M&A · Tech · Services-Prepackaged Software
Haveli Investments to acquire Couchbase, Inc.
Announced Jun 20, 2025 · Closed Sep 24, 2025
Deal value$1.50BEV $1.30B
Premium67.0%To unaffected price
EV / Adj. EBITDA—6.0x EV / Revenue
ConsiderationAll cash$24.50 per share
Transaction
- Acquirer
- Haveli Investments
- Target
- Couchbase, Inc. (BASE)
- Buyer type
- Private equity
- Offer price per share
- $24.50
- Enterprise value
- $1.30B
- Status
- Closed Sep 24, 2025
Deal protections
- Break fee (target pays)
- $42.0M · 2.8%
- Reverse fee (buyer pays)
- $82.5M · 5.5%
- Go-shop
- Go-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Jefferies
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $30.0M
Sector context · Tech
- Comparable deals
- 62 in the prior 24 months
- Premium
- 67.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.7x
- Break fee
- 2.8% vs. 3.1% sector median
Timeline
- AnnouncedJun 20, 2025
- Proxy filedJul 28, 2025
- Definitive proxyAug 7, 2025
- Shareholder voteSep 9, 2025
- ClosedSep 24, 2025
Valuation · fairness opinions
Analyst price targets$16.00$25.00
Analyst price targets$14.31$22.36
Offer $24.50
Implied value per Couchbase, Inc. share by analysis, from Morgan Stanley · DCF discount rate 10.8%–12.8%.