M&A · Industrials · General Industrial Machinery & Equipment, NEC
Softbank Group Corp. to acquire Berkshire Grey, Inc.
Announced Mar 24, 2023 · Closed Jul 20, 2023
Deal value$375MEV $248M
Premium24.0%To unaffected price
EV / Adj. EBITDA—3.3x EV / Revenue
ConsiderationAll cash$1.40 per share
Transaction
- Acquirer
- Softbank Group Corp. (SFTBF)
- Target
- Berkshire Grey, Inc.
- Buyer type
- Strategic
- Offer price per share
- $1.40
- Enterprise value
- $248M
- Status
- Closed Jul 20, 2023
Deal protections
- Break fee (target pays)
- $13.7M · 3.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Credit Suisse
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- 24.0% vs. 47.8% sector median
- EV / Adj. EBITDA
- Sector median 12.2x
- Break fee
- 3.6% vs. 2.8% sector median
Timeline
- AnnouncedMar 24, 2023
- Proxy filedMay 2, 2023
- Definitive proxyJun 27, 2023
- Shareholder voteJul 18, 2023
- ClosedJul 20, 2023
Valuation · fairness opinions
Trading comparables$0.98$2.03
Precedent transactions$1.26$2.20
Discounted cash flow$0.80$1.31
Discounted cash flow$0.93$1.96
Discounted cash flow$0.75$1.25
Offer $1.40
Implied value per Berkshire Grey, Inc. share by analysis, from Credit Suisse.