M&A · Financials · Lessors of Real Property, NEC
EQT and PSP to acquire Radius Global Infrastructure, Inc.
Announced Mar 2, 2023 · Closed Sep 21, 2023
Deal value$3.00BEV $3.00B
Premium28.0%To unaffected price
EV / Adj. EBITDA—22.1x EV / Revenue
ConsiderationAll cash$15.00 per share
Transaction
- Acquirer
- EQT and PSP
- Target
- Radius Global Infrastructure, Inc.
- Buyer type
- Private equity
- Offer price per share
- $15.00
- Enterprise value
- $3.00B
- Status
- Closed Sep 21, 2023
Deal protections
- Break fee (target pays)
- $52.0M · 1.7%
- Reverse fee (buyer pays)
- $103M · 3.4%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Citigroup, Goldman Sachs, Barclays
- Citigroup fee
- $12.0M
- Barclays fee
- $80.0M
Sector context · Financials
- Comparable deals
- 88 in the prior 24 months
- Premium
- 28.0% vs. 29.7% sector median
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 1.7% vs. 3.6% sector median
Timeline
- AnnouncedMar 2, 2023
- Proxy filedApr 7, 2023
- Definitive proxyMay 5, 2023
- Shareholder voteJun 15, 2023
- ClosedSep 21, 2023
Valuation · fairness opinions
Discounted cash flowCitigroup$5.95$15.95
Future share priceCitigroup$9.90$15.95
52-week trading rangeCitigroup$7.97$16.52
Premiums paidCitigroup$14.05$16.40
Premiums paidCitigroup$10.30$12.05
Future share priceGoldman Sachs$5.35$16.11
Future share priceGoldman Sachs$11.42$19.51
52-week trading rangeGoldman Sachs$13.95$17.11
Offer $15.00
Implied value per Radius Global Infrastructure, Inc. share by analysis, from Citigroup and Goldman Sachs · DCF discount rate 7.9%–8.6%.