M&A · Tech · Communications Equipment, NEC
Almaviva S.p.A. to acquire Iteris, Inc.
Announced Aug 8, 2024 · Closed Nov 1, 2024
Deal value$335MEV $314M
Premium68.0%To unaffected price
EV / Adj. EBITDA43.0x1.8x EV / Revenue
ConsiderationAll cash$7.20 per share
Transaction
- Acquirer
- Almaviva S.p.A.
- Target
- Iteris, Inc. (ITI)
- Buyer type
- Strategic
- Offer price per share
- $7.20
- Enterprise value
- $314M
- Status
- Closed Nov 1, 2024
Deal protections
- Break fee (target pays)
- $10.9M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, Morgan Stanley
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $2.1M
Sector context · Tech
- Comparable deals
- 56 in the prior 24 months
- Premium
- 68.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- 43.0x vs. 15.5x sector median
- Break fee
- 3.3% vs. 3.0% sector median
Timeline
- AnnouncedAug 8, 2024
- Proxy filedSep 6, 2024
- Definitive proxySep 20, 2024
- Shareholder voteOct 22, 2024
- ClosedNov 1, 2024
Valuation · fairness opinions
Trading comparables$3.20$4.30
Trading comparables$4.50$6.30
Precedent transactions$4.40$5.40
Discounted cash flow$6.90$8.40
Future share price$6.60$9.60
Offer $7.20
Implied value per Iteris, Inc. share by analysis, from Morgan Stanley · DCF discount rate 14%–16%.