M&A · Tech · Services-Prepackaged Software
Voya Financial, Inc. to acquire Benefitfocus, Inc.
Announced Nov 1, 2022 · Closed Jan 24, 2023
Deal value$570MEV $428M
Premium49.0%To unaffected price
EV / Adj. EBITDA13.3x1.7x EV / Revenue
ConsiderationAll cash$10.50 per share
Transaction
- Acquirer
- Voya Financial, Inc. (VOYA)
- Target
- Benefitfocus, Inc.
- Buyer type
- Strategic
- Offer price per share
- $10.50
- Enterprise value
- $428M
- Status
- Closed Jan 24, 2023
Deal protections
- Break fee (target pays)
- $14.0M · 2.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Barclays
Advisors
- To the acquirer
- Perella Weinberg
- To the target
- Barclays
- Barclays fee
- $1.0M
Sector context · Tech
- Comparable deals
- 80 in the prior 24 months
- Premium
- 49.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- 13.3x vs. 17.4x sector median
- Break fee
- 2.5% vs. 3.0% sector median
Timeline
- AnnouncedNov 1, 2022
- Proxy filedDec 6, 2022
- Definitive proxyDec 19, 2022
- Shareholder voteJan 20, 2023
- ClosedJan 24, 2023
Valuation · fairness opinions
Trading comparables$5.97$8.58
Precedent transactions$6.87$10.03
Discounted cash flow$7.63$11.09
Future share price$7.13$9.46
Future share price$8.58$10.83
Offer $10.50
Implied value per Benefitfocus, Inc. share by analysis, from Barclays.