M&A · Tech · Services-Prepackaged Software
Francisco Partners to acquire Sumo Logic, Inc.
Announced Feb 9, 2023 · Closed May 15, 2023
Deal value$1.70BEV $1.35B
Premium57.0%To unaffected price
EV / Adj. EBITDA—4.7x EV / Revenue
ConsiderationAll cash$12.05 per share
Transaction
- Acquirer
- Francisco Partners
- Target
- Sumo Logic, Inc. (SUMO)
- Buyer type
- Private equity
- Offer price per share
- $12.05
- Enterprise value
- $1.35B
- Status
- Closed May 15, 2023
Deal protections
- Break fee (target pays)
- $52.0M · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- RBC Capital Markets
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $29.0M
Sector context · Tech
- Comparable deals
- 67 in the prior 24 months
- Premium
- 57.0% vs. 35.5% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.1% vs. 3.0% sector median
Timeline
- AnnouncedFeb 9, 2023
- Proxy filedMar 24, 2023
- Definitive proxyApr 5, 2023
- Shareholder voteMay 10, 2023
- ClosedMay 12, 2023
Valuation · fairness opinions
Discounted cash flow$8.60$12.45
Discounted cash flow$8.86$12.72
Analyst price targets$8.50$18.00
Analyst price targets$7.51$15.91
Offer $12.05
Implied value per Sumo Logic, Inc. share by analysis, from Morgan Stanley.