M&A · Healthcare · Services-Commercial Physical & Biological Research
ICON PLC to acquire PRA Health Sciences, Inc.
Announced Feb 24, 2021 · Closed Jul 1, 2021
Deal value$12.00BEV $11.40B
Premium30.0%To unaffected price
EV / Adj. EBITDA21.5x3.6x EV / Revenue
ConsiderationCash and stock$166.06 per share
Transaction
- Acquirer
- ICON PLC (ICLR)
- Target
- PRA Health Sciences, Inc. (PRAH)
- Buyer type
- Strategic
- Offer price per share
- $166.06
- Enterprise value
- $11.40B
- Status
- Closed Jul 1, 2021
Deal protections
- Break fee (target pays)
- $277M · 2.3%
- Reverse fee (buyer pays)
- $388M · 3.2%
- Go-shop
- No-shop
- Financing
- Committed · Citigroup
Advisors
- To the acquirer
- Centerview
- To the target
- BofA Securities, UBS
- Centerview fee
- $30.0M
Sector context · Healthcare
- Comparable deals
- 10 in the prior 24 months
- Premium
- 30.0% vs. 52.9% sector median
- EV / Adj. EBITDA
- 21.5x vs. 11.6x sector median
- Break fee
- 2.3% vs. 2.9% sector median
Timeline
- AnnouncedFeb 24, 2021
- Proxy filedApr 28, 2021
- Definitive proxyApr 28, 2021
- Shareholder voteJun 15, 2021
- ClosedJul 1, 2021
Valuation · fairness opinions
Trading comparables$63.00$100.00
Discounted cash flow$113.00$165.00
Discounted cash flow$130.00$191.00
Discounted cash flow$144.00$211.00
52-week trading range$64.00$137.00
Offer $166.06
Implied value per PRA Health Sciences, Inc. share by analysis, from Centerview · DCF discount rate 8.5%–10%.