M&A · Tech · Calculating & Accounting Machines (No Electronic Computers)
365 Retail Markets to acquire Cantaloupe, Inc.
Announced Jun 16, 2025 · Closed May 8, 2026
Deal value$848MEV $841M
Premium34.0%To unaffected price
EV / Adj. EBITDA18.4x2.9x EV / Revenue
ConsiderationAll cash$11.20 per share
Transaction
- Acquirer
- 365 Retail Markets
- Target
- Cantaloupe, Inc. (CTLP)
- Buyer type
- Strategic
- Offer price per share
- $11.20
- Enterprise value
- $841M
- Status
- Closed May 8, 2026
Deal protections
- Break fee (target pays)
- $31.5M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- William Blair
- To the target
- JPMorgan
- JPMorgan fee
- $15.0M
Sector context · Tech
- Comparable deals
- 61 in the prior 24 months
- Premium
- 34.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- 18.4x vs. 16.7x sector median
- Break fee
- 3.7% vs. 3.0% sector median
Timeline
- AnnouncedJun 16, 2025
- Proxy filedJul 11, 2025
- Definitive proxyJul 24, 2025
- Shareholder voteSep 4, 2025
- ClosedMay 8, 2026
Valuation · fairness opinions
Trading comparables$7.75$10.00
Trading comparables$8.50$12.25
Trading comparables$5.50$10.50
Precedent transactions$9.00$15.25
Discounted cash flow$9.75$13.50
Offer $11.20
Implied value per Cantaloupe, Inc. share by analysis, from JPMorgan · DCF discount rate 9.25%–10.75%.