M&A · Tech · Services-Prepackaged Software
Turn/River Capital to acquire SolarWinds Corp
Announced Feb 7, 2025 · Closed Apr 16, 2025
Deal value$4.40BEV $4.40B
Premium—To unaffected price
EV / Adj. EBITDA12.8x5.6x EV / Revenue
ConsiderationAll cash$18.50 per share
Transaction
- Acquirer
- Turn/River Capital
- Target
- SolarWinds Corp (SWI)
- Buyer type
- Strategic
- Offer price per share
- $18.50
- Enterprise value
- $4.40B
- Status
- Closed Apr 16, 2025
Deal protections
- Break fee (target pays)
- $119M · 2.7%
- Reverse fee (buyer pays)
- $230M · 5.2%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- JPMorgan, Barclays, Santander, RBC Capital Markets
- To the target
- Goldman Sachs, Jefferies
- Jefferies fee
- $6.3M
Sector context · Tech
- Comparable deals
- 62 in the prior 24 months
- Premium
- Sector median 36.0%
- EV / Adj. EBITDA
- 12.8x vs. 16.7x sector median
- Break fee
- 2.7% vs. 3.1% sector median
Timeline
- AnnouncedFeb 7, 2025
- Proxy filedMar 17, 2025
- Definitive proxyMar 27, 2025
- Shareholder vote—
- ClosedApr 16, 2025
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$14.30$23.70
Future share priceGoldman Sachs$15.70$21.90
Precedent transactionsGoldman Sachs$13.30$26.70
Premiums paidGoldman Sachs$18.00$22.70
52-week trading rangeGoldman Sachs$14.20$17.10
Trading comparablesJefferies$14.80$21.60
Trading comparablesJefferies$14.10$21.40
Precedent transactionsJefferies$7.70$14.20
Precedent transactionsJefferies$15.60$21.90
Discounted cash flowJefferies$14.70$19.70
Offer $18.50
Implied value per SolarWinds Corp share by analysis, from Goldman Sachs and Jefferies · DCF discount rate 9%–11%.