M&A · Industrials · Motor Vehicles & Passenger Car Bodies
Traton SE to acquire Navistar International Corp
Announced Nov 7, 2020 · Closed Jul 1, 2021
Deal value$3.70BEV $7.24B
Premium84.9%To unaffected price
EV / Adj. EBITDA9.2x0.9x EV / Revenue
ConsiderationAll cash$44.50 per share
Transaction
- Acquirer
- Traton SE
- Target
- Navistar International Corp
- Buyer type
- Strategic
- Offer price per share
- $44.50
- Enterprise value
- $7.24B
- Status
- Closed Jul 1, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities, Goldman Sachs, PJT Partners
Classification
- Sector
- Industrials
- Industry
- Motor Vehicles & Passenger Car Bodies
Timeline
- AnnouncedNov 7, 2020
- Proxy filedDec 22, 2020
- Definitive proxyJan 29, 2021
- Shareholder voteMar 2, 2021
- ClosedJul 1, 2021
Valuation · fairness opinions
Trading comparablesBofA Securities$16.75$23.75
Precedent transactionsBofA Securities$28.25$53.25
Precedent transactionsBofA Securities$19.00$40.25
Discounted cash flowBofA Securities$18.75$44.50
Discounted cash flowBofA Securities$39.75$74.00
Discounted cash flowGoldman Sachs$24.00$42.00
Discounted cash flowGoldman Sachs$45.00$69.00
Premiums paidGoldman Sachs$37.00$41.00
Offer $44.50
Implied value per Navistar International Corp share by analysis, from BofA Securities and Goldman Sachs.