华利安（Houlihan Lokey）：2025年私有化交易研究报告（英文版）（72页）.pdf

1、May 20262025 Going Private Transaction Study01020304Study OverviewSelected Market ObservationsStudy ResultsAppendices Transaction Details 2024 Going Private Transaction Study Summary Introduction to Houlihan Lokey Selected Professional Biographies DisclaimerTable of ContentsStudy OverviewIntroductio

2、n4As of May 2026,26 of the going private transactions have closed,and four are pending closing.For purposes of this Study,a target company is generally considered to have“gone private”if its pre-transaction publicly traded shares were purchased by a privately held financial sponsor,investment compan

3、y,or similar entity(generically referred to as a“financial buyer”),typically in a leveraged buyout transaction.Specifically,this Study analyzes the following items for each of the 30 transactions:Transaction background,focusing on management,stockholders,and board involvement;Transaction valuation(i

4、ncluding transaction multiples and acquisition premiums);Deal protection measures and fiduciary provisions;Transaction structure and financing;and Termination provisions.The Study was authored by Richard De Rose,Matt Kavney,Madeleine Kadens,and Dayton Visser of Houlihan Lokey.If you have any questio

5、ns or comments,please contact Mr.De Rose at+1 212.497.7867 or RDeRoseHL.com,Mr.Kavney at+1 404.495.7030 or MKavneyHL.com,Ms.Kadens at+1 404.240.7318 or Madeleine.KadensHL.com,or Mr.Visser at+1 469.607.7974 or Dayton.VisserHL.com.We would also like to recognize contributions from Matt Sturgell of Hou

6、lihan Lokeys Atlanta office in preparing the Study.In the 2025 Going Private Transaction Study(the“Study”),we have summarizedand analyzed 30 going private transactions announced in the calendar yearended December 31,2025.Definition of Key Items in the Study5We used the following methodology to analy