M&A · Healthcare · Laboratory Analytical Instruments
Bruker Corp to acquire PhenomeX Inc.
Announced Aug 17, 2023 · Closed Oct 2, 2023
Deal value$108MEV $77M
Premium104.1%To unaffected price
EV / Adj. EBITDA—1.1x EV / Revenue
ConsiderationAll cash$1.00 per share
Transaction
- Acquirer
- Bruker Corp (BRKR)
- Target
- PhenomeX Inc. (CELL)
- Buyer type
- Strategic
- Offer price per share
- $1.00
- Enterprise value
- $77M
- Status
- Closed Oct 2, 2023
Deal protections
- Break fee (target pays)
- $3.8M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- William Blair
- William Blair fee
- $3.5M
Sector context · Healthcare
- Comparable deals
- 89 in the prior 24 months
- Premium
- 104.1% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.5% vs. 3.5% sector median
Timeline
- AnnouncedAug 17, 2023
- Tender offerAug 31, 2023
- ClosedOct 2, 2023
Valuation · fairness opinions
Discounted cash flow$0.80$2.26
Discounted cash flow$0.72$1.55
Discounted cash flow$0.63$1.35
Offer $1.00
Implied value per PhenomeX Inc. share by analysis, from William Blair · DCF discount rate 25%–27%.