M&A · Financials · Lessors of Real Property, NEC
iStar Inc. to acquire Safehold Inc.
Announced Aug 11, 2022 · Closed Mar 31, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- iStar Inc.
- Target
- Safehold Inc.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Mar 31, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Lazard, Morgan Stanley
- To the target
- JPMorgan
- Lazard fee
- $2.0M
Sector context · Financials
- Comparable deals
- 83 in the prior 24 months
- Premium
- Sector median 35.7%
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- Sector median 3.6%
Timeline
- AnnouncedAug 11, 2022
- Proxy filedJan 31, 2023
- Definitive proxyJan 31, 2023
- Shareholder voteMar 9, 2023
- ClosedMar 31, 2023
Valuation · fairness opinions
Sum of the parts$1.06$3.09
Sum of the parts$0.80$1.75
Discounted cash flow$14.34$16.91
Sum of the parts$1.27$3.32
Sum of the parts$15.20$17.25
Implied value per Safehold Inc. share by analysis, from Lazard · DCF discount rate 8.5%–10.5%.