M&A · Tech · Services-Prepackaged Software
Cisco Systems, Inc. to acquire Splunk Inc
Announced Sep 21, 2023 · Closed Mar 18, 2024
Deal value$28.00BEV $27.25B
Premium31.0%To unaffected price
EV / Adj. EBITDA—7.1x EV / Revenue
ConsiderationAll cash$157.00 per share
Transaction
- Acquirer
- Cisco Systems, Inc. (CSCO)
- Target
- Splunk Inc
- Buyer type
- Strategic
- Offer price per share
- $157.00
- Enterprise value
- $27.25B
- Status
- Closed Mar 18, 2024
Deal protections
- Break fee (target pays)
- $1.00B · 3.6%
- Reverse fee (buyer pays)
- $1.48B · 5.3%
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Tidal Partners
- To the target
- Qatalyst, Morgan Stanley
- Morgan Stanley fee
- $45.0M
Sector context · Tech
- Comparable deals
- 62 in the prior 24 months
- Premium
- 31.0% vs. 43.8% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 3.6% vs. 3.0% sector median
Timeline
- AnnouncedSep 21, 2023
- Proxy filedOct 18, 2023
- Definitive proxyOct 30, 2023
- Shareholder voteNov 29, 2023
- ClosedMar 18, 2024
Valuation · fairness opinions
Discounted cash flowQatalyst$97.37$178.26
Discounted cash flowQatalyst$88.22$172.96
Discounted cash flowQatalyst$107.27$171.63
Analyst price targetsMorgan Stanley$105.00$150.00
Analyst price targetsMorgan Stanley$93.00$133.00
Offer $157.00
Implied value per Splunk Inc share by analysis, from Qatalyst and Morgan Stanley.