M&A · Tech · Computer Peripheral Equipment, NEC
Google LLC to acquire Mandiant, Inc.
Announced Mar 8, 2022 · Closed Sep 12, 2022
Deal value$5.40BEV $5.23B
Premium53.0%To unaffected price
EV / Adj. EBITDA—10.8x EV / Revenue
ConsiderationAll cash$23.00 per share
Transaction
- Acquirer
- Google LLC
- Target
- Mandiant, Inc. (MNDT)
- Buyer type
- Strategic
- Offer price per share
- $23.00
- Enterprise value
- $5.23B
- Status
- Closed Sep 12, 2022
Deal protections
- Break fee (target pays)
- $197M · 3.6%
- Reverse fee (buyer pays)
- $460M · 8.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 59 in the prior 24 months
- Premium
- 53.0% vs. 31.0% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 3.6% vs. 3.0% sector median
Timeline
- AnnouncedMar 8, 2022
- Proxy filedMar 31, 2022
- Definitive proxyApr 28, 2022
- Shareholder voteJun 3, 2022
- ClosedSep 12, 2022
Valuation · fairness opinions
Discounted cash flow$13.45$21.74
Future share price$17.47$26.25
Future share price$16.08$22.30
Premiums paid$17.62$22.44
Offer $23.00
Implied value per Mandiant, Inc. share by analysis, from Goldman Sachs.