M&A · Industrials · Unsupported Plastics Film & Sheet
CNH Industrial N.V. to acquire Raven Industries Inc
Announced Jun 21, 2021 · Closed Nov 30, 2021
Deal value$2.08BEV $2.07B
Premium50.0%To unaffected price
EV / Adj. EBITDA40.5x5.5x EV / Revenue
ConsiderationAll cash$58.00 per share
Transaction
- Acquirer
- CNH Industrial N.V. (CNH)
- Target
- Raven Industries Inc
- Buyer type
- Strategic
- Offer price per share
- $58.00
- Enterprise value
- $2.07B
- Status
- Closed Nov 30, 2021
Deal protections
- Break fee (target pays)
- $64.0M · 3.1%
- Reverse fee (buyer pays)
- $200M · 9.6%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Barclays, Goldman Sachs
- To the target
- JPMorgan
Sector context · Industrials
- Comparable deals
- 29 in the prior 24 months
- Premium
- 50.0% vs. 30.0% sector median
- EV / Adj. EBITDA
- 40.5x vs. 10.5x sector median
- Break fee
- 3.1% vs. 2.4% sector median
Timeline
- AnnouncedJun 21, 2021
- Proxy filedJul 19, 2021
- Definitive proxyAug 6, 2021
- Shareholder voteSep 15, 2021
- ClosedNov 30, 2021