M&A · Tech · Communications Services, NEC
GI Partners to acquire ORBCOMM Inc.
Announced Apr 8, 2021 · Closed Sep 1, 2021
Deal value$1.10BEV $1.09B
Premium52.0%To unaffected price
EV / Adj. EBITDA19.5x4.4x EV / Revenue
ConsiderationAll cash$11.50 per share
Transaction
- Acquirer
- GI Partners
- Target
- ORBCOMM Inc. (ORBC)
- Buyer type
- Strategic
- Offer price per share
- $11.50
- Enterprise value
- $1.09B
- Status
- Closed Sep 1, 2021
Deal protections
- Break fee (target pays)
- $51.8M · 4.7%
- Reverse fee (buyer pays)
- $51.8M · 4.7%
- Go-shop
- Go-shop
- Financing
- Committed · Credit Suisse, Jefferies, Truist Securities
Advisors
- To the acquirer
- Evercore
- To the target
- PJT Partners, Raymond James
Sector context · Tech
- Comparable deals
- 27 in the prior 24 months
- Premium
- 52.0% vs. 31.9% sector median
- EV / Adj. EBITDA
- 19.5x vs. 17.3x sector median
- Break fee
- 4.7% vs. 2.9% sector median
Timeline
- AnnouncedApr 8, 2021
- Proxy filedMay 10, 2021
- Definitive proxyMay 27, 2021
- Shareholder voteJul 8, 2021
- ClosedSep 1, 2021
Valuation · fairness opinions
Precedent transactions$24.40$31.00
Precedent transactions$27.40$35.00
52-week trading range$2.04$9.25
Analyst price targets$9.25$13.00
Offer $11.50
Implied value per ORBCOMM Inc. share by analysis, from PJT Partners · DCF discount rate 9%–10%.