Houlihan Lokey to acquire GCA Corp for ~$591M; tender offer at ¥1,380/share, 31% premium

HOULIHAN LOKEY, INC.

Total purchase price ~¥65B (~$591M) in cash; ¥1,380/share, a 31.3% premium to GCA's Aug 2 close of ¥1,051.
Tender offer launches Aug 4, 2021; expected to close Oct 4, 2021; condition of 2/3 tender of shares.
GCA is a global tech-focused investment bank with ~$355M CY2021E revenue; ~68% of revenue from tech sectors.
Transaction expected to be accretive to HLI's EPS; combined firm to be one of largest independent global M&A advisors.
Financed with cash on HLI's balance sheet; GCA to become private after second-step squeeze-out.

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