M&A · Financials · State Commercial Banks
SouthState Corp to acquire Independent Bank Group, Inc.
Announced May 20, 2024 · Closed Jan 2, 2025
Deal value$2.00B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$48.51 per share
Transaction
- Acquirer
- SouthState Corp (SSB)
- Target
- Independent Bank Group, Inc. (IBTX)
- Buyer type
- Strategic
- Offer price per share
- $48.51
- Enterprise value
- —
- Status
- Closed Jan 2, 2025
Deal protections
- Break fee (target pays)
- $60.9M · 3.0%
- Reverse fee (buyer pays)
- $186M · 9.3%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Raymond James
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 57 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 15.6x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedMay 20, 2024
- Proxy filedJul 16, 2024
- Definitive proxyJul 16, 2024
- Shareholder voteAug 14, 2024
- ClosedJan 2, 2025
Valuation · fairness opinions
Discounted cash flow$36.89$53.12
Discounted cash flow$67.34$90.11
Offer $48.51
Implied value per Independent Bank Group, Inc. share by analysis, from Stifel · DCF discount rate 12%–14%.