M&A · Industrials · Services-Equipment Rental & Leasing, NEC
Mitsubishi HC Capital Inc. to acquire CAI International, Inc.
Announced Jun 17, 2021 · Closed Nov 22, 2021
Deal value$2.90BEV $2.90B
Premium46.8%To unaffected price
EV / Adj. EBITDA—10.7x EV / Revenue
ConsiderationAll cash$56.00 per share
Transaction
- Acquirer
- Mitsubishi HC Capital Inc.
- Target
- CAI International, Inc.
- Buyer type
- Strategic
- Offer price per share
- $56.00
- Enterprise value
- $2.90B
- Status
- Closed Nov 22, 2021
Deal protections
- Break fee (target pays)
- $35.0M · 1.2%
- Reverse fee (buyer pays)
- $35.0M · 1.2%
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
Sector context · Industrials
- Comparable deals
- 27 in the prior 24 months
- Premium
- 46.8% vs. 30.0% sector median
- EV / Adj. EBITDA
- Sector median 10.5x
- Break fee
- 1.2% vs. 2.6% sector median
Timeline
- AnnouncedJun 17, 2021
- Proxy filedJul 12, 2021
- Definitive proxyAug 4, 2021
- Shareholder voteAug 31, 2021
- ClosedNov 22, 2021
Valuation · fairness opinions
Trading comparables$46.02$53.35
Discounted cash flow$37.55$50.15
Discounted cash flow$40.44$54.21
Trading comparables$44.21$51.25
Offer $56.00
Implied value per CAI International, Inc. share by analysis, from Centerview.