M&A · Industrials · Refrigeration & Service Industry Machinery
Ali Group North America Corporation to acquire Welbilt, Inc.
Announced Jul 14, 2021 · Closed Jul 29, 2022
Deal value$4.80BEV $4.80B
Premium54.0%To unaffected price
EV / Adj. EBITDA28.1x4.2x EV / Revenue
ConsiderationAll cash$24.00 per share
Transaction
- Acquirer
- Ali Group North America Corporation
- Target
- Welbilt, Inc.
- Buyer type
- Strategic
- Offer price per share
- $24.00
- Enterprise value
- $4.80B
- Status
- Closed Jul 29, 2022
Deal protections
- Break fee (target pays)
- $110M · 2.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $48.0M
Sector context · Industrials
- Comparable deals
- 32 in the prior 24 months
- Premium
- 54.0% vs. 33.5% sector median
- EV / Adj. EBITDA
- 28.1x vs. 10.6x sector median
- Break fee
- 2.3% vs. 2.7% sector median
Timeline
- AnnouncedJul 14, 2021
- Proxy filedAug 10, 2021
- Definitive proxyAug 31, 2021
- Shareholder voteSep 30, 2021
- ClosedJul 29, 2022
Valuation · fairness opinions
Trading comparables$18.80$22.40
Trading comparables$15.20$18.40
Trading comparables$19.00$23.60
Trading comparables$15.00$18.90
Discounted cash flow$15.60$24.90
Offer $24.00
Implied value per Welbilt, Inc. share by analysis, from Morgan Stanley · DCF discount rate 8.6%–9.8%.