M&A · Industrials · Specialty Cleaning, Polishing and Sanitation Preparations
Solenis to acquire Diversey Holdings, Ltd.
Announced Mar 8, 2023 · Closed Jul 5, 2023
Deal value$4.60BEV $4.60B
Premium41.0%To unaffected price
EV / Adj. EBITDA18.0x1.7x EV / Revenue
ConsiderationAll cash$8.40 per share
Transaction
- Acquirer
- Solenis
- Target
- Diversey Holdings, Ltd.
- Buyer type
- Strategic
- Offer price per share
- $8.40
- Enterprise value
- $4.60B
- Status
- Closed Jul 5, 2023
Deal protections
- Break fee (target pays)
- $92.0M · 2.0%
- Reverse fee (buyer pays)
- $125M · 2.7%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, BofA Securities
Advisors
- To the acquirer
- BofA Securities, Goldman Sachs, Piper Sandler
- To the target
- Evercore, JPMorgan, Centerview
- Evercore fee
- $8.5M
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- 41.0% vs. 47.6% sector median
- EV / Adj. EBITDA
- 18.0x vs. 12.2x sector median
- Break fee
- 2.0% vs. 2.8% sector median
Timeline
- AnnouncedMar 8, 2023
- Proxy filedApr 11, 2023
- Definitive proxyMay 15, 2023
- Shareholder voteJun 8, 2023
- ClosedJul 5, 2023
Valuation · fairness opinions
Discounted cash flow$6.95$9.68
Discounted cash flow$5.72$9.03
Trading comparables$6.25$7.95
Trading comparables$6.37$8.18
Precedent transactions$6.56$8.59
Offer $8.40
Implied value per Diversey Holdings, Ltd. share by analysis, from Evercore · DCF discount rate 9%–10%.