M&A · Industrials · Miscellaneous Manufacturing Industries
Lone Star to acquire Hillenbrand, Inc.
Announced Oct 15, 2025 · Closed Feb 10, 2026
Deal value$3.80BEV $3.80B
Premium37.0%To unaffected price
EV / Adj. EBITDA27.3x1.3x EV / Revenue
ConsiderationAll cash$32.00 per share
Transaction
- Acquirer
- Lone Star
- Target
- Hillenbrand, Inc. (HI)
- Buyer type
- Private equity
- Offer price per share
- $32.00
- Enterprise value
- $3.80B
- Status
- Closed Feb 10, 2026
Deal protections
- Break fee (target pays)
- $69.0M · 1.8%
- Reverse fee (buyer pays)
- $138M · 3.6%
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Jefferies, UBS
- To the target
- Evercore
- Evercore fee
- $32.0M
Sector context · Industrials
- Comparable deals
- 96 in the prior 24 months
- Premium
- 37.0% vs. 37.5% sector median
- EV / Adj. EBITDA
- 27.3x vs. 9.2x sector median
- Break fee
- 1.8% vs. 2.6% sector median
Timeline
- AnnouncedOct 15, 2025
- Proxy filedNov 19, 2025
- Definitive proxyDec 1, 2025
- Shareholder voteJan 8, 2026
- ClosedFeb 10, 2026
Valuation · fairness opinions
Discounted cash flow$28.55$53.20
Trading comparables$25.85$42.15
Precedent transactions$29.10$39.00
Discounted cash flow$33.35$61.80
Analyst price targets$24.00$40.00
Offer $32.00
Implied value per Hillenbrand, Inc. share by analysis, from Evercore · DCF discount rate 10.5%–12.5%.