The deal tape
A precedent transactions set answers one question: what did somebody actually pay for a company like this one. Every row here is a US public target that filed a merger proxy or a going-private statement since 2020, with the offer per share, the premium to the unaffected price and the enterprise value multiples read from the filing itself rather than bought from a feed. Choose a sector, an industry code and a size band, and the quartiles above the list are the answer for that cut.
What it is not. Private-company deals, non-US targets and any transaction where no proxy was required leave nothing to read, so none of them are here. Neither are minority stakes or asset sales. Where a cross-check failed, the row still appears and says why, and it is held out of every median and quartile so one bad reading cannot move a number you would quote.
504 deals in this cut, 168 of them safe to take a multiple from and 499 safe to take a premium from. Enterprise value is stated where a balance sheet and a share count could be read at the period end before announcement.
What this cut was bought at
Each measure counts the readings that survive its own cross-checks. Fewer than 4 is a coincidence, not a market.
| Measure | Deals | 25th | Median | 75th |
|---|---|---|---|---|
| EV / LTM EBITDA | 25 | 9.1x | 12.7x | 18.2x |
| EV / LTM revenue | 108 | 0.6x | 1.0x | 2.0x |
| Premium to unaffected price | 177 | 15% | 28% | 43% |
| Premium to 30-day VWAP | 16 | 12% | 27% | 34% |
Read the EBITDA multiple against the revenue multiple before you use either. Where they disagree sharply the target was priced on growth rather than earnings, and the EBITDA line is the one that will not survive a second question.
| Target | Acquirer | Industry | EV | EV / EBITDA | EV / revenue | Premium | Filing |
|---|---|---|---|---|---|---|---|
Core Scientific, Inc./tx 2025-07-07 · Public merger · $5.75 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | CoreWeave, Inc., Inc. Strategic | Financials | $1.1bn | n.a. | 3.3x | 57% | DEFM14A Includes stock |
PB Bankshares, Inc. 2025-07-07 · Public merger · $19.75 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Norwood Financial Corp Strategic | Financials | $38m | n.a. | 32.0x | n.a. | DEFM14A Includes stock |
Guild Holdings Co 2025-06-17 · Public merger · $20.00 a share | Gulf MSR HoldCo, LLC Unclassified | Financials | $1.6bn | n.a. | n.a. | n.a. | DEFM14C All cash |
Provident Bancorp, Inc. /MD/ 2025-06-05 · Public merger · $13.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | NB Bancorp, Inc. Strategic | Financials | $255m | n.a. | n.a. | 8% | DEFM14A Includes stock |
HarborOne Bancorp, Inc. 2025-04-24 · Public merger · $12.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Eastern Bankshares, Inc. Strategic | Financials | $846m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Old Point Financial Corp 2025-04-02 · Public merger · $41.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | The Old Point National Bank of Phoebus Strategic | Financials | $77m | n.a. | 0.9x | n.a. | DEFM14A Includes stock |
Rocket Companies, Inc. 2025-03-31 · Public merger · $2.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Redfin Corporation Strategic | Financials | $2.3bn | n.a. | n.a. | 39% | DEFM14C Includes stock |
Maverick Merger Sub 2, LLC 2025-03-31 · Public merger · $2.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Rocket Companies, Inc. Strategic | Financials | -$657m | n.a. | -0.3x | 39% | DEFM14A Includes stock |
Proassurance Corp 2025-03-19 · Public merger · $25.00 a share | The Doctors Company Strategic | Financials | $1.6bn | n.a. | 1.4x | 59% | DEFM14A All cash |
Bridge Investment Group Holdings Inc. 2025-02-23 · Public merger · $11.50 a share | Apollo Global Management, Inc. Financial sponsor | Financials | $1.3bn | n.a. | 3.1x | 45% | DEFM14A All cash |
ESSA Bancorp, Inc. 2025-01-09 · Public merger · $21.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | CNB Bank Strategic | Financials | $543m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
NeueHealth, Inc. 2024-12-23 · Take-private · $7.33 a share Board book on file → | Nea Partners 15, L.P. Financial sponsor | Financials | $62m | n.a. | 0.1x | 70% 25% to VWAP | SC 13E3 All cash |
Moneylion Inc. 2024-12-10 · Public merger · $82.00 a share | Gen Digital Inc. Strategic | Financials | $798m | 17.7x | 1.6x | 7% | DEFM14A All cash |
