M&A · Financials · Fire, Marine & Casualty Insurance
Lemonade, Inc. to acquire Metromile, Inc.
Announced Nov 8, 2021 · Closed Jul 28, 2022
Deal value$500M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$3.66 per share
Transaction
- Acquirer
- Lemonade, Inc. (LMND)
- Target
- Metromile, Inc.
- Buyer type
- Strategic
- Offer price per share
- $3.66
- Enterprise value
- —
- Status
- Closed Jul 28, 2022
Deal protections
- Break fee (target pays)
- $12.5M · 2.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Allen & Company
- Allen & Company fee
- $1.1M
Sector context · Financials
- Comparable deals
- 61 in the prior 24 months
- Premium
- Sector median 35.9%
- EV / Adj. EBITDA
- Sector median 21.5x
- Break fee
- 2.5% vs. 3.6% sector median
Timeline
- AnnouncedNov 8, 2021
- Proxy filedDec 29, 2021
- Definitive proxyDec 29, 2021
- Shareholder voteFeb 1, 2022
- ClosedJul 28, 2022
Valuation · fairness opinions
Trading comparables$2.53$3.45
Trading comparables$2.28$3.04
Trading comparables$2.30$3.48
Offer $3.66
Implied value per Metromile, Inc. share by analysis, from Allen & Company.