M&A · Industrials · Household Audio & Video Equipment
Walmart Inc. to acquire Vizio Holding Corp.
Announced Feb 20, 2024 · Closed Dec 3, 2024
Deal value$2.30BEV $2.08B
Premium47.0%To unaffected price
EV / Adj. EBITDA29.0x1.2x EV / Revenue
ConsiderationAll cash$11.50 per share
Transaction
- Acquirer
- Walmart Inc. (WMT)
- Target
- Vizio Holding Corp. (VZIO)
- Buyer type
- Strategic
- Offer price per share
- $11.50
- Enterprise value
- $2.08B
- Status
- Closed Dec 3, 2024
Deal protections
- Break fee (target pays)
- $78.0M · 3.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- JPMorgan fee
- $25.8M
Sector context · Industrials
- Comparable deals
- 85 in the prior 24 months
- Premium
- 47.0% vs. 42.1% sector median
- EV / Adj. EBITDA
- 29.0x vs. 9.9x sector median
- Break fee
- 3.4% vs. 2.8% sector median
Timeline
- AnnouncedFeb 20, 2024
- Proxy filedMar 8, 2024
- Definitive proxyMar 18, 2024
- Shareholder vote—
- ClosedDec 3, 2024
Valuation · fairness opinions
Trading comparables$6.35$16.10
Trading comparables$7.20$16.75
Trading comparables$4.25$6.65
Discounted cash flow$8.40$11.15
Offer $11.50
Implied value per Vizio Holding Corp. share by analysis, from JPMorgan.