M&A · Healthcare · Services-Home Health Care Services
Owens & Minor, Inc. to acquire Apria, Inc.
Announced Jan 10, 2022 · Closed Mar 29, 2022
Deal value$1.45BEV $1.62B
Premium26.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$37.50 per share
Transaction
- Acquirer
- Owens & Minor, Inc. (OMI)
- Target
- Apria, Inc.
- Buyer type
- Strategic
- Offer price per share
- $37.50
- Enterprise value
- $1.62B
- Status
- Closed Mar 29, 2022
Deal protections
- Break fee (target pays)
- $42.0M · 2.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Goldman Sachs
Advisors
- To the acquirer
- Evercore, JPMorgan
- To the target
- Goldman Sachs, Citigroup
Sector context · Healthcare
- Comparable deals
- 33 in the prior 24 months
- Premium
- 26.0% vs. 45.5% sector median
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 2.9% vs. 3.4% sector median
Timeline
- AnnouncedJan 10, 2022
- Proxy filedFeb 7, 2022
- Definitive proxyFeb 22, 2022
- Shareholder voteMar 24, 2022
- ClosedMar 29, 2022
Valuation · fairness opinions
Future share price$29.72$37.16
Discounted cash flow$31.74$43.99
Discounted cash flow$32.16$44.43
Premiums paid$32.29$37.73
Offer $37.50
Implied value per Apria, Inc. share by analysis, from Goldman Sachs · DCF discount rate 7.5%–9%.