M&A · Healthcare · Services-Commercial Physical & Biological Research
Elliott Investment Management, Patient Square Capital and Veritas Capital to acquire Syneos Health, Inc.
Announced May 10, 2023 · Closed Sep 28, 2023
Deal value$7.10BEV $6.96B
Premium24.0%To unaffected price
EV / Adj. EBITDA11.7x1.3x EV / Revenue
ConsiderationAll cash$43.00 per share
Transaction
- Acquirer
- Elliott Investment Management, Patient Square Capital and Veritas Capital
- Target
- Syneos Health, Inc.
- Buyer type
- Private equity
- Offer price per share
- $43.00
- Enterprise value
- $6.96B
- Status
- Closed Sep 28, 2023
Deal protections
- Break fee (target pays)
- $115M · 1.6%
- Reverse fee (buyer pays)
- $275M · 3.9%
- Go-shop
- No-shop
- Financing
- Committed · UBS, RBC Capital Markets, BMO Capital Markets, HSBC, Wells Fargo, Citigroup +2
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, BofA Securities
Sector context · Healthcare
- Comparable deals
- 80 in the prior 24 months
- Premium
- 24.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- 11.7x vs. 21.1x sector median
- Break fee
- 1.6% vs. 3.5% sector median
Timeline
- AnnouncedMay 10, 2023
- Proxy filedJun 15, 2023
- Definitive proxyJun 27, 2023
- Shareholder voteAug 2, 2023
- ClosedSep 28, 2023