Insurance Agency Valuation & EBITDA Multiples
Insurance agencies with $1M+ EBITDA averaged 11.8x adjusted EBITDA in H1 2025 per Sica|Fletcher's 450+ sell-side dataset. PE-hybrid consolidators drove 80%+ of deals; book retention and LOB mix move you 4–6 turns inside the 6–14x band.
Updated 2026-06-05·12 min read·Business & Professional Services
Adjusted EBITDA multiple
6x – 14x
Typical: 11.6x · Sample: Sica|Fletcher 450+ sell-side dataset (H1 2025); OPTIS Partners H1 2025 (319 transactions); Sica|Fletcher full-year 2025 total of 714 brokerage transactions
- Mid-market typical (Sica|Fletcher, H1 2025)
- 11.4x – 11.8x
- Adj. EBITDA full range
- 6x – 14x
- Share of deals by PE-hybrid consolidators (2024–H1 2025)
- 80%+
- Total broker M&A transactions, full-year 2025
- 714
Quick answer
Insurance agencies with $1M+ adjusted EBITDA cleared an average of 11.8x in H1 2025 per Sica|Fletcher's 450+ sell-side deal dataset — virtually in line with the 11.9x average for full-year 2024 [1]. The mid-market band ($1–10M EBITDA) bracketed the year at 11.4–11.8x. Outside the mid-market: small personal-lines books trade at 5–7x or on a 1.5–2.5x commission/revenue basis; specialty/employee-benefits books reach 9–12x; and platform-quality assets like AssuredPartners (sold to Gallagher at ~14.3x EBITDAC gross, Aug 18, 2025) and Risk Strategies (sold to Brown & Brown at ~16x on ~$600M EBITDA) anchor the high end [2].
The multiple is moved by four levers in order of magnitude: book retention (90%+ commands premium pricing; sub-80% triggers heavy earn-outs and compresses by 2–3 turns [6]), LOB mix (PL 5–7x vs commercial 7–10x vs specialty/EB 9–12x [6]), organic growth CAGR (15%+ earns platform-tier pricing — with Q4 2025 P&C rate change at only +0.2% vs. +11.7% peak in Q3 2020 [1], organic growth is the cleanest buyer signal), and EBITDA scale and producer non-compete structure. The buyer pool is overwhelmingly PE-hybrid consolidators — BroadStreet (69 full-year 2025 acquisitions), Hub International ($1.6B fresh investment in 2025), Inszone, Acrisure, and Brown & Brown — who drove 80%+ of broker M&A in 2024–H1 2025 [3].
Multiples by size
How insurance agency multiples shift with EBITDA size
The single biggest determinant of multiple is size. The same business at 4x sub-$1M EBITDA can fetch 7x once it crosses $5M — same operations, different buyer pool.
| Adjusted EBITDA range | Multiple range | What's typical here |
|---|---|---|
| Under $1M Adj. EBITDA | 5x – 7x | Personal-lines-heavy small agency; owner carries client relationships; sub-90% retention typical; single-state carrier appointments — buyer pool is regional strategics and small PE-hybrid fold-ins, and owners often fall back to a 1.5–2.5x commission/revenue multiple where owner comp distorts EBITDA. |
| $1M – $3M Adj. EBITDA | 11.4x – 11.8x | The Sica|Fletcher core band — mid-market agency with mixed commercial/PL book, 88–92% retention, diversified carrier panel, and the most competitive buyer tension from BroadStreet, Hub, and Inszone; rollover into platform equity is a structural feature at this size. |
| $3M – $10M Adj. EBITDA | 12x – 14x | Top-quartile mid-market: commercial/specialty/EB-led mix, 90%+ retention, 15%+ organic CAGR, multi-state carrier panel, and niche expertise — platform fit for the PE-hybrid leaders, typically receiving 5–8 LOIs in a competitive sell-side process. |
| $10M+ Adj. EBITDA | 14x – 16x+ | Platform-tier anchored by the Gallagher–AssuredPartners $13.45B / ~14.3x EBITDAC gross close (Aug 18, 2025) and Brown & Brown–Risk Strategies ~16x on ~$600M EBITDA; management depth, EBITDA margin >24% ex-contingents, and full LOB diversification define this tier. |
Interactive estimate
Estimate the range for your business
Move the sliders. The estimate reflects how each driver pushes the multiple up or down inside the bands above. Use this as a planning anchor — not a sale price.
