M&A · Industrials · Services-Business Services, NEC
Transcarent, Inc. to acquire Accolade, Inc.
Announced Jan 8, 2025 · Closed Apr 8, 2025
Deal value$621MEV $448M
Premium110.0%To unaffected price
EV / Adj. EBITDA—1.0x EV / Revenue
ConsiderationAll cash$7.03 per share
Transaction
- Acquirer
- Transcarent, Inc.
- Target
- Accolade, Inc. (ACCD)
- Buyer type
- Strategic
- Offer price per share
- $7.03
- Enterprise value
- $448M
- Status
- Closed Apr 8, 2025
Deal protections
- Break fee (target pays)
- $19.8M · 3.2%
- Reverse fee (buyer pays)
- $29.9M · 4.8%
- Go-shop
- —
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Evercore
- To the target
- Morgan Stanley
Sector context · Industrials
- Comparable deals
- 88 in the prior 24 months
- Premium
- 110.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 9.1x
- Break fee
- 3.2% vs. 2.7% sector median
Timeline
- AnnouncedJan 8, 2025
- Proxy filedFeb 10, 2025
- Definitive proxyFeb 20, 2025
- Shareholder voteMar 27, 2025
- ClosedApr 8, 2025
Valuation · fairness opinions
Precedent transactions$3.10$7.65
Premiums paid$4.20$5.60
Analyst price targets$5.00$9.50
Analyst price targets$4.40$8.30
Offer $7.03
Implied value per Accolade, Inc. share by analysis, from Morgan Stanley · DCF discount rate 13.2%–15.2%.