M&A · Tech · Services-Prepackaged Software
Thoma Bravo to acquire Anaplan, Inc.
Announced Mar 20, 2022 · Closed Jun 22, 2022
Deal value$10.70BEV $9.43B
Premium30.0%To unaffected price
EV / Adj. EBITDA—17.1x EV / Revenue
ConsiderationAll cash$66.00 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Anaplan, Inc.
- Buyer type
- Private equity
- Offer price per share
- $66.00
- Enterprise value
- $9.43B
- Status
- Closed Jun 22, 2022
Deal protections
- Break fee (target pays)
- $293M · 2.7%
- Reverse fee (buyer pays)
- $586M · 5.5%
- Go-shop
- —
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs, Qatalyst
Sector context · Tech
- Comparable deals
- 60 in the prior 24 months
- Premium
- 30.0% vs. 31.1% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 2.7% vs. 3.0% sector median
Timeline
- AnnouncedMar 20, 2022
- Proxy filedApr 21, 2022
- Definitive proxyMay 2, 2022
- Shareholder voteJun 21, 2022
- ClosedJun 22, 2022
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$52.00$80.71
Trading comparablesGoldman Sachs$46.14$87.94
Precedent transactionsGoldman Sachs$42.00$62.00
Premiums paidGoldman Sachs$60.00$73.00
Discounted cash flowQatalyst$40.62$78.98
Trading comparablesQatalyst$35.40$64.00
Trading comparablesQatalyst$34.22$61.81
Precedent transactionsQatalyst$34.90$75.05
Precedent transactionsQatalyst$38.83$71.00
Offer $66.00
Implied value per Anaplan, Inc. share by analysis, from Goldman Sachs and Qatalyst · DCF discount rate 11%–13%.