The single biggest driver in insurance M&A. 90%+ retention earns premium pricing and high cash-at-close; sub-80% triggers heavy earn-outs and compresses the multiple by 2+ turns.
Personal-lines P&C books trade 5–7x; commercial 7–10x; specialty/employee benefits 9–12x. Moving from 70% PL to 60%+ specialty/EB can shift you 3–4 turns inside the band.
Contingent commissions are volatile and discounted in normalized EBITDA. Buyers prefer recurring, base-commission-heavy revenue; target under 10% of total revenue from contingents.
15%+ organic CAGR (excluding rate-driven growth) signals real producer pipeline and earns platform-tier pricing. With Q4 2025 P&C rate change at only +0.2%, organic growth is the cleanest signal a buyer has.
Estimated enterprise value
$17.1M – $17.7M
Implied multiple: 11.4x – 11.8x Adjusted EBITDA
Planning estimate, not a formal valuation. Real outcomes are narrowed by book retention quality, LOB mix, contingent-commission normalization, producer non-compete enforceability, and buyer process competition. Ad Astra delivers advisor-grade ranges under USPAP/SSVS standards.
Value drivers
What moves the multiple, specific to insurance agency
Book retention 90%+
+1.5x – +3.0xBook retention is the single largest driver in insurance M&A. 90%+ retention is the entry ticket to premium pricing and high cash-at-close; sub-80% retention is the most common cause of compressed multiples and heavy earn-outs — typically 12–24-month commission or EBITDA-based holdbacks tied to retaining the renewal book the buyer just paid for [6][7]. Sica|Fletcher's sell-side dataset confirms retention above 90% consistently commands multiples at or above the 11.8x H1 2025 average for $1M+ EBITDA deals [1].
Track three-year rolling retention at the premium level, not just policy count — buyers verify both metrics in the IOI round. Agencies entering the process below 85% can expect earn-out-heavy structures even at strong EBITDA scale.
Specialty / Employee-Benefits LOB mix
+2.0x – +4.0xSpecialty and employee-benefits books trade at 9–12x EBITDA while personal-lines P&C trades at 5–7x — the single largest LOB lever in the sector [6][7]. An agency that moves its revenue mix from 70% PL to 60%+ specialty/EB can pick up 3–4 turns even without growing EBITDA, because the renewal annuity on specialty/EB is stickier and the program expertise is harder to recreate organically.
Construction LOB, transportation, healthcare-sector P&C, cyber liability, and professional liability are the niche programs that PE-hybrid consolidators pay the most to acquire — they shorten organic build time by years [6].
15%+ organic CAGR (rate-adjusted)
+0.5x – +1.5xWith commercial P&C rate change moderating to +0.2% by Q4 2025 from a peak of +11.7% in Q3 2020 [1], organic growth is the cleanest signal of real producer strength — buyers can no longer attribute top-line expansion to favorable rate cycles. A three-year organic CAGR above 15% (excluding market-rate tailwinds) is underwritten as the proxy for forward EBITDA durability and earns platform-tier pricing.
Track organic new business separately from rate-driven renewal increases. The agencies that sustain 15%+ organic CAGR through a softening market are the ones running efficient producer pipelines, not those riding pricing cycles [1][3].
Commercial-lines mix with diversified carrier panel
+0.5x – +1.5xCommercial-heavy books with a multi-carrier appointment panel earn the middle of the band even before specialty premium kicks in. Carrier appointment quality reduces buyer transition risk — a diverse panel means no single carrier non-renewal can devastate the renewal book [6][7]. Commercial lines at $2–15M revenue are valued at 2.0–3.0x revenue / 7–9x EBITDA as a going concern, vs personal-lines at 1.5–2.0x revenue / 5–7x EBITDA at comparable sizes [6].
PE-hybrid platforms specifically model carrier concentration in diligence. Agencies dependent on one or two carriers face underwriting risk scores similar to producer concentration — both can compress cash-at-close even when EBITDA is strong.
