M&A · Healthcare · Ophthalmic Goods
Alcon Inc to acquire Staar Surgical Co
Announced Aug 5, 2025 · Terminated Jan 6, 2026
Deal value$1.50BEV $1.33B
Premium51.0%To unaffected price
EV / Adj. EBITDA—4.8x EV / Revenue
ConsiderationAll cash$28.00 per share
Transaction
- Acquirer
- Alcon Inc (ALC)
- Target
- Staar Surgical Co (STAA)
- Buyer type
- Strategic
- Offer price per share
- $28.00
- Enterprise value
- $1.33B
- Status
- Terminated Jan 6, 2026
Deal protections
- Break fee (target pays)
- $43.4M · 2.9%
- Reverse fee (buyer pays)
- $72.4M · 4.8%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Citigroup
- Citigroup fee
- $0.1M
Sector context · Healthcare
- Comparable deals
- 98 in the prior 24 months
- Premium
- 51.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 2.9% vs. 3.4% sector median
Timeline
- AnnouncedAug 5, 2025
- Proxy filedAug 29, 2025
- Definitive proxySep 16, 2025
- Shareholder voteJan 6, 2026
- TerminatedJan 6, 2026
Valuation · fairness opinions
Trading comparables$16.35$23.80
Precedent transactions$17.15$30.80
Discounted cash flow$17.70$37.50
Premiums paid$20.70$28.70
Offer $28.00
Implied value per Staar Surgical Co share by analysis, from Citigroup · DCF discount rate 13.4%–14.6%.