M&A · Industrials · Services-Detective, Guard & Armored Car Services
NRG Energy, Inc. to acquire Vivint Smart Home, Inc.
Announced Dec 6, 2022 · Closed Mar 10, 2023
Deal value$5.20BEV $5.20B
Premium33.0%To unaffected price
EV / Adj. EBITDA7.2x3.2x EV / Revenue
ConsiderationAll cash$12.00 per share
Transaction
- Acquirer
- NRG Energy, Inc. (NRG)
- Target
- Vivint Smart Home, Inc.
- Buyer type
- Strategic
- Offer price per share
- $12.00
- Enterprise value
- $5.20B
- Status
- Closed Mar 10, 2023
Deal protections
- Break fee (target pays)
- $93.6M · 1.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan
- JPMorgan fee
- $53.0M
Sector context · Industrials
- Comparable deals
- 81 in the prior 24 months
- Premium
- 33.0% vs. 47.1% sector median
- EV / Adj. EBITDA
- 7.2x vs. 11.2x sector median
- Break fee
- 1.8% vs. 2.8% sector median
Timeline
- AnnouncedDec 6, 2022
- Proxy filedJan 9, 2023
- Definitive proxyJan 20, 2023
- Shareholder vote—
- ClosedMar 10, 2023
Valuation · fairness opinions
Trading comparables$7.00$15.00
Trading comparables$6.50$14.75
Precedent transactions$9.00$19.00
Discounted cash flow$8.25$14.00
52-week trading range$3.25$11.00
Offer $12.00
Implied value per Vivint Smart Home, Inc. share by analysis, from JPMorgan · DCF discount rate 9.5%–10.5%.