M&A · Tech · Services-Computer Programming, Data Processing, Etc.
Centre Lane Partners to acquire Synacor, Inc.
Announced Feb 11, 2021 · Closed Apr 1, 2021
Deal value$92MEV $86M
Premium13.0%To unaffected price
EV / Adj. EBITDA—1.0x EV / Revenue
ConsiderationAll cash$2.20 per share
Transaction
- Acquirer
- Centre Lane Partners
- Target
- Synacor, Inc.
- Buyer type
- Strategic
- Offer price per share
- $2.20
- Enterprise value
- $86M
- Status
- Closed Apr 1, 2021
Deal protections
- Break fee (target pays)
- $3.5M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Canaccord Genuity
Sector context · Tech
- Comparable deals
- 19 in the prior 24 months
- Premium
- 13.0% vs. 34.1% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 3.8% vs. 2.9% sector median
Timeline
- AnnouncedFeb 11, 2021
- Tender offerMar 3, 2021
- ClosedApr 1, 2021
Valuation · fairness opinions
Trading comparables$0.86$1.99
Discounted cash flow$1.73$2.31
Offer $2.20
Implied value per Synacor, Inc. share by analysis, from Canaccord Genuity · DCF discount rate 13%–15%.