M&A · Financials · Investment Advice
Rithm Capital Corp. to acquire Sculptor Capital Management, Inc.
Announced Jul 24, 2023 · Closed Nov 17, 2023
Deal value$720M
Premium49.4%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$12.70 per share
Transaction
- Acquirer
- Rithm Capital Corp. (RITM)
- Target
- Sculptor Capital Management, Inc.
- Buyer type
- Strategic
- Offer price per share
- $12.70
- Enterprise value
- —
- Status
- Closed Nov 17, 2023
Deal protections
- Break fee (target pays)
- $16.6M · 2.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Citigroup
- To the target
- PJT Partners, JPMorgan
- JPMorgan fee
- $17.5M
Sector context · Financials
- Comparable deals
- 63 in the prior 24 months
- Premium
- 49.4% vs. 30.0% sector median
- EV / Adj. EBITDA
- Sector median 24.7x
- Break fee
- 2.3% vs. 3.0% sector median
Timeline
- AnnouncedJul 24, 2023
- Proxy filedAug 21, 2023
- Definitive proxyOct 12, 2023
- Shareholder voteNov 17, 2023
- ClosedNov 17, 2023
Valuation · fairness opinions
Trading comparablesPJT Partners$7.00$8.36
Precedent transactionsPJT Partners$7.67$8.82
Discounted cash flowPJT Partners$7.19$8.24
52-week trading rangePJT Partners$8.00$11.17
Discounted cash flowJPMorgan$6.45$7.15
Offer $12.70
Implied value per Sculptor Capital Management, Inc. share by analysis, from PJT Partners and JPMorgan · DCF discount rate 13%–15%.