M&A · Tech · Services-Computer Processing & Data Preparation
Equity Consortium led by Nordic Capital Including Insight Partners to acquire Inovalon Holdings, Inc.
Announced Aug 19, 2021 · Closed Nov 24, 2021
Deal value$7.30BEV $7.30B
Premium25.3%To unaffected price
EV / Adj. EBITDA30.6x10.2x EV / Revenue
ConsiderationAll cash$41.00 per share
Transaction
- Acquirer
- Equity Consortium led by Nordic Capital Including Insight Partners
- Target
- Inovalon Holdings, Inc. (INOV)
- Buyer type
- Private equity
- Offer price per share
- $41.00
- Enterprise value
- $7.30B
- Status
- Closed Nov 24, 2021
Deal protections
- Break fee (target pays)
- $176M · 2.4%
- Reverse fee (buyer pays)
- $369M · 5.1%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan, Evercore
- JPMorgan fee
- $42.0M
- Evercore fee
- $3.0M
Sector context · Tech
- Comparable deals
- 39 in the prior 24 months
- Premium
- 25.3% vs. 30.9% sector median
- EV / Adj. EBITDA
- 30.6x vs. 17.7x sector median
- Break fee
- 2.4% vs. 3.0% sector median
Timeline
- AnnouncedAug 19, 2021
- Proxy filedSep 17, 2021
- Definitive proxyOct 15, 2021
- Shareholder voteNov 16, 2021
- ClosedNov 24, 2021
Valuation · fairness opinions
Trading comparablesJPMorgan$34.00$45.75
Other analysisJPMorgan$32.75$54.50
Discounted cash flowJPMorgan$34.00$51.75
Discounted cash flowEvercore$33.83$51.31
Analyst price targetsEvercore$23.00$45.00
Premiums paidEvercore$39.25$44.16
Offer $41.00
Implied value per Inovalon Holdings, Inc. share by analysis, from JPMorgan and Evercore · DCF discount rate 8%–9%.