M&A · Industrials · Services-Management Services
Carlyle Group Inc. to acquire Mantech International Corp
Announced May 16, 2022 · Closed Sep 14, 2022
Deal value$4.20BEV $4.20B
Premium32.0%To unaffected price
EV / Adj. EBITDA14.8x1.6x EV / Revenue
ConsiderationAll cash$96.00 per share
Transaction
- Acquirer
- Carlyle Group Inc. (CG)
- Target
- Mantech International Corp
- Buyer type
- Private equity
- Offer price per share
- $96.00
- Enterprise value
- $4.20B
- Status
- Closed Sep 14, 2022
Deal protections
- Break fee (target pays)
- $116M · 2.8%
- Reverse fee (buyer pays)
- $240M · 5.7%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Baird
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 65 in the prior 24 months
- Premium
- 32.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- 14.8x vs. 10.9x sector median
- Break fee
- 2.8% vs. 2.8% sector median
Timeline
- AnnouncedMay 16, 2022
- Proxy filedJul 1, 2022
- Definitive proxyAug 4, 2022
- Shareholder voteSep 7, 2022
- ClosedSep 14, 2022
Valuation · fairness opinions
Future share price$67.00$86.00
Future share price$73.00$94.00
Precedent transactions$64.00$90.00
Premiums paid$80.00$102.00
Offer $96.00
Implied value per Mantech International Corp share by analysis, from Goldman Sachs · DCF discount rate 9%–10%.