M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Karl Storz Endoscopy-America, Inc. to acquire Asensus Surgical, Inc.
Announced Jun 7, 2024 · Closed Aug 22, 2024
Deal value$95MEV $88M
Premium67.0%To unaffected price
EV / Adj. EBITDA—10.1x EV / Revenue
ConsiderationAll cash$0.35 per share
Transaction
- Acquirer
- Karl Storz Endoscopy-America, Inc.
- Target
- Asensus Surgical, Inc. (TRXDW)
- Buyer type
- Strategic
- Offer price per share
- $0.35
- Enterprise value
- $88M
- Status
- Closed Aug 22, 2024
Deal protections
- Break fee (target pays)
- $3.6M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- UBS
- To the target
- Jefferies
- Jefferies fee
- $4.5M
Sector context · Healthcare
- Comparable deals
- 107 in the prior 24 months
- Premium
- 67.0% vs. 63.0% sector median
- EV / Adj. EBITDA
- Sector median 17.2x
- Break fee
- 3.8% vs. 3.5% sector median
Timeline
- AnnouncedJun 7, 2024
- Proxy filedJun 24, 2024
- Definitive proxyJul 5, 2024
- Shareholder voteAug 20, 2024
- ClosedAug 22, 2024
Valuation · fairness opinions
Discounted cash flow$0.18$0.48
Offer $0.35
Implied value per Asensus Surgical, Inc. share by analysis, from Jefferies.