The Deal’s Tatjana Kulkarni discusses Oceaneering International Inc.’s deal to acquire privately owned mapping and survey services business C&C Technologies Inc. in a $230 million all-cash transaction. The deal, announced Feb. 2, is expected to close in April. Houston-based Oceaneering expects the Lafayette, La.-based target to generate an annual Ebitda of between $20 million to $30 million. The transaction value, which represents 9.2 times Ebitda based on the midpoint of the range, makes for a hefty price tag, according to Chase Mulvehill of SunTrust Robinson Humphrey Inc. “This is not a cheap valuation,” Mulvehill told Tatjana. “The transaction isn’t groundbreaking to [Oceaneering] either, but there’s strong strategic reasoning behind the deal if you consider the revenue synergies and complimentary services it adds to Oceaneering’s business.”
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