M&A · Tech · Services-Computer Programming Services
International Business Machines Corp to acquire HashiCorp, Inc.
Announced Apr 24, 2024 · Closed Feb 27, 2025
Deal value$6.40BEV $6.40B
Premium43.0%To unaffected price
EV / Adj. EBITDA—11.0x EV / Revenue
ConsiderationAll cash$35.00 per share
Transaction
- Acquirer
- International Business Machines Corp (IBM)
- Target
- HashiCorp, Inc.
- Buyer type
- Strategic
- Offer price per share
- $35.00
- Enterprise value
- $6.40B
- Status
- Closed Feb 27, 2025
Deal protections
- Break fee (target pays)
- $264M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Qatalyst
Sector context · Tech
- Comparable deals
- 56 in the prior 24 months
- Premium
- 43.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- Sector median 15.5x
- Break fee
- 4.1% vs. 3.0% sector median
Timeline
- AnnouncedApr 24, 2024
- Proxy filedJun 3, 2024
- Definitive proxyJun 13, 2024
- Shareholder voteJul 15, 2024
- ClosedFeb 27, 2025
Valuation · fairness opinions
Discounted cash flow$25.78$35.11
Discounted cash flow$21.15$30.32
Discounted cash flow$20.61$29.45
Discounted cash flow$19.19$35.16
Discounted cash flow$20.61$33.87
Offer $35.00
Implied value per HashiCorp, Inc. share by analysis, from Qatalyst.