M&A · Tech · Laboratory Analytical Instruments
MKS Instruments Inc to acquire Coherent Inc
Announced Feb 8, 2021 · Terminated Feb 12, 2021
Deal value$6.00BEV $6.88B
Premium16.0%To unaffected price
EV / Adj. EBITDA—5.6x EV / Revenue
ConsiderationCash and stock$281.21 per share
Transaction
- Acquirer
- MKS Instruments Inc (MKSI)
- Target
- Coherent Inc
- Buyer type
- Strategic
- Offer price per share
- $281.21
- Enterprise value
- $6.88B
- Status
- Terminated Feb 12, 2021
Deal protections
- Break fee (target pays)
- $109M · 1.8%
- Reverse fee (buyer pays)
- $500M · 8.3%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Citigroup, MUFG, HSBC, Mizuho, BMO Capital Markets
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities
Sector context · Tech
- Comparable deals
- 19 in the prior 24 months
- Premium
- 16.0% vs. 34.1% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 1.8% vs. 2.9% sector median
Timeline
- AnnouncedFeb 8, 2021
- TerminatedFeb 12, 2021