M&A · Tech · Services-Computer Programming, Data Processing, Etc.
Fair Holdings, Inc. to acquire TrueCar, Inc.
Announced Oct 15, 2025 · Closed Jan 21, 2026
Deal value$227MEV $134M
Premium78.0%To unaffected price
EV / Adj. EBITDA—0.7x EV / Revenue
ConsiderationAll cash$2.55 per share
Transaction
- Acquirer
- Fair Holdings, Inc.
- Target
- TrueCar, Inc. (TRUE)
- Buyer type
- Strategic
- Offer price per share
- $2.55
- Enterprise value
- $134M
- Status
- Closed Jan 21, 2026
Deal protections
- Break fee (target pays)
- $8.0M · 3.5%
- Reverse fee (buyer pays)
- $15.0M · 6.6%
- Go-shop
- Go-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- B. Riley
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $3.0M
Sector context · Tech
- Comparable deals
- 64 in the prior 24 months
- Premium
- 78.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.5x
- Break fee
- 3.5% vs. 3.0% sector median
Timeline
- AnnouncedOct 15, 2025
- Proxy filedNov 13, 2025
- Definitive proxyNov 24, 2025
- Shareholder voteDec 22, 2025
- ClosedJan 21, 2026
Valuation · fairness opinions
Trading comparables$1.95$2.90
Trading comparables$1.25$1.45
Future share price$1.95$3.00
Future share price$1.65$2.45
Discounted cash flow$2.35$2.80
Offer $2.55
Implied value per TrueCar, Inc. share by analysis, from Morgan Stanley.