M&A · Tech · Measuring & Controlling Devices, NEC
Amphenol Corp to acquire MTS Systems Corp
Announced Dec 9, 2020 · Closed Apr 7, 2021
Deal value$1.70BEV $1.66B
Premium51.9%To unaffected price
EV / Adj. EBITDA17.3x2.0x EV / Revenue
ConsiderationAll cash$58.50 per share
Transaction
- Acquirer
- Amphenol Corp (APH)
- Target
- MTS Systems Corp
- Buyer type
- Strategic
- Offer price per share
- $58.50
- Enterprise value
- $1.66B
- Status
- Closed Apr 7, 2021
Deal protections
- Break fee (target pays)
- $34.6M · 2.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Centerview
- To the target
- JPMorgan, Evercore
- JPMorgan fee
- $18.3M
- Evercore fee
- $18.3M
Sector context · Tech
- Comparable deals
- 6 in the prior 24 months
- Premium
- 51.9% vs. 20.0% sector median
- EV / Adj. EBITDA
- 17.3x vs. 24.4x sector median
- Break fee
- 2.0% vs. 3.0% sector median
Timeline
- AnnouncedDec 9, 2020
- Proxy filedJan 8, 2021
- Definitive proxyJan 28, 2021
- Shareholder voteMar 4, 2021
- ClosedApr 7, 2021
Valuation · fairness opinions
Trading comparablesJPMorgan$26.75$47.00
Precedent transactionsJPMorgan$24.25$50.50
Discounted cash flowJPMorgan$42.00$65.00
52-week trading rangeJPMorgan$13.62$52.14
Analyst price targetsJPMorgan$23.00$48.00
Discounted cash flowEvercore$41.92$64.91
Trading comparablesEvercore$27.24$47.64
Trading comparablesEvercore$23.82$44.05
Trading comparablesEvercore$29.50$45.66
Trading comparablesEvercore$29.52$46.35
Offer $58.50
Implied value per MTS Systems Corp share by analysis, from JPMorgan and Evercore · DCF discount rate 9.5%–11%.