M&A · Tech · Services-Computer Processing & Data Preparation
Take Two Interactive Software Inc to acquire Zynga Inc
Announced Jan 10, 2022 · Closed May 23, 2022
Deal value$12.70BEV $12.70B
Premium64.0%To unaffected price
EV / Adj. EBITDA26.2x4.7x EV / Revenue
ConsiderationAll cash$9.86 per share
Transaction
- Acquirer
- Take Two Interactive Software Inc (TTWO)
- Target
- Zynga Inc (ZNGA)
- Buyer type
- Strategic
- Offer price per share
- $9.86
- Enterprise value
- $12.70B
- Status
- Closed May 23, 2022
Deal protections
- Break fee (target pays)
- $550M · 4.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan, LionTree
- To the target
- Goldman Sachs
- LionTree fee
- $34.0M
Sector context · Tech
- Comparable deals
- 53 in the prior 24 months
- Premium
- 64.0% vs. 29.0% sector median
- EV / Adj. EBITDA
- 26.2x vs. 17.4x sector median
- Break fee
- 4.3% vs. 3.0% sector median
Timeline
- AnnouncedJan 10, 2022
- Proxy filedApr 7, 2022
- Definitive proxyApr 7, 2022
- Shareholder voteMay 19, 2022
- ClosedMay 23, 2022
Valuation · fairness opinions
Precedent transactionsLionTree$5.00$15.70
Discounted cash flowLionTree$7.40$11.10
Discounted cash flowLionTree$10.70$16.00
Other analysisGoldman Sachs$6.20$10.70
Other analysisGoldman Sachs$9.50$13.10
Other analysisGoldman Sachs$7.10$13.30
Other analysisGoldman Sachs$9.50$17.30
Precedent transactionsGoldman Sachs$5.00$7.70
Offer $9.86
Implied value per Zynga Inc share by analysis, from LionTree and Goldman Sachs.