M&A · Industrials · Wholesale-Industrial Machinery & Equipment
DNOW Inc. to acquire MRC Global Inc.
Announced Jun 26, 2025 · Closed Nov 6, 2025
Deal value$1.50BEV $1.50B
Premium—To unaffected price
EV / Adj. EBITDA9.9x0.5x EV / Revenue
ConsiderationAll stock$13.85 per share
Transaction
- Acquirer
- DNOW Inc. (DNOW)
- Target
- MRC Global Inc. (MRC)
- Buyer type
- Strategic
- Offer price per share
- $13.85
- Enterprise value
- $1.50B
- Status
- Closed Nov 6, 2025
Deal protections
- Break fee (target pays)
- $45.5M · 3.0%
- Reverse fee (buyer pays)
- $45.5M · 3.0%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan
- Goldman Sachs fee
- $3.0M
- JPMorgan fee
- $23.0M
Sector context · Industrials
- Comparable deals
- 89 in the prior 24 months
- Premium
- Sector median 39.5%
- EV / Adj. EBITDA
- 9.9x vs. 9.1x sector median
- Break fee
- 3.0% vs. 2.7% sector median
Timeline
- AnnouncedJun 26, 2025
- Proxy filedAug 5, 2025
- Definitive proxyAug 5, 2025
- Shareholder voteSep 9, 2025
- ClosedNov 6, 2025
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$15.70$18.66
Discounted cash flowGoldman Sachs$15.60$19.39
Discounted cash flowGoldman Sachs$17.15$20.92
Future share priceGoldman Sachs$15.44$17.46
Future share priceGoldman Sachs$13.66$16.78
Discounted cash flowJPMorgan$14.50$22.30
Discounted cash flowJPMorgan$15.80$21.90
Offer $13.85
Implied value per MRC Global Inc. share by analysis, from Goldman Sachs and JPMorgan · DCF discount rate 10%–12%.