M&A · Industrials · Services-Miscellaneous Business Services
Machinify to acquire Performant Healthcare Inc
Announced Aug 1, 2025 · Closed Oct 21, 2025
Deal value$670MEV $605M
Premium118.0%To unaffected price
EV / Adj. EBITDA—4.7x EV / Revenue
ConsiderationAll cash$7.75 per share
Transaction
- Acquirer
- Machinify
- Target
- Performant Healthcare Inc (PHLT)
- Buyer type
- Strategic
- Offer price per share
- $7.75
- Enterprise value
- $605M
- Status
- Closed Oct 21, 2025
Deal protections
- Break fee (target pays)
- $20.0M · 3.0%
- Reverse fee (buyer pays)
- $40.0M · 6.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- JPMorgan
- To the target
- Truist Securities
- Truist Securities fee
- $23.7M
Sector context · Industrials
- Comparable deals
- 96 in the prior 24 months
- Premium
- 118.0% vs. 38.5% sector median
- EV / Adj. EBITDA
- Sector median 9.8x
- Break fee
- 3.0% vs. 2.6% sector median
Timeline
- AnnouncedAug 1, 2025
- Proxy filedAug 28, 2025
- Definitive proxySep 10, 2025
- Shareholder voteOct 17, 2025
- ClosedOct 21, 2025
Valuation · fairness opinions
Trading comparables$1.63$5.09
Trading comparables$1.50$3.83
Precedent transactions$1.78$2.93
Precedent transactions$1.94$3.27
Discounted cash flow$4.26$7.16
Offer $7.75
Implied value per Performant Healthcare Inc share by analysis, from Truist Securities · DCF discount rate 12.25%–15.25%.