M&A · Industrials · Services-Business Services, NEC
Elliott Investment Management and Brookfield Asset Management to acquire Nielsen Holdings plc
Announced Mar 28, 2022 · Closed Oct 11, 2022
Deal value$16.00BEV $16.00B
Premium60.0%To unaffected price
EV / Adj. EBITDA10.9x4.6x EV / Revenue
ConsiderationAll cash
Transaction
- Acquirer
- Elliott Investment Management and Brookfield Asset Management
- Target
- Nielsen Holdings plc
- Buyer type
- Private equity
- Offer price per share
- —
- Enterprise value
- $16.00B
- Status
- Closed Oct 11, 2022
Deal protections
- Break fee (target pays)
- $102M · 0.6%
- Reverse fee (buyer pays)
- $511M · 3.2%
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan, Allen & Company
- JPMorgan fee
- $65.0M
- Allen & Company fee
- $22.0M
Sector context · Industrials
- Comparable deals
- 62 in the prior 24 months
- Premium
- 60.0% vs. 46.9% sector median
- EV / Adj. EBITDA
- 10.9x vs. 10.7x sector median
- Break fee
- 0.6% vs. 2.8% sector median
Timeline
- AnnouncedMar 28, 2022
- Proxy filedMay 19, 2022
- Definitive proxyJul 8, 2022
- Shareholder voteSep 1, 2022
- ClosedOct 11, 2022
Valuation · fairness opinions
Trading comparablesJPMorgan$18.75$27.25
Other analysisJPMorgan$21.00$33.25
Discounted cash flowJPMorgan$28.75$41.75
Discounted cash flowJPMorgan$18.25$26.00
Discounted cash flowJPMorgan$23.50$34.00
Trading comparablesAllen & Company$18.75$27.25
Trading comparablesAllen & Company$21.00$33.25
Discounted cash flowAllen & Company$28.50$42.50
Discounted cash flowAllen & Company$17.75$26.50
Trading comparablesAllen & Company$23.25$34.50
Implied value per Nielsen Holdings plc share by analysis, from JPMorgan and Allen & Company · DCF discount rate 8.5%–9.5%.