M&A · Financials · Real Estate Investment Trusts
Highgate and Cerberus Capital Management to acquire CorePoint Lodging Inc.
Announced Nov 8, 2021 · Closed Mar 3, 2022
Deal value$1.50BEV $1.28B
Premium42.0%To unaffected price
EV / Adj. EBITDA21.3x2.8x EV / Revenue
ConsiderationAll cash$15.65 per share
Transaction
- Acquirer
- Highgate and Cerberus Capital Management
- Target
- CorePoint Lodging Inc. (CPLG)
- Buyer type
- Private equity
- Offer price per share
- $15.65
- Enterprise value
- $1.28B
- Status
- Closed Mar 3, 2022
Deal protections
- Break fee (target pays)
- $29.0M · 1.9%
- Reverse fee (buyer pays)
- $58.0M · 3.9%
- Go-shop
- No-shop
- Financing
- Committed · Deutsche Bank
Advisors
- To the acquirer
- Deutsche Bank
- To the target
- JPMorgan
- JPMorgan fee
- $23.6M
Sector context · Financials
- Comparable deals
- 61 in the prior 24 months
- Premium
- 42.0% vs. 32.0% sector median
- EV / Adj. EBITDA
- 21.3x vs. 21.6x sector median
- Break fee
- 1.9% vs. 3.6% sector median
Timeline
- AnnouncedNov 8, 2021
- Proxy filedDec 17, 2021
- Definitive proxyJan 14, 2022
- Shareholder voteMar 1, 2022
- ClosedMar 3, 2022
Valuation · fairness opinions
Discounted cash flow$6.75$10.00
Offer $15.65
Implied value per CorePoint Lodging Inc. share by analysis, from JPMorgan · DCF discount rate 9.5%–10.5%.