M&A · Healthcare · Services-Misc Health & Allied Services, NEC
TPG Cannes Aggregation, L.P. to acquire Convey Health Solutions Holdings, Inc.
Announced Jun 21, 2022 · Closed Oct 7, 2022
Deal value$1.10BEV $1.10B
Premium143.0%To unaffected price
EV / Adj. EBITDA22.1x3.1x EV / Revenue
ConsiderationAll cash$10.50 per share
Transaction
- Acquirer
- TPG Cannes Aggregation, L.P.
- Target
- Convey Health Solutions Holdings, Inc.
- Buyer type
- Private equity
- Offer price per share
- $10.50
- Enterprise value
- $1.10B
- Status
- Closed Oct 7, 2022
Deal protections
- Break fee (target pays)
- $24.0M · 2.2%
- Reverse fee (buyer pays)
- $50.0M · 4.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $8.0M
Sector context · Healthcare
- Comparable deals
- 45 in the prior 24 months
- Premium
- 143.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- 22.1x vs. 19.3x sector median
- Break fee
- 2.2% vs. 3.4% sector median
Timeline
- AnnouncedJun 21, 2022
- Proxy filedJul 25, 2022
- Definitive proxySep 1, 2022
- Shareholder vote—
- ClosedOct 7, 2022
Valuation · fairness opinions
Trading comparables$6.00$9.45
Premiums paid$5.65$6.70
Discounted cash flow$7.00$11.65
Future share price$5.00$9.05
Offer $10.50
Implied value per Convey Health Solutions Holdings, Inc. share by analysis, from Centerview · DCF discount rate 10%–12%.