M&A · Industrials · Wholesale-Chemicals & Allied Products
Apollo Global Management, Inc. to acquire Univar Solutions Inc.
Announced Mar 14, 2023 · Closed Aug 1, 2023
Deal value$8.10BEV $8.10B
Premium20.6%To unaffected price
EV / Adj. EBITDA7.7x0.7x EV / Revenue
ConsiderationAll cash$36.15 per share
Transaction
- Acquirer
- Apollo Global Management, Inc. (APO)
- Target
- Univar Solutions Inc.
- Buyer type
- Private equity
- Offer price per share
- $36.15
- Enterprise value
- $8.10B
- Status
- Closed Aug 1, 2023
Deal protections
- Break fee (target pays)
- $204M · 2.5%
- Reverse fee (buyer pays)
- $379M · 4.7%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, Deutsche Bank
Advisors
- To the acquirer
- JPMorgan, BMO Capital Markets, BNP Paribas, Credit Suisse, Guggenheim, HSBC, Mizuho, RBC Capital Markets, Wells Fargo
- To the target
- Goldman Sachs, Deutsche Bank
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- 20.6% vs. 47.6% sector median
- EV / Adj. EBITDA
- 7.7x vs. 12.5x sector median
- Break fee
- 2.5% vs. 2.8% sector median
Timeline
- AnnouncedMar 14, 2023
- Proxy filedApr 13, 2023
- Definitive proxyMay 2, 2023
- Shareholder voteJun 6, 2023
- ClosedAug 1, 2023
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$33.56$55.85
Future share priceGoldman Sachs$30.36$48.90
Precedent transactionsGoldman Sachs$33.77$46.57
Precedent transactionsGoldman Sachs$34.75$48.09
Premiums paidGoldman Sachs$32.75$40.24
Discounted cash flowDeutsche Bank$33.25$50.00
Discounted cash flowDeutsche Bank$20.00$30.00
Discounted cash flowDeutsche Bank$23.00$54.50
Discounted cash flowDeutsche Bank$23.25$54.00
Future share priceDeutsche Bank$32.25$44.00
Offer $36.15
Implied value per Univar Solutions Inc. share by analysis, from Goldman Sachs and Deutsche Bank · DCF discount rate 8.5%–11.5%.