M&A · Industrials · Services-Business Services, NEC
Global Payments Inc to acquire EVO Payments, Inc.
Announced Aug 1, 2022 · Closed Mar 24, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$34.00 per share
Transaction
- Acquirer
- Global Payments Inc (GPN)
- Target
- EVO Payments, Inc. (EVOP)
- Buyer type
- Strategic
- Offer price per share
- $34.00
- Enterprise value
- —
- Status
- Closed Mar 24, 2023
Deal protections
- Break fee (target pays)
- $225M
- Reverse fee (buyer pays)
- $100M
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities, JPMorgan
Advisors
- To the acquirer
- BofA Securities, JPMorgan
- To the target
- Citigroup
- Citigroup fee
- $37.0M
Sector context · Industrials
- Comparable deals
- 73 in the prior 24 months
- Premium
- Sector median 47.1%
- EV / Adj. EBITDA
- Sector median 11.0x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedAug 1, 2022
- Proxy filedSep 6, 2022
- Definitive proxySep 22, 2022
- Shareholder voteOct 26, 2022
- ClosedMar 24, 2023
Valuation · fairness opinions
Trading comparables$19.05$25.00
Trading comparables$16.40$24.60
Precedent transactions$19.10$44.25
Discounted cash flow$24.40$32.10
52-week trading range$20.07$29.80
Offer $34.00
Implied value per EVO Payments, Inc. share by analysis, from Citigroup · DCF discount rate 10.25%–11.5%.