M&A · Tech · Services-Computer Programming, Data Processing, Etc.
Novacap Management Inc. to acquire Integral AD Science Holding Corp.
Announced Sep 24, 2025 · Closed Dec 23, 2025
Deal value$1.90BEV $1.64B
Premium22.0%To unaffected price
EV / Adj. EBITDA7.8x2.9x EV / Revenue
ConsiderationAll cash$10.30 per share
Transaction
- Acquirer
- Novacap Management Inc.
- Target
- Integral AD Science Holding Corp. (IAS)
- Buyer type
- Strategic
- Offer price per share
- $10.30
- Enterprise value
- $1.64B
- Status
- Closed Dec 23, 2025
Deal protections
- Break fee (target pays)
- $52.5M · 2.8%
- Reverse fee (buyer pays)
- $100M · 5.3%
- Go-shop
- No-shop
- Financing
- Committed · Barclays, RBC Capital Markets, BofA Securities, Jefferies
Advisors
- To the acquirer
- Evercore
- To the target
- Jefferies
- Jefferies fee
- $22.5M
Sector context · Tech
- Comparable deals
- 64 in the prior 24 months
- Premium
- 22.0% vs. 37.1% sector median
- EV / Adj. EBITDA
- 7.8x vs. 16.5x sector median
- Break fee
- 2.8% vs. 3.0% sector median
Timeline
- AnnouncedSep 24, 2025
- Proxy filedOct 27, 2025
- Definitive proxyNov 7, 2025
- Shareholder vote—
- ClosedDec 23, 2025
Valuation · fairness opinions
Trading comparables$8.83$12.31
Trading comparables$9.16$11.98
Precedent transactions$9.11$13.59
Discounted cash flow$7.81$10.64
Offer $10.30
Implied value per Integral AD Science Holding Corp. share by analysis, from Jefferies.