M&A · Financials · Fire, Marine & Casualty Insurance
TowerBrook and Further Global to acquire ProSight Global, Inc.
Announced Jan 15, 2021 · Closed Aug 4, 2021
Deal value$561M
Premium42.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$12.85 per share
Transaction
- Acquirer
- TowerBrook and Further Global
- Target
- ProSight Global, Inc. (PROS)
- Buyer type
- Private equity
- Offer price per share
- $12.85
- Enterprise value
- —
- Status
- Closed Aug 4, 2021
Deal protections
- Break fee (target pays)
- $23.4M · 4.2%
- Reverse fee (buyer pays)
- $41.5M · 7.4%
- Go-shop
- No-shop
- Financing
- Committed · Truist Securities
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Barclays, Goldman Sachs
- Barclays fee
- $1.0M
Sector context · Financials
- Comparable deals
- 8 in the prior 24 months
- Premium
- 42.0% vs. 49.0% sector median
- EV / Adj. EBITDA
- —
- Break fee
- 4.2% vs. 3.0% sector median
Timeline
- AnnouncedJan 15, 2021
- Proxy filedFeb 22, 2021
- Definitive proxyMar 4, 2021
- Shareholder vote—
- ClosedAug 4, 2021
Valuation · fairness opinions
Trading comparables$9.54$12.72
Trading comparables$11.88$15.44
Trading comparables$11.70$14.48
Precedent transactions$12.50$17.00
Precedent transactions$13.91$15.90
Offer $12.85
Implied value per ProSight Global, Inc. share by analysis, from Barclays · DCF discount rate 11%–14%.