M&A · Healthcare · Laboratory Analytical Instruments
Thermo Fisher Scientific Inc. to acquire Olink Holding AB (publ)
Announced Oct 17, 2023 · Closed Jul 10, 2024
Deal value$3.10BEV $3.02B
Premium74.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$26.00 per share
Transaction
- Acquirer
- Thermo Fisher Scientific Inc. (TMO)
- Target
- Olink Holding AB (publ)
- Buyer type
- Strategic
- Offer price per share
- $26.00
- Enterprise value
- $3.02B
- Status
- Closed Jul 10, 2024
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan, Goldman Sachs
- Goldman Sachs fee
- $11.0M
Sector context · Healthcare
- Comparable deals
- 93 in the prior 24 months
- Premium
- 74.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedOct 17, 2023
- Tender offerOct 31, 2023
- ClosedJul 10, 2024
Valuation · fairness opinions
Trading comparablesJPMorgan$8.83$16.53
Precedent transactionsJPMorgan$13.08$21.03
Discounted cash flowJPMorgan$20.74$26.46
Analyst price targetsJPMorgan$18.00$30.00
Analyst price targetsGoldman Sachs$18.76$24.36
Offer $26.00
Implied value per Olink Holding AB (publ) share by analysis, from JPMorgan and Goldman Sachs · DCF discount rate 10.5%–11.5%.