M&A · Energy · Electric & Other Services Combined
Retailco, LLC to acquire Via Renewables, Inc.
Announced Jan 2, 2024 · Closed Jun 13, 2024
Deal value—
Premium17.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$11.00 per share
Transaction
- Acquirer
- Retailco, LLC
- Target
- Via Renewables, Inc. (VIASP)
- Buyer type
- Strategic
- Offer price per share
- $11.00
- Enterprise value
- —
- Status
- Closed Jun 13, 2024
Deal protections
- Break fee (target pays)
- $0.3M
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- B. Riley
Sector context · Energy
- Comparable deals
- 34 in the prior 24 months
- Premium
- 17.0% vs. 27.3% sector median
- EV / Adj. EBITDA
- Sector median 9.1x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedJan 2, 2024
- Proxy filedFeb 12, 2024
- Definitive proxyMar 28, 2024
- Shareholder voteMay 23, 2024
- ClosedJun 13, 2024
Valuation · fairness opinions
Trading comparables$9.41$30.22
Trading comparables$9.89$27.21
Precedent transactions$9.41$24.54
Discounted cash flow$9.28$17.90
Premiums paid$11.52$12.66
Offer $11.00
Implied value per Via Renewables, Inc. share by analysis, from B. Riley · DCF discount rate 24%–26%.