M&A · Tech · Semiconductors & Related Devices
AMD to acquire Xilinx Inc
Announced Oct 27, 2020 · Closed Feb 14, 2022
Deal value$35.00BEV $35.00B
Premium—To unaffected price
EV / Adj. EBITDA33.6x11.8x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- AMD (AMD)
- Target
- Xilinx Inc (XLNX)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $35.00B
- Status
- Closed Feb 14, 2022
Deal protections
- Break fee (target pays)
- $1.00B · 2.9%
- Reverse fee (buyer pays)
- $1.50B · 4.3%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Credit Suisse, DBO Partners
- To the target
- Morgan Stanley, BofA Securities
- Credit Suisse fee
- $18.0M
- BofA Securities fee
- $20.0M
Classification
- Sector
- Tech
- Industry
- Semiconductors & Related Devices
Timeline
- AnnouncedOct 27, 2020
- Proxy filedMar 5, 2021
- Definitive proxyMar 5, 2021
- Shareholder voteApr 7, 2021
- ClosedFeb 14, 2022
Valuation · fairness opinions
Trading comparables$97.00$118.00
Trading comparables$84.00$117.00
Trading comparables$129.00$164.00
Trading comparables$130.00$155.00
Precedent transactions$118.00$143.00
Trading comparablesCredit Suisse$92.72$120.38
Precedent transactionsCredit Suisse$130.47$155.69
Discounted cash flowCredit Suisse$121.52$163.26
Discounted cash flowCredit Suisse$137.36$185.01
Trading comparablesCredit Suisse$70.23$100.57
Implied value per Xilinx Inc share by analysis · DCF discount rate 8%–10%.