M&A · Financials · Real Estate Investment Trusts
AG Mortgage Investment Trust, Inc. to acquire Western Asset Mortgage Capital Corp
Announced Aug 8, 2023 · Closed Dec 6, 2023
Deal value$68M
Premium34.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$11.23 per share
Transaction
- Acquirer
- AG Mortgage Investment Trust, Inc. (MITT)
- Target
- Western Asset Mortgage Capital Corp (WMC)
- Buyer type
- Strategic
- Offer price per share
- $11.23
- Enterprise value
- —
- Status
- Closed Dec 6, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $7.0M · 10.3%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- BTIG, Citizens
Sector context · Financials
- Comparable deals
- 63 in the prior 24 months
- Premium
- 34.0% vs. 35.0% sector median
- EV / Adj. EBITDA
- Sector median 24.7x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedAug 8, 2023
- Proxy filedSep 29, 2023
- Definitive proxySep 29, 2023
- Shareholder voteDec 5, 2023
- ClosedDec 6, 2023