M&A · Industrials · Services-Equipment Rental & Leasing, NEC
Enerflex Ltd. to acquire Exterran Corp
Announced Jan 24, 2022 · Closed Oct 13, 2022
Deal value$735MEV $735M
Premium115.0%To unaffected price
EV / Adj. EBITDA5.1x1.2x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Enerflex Ltd. (EFXT)
- Target
- Exterran Corp (EXTN)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $735M
- Status
- Closed Oct 13, 2022
Deal protections
- Break fee (target pays)
- $10.0M · 1.4%
- Reverse fee (buyer pays)
- $30.0M · 4.1%
- Go-shop
- No-shop
- Financing
- Committed · RBC Capital Markets, Wells Fargo
Advisors
- To the acquirer
- RBC Capital Markets
- To the target
- Wells Fargo
Sector context · Industrials
- Comparable deals
- 52 in the prior 24 months
- Premium
- 115.0% vs. 40.0% sector median
- EV / Adj. EBITDA
- 5.1x vs. 11.6x sector median
- Break fee
- 1.4% vs. 2.8% sector median
Timeline
- AnnouncedJan 24, 2022
- Proxy filedSep 9, 2022
- Definitive proxySep 9, 2022
- Shareholder voteOct 11, 2022
- ClosedOct 13, 2022