M&A · Financials · Real Estate Investment Trusts
GIC and Oak Street to acquire Store Capital Corp
Announced Sep 15, 2022 · Closed Feb 3, 2023
Deal value$14.00B
Premium20.4%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$32.25 per share
Transaction
- Acquirer
- GIC and Oak Street
- Target
- Store Capital Corp
- Buyer type
- Private equity
- Offer price per share
- $32.25
- Enterprise value
- —
- Status
- Closed Feb 3, 2023
Deal protections
- Break fee (target pays)
- $274M · 2.0%
- Reverse fee (buyer pays)
- $503M · 3.6%
- Go-shop
- Go-shop
- Financing
- Committed · Goldman Sachs, Credit Suisse, Citigroup
Advisors
- To the acquirer
- Eastdil Secured, Citigroup
- To the target
- Evercore, Goldman Sachs
Sector context · Financials
- Comparable deals
- 84 in the prior 24 months
- Premium
- 20.4% vs. 35.7% sector median
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 2.0% vs. 3.6% sector median
Timeline
- AnnouncedSep 15, 2022
- Proxy filedOct 24, 2022
- Definitive proxyNov 4, 2022
- Shareholder voteDec 9, 2022
- ClosedFeb 3, 2023
Valuation · fairness opinions
Discounted cash flowEvercore$22.82$36.29
Discounted cash flowEvercore$25.67$35.03
Trading comparablesEvercore$25.58$35.30
Precedent transactionsEvercore$29.09$33.57
Trading comparablesEvercore$28.96$33.30
Future share priceGoldman Sachs$25.33$34.41
Discounted cash flowGoldman Sachs$25.10$34.75
Premiums paidGoldman Sachs$31.28$35.32
Offer $32.25
Implied value per Store Capital Corp share by analysis, from Evercore and Goldman Sachs.