M&A · Industrials · Guided Missiles & Space Vehicles & Parts
Lockheed Martin Corp to acquire Aerojet Rocketdyne Holdings, Inc.
Announced Dec 21, 2020 · Terminated
Deal value$5.00BEV $4.61B
Premium33.0%To unaffected price
EV / Adj. EBITDA14.5x2.3x EV / Revenue
ConsiderationAll cash$56.00 per share
Transaction
- Acquirer
- Lockheed Martin Corp (LMT)
- Target
- Aerojet Rocketdyne Holdings, Inc. (AJRD)
- Buyer type
- Strategic
- Offer price per share
- $56.00
- Enterprise value
- $4.61B
- Status
- Terminated
Deal protections
- Break fee (target pays)
- $150M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Citigroup, Evercore
Sector context · Industrials
- Comparable deals
- 6 in the prior 24 months
- Premium
- 33.0% vs. 30.0% sector median
- EV / Adj. EBITDA
- 14.5x vs. 9.8x sector median
- Break fee
- 3.0% vs. 2.2% sector median
Timeline
- AnnouncedDec 21, 2020
- Proxy filedJan 25, 2021
- Definitive proxyFeb 5, 2021
- Shareholder voteMar 9, 2021
- Terminated—