M&A · Industrials · Services-Business Services, NEC
Nautic Partners to acquire Tabula Rasa HealthCare, Inc.
Announced Aug 7, 2023 · Closed Nov 3, 2023
Deal value$570MEV $570M
Premium34.0%To unaffected price
EV / Adj. EBITDA—1.8x EV / Revenue
ConsiderationAll cash$10.50 per share
Transaction
- Acquirer
- Nautic Partners
- Target
- Tabula Rasa HealthCare, Inc.
- Buyer type
- Strategic
- Offer price per share
- $10.50
- Enterprise value
- $570M
- Status
- Closed Nov 3, 2023
Deal protections
- Break fee (target pays)
- $10.6M · 1.9%
- Reverse fee (buyer pays)
- $21.1M · 3.7%
- Go-shop
- Go-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 74 in the prior 24 months
- Premium
- 34.0% vs. 47.1% sector median
- EV / Adj. EBITDA
- Sector median 11.1x
- Break fee
- 1.9% vs. 2.9% sector median
Timeline
- AnnouncedAug 7, 2023
- Proxy filedSep 18, 2023
- Definitive proxySep 29, 2023
- Shareholder voteOct 31, 2023
- ClosedNov 3, 2023
Valuation · fairness opinions
Discounted cash flow$5.01$10.48
Precedent transactions$3.00$12.83
Premiums paid$9.53$13.14
Premiums paid$2.17$12.83
Offer $10.50
Implied value per Tabula Rasa HealthCare, Inc. share by analysis, from Goldman Sachs · DCF discount rate 13%–15.5%.