $14.3M
Sector context · Tech
- Comparable deals
- 63 in the prior 24 months
- Premium
- 70.0% vs. 42.3% sector median
- EV / Adj. EBITDA
- 10.6x vs. 17.3x sector median
- Break fee
- 0.5% vs. 3.0% sector median
Timeline
- AnnouncedOct 16, 2023
- Proxy filedNov 20, 2023
- Definitive proxyDec 18, 2023
- Shareholder voteJan 31, 2024
- ClosedDec 27, 2024
Valuation · fairness opinions
Premiums paid$3.75$5.00
Premiums paid$3.75$4.75
Premiums paid$3.25$4.25
Premiums paid$4.25$5.50
Discounted cash flow$2.15$5.35
Offer $4.70
Implied value per Consolidated Communications Holdings, Inc. share by analysis, from Rothschild & Co.