Deal Detail

Yahoo! Inc., Operating Business to Verizon Communications Inc.

EV / LTM EBITDA

5.1x

EV / LTM Sales

Enterprise Value

$4.5B

Primary Source

Morgan Stanley

Comparable Transactions

Internet/Ecom transactions announced in the five years to February 2017. 7 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Nov 2016	Blue Nile, Inc.	Bain Capital Private Equity	$449M	-	19.2x	Financial
Oct 2016	Everyday Health, Inc.	Ziff Davis, LLC	$518M	-	12.1x	Strategic
Nov 2015	Constant Contact, Inc.	Endurance International Group Holdings, Inc.	$937M	-	13.8x	Strategic
May 2015	AOL Inc.	Verizon Communications Inc.	$4.2B	-	8.4x	Strategic
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			-	11.3x
	Median			-	10.2x

Source-specific multiples and notes for this transaction.

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	$4.5B	-	5.1x	-	-	Open
-	fairness opinion	RATE FO	JPMorgan	2017	-	-	-	5.7x	-	Open
-	fairness opinion	RATE FO	JPMorgan	2017	-	-	-	7.3x	Same transaction as the primary observation, valued on the ORIGINAL terms announced July 25, 2016 rather than the renegotiated terms of February 21, 2017 (the RATE FO lists both). EV / 1-year forward EBITDA.	Open