Enterprise Bancorp Inc /Ma/ 2024-12-08 · Public merger · $2.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Rockland Trust Strategic | Financials | -$64m | n.a. | n.a. | 24% | DEFM14A Includes stock |
Evans Bancorp Inc 2024-11-07 (filed) · Public merger · $42.11 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | NBT Bancorp Inc. Strategic | Financials | $105m | n.a. | 50.0x | n.a. | DEFM14A Includes stock |
William Penn Bancorporation 2024-10-31 · Public merger · $13.58 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Mid Penn Strategic | Financials | $99m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
BM Technologies, Inc. 2024-10-24 · Public merger · $5.00 a share | First Carolina Bank Strategic | Financials | $49m | n.a. | 0.9x | 54% | DEFM14A All cash |
Sandy Spring Bancorp Inc 2024-10-21 · Public merger · $35.11 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Atlantic Union Strategic | Financials | $834m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Lufax Holding Ltd 2024-09-27 (filed) · Take-private · $2.25 a share Held out of the multiples: no balance sheet at announcement: EV = equity value | AnKe Technology Co Ltd Strategic | Financials | $2.6bn | n.a. | n.a. | 3% | SC 13E3 All cash |
Village Bank & Trust Financial Corp. 2024-09-23 · Public merger · $80.25 a share | Not named in the filing Unclassified | Financials | $102m | n.a. | 2.4x | n.a. | DEFM14A All cash |
Affinity Bancshares, Inc. 2024-09-18 (filed) · Public merger · $22.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Financials | $94m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Stronghold Digital Mining, Inc. 2024-08-21 · Public merger · $6.02 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Bitfarms Ltd. Strategic | Financials | $128m | n.a. | 1.5x | n.a. | DEFM14A Includes stock |
Enstar Group LTD 2024-07-29 · Take-private · $336.62 a share Held out of the multiples: consideration includes stock: the cash figure is not the price Board book on file → | Deer LTD. Financial sponsor | Financials | $6.5bn | n.a. | 5.8x | n.a. | SC 13E3 Includes stock |
ICC Holdings, Inc. 2024-06-08 · Public merger · $23.50 a share | Mutual Capital Holdings, Inc. Financial sponsor | Financials | $82m | n.a. | 0.9x | n.a. 48% to VWAP | DEFM14A All cash |
First Financial Northwest, Inc. 2024-06-07 (filed) · Public merger · $23.59 a share | Not named in the filing Unclassified | Financials | $167m | n.a. | 57.7x | n.a. | DEFM14A All cash |
How to use a set like this
Cut to the narrowest set that still holds eight or ten deals, then quote the range rather than the median. An interviewer who asks where software takes out will accept a spread and press on a single number, because the single number implies a precision the set does not have. Say which deals sit at each end and why: the top of a range is usually a contested auction or a strategic buyer with synergies, the bottom a controlling holder buying in the minority.
Premiums move with the reference price, not only with the deal. A bidder quotes the period that flatters the offer, so read the premium to the unaffected close beside the premium to the thirty-day average and notice when they diverge.
What each column means
- Enterprise value.
- Offer per share times shares outstanding, plus net debt at the last balance sheet before the merger agreement. It is blank where either piece was missing, and those rows are in the “not computed” band rather than in a size they never earned.
- Premium.
- The offer against the unaffected price, which is the last close before the deal became known. Where the filing states a premium to the thirty-day volume-weighted average, that is shown next to it.
- Deal type.
- A take-private is bought by an affiliate, which is what triggers the Schedule 13E-3 and the fuller disclosure that comes with it. A public merger is an arm’s-length buyer, disclosed through the merger proxy.
- In doubt.
- A cross-check the reading could not satisfy: an equity value far from the fee-table figure, a multiple outside any sane band, or consideration that is partly stock so the per-share cash figure is not the price. The row stays visible, and it is set aside only for the measures the doubt reaches. A cash-and-stock deal cannot price a multiple and still states a premium the filing itself computed, so it counts in one and not the other.
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