M&A · Tech · Services-Computer Processing & Data Preparation
Investor Group led by Hellman & Friedman and Permira to acquire Zendesk, Inc.
Announced Jun 24, 2022 · Closed Nov 22, 2022
Deal value$10.20BEV $10.33B
Premium34.0%To unaffected price
EV / Adj. EBITDA—7.2x EV / Revenue
ConsiderationAll cash$77.50 per share
Transaction
- Acquirer
- Investor Group led by Hellman & Friedman and Permira
- Target
- Zendesk, Inc. (ZEN)
- Buyer type
- Private equity
- Offer price per share
- $77.50
- Enterprise value
- $10.33B
- Status
- Closed Nov 22, 2022
Deal protections
- Break fee (target pays)
- $254M · 2.5%
- Reverse fee (buyer pays)
- $610M · 6.0%
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Qatalyst, Goldman Sachs
- Qatalyst fee
- $15.0M
- Goldman Sachs fee
- $10.2M
Sector context · Tech
- Comparable deals
- 71 in the prior 24 months
- Premium
- 34.0% vs. 33.0% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 2.5% vs. 3.0% sector median
Timeline
- AnnouncedJun 24, 2022
- Proxy filedJul 25, 2022
- Definitive proxyAug 8, 2022
- Shareholder voteSep 19, 2022
- ClosedNov 22, 2022
Valuation · fairness opinions
Discounted cash flowQatalyst$58.27$96.42
Discounted cash flowQatalyst$47.29$91.92
Discounted cash flowQatalyst$71.56$142.65
Precedent transactionsQatalyst$73.58$144.03
Discounted cash flowGoldman Sachs$66.00$116.00
Discounted cash flowGoldman Sachs$64.00$124.00
Discounted cash flowGoldman Sachs$58.00$119.00
Precedent transactionsGoldman Sachs$98.00$186.00
Precedent transactionsGoldman Sachs$70.00$90.00
Offer $77.50
Implied value per Zendesk, Inc. share by analysis, from Qatalyst and Goldman Sachs.