M&A · Tech · Services-Prepackaged Software
Adobe Inc. to acquire SEMrush Holdings, Inc.
Announced Nov 19, 2025 · Closed Apr 28, 2026
Deal value$1.90BEV $1.82B
Premium77.5%To unaffected price
EV / Adj. EBITDA—4.2x EV / Revenue
ConsiderationAll cash$12.00 per share
Transaction
- Acquirer
- Adobe Inc. (ADBE)
- Target
- SEMrush Holdings, Inc. (SEMR)
- Buyer type
- Strategic
- Offer price per share
- $12.00
- Enterprise value
- $1.82B
- Status
- Closed Apr 28, 2026
Deal protections
- Break fee (target pays)
- $63.0M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $33.0M
Sector context · Tech
- Comparable deals
- 65 in the prior 24 months
- Premium
- 77.5% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.7x
- Break fee
- 3.3% vs. 3.0% sector median
Timeline
- AnnouncedNov 19, 2025
- Proxy filedDec 18, 2025
- Definitive proxyDec 29, 2025
- Shareholder voteFeb 3, 2026
- ClosedApr 28, 2026
Valuation · fairness opinions
Trading comparables$7.95$11.05
Trading comparables$6.80$8.85
Precedent transactions$9.50$12.60
Discounted cash flow$9.70$13.70
Analyst price targets$8.00$12.00
Offer $12.00
Implied value per SEMrush Holdings, Inc. share by analysis, from Centerview · DCF discount rate 13.25%–16.25%.