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.
2,499 deals in this cut, 1,298 of them safe to take a multiple from and 2,465 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 | 683 | 8.9x | 13.3x | 20.3x |
| EV / LTM revenue | 989 | 0.9x | 1.9x | 3.7x |
| Premium to unaffected price | 1198 | 19% | 31% | 49% |
| Premium to 30-day VWAP | 182 | 15% | 29% | 44% |
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 |
|---|---|---|---|---|---|---|---|
Mimecast Ltd 2022-02-09 (filed) · Public merger · $80.00 a share | Not named in the filing Unclassified | Technology | $5.0bn | 51.7x | 8.7x | n.a. | DEFM14A All cash |
US Ecology, Inc. 2022-02-08 · Public merger · $48.00 a share | Republic Services, Inc. Strategic | Utilities | $2.2bn | 15.2x | 2.2x | n.a. 62% to VWAP | DEFM14A All cash |
Spirit Aviation Holdings, Inc. 2022-02-05 · Public merger · $2.13 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Frontier Group Holdings, Inc. Strategic | Other | $2.0bn | 8.2x | 0.6x | n.a. 26% to VWAP | DEFM14A Includes stock |
SOC Telemed, Inc. 2022-02-02 · Public merger · $3.00 a share | Spark Parent, Inc. Unclassified | Healthcare | $264m | n.a. | 2.8x | n.a. | DEFM14A All cash |
Citrix Systems Inc 2022-01-31 · Public merger · $104.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Picard Parent, Inc. Unclassified | Technology | $16bn | 52.9x | 4.9x | n.a. | DEFM14A Includes stock |
National Security Group Inc 2022-01-26 · Public merger · $16.35 a share | VR Insurance Holdings, Inc. Strategic | Financials | $45m | n.a. | 0.7x | 77% | DEFM14A All cash |
QualTek Services Inc. 2022-01-24 (filed) · Public merger · $10.00 a share | Not named in the filing Unclassified | Other | $682m | 14.1x | 1.1x | n.a. | DEFM14A All cash |
Resource REIT, Inc. 2022-01-23 · Public merger · $14.75 a share | Rapids Parent LLC Unclassified | Real Estate | $3.7bn | 18.8x | 15.4x | n.a. | DEFM14A All cash |
Activision Blizzard, Inc. 2022-01-18 · Public merger · $95.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Microsoft Corporation Strategic | Technology | $67bn | 19.9x | 7.6x | 45% | DEFM14A Includes stock |
GeneDx Holdings Corp. 2022-01-14 · Public merger · $4.04 a share | Merger Subs Unclassified | Healthcare | $585m | n.a. | 2.8x | n.a. | DEFM14A All cash |
Zynga Inc 2022-01-09 · Public merger · $3.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Zebra MS I, Inc. Strategic | Technology | $4.1bn | 13.9x | 1.5x | n.a. | DEFM14A Includes stock |
Apria, Inc. 2022-01-07 · Public merger · $37.50 a share | Owens & Minor, Inc. Strategic | Healthcare | $1.5bn | 7.1x | 1.3x | 26% | DEFM14A All cash |
Bluerock Residential Growth REIT, Inc. 2021-12-20 · Public merger · $24.25 a share | Badger Parent LLC Unclassified | Real Estate | $1.9bn | 16.7x | 8.6x | 124% | DEFM14A All cash |
Billerud Americas Corp 2021-12-19 · Public merger · $27.00 a share | BillerudKorsnäs Inc. Strategic | Materials | $624m | 14.5x | 0.5x | n.a. | DEFM14A All cash |
Bottomline Technologies Inc 2021-12-16 · Public merger · $57.00 a share Held out of the multiples: EV / LTM EBITDA 140.8x outside 1x to 75x | Project RB Parent, LLC Unclassified | Technology | $2.4bn | 140.8x | 5.1x | n.a. | DEFM14A All cash |
RR Donnelley & Sons Co 2021-12-14 · Public merger · $10.85 a share | Atlas Parent Unclassified | Media & Telecom | $2.1bn | 6.2x | 0.4x | n.a. | DEFM14A All cash |
CMC Materials, Inc. 2021-12-14 · Public merger · $133.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Technology | $4.5bn | 38.6x | 3.8x | 36% | DEFM14A Includes stock |
Terminix Global Holdings Inc 2021-12-13 · Public merger · $43.33 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Rentokil Initial Strategic | Business Services | $6.0bn | n.a. | 3.0x | 47% | DEFM14A Includes stock |
SPX FLOW, Inc. 2021-12-12 · Public merger · $86.50 a share | LSF11 Redwood Acquisitions, LLC Strategic | Industrials | $3.7bn | 22.3x | 2.4x | n.a. | DEFM14A All cash |
Arena Pharmaceuticals Inc 2021-12-12 · Public merger · $100.00 a share | Pfizer Inc. Strategic | Healthcare | $5.4bn | n.a. | n.a. | 100% | DEFM14A All cash |
Nuverra Environmental Solutions, Inc. 2021-12-12 · Public merger · $1.66 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Select Energy Services, Inc., Inc., LLC Strategic | Energy | $50m | n.a. | 0.6x | n.a. | DEFM14A Includes stock |
GCP Applied Technologies Inc. 2021-12-05 · Public merger · $32.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Cyclades Parent, Inc. Unclassified | Materials | $2.2bn | n.a. | 2.3x | 37% 39% to VWAP | DEFM14A Includes stock |
Del Taco Restaurants, Inc. 2021-12-05 · Public merger · $12.51 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Jack in the Box Inc. Strategic | Consumer & Retail | $558m | 10.3x | 1.1x | 66% | DEFM14A Includes stock |
Vonage Holdings Corp 2021-11-22 · Public merger · $21.00 a share | Telefonaktiebolaget LM Ericsson Strategic | Media & Telecom | $5.7bn | n.a. | 4.2x | n.a. | DEFM14A All cash |
Spirit of Texas Bancshares, Inc. 2021-11-18 · Public merger · $31.21 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Simmons First National Corporation Strategic | Financials | $382m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
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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