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Transaction tear sheetData as of Nov 7, 2026
M&A · Tech · Laboratory Analytical Instruments

II-VI Inc to acquire Coherent Inc

Announced Feb 12, 2021 · Closed Jul 1, 2022

Deal value$6.88BEV $6.81B
Premium—To unaffected price
EV / Adj. EBITDA—5.5x EV / Revenue
ConsiderationCash and stock$281.21 per share

Transaction

Acquirer
II-VI Inc (IIVI)
Target
Coherent Inc (COHR)
Buyer type
Strategic
Offer price per share
$281.21
Enterprise value
$6.81B
Status
Closed Jul 1, 2022

Deal protections

Break fee (target pays)
$109M · 1.6%
Reverse fee (buyer pays)
$500M · 7.3%
Go-shop
No-shop
Financing
Committed · JPMorgan, Citigroup, MUFG, HSBC, Mizuho, BMO Capital Markets

Advisors

To the acquirer
Allen & Company, JPMorgan
To the target
BofA Securities, Credit Suisse
Credit Suisse fee
$17.0M
JPMorgan fee
$12.0M

Sector context · Tech

Comparable deals
20 in the prior 24 months
Premium
Sector median 33.3%
EV / Adj. EBITDA
Sector median 17.3x
Break fee
1.6% vs. 3.0% sector median

Timeline

  1. AnnouncedFeb 12, 2021
  2. Proxy filedMay 6, 2021
  3. Definitive proxyMay 6, 2021
  4. Shareholder voteJun 24, 2021
  5. ClosedJul 1, 2022

Valuation · fairness opinions

Trading comparablesBofA Securities$101.75$137.50
Trading comparablesBofA Securities$81.25$120.75
Trading comparablesBofA Securities$151.75$203.75
Trading comparablesBofA Securities$128.25$192.50
Trading comparablesBofA Securities$88.25$119.75
Trading comparablesCredit Suisse$93.58$128.57
Trading comparablesCredit Suisse$136.83$196.29
Precedent transactionsCredit Suisse$110.69$137.51
Precedent transactionsCredit Suisse$181.45$225.97
Discounted cash flowCredit Suisse$163.89$209.68
Offer $281.21

Implied value per Coherent Inc share by analysis, from BofA Securities and Credit Suisse · DCF discount rate 8.5%–11.5%.

Sources
  • 425 · Feb 12, 2021
  • 8-K (EX-99.1) · Jul 1, 2022

Adj. EBITDA is operating income + D&A + impairment, restructuring, deal costs and stock compensation, less any large gain on a sale, last twelve months, from the target's filings. Calculated by Castle, so it can differ from a bank's adjusted figure.

Prepared with Castle from public SEC EDGAR filings. Figures are extracted automatically; verify against the source documents. Not investment advice.