M&A · Energy · Oil & Gas Field Services, NEC
ProFrac Holding Corp. to acquire FTS International, Inc.
Announced Oct 22, 2021 · Closed Mar 7, 2022
Deal value$408MEV $408M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$26.52 per share
Transaction
- Acquirer
- ProFrac Holding Corp. (ACDC)
- Target
- FTS International, Inc. (FTSI)
- Buyer type
- Strategic
- Offer price per share
- $26.52
- Enterprise value
- $408M
- Status
- Closed Mar 7, 2022
Deal protections
- Break fee (target pays)
- $11.7M · 2.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Ducera
Sector context · Energy
- Comparable deals
- 18 in the prior 24 months
- Premium
- Sector median 39.4%
- EV / Adj. EBITDA
- Sector median 13.6x
- Break fee
- 2.9% vs. 2.3% sector median
Timeline
- AnnouncedOct 22, 2021
- Proxy filedNov 19, 2021
- Definitive proxyJan 24, 2022
- Shareholder voteMar 3, 2022
- ClosedMar 7, 2022
Valuation · fairness opinions
Precedent transactions$26.77$34.99
Precedent transactions$20.23$25.84
Precedent transactions$12.27$17.16
Precedent transactions$30.88$39.11
Precedent transactions$23.03$28.64
Offer $26.52
Implied value per FTS International, Inc. share by analysis, from Ducera · DCF discount rate 12%–18%.