M&A · Financials · Real Estate
Horton D R Inc to acquire Vidler Water Resources, Inc.
Announced Apr 14, 2022 · Closed May 25, 2022
Deal value$291MEV $263M
Premium—To unaffected price
EV / Adj. EBITDA17.6x9.0x EV / Revenue
ConsiderationAll cash$15.75 per share
Transaction
- Acquirer
- Horton D R Inc (DHI)
- Target
- Vidler Water Resources, Inc.
- Buyer type
- Strategic
- Offer price per share
- $15.75
- Enterprise value
- $263M
- Status
- Closed May 25, 2022
Deal protections
- Break fee (target pays)
- $10.9M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities, Kroll
- Kroll fee
- $4.0M
Sector context · Financials
- Comparable deals
- 75 in the prior 24 months
- Premium
- Sector median 35.7%
- EV / Adj. EBITDA
- 17.6x vs. 21.7x sector median
- Break fee
- 3.7% vs. 3.6% sector median
Timeline
- AnnouncedApr 14, 2022
- Tender offerApr 14, 2022
- ClosedMay 25, 2022
Valuation · fairness opinions
Discounted cash flow$14.82$18.16
Offer $15.75
Implied value per Vidler Water Resources, Inc. share by analysis, from Kroll · DCF discount rate 5%–35%.