M&A · Tech · Services-Computer Processing & Data Preparation
GI Partners to acquire GTY Technology Holdings Inc.
Announced Apr 29, 2022 · Closed Jul 7, 2022
Deal value$364MEV $377M
Premium123.0%To unaffected price
EV / Adj. EBITDA—6.2x EV / Revenue
ConsiderationAll cash$6.30 per share
Transaction
- Acquirer
- GI Partners
- Target
- GTY Technology Holdings Inc.
- Buyer type
- Strategic
- Offer price per share
- $6.30
- Enterprise value
- $377M
- Status
- Closed Jul 7, 2022
Deal protections
- Break fee (target pays)
- $12.8M · 3.5%
- Reverse fee (buyer pays)
- $29.8M · 8.2%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Credit Suisse
- Credit Suisse fee
- $8.5M
Sector context · Tech
- Comparable deals
- 66 in the prior 24 months
- Premium
- 123.0% vs. 31.2% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.5% vs. 3.0% sector median
Timeline
- AnnouncedApr 29, 2022
- Proxy filedMay 19, 2022
- Definitive proxyJun 1, 2022
- Shareholder voteJun 21, 2022
- ClosedJul 7, 2022
Valuation · fairness opinions
Trading comparables$4.21$6.05
Precedent transactions$3.66$5.41
Discounted cash flow$4.52$6.87
Analyst price targets$8.00$10.00
Offer $6.30
Implied value per GTY Technology Holdings Inc. share by analysis, from Credit Suisse · DCF discount rate 11%–13%.