M&A · Industrials · Services-Management Consulting Services
GI Partners to acquire Atlas Technical Consultants, Inc.
Announced Jan 31, 2023 · Closed Apr 19, 2023
Deal value$1.05BEV $1.05B
Premium124.0%To unaffected price
EV / Adj. EBITDA15.7x1.8x EV / Revenue
ConsiderationAll cash$12.25 per share
Transaction
- Acquirer
- GI Partners
- Target
- Atlas Technical Consultants, Inc. (ATCX)
- Buyer type
- Strategic
- Offer price per share
- $12.25
- Enterprise value
- $1.05B
- Status
- Closed Apr 19, 2023
Deal protections
- Break fee (target pays)
- $20.3M · 1.9%
- Reverse fee (buyer pays)
- $45.8M · 4.4%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities
- BofA Securities fee
- $10.5M
Sector context · Industrials
- Comparable deals
- 82 in the prior 24 months
- Premium
- 124.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- 15.7x vs. 12.2x sector median
- Break fee
- 1.9% vs. 2.8% sector median
Timeline
- AnnouncedJan 31, 2023
- Proxy filedFeb 14, 2023
- Definitive proxyMar 1, 2023
- Shareholder voteMar 29, 2023
- ClosedApr 19, 2023
Valuation · fairness opinions
Trading comparables$5.50$17.25
Trading comparables$5.50$18.25
Precedent transactions$3.50$9.75
Discounted cash flow$9.50$19.50
Offer $12.25
Implied value per Atlas Technical Consultants, Inc. share by analysis, from BofA Securities.