M&A · Financials · Life Insurance
Geneve Holdings, Inc. to acquire Independence Holding Co
Announced Nov 9, 2021 · Closed Feb 16, 2022
Deal value$836M
Premium35.7%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$57.00 per share
Transaction
- Acquirer
- Geneve Holdings, Inc.
- Target
- Independence Holding Co
- Buyer type
- Strategic
- Offer price per share
- $57.00
- Enterprise value
- —
- Status
- Closed Feb 16, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Perella Weinberg
- Perella Weinberg fee
- $2.0M
Sector context · Financials
- Comparable deals
- 63 in the prior 24 months
- Premium
- 35.7% vs. 35.9% sector median
- EV / Adj. EBITDA
- Sector median 21.5x
- Break fee
- Sector median 3.6%
Timeline
- AnnouncedNov 9, 2021
- Proxy filedNov 24, 2021
- Definitive proxyJan 6, 2022
- Shareholder voteFeb 15, 2022
- ClosedFeb 16, 2022
Valuation · fairness opinions
Other analysis$48.96$57.62
Offer $57.00
Implied value per Independence Holding Co share by analysis, from Perella Weinberg.