M&A · Industrials · Paper Mills
Paper Excellence Group to acquire Resolute Forest Products Inc.
Announced Jul 6, 2022 · Closed Mar 1, 2023
Deal value$2.70BEV $2.70B
Premium64.0%To unaffected price
EV / Adj. EBITDA—0.7x EV / Revenue
ConsiderationAll cash$20.50 per share
Transaction
- Acquirer
- Paper Excellence Group
- Target
- Resolute Forest Products Inc. (RFP)
- Buyer type
- Strategic
- Offer price per share
- $20.50
- Enterprise value
- $2.70B
- Status
- Closed Mar 1, 2023
Deal protections
- Break fee (target pays)
- $40.0M · 1.5%
- Reverse fee (buyer pays)
- $80.0M · 3.0%
- Go-shop
- No-shop
- Financing
- Committed · Barclays, BMO Capital Markets, Wells Fargo, RBC Capital Markets
Advisors
- To the acquirer
- Barclays
- To the target
- CIBC
Sector context · Industrials
- Comparable deals
- 70 in the prior 24 months
- Premium
- 64.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- Sector median 10.9x
- Break fee
- 1.5% vs. 2.8% sector median
Timeline
- AnnouncedJul 6, 2022
- Proxy filedAug 5, 2022
- Definitive proxySep 20, 2022
- Shareholder voteOct 31, 2022
- ClosedMar 1, 2023