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.
174 deals in this cut, 112 of them safe to take a multiple from and 168 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 | 53 | 8.9x | 13.3x | 18.3x |
| EV / LTM revenue | 99 | 0.7x | 1.5x | 3.2x |
| Premium to unaffected price | 101 | 19% | 34% | 54% |
| Premium to 30-day VWAP | 28 | 23% | 40% | 48% |
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 |
|---|---|---|---|---|---|---|---|
MariaDB plc 2024-05-24 (filed) · Take-private · $0.55 a share Held out of the premiums: premium of 189%: distressed or misread Board book on file → | K1 Investment Management, LLC Financial sponsor | Technology | $62m | n.a. | 1.1x | 189% | SC 13E3 All cash |
Keypath Education International, Inc. 2024-05-23 · Take-private · $0.87 a share Board book on file → | Sterling Capital Partners IV, L.P. Strategic | Consumer & Retail | $146m | n.a. | n.a. | 63% | SC 13E3 All cash |
Avangrid, Inc. 2024-05-17 · Public merger · $35.75 a share | Iberdrola, S.A. Strategic | Utilities | $24bn | 10.8x | 3.2x | 11% | DEFM14A All cash |
Avangrid, Inc. 2024-05-17 · Take-private · $35.75 a share Board book on file → | Arizona Merger Sub, Inc. Unclassified | Utilities | n.a. | n.a. | n.a. | n.a. | SC 13E3 All cash |
Grindrod Shipping Holdings Ltd. 2024-05-14 (filed) · Take-private · $14.25 a share Held out of the multiples: no balance sheet at announcement: EV = equity value | Not named in the filing Unclassified | Industrials | $281m | n.a. | n.a. | 4% 50% to VWAP | SC 13E3 All cash |
Nuvei Corp 2024-05-14 (filed) · Take-private · $34.00 a share Board book on file → | Advent International Gpe X Limited Partnership Strategic | Business Services | n.a. | n.a. | n.a. | 56% | SC 13E3 All cash |
Squarespace, Inc. 2024-05-13 · Take-private · $44.00 a share | General Atlantic Partners 100, L.P. Financial sponsor | Technology | $6.3bn | 51.6x | 6.0x | 15% | SC 13E3 All cash |
PlayAGS, Inc. 2024-05-08 · Public merger · $12.50 a share | Bingo Holdings I, LLC Strategic | Other | $991m | 7.0x | 2.7x | 45% | DEFM14A All cash |
Perficient Inc 2024-05-05 · Public merger · $76.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Plano HoldCo, Inc. Unclassified | Technology | $3.0bn | 23.6x | 3.3x | 75% | DEFM14A Includes stock |
Allete Inc 2024-05-05 · Public merger · $67.00 a share | Alloy Parent LLC Unclassified | Utilities | $5.6bn | 12.9x | 3.3x | 10% 22% to VWAP | DEFM14A All cash |
DecisionPoint Systems, Inc. 2024-04-30 · Public merger · $10.22 a share | Barcoding Derby Buyer, Inc. Unclassified | Technology | $77m | 13.3x | 0.7x | 27% | DEFM14A All cash |
Heartland Financial Usa Inc 2024-04-28 · Public merger · $45.74 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | UMB Financial Corporation Strategic | Financials | $2.5bn | n.a. | 26.0x | 28% | DEFM14A Includes stock |
U.S. Silica Holdings, Inc. 2024-04-26 · Public merger · $15.50 a share | Star Holding LLC Strategic | Materials | $1.8bn | 4.9x | 1.2x | 19% | DEFM14A All cash |
WestRock Co 2024-04-26 (filed) · Public merger · $5.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Not named in the filing Unclassified | Materials | $9.8bn | 4.8x | 0.5x | 3% | DEFM14A Includes stock |
AssetMark Financial Holdings, Inc. 2024-04-25 · Public merger · $35.25 a share | GTCR Everest Borrower, LLC Strategic | Financials | $2.4bn | n.a. | 3.4x | n.a. | DEFM14C All cash |
Fusion Pharmaceuticals Inc. 2024-04-25 (filed) · Public merger · $3.00 a share Held out of the multiples: EV / LTM revenue 68.5x above 60x | Not named in the filing Unclassified | Healthcare | $144m | n.a. | 68.5x | 97% | DEFM14A All cash |
HashiCorp, Inc. 2024-04-24 · Public merger · $35.00 a share | International Business Machines Corporation Strategic | Technology | $4.1bn | n.a. | 7.0x | 43% | DEFM14A All cash |
Hibbett Inc 2024-04-23 · Public merger · $87.50 a share | Genesis Holdings, Inc. Strategic | Consumer & Retail | $1.0bn | 5.5x | 0.6x | 21% | DEFM14A All cash |
Atreca, Inc. 2024-04-22 (filed) · Public merger · $0.17 a share | Not named in the filing Unclassified | Healthcare | -$15m | n.a. | n.a. | n.a. | DEFM14A All cash |
Matterport, Inc./DE 2024-04-21 · Public merger · $2.75 a share Held out of every statistic: consideration includes stock: the cash figure is not the price; premium of 216%: distressed or misread | Not named in the filing Unclassified | Technology | $526m | n.a. | 3.3x | 216% | DEFM14A Includes stock |
Macatawa Bank Corp 2024-04-15 · Public merger · $13.83 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Wintrust Financial Corporation Strategic | Financials | $55m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Snap One Holdings Corp. 2024-04-14 · Public merger · $10.75 a share | Resideo Technologies, Inc. Strategic | Technology | $784m | 18.3x | 0.7x | 32% | DEFM14C All cash |
Encore Wire Corp 2024-04-14 · Public merger · $290.00 a share | Prysmian S.p.A. Strategic | Materials | $4.0bn | 9.6x | 1.6x | 11% 20% to VWAP | DEFM14A All cash |
Ashford Inc. 2024-04-12 (filed) · Take-private · $5.00 a share Board book on file → | Not named in the filing Unclassified | Business Services | $100m | 2.6x | 0.1x | n.a. | SC 13E3 All cash |
Chord Energy Corp 2024-04-09 (filed) · Public merger · $1.84 a share Held out of the multiples: consideration includes stock: the cash figure is not the price; EV / LTM EBITDA 0.1x outside 1x to 75x | Not named in the filing Unclassified | Energy | $176m | 0.1x | 0.0x | 16% | 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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