M&A · Tech · Services-Computer Programming, Data Processing, Etc.
S&P Global Inc. to acquire IHS Markit Ltd.
Announced Nov 30, 2020 · Closed Feb 28, 2022
Deal value$44.00BEV $44.00B
Premium4.7%To unaffected price
EV / Adj. EBITDA24.4x10.2x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- S&P Global Inc. (SPGI)
- Target
- IHS Markit Ltd.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $44.00B
- Status
- Closed Feb 28, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs, Citigroup, Credit Suisse
- To the target
- Morgan Stanley, Barclays, Jefferies, JPMorgan
- Goldman Sachs fee
- $45.0M
- Morgan Stanley fee
- $50.0M
Sector context · Tech
- Comparable deals
- 3 in the prior 24 months
- Premium
- 4.7% vs. 33.3% sector median
- EV / Adj. EBITDA
- 24.4x vs. 26.8x sector median
- Break fee
- Sector median 2.2%
Timeline
- AnnouncedNov 30, 2020
- Proxy filedJan 22, 2021
- Definitive proxyJan 22, 2021
- Shareholder voteMar 11, 2021
- ClosedFeb 28, 2022
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$342.00$438.00
Future share priceGoldman Sachs$368.00$431.00
Discounted cash flowGoldman Sachs$90.00$124.00
Premiums paidGoldman Sachs$96.00$109.00
Discounted cash flowGoldman Sachs$367.00$482.00
Trading comparablesMorgan Stanley$82.25$102.50
Trading comparablesMorgan Stanley$86.50$105.75
Trading comparablesMorgan Stanley$332.25$402.00
Trading comparablesMorgan Stanley$346.75$421.00
Discounted cash flowMorgan Stanley$87.75$152.50
Implied value per IHS Markit Ltd. share by analysis, from Goldman Sachs and Morgan Stanley · DCF discount rate 6%–6.5%.