M&A · Tech · Electronic Components & Accessories
Altaris to acquire IntriCon Corp
Announced Feb 28, 2022 · Closed May 24, 2022
Deal value$241MEV $228M
Premium39.0%To unaffected price
EV / Adj. EBITDA26.3x1.8x EV / Revenue
ConsiderationAll cash$24.25 per share
Transaction
- Acquirer
- Altaris
- Target
- IntriCon Corp (IIN)
- Buyer type
- Strategic
- Offer price per share
- $24.25
- Enterprise value
- $228M
- Status
- Closed May 24, 2022
Deal protections
- Break fee (target pays)
- $6.0M · 2.5%
- Reverse fee (buyer pays)
- $6.0M · 2.5%
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
- Piper Sandler fee
- $4.3M
Sector context · Tech
- Comparable deals
- 58 in the prior 24 months
- Premium
- 39.0% vs. 30.9% sector median
- EV / Adj. EBITDA
- 26.3x vs. 17.4x sector median
- Break fee
- 2.5% vs. 3.0% sector median
Timeline
- AnnouncedFeb 28, 2022
- Proxy filedApr 12, 2022
- Definitive proxyApr 25, 2022
- Shareholder voteMay 24, 2022
- ClosedMay 24, 2022
Valuation · fairness opinions
Trading comparables$18.02$19.65
Precedent transactions$14.74$15.32
Precedent transactions$18.19$18.95
Precedent transactions$20.10$20.99
Discounted cash flow$13.70$27.29
Offer $24.25
Implied value per IntriCon Corp share by analysis, from Piper Sandler · DCF discount rate 12.1%–14.1%.