M&A · Tech · Services-Prepackaged Software
Permira to acquire Mimecast Ltd
Announced Dec 7, 2021 · Closed May 19, 2022
Deal value$5.80BEV $5.80B
Premium16.0%To unaffected price
EV / Adj. EBITDA37.7x10.5x EV / Revenue
ConsiderationAll cash
Transaction
- Acquirer
- Permira
- Target
- Mimecast Ltd
- Buyer type
- Private equity
- Offer price per share
- —
- Enterprise value
- $5.80B
- Status
- Closed May 19, 2022
Deal protections
- Break fee (target pays)
- $217M · 3.7%
- Reverse fee (buyer pays)
- $289M · 5.0%
- Go-shop
- Go-shop
- Financing
- Committed · Citigroup
Advisors
- To the acquirer
- Qatalyst
- To the target
- Citigroup
- Citigroup fee
- $35.5M
Sector context · Tech
- Comparable deals
- 47 in the prior 24 months
- Premium
- 16.0% vs. 29.9% sector median
- EV / Adj. EBITDA
- 37.7x vs. 17.7x sector median
- Break fee
- 3.7% vs. 3.0% sector median
Timeline
- AnnouncedDec 7, 2021
- Proxy filedJan 13, 2022
- Definitive proxyFeb 9, 2022
- Shareholder voteMar 11, 2022
- ClosedMay 19, 2022
Valuation · fairness opinions
Trading comparables$62.75$78.50
Trading comparables$66.50$84.75
Trading comparables$55.50$85.50
Analyst price targets$68.25$84.50
Analyst price targets$75.00$93.00
Implied value per Mimecast Ltd share by analysis, from Citigroup.