M&A · Industrials · Arrangement of Transportation of Freight & Cargo
The Jordan Company to acquire Echo Global Logistics, Inc.
Announced Sep 10, 2021 · Closed Nov 23, 2021
Deal value$1.30BEV $1.36B
Premium54.0%To unaffected price
EV / Adj. EBITDA11.9x0.5x EV / Revenue
ConsiderationAll cash$48.25 per share
Transaction
- Acquirer
- The Jordan Company
- Target
- Echo Global Logistics, Inc. (ECHO)
- Buyer type
- Strategic
- Offer price per share
- $48.25
- Enterprise value
- $1.36B
- Status
- Closed Nov 23, 2021
Deal protections
- Break fee (target pays)
- $39.6M · 3.0%
- Reverse fee (buyer pays)
- $79.2M · 6.1%
- Go-shop
- No-shop
- Financing
- Committed · Credit Suisse, Citigroup, MUFG, BMO Capital Markets, UBS, Morgan Stanley
Advisors
- To the acquirer
- Citigroup
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $1.5M
Sector context · Industrials
- Comparable deals
- 38 in the prior 24 months
- Premium
- 54.0% vs. 34.5% sector median
- EV / Adj. EBITDA
- 11.9x vs. 12.2x sector median
- Break fee
- 3.0% vs. 2.8% sector median
Timeline
- AnnouncedSep 10, 2021
- Proxy filedOct 5, 2021
- Definitive proxyOct 21, 2021
- Shareholder voteNov 19, 2021
- ClosedNov 23, 2021
Valuation · fairness opinions
Discounted cash flow$33.00$45.75
Future share price$31.50$36.25
Future share price$33.25$38.00
Trading comparables$33.00$37.75
Trading comparables$33.25$38.00
Offer $48.25
Implied value per Echo Global Logistics, Inc. share by analysis, from Morgan Stanley.