M&A · Tech · Services-Prepackaged Software
Nuclear Engineering Holdings LLC to acquire GSE Systems Inc
Announced Aug 8, 2024 · Closed Nov 1, 2024
Deal value$13MEV $12M
Premium50.0%To unaffected price
EV / Adj. EBITDA—0.3x EV / Revenue
ConsiderationAll cash$4.10 per share
Transaction
- Acquirer
- Nuclear Engineering Holdings LLC
- Target
- GSE Systems Inc (GVP)
- Buyer type
- Strategic
- Offer price per share
- $4.10
- Enterprise value
- $12M
- Status
- Closed Nov 1, 2024
Deal protections
- Break fee (target pays)
- $0.6M · 4.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Baird
Sector context · Tech
- Comparable deals
- 56 in the prior 24 months
- Premium
- 50.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- Sector median 16.3x
- Break fee
- 4.5% vs. 3.0% sector median
Timeline
- AnnouncedAug 8, 2024
- Proxy filedSep 4, 2024
- Definitive proxySep 16, 2024
- Shareholder voteOct 29, 2024
- ClosedNov 1, 2024
Valuation · fairness opinions
Trading comparables$3.24$4.45
Precedent transactions$3.30$4.50
Discounted cash flow$3.78$4.12
Offer $4.10
Implied value per GSE Systems Inc share by analysis.