M&A · Healthcare · Surgical & Medical Instruments & Apparatus
STERIS plc to acquire Cantel Medical Corp
Announced Jan 12, 2021 · Closed Jun 2, 2021
Deal value$4.60BEV $4.60B
Premium—To unaffected price
EV / Adj. EBITDA25.0x4.5x EV / Revenue
ConsiderationCash and stock$84.66 per share
Transaction
- Acquirer
- STERIS plc (STE)
- Target
- Cantel Medical Corp (CMD)
- Buyer type
- Strategic
- Offer price per share
- $84.66
- Enterprise value
- $4.60B
- Status
- Closed Jun 2, 2021
Deal protections
- Break fee (target pays)
- $127M · 2.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Guggenheim
- To the target
- Centerview
- Centerview fee
- $67.0M
Sector context · Healthcare
- Comparable deals
- 6 in the prior 24 months
- Premium
- Sector median 45.0%
- EV / Adj. EBITDA
- 25.0x vs. 10.6x sector median
- Break fee
- 2.8% vs. 2.5% sector median
Timeline
- AnnouncedJan 12, 2021
- Proxy filedApr 1, 2021
- Definitive proxyApr 1, 2021
- Shareholder voteApr 29, 2021
- ClosedJun 2, 2021
Valuation · fairness opinions
Trading comparables$76.00$91.00
Trading comparables$69.00$82.00
Precedent transactions$53.00$65.00
Precedent transactions$72.00$93.00
Discounted cash flow$67.00$91.00
Offer $84.66
Implied value per Cantel Medical Corp share by analysis, from Centerview.