M&A · Tech · Services-Computer Integrated Systems Design
Thoma Bravo to acquire Nextgen Healthcare, Inc.
Announced Sep 5, 2023 · Closed Nov 9, 2023
Deal value$1.61BEV $1.80B
Premium46.4%To unaffected price
EV / Adj. EBITDA—2.7x EV / Revenue
ConsiderationAll cash$23.95 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Nextgen Healthcare, Inc.
- Buyer type
- Private equity
- Offer price per share
- $23.95
- Enterprise value
- $1.80B
- Status
- Closed Nov 9, 2023
Deal protections
- Break fee (target pays)
- $41.2M · 2.6%
- Reverse fee (buyer pays)
- $98.8M · 6.2%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- William Blair
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $29.0M
Sector context · Tech
- Comparable deals
- 61 in the prior 24 months
- Premium
- 46.4% vs. 43.5% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 2.6% vs. 3.0% sector median
Timeline
- AnnouncedSep 5, 2023
- Proxy filedSep 26, 2023
- Definitive proxyOct 6, 2023
- Shareholder voteNov 7, 2023
- ClosedNov 9, 2023
Valuation · fairness opinions
Leveraged buyout$17.50$22.75
52-week trading range$15.23$21.99
Analyst price targets$16.00$25.00
Analyst price targets$14.50$22.75
Offer $23.95
Implied value per Nextgen Healthcare, Inc. share by analysis, from Morgan Stanley.