M&A · Financials · Real Estate Investment Trusts
Blackstone Group Inc to acquire QTS Realty Trust, Inc.
Announced Jun 7, 2021 · Closed Aug 31, 2021
Deal value$10.00BEV $10.00B
Premium21.0%To unaffected price
EV / Adj. EBITDA32.7x17.8x EV / Revenue
ConsiderationAll cash$78.00 per share
Transaction
- Acquirer
- Blackstone Group Inc (BX)
- Target
- QTS Realty Trust, Inc. (QTS)
- Buyer type
- Private equity
- Offer price per share
- $78.00
- Enterprise value
- $10.00B
- Status
- Closed Aug 31, 2021
Deal protections
- Break fee (target pays)
- $220M · 2.2%
- Reverse fee (buyer pays)
- $805M · 8.1%
- Go-shop
- Go-shop
- Financing
- Committed · Citigroup, Barclays, Deutsche Bank, Goldman Sachs, JPMorgan
Advisors
- To the acquirer
- Citigroup, Barclays, Deutsche Bank, Goldman Sachs, JPMorgan
- To the target
- Jefferies, Morgan Stanley
- Morgan Stanley fee
- $1.5M
- Jefferies fee
- $1.5M
Sector context · Financials
- Comparable deals
- 31 in the prior 24 months
- Premium
- 21.0% vs. 48.0% sector median
- EV / Adj. EBITDA
- 32.7x vs. 21.6x sector median
- Break fee
- 2.2% vs. 3.7% sector median
Timeline
- AnnouncedJun 7, 2021
- Proxy filedJul 8, 2021
- Definitive proxyJul 21, 2021
- Shareholder voteAug 26, 2021
- ClosedAug 31, 2021
Valuation · fairness opinions
Discounted cash flowMorgan Stanley$60.21$82.07
Premiums paidMorgan Stanley$71.58$76.95
Premiums paidMorgan Stanley$61.35$72.77
Analyst price targetsMorgan Stanley$60.00$85.00
Analyst price targetsMorgan Stanley$48.19$67.00
Trading comparablesJefferies$52.34$65.76
Discounted cash flowJefferies$57.66$84.77
Trading comparablesJefferies$58.82$77.97
Analyst price targetsJefferies$60.00$85.00
Premiums paidJefferies$72.62$79.71
Offer $78.00
Implied value per QTS Realty Trust, Inc. share by analysis, from Morgan Stanley and Jefferies · DCF discount rate 5.5%–7.5%.