M&A · Industrials · Services-Business Services, NEC
General Atlantic and Stone Point Capital to acquire HireRight Holdings Corp
Announced Feb 16, 2024 · Closed Jun 28, 2024
Deal value$1.65BEV $1.65B
Premium43.0%To unaffected price
EV / Adj. EBITDA8.5x2.3x EV / Revenue
ConsiderationAll cash$14.35 per share
Transaction
- Acquirer
- General Atlantic and Stone Point Capital
- Target
- HireRight Holdings Corp
- Buyer type
- Private equity
- Offer price per share
- $14.35
- Enterprise value
- $1.65B
- Status
- Closed Jun 28, 2024
Deal protections
- Break fee (target pays)
- $30.0M · 1.8%
- Reverse fee (buyer pays)
- $65.0M · 3.9%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, RBC Capital Markets, Barclays
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
- Centerview fee
- $10.0M
Sector context · Industrials
- Comparable deals
- 84 in the prior 24 months
- Premium
- 43.0% vs. 41.2% sector median
- EV / Adj. EBITDA
- 8.5x vs. 10.2x sector median
- Break fee
- 1.8% vs. 2.8% sector median
Timeline
- AnnouncedFeb 16, 2024
- Proxy filedMar 21, 2024
- Definitive proxyMay 17, 2024
- Shareholder voteJun 21, 2024
- ClosedJun 28, 2024
Valuation · fairness opinions
Discounted cash flow$13.10$18.30
Trading comparables$10.85$16.55
Trading comparables$8.75$13.15
Offer $14.35
Implied value per HireRight Holdings Corp share by analysis, from Centerview · DCF discount rate 11.75%–13%.