M&A · Tech · Services-Computer Integrated Systems Design
Applied Intuition, Inc. to acquire Embark Technology, Inc.
Announced May 25, 2023 · Closed Aug 2, 2023
Deal value$71M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$2.88 per share
Transaction
- Acquirer
- Applied Intuition, Inc.
- Target
- Embark Technology, Inc. (EMBK)
- Buyer type
- Strategic
- Offer price per share
- $2.88
- Enterprise value
- —
- Status
- Closed Aug 2, 2023
Deal protections
- Break fee (target pays)
- $3.0M · 4.2%
- Reverse fee (buyer pays)
- $1.0M · 1.4%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Evercore, Houlihan Lokey
Sector context · Tech
- Comparable deals
- 62 in the prior 24 months
- Premium
- Sector median 39.0%
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 4.2% vs. 3.0% sector median
Timeline
- AnnouncedMay 25, 2023
- Proxy filedJun 16, 2023
- Definitive proxyJun 26, 2023
- Shareholder voteJul 17, 2023
- ClosedAug 2, 2023
Valuation · fairness opinions
Liquidation$1.87$2.35
Liquidation$2.43$2.73
Liquidation$2.87$3.05
Offer $2.88
Implied value per Embark Technology, Inc. share by analysis, from Houlihan Lokey.