M&A · Tech · Services-Prepackaged Software
Silver Lake Group, L.L.C. to acquire Zuora Inc
Announced Oct 17, 2024 · Closed Feb 14, 2025
Deal value$1.70BEV $1.70B
Premium18.0%To unaffected price
EV / Adj. EBITDA—3.8x EV / Revenue
ConsiderationAll cash$10.00 per share
Transaction
- Acquirer
- Silver Lake Group, L.L.C.
- Target
- Zuora Inc (ZUO)
- Buyer type
- Private equity
- Offer price per share
- $10.00
- Enterprise value
- $1.70B
- Status
- Closed Feb 14, 2025
Deal protections
- Break fee (target pays)
- $50.5M · 3.0%
- Reverse fee (buyer pays)
- $101M · 5.9%
- Go-shop
- No-shop
- Financing
- Committed · RBC Capital Markets, Santander, BMO Capital Markets, Barclays, Wells Fargo
Advisors
- To the acquirer
- Not disclosed
- To the target
- Qatalyst, Foros
Sector context · Tech
- Comparable deals
- 56 in the prior 24 months
- Premium
- 18.0% vs. 44.5% sector median
- EV / Adj. EBITDA
- Sector median 14.7x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedOct 17, 2024
- Proxy filedNov 25, 2024
- Definitive proxyDec 31, 2024
- Shareholder voteFeb 13, 2025
- ClosedFeb 14, 2025
Valuation · fairness opinions
Discounted cash flow$8.30$12.21
Discounted cash flow$6.64$12.37
Discounted cash flow$6.71$12.52
Discounted cash flow$6.59$10.75
Discounted cash flow$6.51$10.62
Offer $10.00
Implied value per Zuora Inc share by analysis, from Qatalyst.