M&A · Tech · Services-Prepackaged Software
Bain Capital Private Equity to acquire PowerSchool Holdings, Inc.
Announced Jun 7, 2024 · Closed Oct 1, 2024
Deal value$5.60BEV $5.44B
Premium37.0%To unaffected price
EV / Adj. EBITDA23.7x7.5x EV / Revenue
ConsiderationAll cash$22.80 per share
Transaction
- Acquirer
- Bain Capital Private Equity
- Target
- PowerSchool Holdings, Inc. (PWSC)
- Buyer type
- Private equity
- Offer price per share
- $22.80
- Enterprise value
- $5.44B
- Status
- Closed Oct 1, 2024
Deal protections
- Break fee (target pays)
- $135M · 2.4%
- Reverse fee (buyer pays)
- $269M · 4.8%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs, Centerview
- Goldman Sachs fee
- $55.0M
- Centerview fee
- $24.0M
Sector context · Tech
- Comparable deals
- 55 in the prior 24 months
- Premium
- 37.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- 23.7x vs. 14.7x sector median
- Break fee
- 2.4% vs. 3.0% sector median
Timeline
- AnnouncedJun 7, 2024
- Proxy filedJul 23, 2024
- Definitive proxySep 4, 2024
- Shareholder vote—
- ClosedOct 1, 2024
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$18.00$31.50
Future share priceGoldman Sachs$17.75$27.10
Future share priceGoldman Sachs$21.55$31.30
Premiums paidGoldman Sachs$20.70$25.40
52-week trading rangeGoldman Sachs$19.10$27.95
Trading comparablesCenterview$21.15$26.85
Precedent transactionsCenterview$22.60$28.25
Discounted cash flowCenterview$21.65$33.80
52-week trading rangeCenterview$16.58$25.02
Premiums paidCenterview$19.15$24.95
Offer $22.80
Implied value per PowerSchool Holdings, Inc. share by analysis, from Goldman Sachs and Centerview · DCF discount rate 9%–10.5%.