M&A · Healthcare · Services-Misc Health & Allied Services, NEC
Patient Square Capital to acquire SOC Telemed, Inc.
Announced Feb 3, 2022 · Closed Apr 6, 2022
Deal value$303MEV $327M
Premium—To unaffected price
EV / Adj. EBITDA—4.0x EV / Revenue
ConsiderationAll cash$3.00 per share
Transaction
- Acquirer
- Patient Square Capital
- Target
- SOC Telemed, Inc. (TLMD)
- Buyer type
- Private equity
- Offer price per share
- $3.00
- Enterprise value
- $327M
- Status
- Closed Apr 6, 2022
Deal protections
- Break fee (target pays)
- $11.5M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- William Blair
Sector context · Healthcare
- Comparable deals
- 35 in the prior 24 months
- Premium
- Sector median 45.5%
- EV / Adj. EBITDA
- Sector median 20.4x
- Break fee
- 3.8% vs. 3.4% sector median
Timeline
- AnnouncedFeb 3, 2022
- Proxy filedFeb 23, 2022
- Definitive proxyMar 7, 2022
- Shareholder voteApr 4, 2022
- ClosedApr 6, 2022
Valuation · fairness opinions
Discounted cash flow$1.51$3.48
Offer $3.00
Implied value per SOC Telemed, Inc. share by analysis, from William Blair · DCF discount rate 14%–16%.