M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Orthofix Medical Inc. to acquire SeaSpine Holdings Corp
Announced Oct 11, 2022 · Closed Jan 5, 2023
Deal value$285MEV $244M
Premium39.0%To unaffected price
EV / Adj. EBITDA—1.2x EV / Revenue
ConsiderationAll stock$7.66 per share
Transaction
- Acquirer
- Orthofix Medical Inc. (OFIX)
- Target
- SeaSpine Holdings Corp (SPNE)
- Buyer type
- Strategic
- Offer price per share
- $7.66
- Enterprise value
- $244M
- Status
- Closed Jan 5, 2023
Deal protections
- Break fee (target pays)
- $10.6M · 3.7%
- Reverse fee (buyer pays)
- $13.7M · 4.8%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Perella Weinberg
- To the target
- Piper Sandler
- Piper Sandler fee
- $2.1M
Sector context · Healthcare
- Comparable deals
- 63 in the prior 24 months
- Premium
- 39.0% vs. 48.5% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.7% vs. 3.4% sector median
Timeline
- AnnouncedOct 11, 2022
- Proxy filedNov 23, 2022
- Definitive proxyNov 23, 2022
- Shareholder voteJan 4, 2023
- ClosedJan 5, 2023
Valuation · fairness opinions
Trading comparablesPerella Weinberg$19.00$41.00
Trading comparablesPerella Weinberg$11.00$17.00
Trading comparablesPerella Weinberg$20.00$44.00
Trading comparablesPerella Weinberg$11.00$18.00
Trading comparablesPerella Weinberg$20.00$30.00
Trading comparablesPiper Sandler$13.60$16.60
Trading comparablesPiper Sandler$8.62$23.24
Trading comparablesPiper Sandler$14.06$17.44
Trading comparablesPiper Sandler$9.40$23.81
Trading comparablesPiper Sandler$14.56$17.75
Offer $7.66
Implied value per SeaSpine Holdings Corp share by analysis, from Perella Weinberg and Piper Sandler · DCF discount rate 9.75%–10.75%.