M&A · Financials · Personal Credit Institutions
SHUSA to acquire Santander Consumer USA Holdings Inc.
Announced Aug 24, 2021 · Closed Jan 31, 2022
Deal value$12.70B
Premium14.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$41.50 per share
Transaction
- Acquirer
- SHUSA
- Target
- Santander Consumer USA Holdings Inc. (SC)
- Buyer type
- Strategic
- Offer price per share
- $41.50
- Enterprise value
- —
- Status
- Closed Jan 31, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 51 in the prior 24 months
- Premium
- 14.0% vs. 40.9% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- Sector median 3.7%
Timeline
- AnnouncedAug 24, 2021
- Tender offerSep 7, 2021
- ClosedJan 31, 2022
Valuation · fairness opinions
Discounted cash flow$34.17$43.85
Discounted cash flow$36.34$41.17
Discounted cash flow$35.24$46.87
Discounted cash flow$38.17$43.99
Discounted cash flow$35.15$40.54
Offer $41.50
Implied value per Santander Consumer USA Holdings Inc. share by analysis, from Piper Sandler · DCF discount rate 10%–14%.