M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Globus Medical Inc to acquire Nevro Corp
Announced Feb 6, 2025 · Closed Apr 3, 2025
Deal value$250MEV $400M
Premium17.0%To unaffected price
EV / Adj. EBITDA—1.0x EV / Revenue
ConsiderationAll cash$5.85 per share
Transaction
- Acquirer
- Globus Medical Inc (GMED)
- Target
- Nevro Corp (NVRO)
- Buyer type
- Strategic
- Offer price per share
- $5.85
- Enterprise value
- $400M
- Status
- Closed Apr 3, 2025
Deal protections
- Break fee (target pays)
- $15.0M · 6.0%
- Reverse fee (buyer pays)
- $15.0M · 6.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- BofA Securities
- BofA Securities fee
- $9.0M
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- 17.0% vs. 65.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 6.0% vs. 3.4% sector median
Timeline
- AnnouncedFeb 6, 2025
- Proxy filedFeb 21, 2025
- Definitive proxyMar 10, 2025
- Shareholder voteApr 2, 2025
- ClosedApr 3, 2025
Valuation · fairness opinions
Trading comparables$5.35$12.85
Trading comparables$5.15$8.65
Discounted cash flow$4.65$8.00
52-week trading range$3.29$17.62
Analyst price targets$3.50$6.15
Offer $5.85
Implied value per Nevro Corp share by analysis, from BofA Securities · DCF discount rate 12%–14.75%.