Niche / specialty program expertise
+1.0x – +2.0xConstruction, transportation, healthcare-LOB, cyber, professional liability, and other niche programs command consolidator premium because the program book is harder to recreate organically than a general commercial or PL book [6]. PE-hybrid buyers model niche expertise as a competitive moat that justifies paying above the mid-market median even at sub-$1M EBITDA scale, provided retention and carrier appointments are solid.
Agencies with a documented niche — an industry association relationship, proprietary program paper, or a recognized specialty brand — typically receive more LOIs and more competitive bid tension in a sell-side process [3].
Personal-lines-heavy book
-2.0x – -4.0xPL P&C books trade at 5–7x EBITDA or 1.5–2.0x revenue at sub-$1M revenue — vs the 11.4–11.8x mid-market band — because personal lines have higher attrition risk, lower margin, and greater carrier commoditization [6][7]. The most common reason an otherwise solid agency lands at the bottom of the range is a book that is 60–70%+ PL by revenue.
BizBuySell's average earnings multiple for small insurance agencies was only ~2.68x in 2024–25, below the five-year average of 2.86x [10] — that reflects the small PL-heavy owner-run reality, not the aggregator headlines. The path to higher multiples runs through LOB diversification, not EBITDA growth alone.
Book retention below 80%
-1.5x – -3.0xSub-80% retention triggers material multiple compression and heavy earn-outs — typically 12–24-month commission-based or EBITDA-based holdbacks that transfer post-close attrition risk back to the seller [6][7]. At 75% retention or below, some PE-hybrid platforms will not underwrite the deal at all, or will structure it as a commission-only fold-in at 1.0–1.5x commissions rather than an EBITDA-multiple transaction.
Retention is typically audited against the actual premium retained across the prior three policy years — spot-year figures are distrusted. Document the cause of any one-time book loss before the process begins.
Producer or client concentration
-1.0x – -2.0xA single producer driving more than 25% of revenue, or a single client representing more than 10–15% of revenue, both compress the multiple — buyers are pricing the risk that the revenue walks with the person or account [6]. PE-hybrid platforms use producer concentration as a hard filter: agencies above the danger lines face either a producer retention escrow, a heavier earn-out, or a lower headline price.
Begin diversifying producer and client concentration at least 18–24 months before a planned sale process. Adding two or three mid-sized producers who can each drive 8–12% of revenue dramatically changes the buyer's underwriting [3].
Buyer landscape
Who is actively buying insurance agency
Named PE platforms, strategic acquirers, and consolidators active in the space in the last 12 months. Multiples paid by these buyers anchor the high end of our range.
BroadStreet Partners
Ontario Teachers' Pension Plan / Century Equity Partners (legacy) / current PE-hybrid structure
Most active acquirer in 2025 with 69 full-year acquisitions; decentralized partnership model where founding agency owners retain equity and operating autonomy inside a shared platform.
- 69 acquisitions full-year 2025 — most active in the cycle [3]
- 39 acquisitions H1 2025 alone [1]
Hub International
Hellman & Friedman / Altas Partners / Leonard Green / Alberta Investment Management
Top-3 global broker; landed a $1.6B investment in 2025 to fund continued roll-up; pays mid-to-top band for commercial/specialty/EB books with retention above 88%.
- $1.6B investment received 2025 [5]
- DeMarie Insurance, Guru of Insurance, AGP (2025 add-ons) [1]
- 49 full-year 2025 acquisitions / 27 H1 2025 [1]
Inszone Insurance Services
BHMS Investments
PE-hybrid consolidator with aggressive cadence on commercial-lines fold-ins; 45 full-year 2025 acquisitions at $500K–$3M EBITDA targets.
- 45 acquisitions full-year 2025 [1]
- 18 acquisitions H1 2025 [1]
Acrisure
Multi-sponsor PE-hybrid (BDT Capital, Blackstone, Guggenheim, others)
Built via approximately 1,000 acquisitions since 2013; core mid-market consolidator with rollover-equity-heavy structures; 15% activity reduction in H1 2025 as the platform digests prior recap.
- ~1,000 lifetime acquisitions; presence in 24 countries / all 50 US states [4]
- Reduced activity 15% below five-year average in H1 2025 [3]
Brown & Brown (NYSE: BRO)
Largest public-broker consolidator; acquired Risk Strategies at ~16.0x on ~$600M EBITDA and Accession Risk Management at ~$1.7B in 2025; ended 2025 trading at 12.9x public multiple — the cleanest public proxy for platform-tier broker valuation.
