M&A · Industrials · Printing Trades Machinery & Equipment
Desktop Metal, Inc. to acquire ExOne Co
Announced Aug 11, 2021 · Closed Nov 12, 2021
Deal value$575MEV $575M
Premium47.6%To unaffected price
EV / Adj. EBITDA—8.6x EV / Revenue
ConsiderationCash and stock$8.50 per share
Transaction
- Acquirer
- Desktop Metal, Inc. (DM)
- Target
- ExOne Co
- Buyer type
- Strategic
- Offer price per share
- $8.50
- Enterprise value
- $575M
- Status
- Closed Nov 12, 2021
Deal protections
- Break fee (target pays)
- $11.5M · 2.0%
- Reverse fee (buyer pays)
- $11.5M · 2.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Credit Suisse
- To the target
- Stifel
Sector context · Industrials
- Comparable deals
- 37 in the prior 24 months
- Premium
- 47.6% vs. 32.0% sector median
- EV / Adj. EBITDA
- Sector median 12.2x
- Break fee
- 2.0% vs. 2.8% sector median
Timeline
- AnnouncedAug 11, 2021
- Proxy filedOct 8, 2021
- Definitive proxyOct 8, 2021
- Shareholder voteNov 9, 2021
- ClosedNov 12, 2021
Valuation · fairness opinions
Trading comparables$16.90$28.04
Precedent transactions$21.35$24.74
Discounted cash flow$18.11$28.47
Analyst price targets$23.00$31.00
Trading comparables$3.88$6.90
Offer $8.50
Implied value per ExOne Co share by analysis, from Stifel · DCF discount rate 11.5%–17.5%.