M&A
confidence high
sentiment neutral
materiality 0.70
CDW closes $2.5B acquisition of Sirius; pro forma revenues $16.9B for 9mo2021
CDW Corp
- Acquisition of Sirius (Granite Parent) closed Dec 1, 2021 for $2.5B cash, net consideration $2.418B.
- Pro forma net income for 9mo2021: $756M vs CDW standalone $773M; for FY2020: $667M vs $789M.
- Pro forma EPS diluted 9mo2021: $5.34 vs CDW $5.47; FY2020: $4.61 vs $5.45.
- Financed via $2.5B senior unsecured notes; $1B of Sirius debt repaid at closing.
- Preliminary purchase accounting: $1.14B intangible assets (customer relationships $1.09B, 12-yr life) and $1.5B goodwill.