M&A · Tech · Semiconductors & Related Devices
Velocity One Holdings, LP to acquire Emcore Corp
Announced Nov 8, 2024 · Closed Feb 28, 2025
Deal value$34MEV $34M
Premium41.6%To unaffected price
EV / Adj. EBITDA—0.4x EV / Revenue
ConsiderationAll cash$3.80 per share
Transaction
- Acquirer
- Velocity One Holdings, LP
- Target
- Emcore Corp (EMKR)
- Buyer type
- Strategic
- Offer price per share
- $3.80
- Enterprise value
- $34M
- Status
- Closed Feb 28, 2025
Deal protections
- Break fee (target pays)
- $1.5M · 4.4%
- Reverse fee (buyer pays)
- $2.0M · 5.8%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Craig-Hallum
Sector context · Tech
- Comparable deals
- 57 in the prior 24 months
- Premium
- 41.6% vs. 39.6% sector median
- EV / Adj. EBITDA
- Sector median 15.5x
- Break fee
- 4.4% vs. 3.0% sector median
Timeline
- AnnouncedNov 8, 2024
- Proxy filedJan 14, 2025
- Definitive proxyJan 24, 2025
- Shareholder voteFeb 27, 2025
- ClosedFeb 28, 2025
Valuation · fairness opinions
Trading comparables$0.99$9.46
Trading comparables$1.07$7.30
Trading comparables$7.00$16.60
Trading comparables$0.90$1.85
Premiums paid$1.35$11.36
Offer $3.80
Implied value per Emcore Corp share by analysis, from Craig-Hallum.