M&A · Industrials · Metalworkg Machinery & Equipment
Lone Star to acquire SPX Flow, Inc.
Announced Dec 13, 2021 · Closed Apr 5, 2022
Deal value$3.80BEV $3.75B
Premium40.0%To unaffected price
EV / Adj. EBITDA19.2x2.4x EV / Revenue
ConsiderationAll cash$86.50 per share
Transaction
- Acquirer
- Lone Star
- Target
- SPX Flow, Inc. (FLOW)
- Buyer type
- Private equity
- Offer price per share
- $86.50
- Enterprise value
- $3.75B
- Status
- Closed Apr 5, 2022
Deal protections
- Break fee (target pays)
- $112M · 2.9%
- Reverse fee (buyer pays)
- $224M · 5.9%
- Go-shop
- No-shop
- Financing
- Committed · Citigroup, Morgan Stanley
Advisors
- To the acquirer
- Citigroup, RBC Capital Markets, BofA Securities
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $34.0M
Sector context · Industrials
- Comparable deals
- 47 in the prior 24 months
- Premium
- 40.0% vs. 39.0% sector median
- EV / Adj. EBITDA
- 19.2x vs. 11.6x sector median
- Break fee
- 2.9% vs. 2.8% sector median
Timeline
- AnnouncedDec 13, 2021
- Proxy filedJan 11, 2022
- Definitive proxyFeb 1, 2022
- Shareholder voteMar 3, 2022
- ClosedApr 5, 2022
Valuation · fairness opinions
Analyst price targets$61.00$82.00
Analyst price targets$69.00$99.00
Trading comparables$62.00$85.00
Trading comparables$70.00$96.00
Trading comparables$78.00$107.00
Offer $86.50
Implied value per SPX Flow, Inc. share by analysis, from Morgan Stanley · DCF discount rate 7.7%–9.5%.