M&A · Industrials · Services-Business Services, NEC
Goldman Sachs Group Inc to acquire GreenSky, Inc.
Announced Sep 15, 2021 · Closed Mar 29, 2022
Deal value$2.24BEV $2.24B
Premium25.0%To unaffected price
EV / Adj. EBITDA15.3x4.2x EV / Revenue
ConsiderationAll stock$12.11 per share
Transaction
- Acquirer
- Goldman Sachs Group Inc (GS)
- Target
- GreenSky, Inc. (GSKY)
- Buyer type
- Strategic
- Offer price per share
- $12.11
- Enterprise value
- $2.24B
- Status
- Closed Mar 29, 2022
Deal protections
- Break fee (target pays)
- $75.0M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan, FT Partners, Piper Sandler
- JPMorgan fee
- $3.0M
- Piper Sandler fee
- $3.5M
Sector context · Industrials
- Comparable deals
- 39 in the prior 24 months
- Premium
- 25.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- 15.3x vs. 12.1x sector median
- Break fee
- 3.3% vs. 2.8% sector median
Timeline
- AnnouncedSep 15, 2021
- Proxy filedNov 9, 2021
- Definitive proxyNov 9, 2021
- Shareholder voteDec 10, 2021
- ClosedMar 29, 2022
Valuation · fairness opinions
Trading comparablesJPMorgan$6.50$9.25
Precedent transactionsJPMorgan$7.50$12.25
Discounted cash flowJPMorgan$6.00$8.25
52-week trading rangeJPMorgan$3.46$8.85
Analyst price targetsJPMorgan$5.00$13.00
Trading comparablesPiper Sandler$3.93$7.51
Trading comparablesPiper Sandler$5.09$10.24
Offer $12.11
Implied value per GreenSky, Inc. share by analysis, from JPMorgan and Piper Sandler.