Deal Detail

AOL Inc. to Verizon Communications Inc.

EV / LTM EBITDA

8.4x

EV / LTM Sales

Enterprise Value

$4.2B

Primary Source

Morgan Stanley

Comparable Transactions

Internet/Ecom transactions announced in the five years to May 2015. 3 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Feb 2015	Orbitz Worldwide, Inc.	Expedia, Inc.	$1.6B	-	10.2x	Strategic
Apr 2013	American Greetings Corporation	Weiss Family	$819M	-	5.2x	Financial
Oct 2012	Ancestry.com LLC	Permira	$1.5B	-	9.9x	Financial
	Mean			-	8.4x
	Median			-	9.9x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	SFLY FO	Morgan Stanley	2019	$4.2B	-	8.4x	-	-	Open