M&A · Financials · Real Estate Investment Trusts
Ellington Financial Inc. to acquire Great Ajax Corp.
Announced Jul 3, 2023 · Terminated Oct 20, 2023
Deal value$172MEV $226M
Premium19.0%To unaffected price
EV / Adj. EBITDA—10.7x EV / Revenue
ConsiderationCash and stock$7.33 per share
Transaction
- Acquirer
- Ellington Financial Inc. (EFC)
- Target
- Great Ajax Corp. (AJX)
- Buyer type
- Strategic
- Offer price per share
- $7.33
- Enterprise value
- $226M
- Status
- Terminated Oct 20, 2023
Deal protections
- Break fee (target pays)
- $6.9M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Piper Sandler, BTIG
Sector context · Financials
- Comparable deals
- 69 in the prior 24 months
- Premium
- 19.0% vs. 29.7% sector median
- EV / Adj. EBITDA
- Sector median 24.7x
- Break fee
- 4.0% vs. 3.4% sector median
Timeline
- AnnouncedJul 3, 2023
- TerminatedOct 20, 2023