M&A · Tech · Services-Computer Processing & Data Preparation
Veritas Capital to acquire Perspecta Inc.
Announced Jan 27, 2021 · Closed May 6, 2021
Deal value$7.10BEV $6.81B
Premium49.7%To unaffected price
EV / Adj. EBITDA—1.5x EV / Revenue
ConsiderationAll cash$29.35 per share
Transaction
- Acquirer
- Veritas Capital
- Target
- Perspecta Inc. (PRSP)
- Buyer type
- Private equity
- Offer price per share
- $29.35
- Enterprise value
- $6.81B
- Status
- Closed May 6, 2021
Deal protections
- Break fee (target pays)
- $97.0M · 1.4%
- Reverse fee (buyer pays)
- $243M · 3.4%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, BofA Securities, Macquarie, Barclays, Credit Suisse, RBC Capital Markets +2
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $28.0M
Sector context · Tech
- Comparable deals
- 15 in the prior 24 months
- Premium
- 49.7% vs. 31.9% sector median
- EV / Adj. EBITDA
- Sector median 20.0x
- Break fee
- 1.4% vs. 3.0% sector median
Timeline
- AnnouncedJan 27, 2021
- Proxy filedFeb 19, 2021
- Definitive proxyApr 2, 2021
- Shareholder voteMay 6, 2021
- ClosedMay 6, 2021
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$20.04$26.89
Future share priceGoldman Sachs$15.90$23.50
Precedent transactionsGoldman Sachs$25.20$32.19
Premiums paidGoldman Sachs$21.95$27.64
Discounted cash flow$24.06$37.33
Discounted cash flow$21.02$33.79
Discounted cash flow$25.91$36.34
Trading comparables$20.33$35.22
52-week trading range$15.39$29.41
Offer $29.35
Implied value per Perspecta Inc. share by analysis, from Goldman Sachs · DCF discount rate 6.25%–7.25%.