M&A · Industrials · Transportation Services
International Seaways, Inc. to acquire Diamond S Shipping Inc.
Announced Mar 31, 2021 · Closed Jul 16, 2021
Deal value$416MEV $416M
Premium—To unaffected price
EV / Adj. EBITDA—0.7x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- International Seaways, Inc. (INSW)
- Target
- Diamond S Shipping Inc. (DSSI)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $416M
- Status
- Closed Jul 16, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Moelis, Jefferies
- Jefferies fee
- $6.5M
- Moelis fee
- $8.0M
Sector context · Industrials
- Comparable deals
- 19 in the prior 24 months
- Premium
- Sector median 24.0%
- EV / Adj. EBITDA
- Sector median 10.0x
- Break fee
- Sector median 2.4%
Timeline
- AnnouncedMar 31, 2021
- Proxy filedJun 11, 2021
- Definitive proxyJun 11, 2021
- Shareholder voteJul 13, 2021
- ClosedJul 16, 2021
Valuation · fairness opinions
Other analysisJefferies$27.25$31.02
Other analysisJefferies$13.84$19.50
Trading comparablesJefferies$17.50$26.25
Trading comparablesJefferies$9.89$14.84
Precedent transactionsJefferies$28.44$29.89
Other analysisMoelis$26.68$28.19
Discounted cash flowMoelis$4.47$9.76
Discounted cash flowMoelis$14.81$23.89
Trading comparablesMoelis$7.49$12.48
Trading comparablesMoelis$26.85$34.20
Implied value per Diamond S Shipping Inc. share by analysis, from Jefferies and Moelis.