M&A · Financials · State Commercial Banks
First Carolina Bank to acquire BM Technologies, Inc.
Announced Oct 25, 2024 · Closed Feb 3, 2025
Deal value$67M
Premium55.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$5.00 per share
Transaction
- Acquirer
- First Carolina Bank
- Target
- BM Technologies, Inc. (BMTX)
- Buyer type
- Strategic
- Offer price per share
- $5.00
- Enterprise value
- —
- Status
- Closed Feb 3, 2025
Deal protections
- Break fee (target pays)
- $2.8M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Janney Montgomery Scott
Sector context · Financials
- Comparable deals
- 58 in the prior 24 months
- Premium
- 55.0% vs. 33.5% sector median
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 4.1% vs. 3.3% sector median
Timeline
- AnnouncedOct 25, 2024
- Proxy filedNov 13, 2024
- Definitive proxyDec 3, 2024
- Shareholder voteJan 3, 2025
- ClosedFeb 3, 2025