M&A · Healthcare · Services-Health Services
WELL Health Technologies Corp. to acquire CRH Medical Corp
Announced Feb 8, 2021 · Closed Apr 28, 2021
Deal value$293MEV $356M
Premium83.0%To unaffected price
EV / Adj. EBITDA11.6x3.6x EV / Revenue
ConsiderationAll cash$4.00 per share
Transaction
- Acquirer
- WELL Health Technologies Corp. (WELL)
- Target
- CRH Medical Corp (CRH)
- Buyer type
- Strategic
- Offer price per share
- $4.00
- Enterprise value
- $356M
- Status
- Closed Apr 28, 2021
Deal protections
- Break fee (target pays)
- $10.0M · 3.4%
- Reverse fee (buyer pays)
- $10.0M · 3.4%
- Go-shop
- No-shop
- Financing
- Committed · HSBC, CIBC
Advisors
- To the acquirer
- Not disclosed
- To the target
- Citigroup, Canaccord Genuity
Sector context · Healthcare
- Comparable deals
- 9 in the prior 24 months
- Premium
- 83.0% vs. 52.8% sector median
- EV / Adj. EBITDA
- 11.6x vs. 11.5x sector median
- Break fee
- 3.4% vs. 2.8% sector median
Timeline
- AnnouncedFeb 8, 2021
- Proxy filedMar 5, 2021
- Definitive proxyMar 19, 2021
- Shareholder voteApr 16, 2021
- ClosedApr 23, 2021
Valuation · fairness opinions
Trading comparables$3.09$3.69
Trading comparables$3.41$4.11
Trading comparables$4.26$6.52
Precedent transactions$2.84$4.18
Discounted cash flow$2.82$3.71
Offer $4.00
Implied value per CRH Medical Corp share by analysis, from Canaccord Genuity.