M&A · Tech · Services-Prepackaged Software
Main Street 2000 Proprietary Limited to acquire MiX Telematics Ltd
Announced Oct 10, 2023 · Closed Mar 26, 2024
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Main Street 2000 Proprietary Limited
- Target
- MiX Telematics Ltd
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Mar 26, 2024
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- William Blair
Sector context · Tech
- Comparable deals
- 63 in the prior 24 months
- Premium
- Sector median 42.9%
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedOct 10, 2023
- Proxy filedJan 24, 2024
- Definitive proxyJan 24, 2024
- Shareholder voteFeb 28, 2024
- ClosedMar 26, 2024
Valuation · fairness opinions
Trading comparablesWilliam Blair$0.51$15.64
Trading comparablesWilliam Blair$0.24$1.40
Trading comparablesWilliam Blair$0.41$15.15
Trading comparablesWilliam Blair$0.23$1.34
Precedent transactionsWilliam Blair$0.83$24.71
Discounted cash flow$12.66$14.11
Implied value per MiX Telematics Ltd share by analysis, from William Blair · DCF discount rate 13.5%–15.5%.