M&A · Tech · Services-Computer Programming, Data Processing, Etc.
Thoma Bravo to acquire Medallia, Inc.
Announced Jul 26, 2021 · Closed Nov 2, 2021
Deal value$6.40BEV $5.67B
Premium20.0%To unaffected price
EV / Adj. EBITDA—11.4x EV / Revenue
ConsiderationAll cash$34.00 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Medallia, Inc. (MDLA)
- Buyer type
- Private equity
- Offer price per share
- $34.00
- Enterprise value
- $5.67B
- Status
- Closed Nov 2, 2021
Deal protections
- Break fee (target pays)
- $191M · 3.0%
- Reverse fee (buyer pays)
- $382M · 6.0%
- Go-shop
- Go-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley, BofA Securities, Wells Fargo
- Morgan Stanley fee
- $45.0M
Sector context · Tech
- Comparable deals
- 35 in the prior 24 months
- Premium
- 20.0% vs. 30.8% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedJul 26, 2021
- Proxy filedSep 3, 2021
- Definitive proxySep 14, 2021
- Shareholder voteOct 14, 2021
- ClosedOct 29, 2021
Valuation · fairness opinions
Analyst price targets$40.00$44.00
Analyst price targets$36.67$40.34
Offer $34.00
Implied value per Medallia, Inc. share by analysis, from Morgan Stanley.