M&A · Tech · Services-Prepackaged Software
Advent International Corporation to acquire McAfee Corp.
Announced Nov 8, 2021 · Closed Mar 1, 2022
Deal value$14.00BEV $14.00B
Premium22.6%To unaffected price
EV / Adj. EBITDA13.1x4.5x EV / Revenue
ConsiderationAll cash$26.00 per share
Transaction
- Acquirer
- Advent International Corporation
- Target
- McAfee Corp.
- Buyer type
- Private equity
- Offer price per share
- $26.00
- Enterprise value
- $14.00B
- Status
- Closed Mar 1, 2022
Deal protections
- Break fee (target pays)
- $291M · 2.1%
- Reverse fee (buyer pays)
- $600M · 4.3%
- Go-shop
- Go-shop
- Financing
- Committed · HSBC, RBC Capital Markets, UBS, Mizuho, MUFG, Nomura +2
Advisors
- To the acquirer
- JPMorgan, BofA Securities, Barclays, Citigroup, Evercore, DBO Partners
- To the target
- Goldman Sachs, Morgan Stanley
- Goldman Sachs fee
- $35.0M
Sector context · Tech
- Comparable deals
- 45 in the prior 24 months
- Premium
- 22.6% vs. 30.9% sector median
- EV / Adj. EBITDA
- 13.1x vs. 17.7x sector median
- Break fee
- 2.1% vs. 3.0% sector median
Timeline
- AnnouncedNov 8, 2021
- Proxy filedDec 21, 2021
- Definitive proxyJan 4, 2022
- Shareholder voteFeb 9, 2022
- ClosedMar 1, 2022
Valuation · fairness opinions
Discounted cash flow$19.45$29.89
Future share price$17.80$31.01
Precedent transactions$19.89$37.26
Premiums paid$24.54$32.68
Offer $26.00
Implied value per McAfee Corp. share by analysis, from Goldman Sachs · DCF discount rate 7.5%–8.5%.