M&A · Tech · Services-Computer Programming Services
EQT Private Equity to acquire BTRS Holdings Inc.
Announced Sep 28, 2022 · Closed Dec 16, 2022
Deal value$1.70BEV $1.55B
Premium64.0%To unaffected price
EV / Adj. EBITDA—8.7x EV / Revenue
ConsiderationAll cash$9.50 per share
Transaction
- Acquirer
- EQT Private Equity
- Target
- BTRS Holdings Inc.
- Buyer type
- Private equity
- Offer price per share
- $9.50
- Enterprise value
- $1.55B
- Status
- Closed Dec 16, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $100M · 5.9%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Evercore
- To the target
- JPMorgan
Sector context · Tech
- Comparable deals
- 77 in the prior 24 months
- Premium
- 64.0% vs. 33.0% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedSep 28, 2022
- Proxy filedOct 21, 2022
- Definitive proxyNov 10, 2022
- Shareholder voteDec 13, 2022
- ClosedDec 16, 2022
Valuation · fairness opinions
Trading comparables$4.75$9.00
Precedent transactions$6.75$11.00
Discounted cash flow$8.00$10.75
Analyst price targets$7.40$13.00
Offer $9.50
Implied value per BTRS Holdings Inc. share by analysis, from JPMorgan · DCF discount rate 13%–14%.