M&A · Energy · Chemicals & Allied Products
Compagnie DE Saint Gobain to acquire GCP Applied Technologies Inc.
Announced Dec 6, 2021 · Closed Sep 27, 2022
Deal value$2.30BEV $2.22B
Premium37.0%To unaffected price
EV / Adj. EBITDA18.4x2.3x EV / Revenue
ConsiderationAll cash$32.00 per share
Transaction
- Acquirer
- Compagnie DE Saint Gobain (CODGF)
- Target
- GCP Applied Technologies Inc. (GCP)
- Buyer type
- Strategic
- Offer price per share
- $32.00
- Enterprise value
- $2.22B
- Status
- Closed Sep 27, 2022
Deal protections
- Break fee (target pays)
- $71.0M · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- RBC Capital Markets
- RBC Capital Markets fee
- $1.0M
Sector context · Energy
- Comparable deals
- 22 in the prior 24 months
- Premium
- 37.0% vs. 17.1% sector median
- EV / Adj. EBITDA
- 18.4x vs. 12.8x sector median
- Break fee
- 3.1% vs. 2.5% sector median
Timeline
- AnnouncedDec 6, 2021
- Proxy filedJan 18, 2022
- Definitive proxyJan 31, 2022
- Shareholder voteMar 8, 2022
- ClosedSep 27, 2022
Valuation · fairness opinions
Trading comparables$25.50$32.50
Trading comparables$27.00$33.50
Precedent transactions$23.50$29.00
Discounted cash flow$27.00$32.75
Offer $32.00
Implied value per GCP Applied Technologies Inc. share by analysis, from RBC Capital Markets.