M&A · Tech · Semiconductors & Related Devices
Renesas to acquire Transphorm, Inc.
Announced Jan 11, 2024 · Closed Jun 20, 2024
Deal value$339MEV $322M
Premium35.0%To unaffected price
EV / Adj. EBITDA—17.3x EV / Revenue
ConsiderationAll cash$5.10 per share
Transaction
- Acquirer
- Renesas
- Target
- Transphorm, Inc.
- Buyer type
- Strategic
- Offer price per share
- $5.10
- Enterprise value
- $322M
- Status
- Closed Jun 20, 2024
Deal protections
- Break fee (target pays)
- $12.9M · 3.8%
- Reverse fee (buyer pays)
- $20.0M · 5.9%
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities
Advisors
- To the acquirer
- Citigroup
- To the target
- BofA Securities
- BofA Securities fee
- $6.2M
Sector context · Tech
- Comparable deals
- 58 in the prior 24 months
- Premium
- 35.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- Sector median 16.1x
- Break fee
- 3.8% vs. 3.0% sector median
Timeline
- AnnouncedJan 11, 2024
- Proxy filedFeb 23, 2024
- Definitive proxyMar 4, 2024
- Shareholder voteApr 9, 2024
- ClosedJun 20, 2024
Valuation · fairness opinions
Trading comparables$1.17$2.87
Trading comparables$2.25$5.49
Precedent transactions$1.94$4.36
Discounted cash flow$2.94$6.00
Analyst price targets$4.44$7.11
Offer $5.10
Implied value per Transphorm, Inc. share by analysis, from BofA Securities.