M&A · Industrials · General Industrial Machinery & Equipment, NEC
Regal Rexnord Corp to acquire Altra Industrial Motion Corp.
Announced Oct 27, 2022 · Closed Mar 27, 2023
Deal value$5.00BEV $5.26B
Premium54.0%To unaffected price
EV / Adj. EBITDA14.0x2.7x EV / Revenue
ConsiderationAll cash$62.00 per share
Transaction
- Acquirer
- Regal Rexnord Corp (RRX)
- Target
- Altra Industrial Motion Corp. (AIMC)
- Buyer type
- Strategic
- Offer price per share
- $62.00
- Enterprise value
- $5.26B
- Status
- Closed Mar 27, 2023
Deal protections
- Break fee (target pays)
- $100M · 2.0%
- Reverse fee (buyer pays)
- $200M · 4.0%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan
Advisors
- To the acquirer
- JPMorgan
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $45.0M
Sector context · Industrials
- Comparable deals
- 78 in the prior 24 months
- Premium
- 54.0% vs. 47.4% sector median
- EV / Adj. EBITDA
- 14.0x vs. 11.0x sector median
- Break fee
- 2.0% vs. 2.8% sector median
Timeline
- AnnouncedOct 27, 2022
- Proxy filedNov 23, 2022
- Definitive proxyDec 14, 2022
- Shareholder voteJan 17, 2023
- ClosedMar 27, 2023
Valuation · fairness opinions
Analyst price targets$48.00$64.00
Future share price$42.00$64.00
Precedent transactions$25.00$79.00
Premiums paid$47.00$59.00
Offer $62.00
Implied value per Altra Industrial Motion Corp. share by analysis, from Goldman Sachs · DCF discount rate 10%–11%.