M&A · Tech · Services-Computer Programming, Data Processing, Etc.
Cadent, LLC to acquire AdTheorent Holding Company, Inc.
Announced Apr 1, 2024 · Closed Jun 21, 2024
Deal value$324MEV $254M
Premium—To unaffected price
EV / Adj. EBITDA16.3x1.5x EV / Revenue
ConsiderationAll cash$3.21 per share
Transaction
- Acquirer
- Cadent, LLC
- Target
- AdTheorent Holding Company, Inc.
- Buyer type
- Strategic
- Offer price per share
- $3.21
- Enterprise value
- $254M
- Status
- Closed Jun 21, 2024
Deal protections
- Break fee (target pays)
- $11.4M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- Committed · RBC Capital Markets
Advisors
- To the acquirer
- Moelis
- To the target
- Canaccord Genuity
Sector context · Tech
- Comparable deals
- 55 in the prior 24 months
- Premium
- Sector median 46.0%
- EV / Adj. EBITDA
- 16.3x vs. 15.9x sector median
- Break fee
- 3.5% vs. 3.0% sector median
Timeline
- AnnouncedApr 1, 2024
- Proxy filedApr 30, 2024
- Definitive proxyMay 20, 2024
- Shareholder voteJun 18, 2024
- ClosedJun 21, 2024
Valuation · fairness opinions
Discounted cash flow$2.56$2.99
Offer $3.21
Implied value per AdTheorent Holding Company, Inc. share by analysis, from Canaccord Genuity · DCF discount rate 15.5%–17.5%.