M&A · Tech · Cable & Other Pay Television Services
MSG Entertainment to acquire MSG Networks Inc.
Announced Mar 26, 2021 · Closed Jul 9, 2021
Deal value—
Premium4.3%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$19.95 per share
Transaction
- Acquirer
- MSG Entertainment
- Target
- MSG Networks Inc. (MSGN)
- Buyer type
- Strategic
- Offer price per share
- $19.95
- Enterprise value
- —
- Status
- Closed Jul 9, 2021
Deal protections
- Break fee (target pays)
- $18.9M
- Reverse fee (buyer pays)
- $21.2M
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Moelis, Raine
- To the target
- LionTree, Morgan Stanley
- Raine fee
- $1.5M
- Morgan Stanley fee
- $7.6M
Sector context · Tech
- Comparable deals
- 25 in the prior 24 months
- Premium
- 4.3% vs. 33.1% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedMar 26, 2021
- Proxy filedJun 4, 2021
- Definitive proxyJun 4, 2021
- Shareholder voteJul 8, 2021
- ClosedJul 9, 2021
Valuation · fairness opinions
Discounted cash flowMoelis$5.05$5.69
Discounted cash flowMoelis$11.63$23.23
Discounted cash flowMoelis$14.20$27.04
Trading comparablesMoelis$14.43$21.26
Precedent transactionsMoelis$20.99$30.41
Discounted cash flowRaine$67.69$101.29
Trading comparablesRaine$111.00$137.70
Discounted cash flowRaine$9.81$18.74
Trading comparablesRaine$13.49$25.76
Trading comparablesRaine$13.01$22.76
Offer $19.95
Implied value per MSG Networks Inc. share by analysis, from Moelis and Raine.