By Senad Karaahmetovic
Weber (NYSE:WEBR), the barbecue grill maker, announced today it will be acquired by BDT Capital Partners. The private equity firm will pay $8.05 per share, valuing Weber at $2.32 billion on an equity basis.
The takeout price represents a premium of 60% to the closing price on October 24, a day before BDT submitted a non-binding acquisition proposal to Weber. Weber stock closed over 30% higher on October 25 in response to M&A news.
“For over a decade, BDT has been a longstanding strategic partner for Weber. With their continued support, our global team will move forward in executing our long-term strategy with consumers and customers as our top priorities,” said interim Weber CEO Alan Matula.
BDT said it will provide Weber with an additional unsecured loan of $350M, which will be used for general corporate purposes.
The transaction is expected to close in the first half of 2023.