M&A · Tech · Services-Prepackaged Software
Vista Equity Partners and Evergreen Coast Capital to acquire Citrix Systems Inc
Announced Jan 31, 2022 · Closed Sep 30, 2022
Deal value$16.50BEV $15.87B
Premium30.0%To unaffected price
EV / Adj. EBITDA16.1x5.0x EV / Revenue
ConsiderationAll cash$104.00 per share
Transaction
- Acquirer
- Vista Equity Partners and Evergreen Coast Capital
- Target
- Citrix Systems Inc
- Buyer type
- Private equity
- Offer price per share
- $104.00
- Enterprise value
- $15.87B
- Status
- Closed Sep 30, 2022
Deal protections
- Break fee (target pays)
- $409M · 2.5%
- Reverse fee (buyer pays)
- $818M · 5.0%
- Go-shop
- No-shop
- Financing
- Committed · RBC Capital Markets
Advisors
- To the acquirer
- BofA Securities, Barclays, Citigroup, Credit Suisse, Goldman Sachs, Lazard, Mizuho
- To the target
- Qatalyst
- Qatalyst fee
- $5.0M
Sector context · Tech
- Comparable deals
- 55 in the prior 24 months
- Premium
- 30.0% vs. 30.8% sector median
- EV / Adj. EBITDA
- 16.1x vs. 18.1x sector median
- Break fee
- 2.5% vs. 3.0% sector median
Timeline
- AnnouncedJan 31, 2022
- Proxy filedMar 3, 2022
- Definitive proxyMar 16, 2022
- Shareholder voteApr 21, 2022
- ClosedSep 30, 2022
Valuation · fairness opinions
Discounted cash flow$96.08$141.80
Discounted cash flow$80.04$118.94
Trading comparables$70.78$103.22
Trading comparables$56.71$84.22
Trading comparables$67.38$88.78
Offer $104.00
Implied value per Citrix Systems Inc share by analysis, from Qatalyst.