M&A · Industrials · Services-Personal Services
Blackstone Inc. to acquire Rover Group, Inc.
Announced Nov 29, 2023 · Closed Feb 27, 2024
Deal value$2.30BEV $1.84B
Premium30.0%To unaffected price
EV / Adj. EBITDA—8.5x EV / Revenue
ConsiderationAll cash$11.00 per share
Transaction
- Acquirer
- Blackstone Inc. (BX)
- Target
- Rover Group, Inc. (ROVR)
- Buyer type
- Private equity
- Offer price per share
- $11.00
- Enterprise value
- $1.84B
- Status
- Closed Feb 27, 2024
Deal protections
- Break fee (target pays)
- $72.0M · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Evercore, Moelis
- To the target
- Goldman Sachs, Centerview
- Centerview fee
- $5.0M
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- 30.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- Sector median 10.8x
- Break fee
- 3.1% vs. 2.9% sector median
Timeline
- AnnouncedNov 29, 2023
- Proxy filedJan 11, 2024
- Definitive proxyJan 22, 2024
- Shareholder voteFeb 22, 2024
- ClosedFeb 27, 2024
Valuation · fairness opinions
Other analysisGoldman Sachs$7.87$11.41
Premiums paidGoldman Sachs$10.03$13.07
52-week trading rangeGoldman Sachs$7.00$9.95
Trading comparablesCenterview$6.55$9.25
Trading comparablesCenterview$8.45$10.25
Precedent transactionsCenterview$7.90$11.20
Discounted cash flowCenterview$8.50$11.60
Analyst price targetsCenterview$6.75$10.00
Offer $11.00
Implied value per Rover Group, Inc. share by analysis, from Goldman Sachs and Centerview · DCF discount rate 12.5%–14.5%.