- Risk Strategies acquisition at ~16x on ~$600M EBITDA [1][2]
- Accession Risk Management acquisition at ~$1.7B, 2025 H2 [2]
AssuredPartners (Gallagher subsidiary as of Aug 2025)
Arthur J. Gallagher (acquired from GTCR + Apax Partners for $13.45B, closed Aug 18, 2025)
Gallagher's $13.45B all-cash acquisition of AssuredPartners closed Aug 18, 2025 at ~14.3x EBITDAC gross (~11.3x net) — the live platform-tier anchor for the 2024–2025 cycle; now operates as a Gallagher subsidiary continuing its add-on program.
- Acquired by Arthur J. Gallagher for $13.45B gross, closed Aug 18, 2025 [2]
- ~14.3x EBITDAC gross / ~11.3x net of EBITDAC [2]
Patriot Growth Insurance Services
GI Partners / Summit Partners (legacy)
Partnership-model consolidator focused on commercial and employee-benefits books; one of the named active acquirers in the OPTIS top-10 2025 cohort.
- Active PE-hybrid acquirer in 2024–2025 top-10 cohort [3]
World Insurance Associates
Charlesbank Capital Partners
Top-10 PE-hybrid acquirer with commercial-led roll-up strategy and active East Coast presence in the 2024–2025 cycle.
- Active in 2024–2025 top-acquirer cohort per OPTIS Partners [3]
Deal structure
Headline price is one number. The structure is the deal.
In insurance brokerage M&A, structure is the difference between two deals at the same headline multiple. PE-hybrid consolidators have institutionalized a specific template: cash-at-close anchored by senior debt, mandatory rollover into the platform's equity sleeve, and commission- or EBITDA-based earn-outs tied to book retention — typically 12–24 months [1][6]. This structural feature is unique to insurance among Hub B verticals: the earn-out is the buyer's hedge against post-close attrition on the very thing they paid for.
The economic engine is multiple-arbitrage: PE-hybrid platforms buy mid-market agencies at 10–13x, integrate them, and the combined platform exits at 14–16x (or more, as the AssuredPartners / Risk Strategies trades demonstrated). Deals run through an M&A advisor trade approximately 25% higher per Sica|Fletcher — competitive auctions with up to 10 bids per sell-side process are the norm at mid-market [1].
Typical breakdown
- Cash at close
- 70–85%
- Rollover equity into platform
- 10–25%
- Commission/EBITDA earn-out
- 5–20%
- Seller note / deferred consideration
- 0–10%
- Working capital adjustment
- ±2–4%
Senior debt-financed at the platform level (3.5–5.0x EBITDA at the consolidator) plus PE-hybrid equity check. Platform-tier deals (AssuredPartners/Gallagher) lean toward 100% cash from a strategic acquirer; mid-market PE-hybrid add-ons land at 70–80%.
Effectively mandatory at BroadStreet, Hub, Inszone, Acrisure, World, and Patriot. Sized to align producers and the owner through the 3–5 year hold to the next platform recap or sale; the 'second bite' value depends on platform multiple expansion.
Tied to book retention or commission base over 12–24 months; heavier (15–25%) when retention is below 85% or producer concentration is elevated; lighter or absent when retention is 92%+ and producer non-competes are airtight.
Less common in PE-hybrid deals than in other M&A categories, but used in fold-ins where contingent income or producer transitions require a holdback period beyond the standard earn-out window.
True-up at closing against a negotiated peg; insurance agencies carry relatively light working capital vs manufacturing or construction, but commission receivables and carrier payables are the key peg components — negotiate the peg before exclusivity.
Recent comps (anonymized)
Representative insurance agency transactions
| Profile | Closed | Multiple | Buyer | Structure |
|---|---|---|---|---|
| REAL: AssuredPartners — national specialty/commercial broker with ~$940M implied EBITDAC. Gallagher described the transaction as a 'pro forma EBITDAC multiple of 14.3x.' Announced December 2024; closed August 18, 2025. | 2025 Q3 (Aug 18, 2025) | ~14.3x EBITDAC gross (~11.3x net) | Arthur J. Gallagher & Co. (strategic, acquired from GTCR + Apax Partners) | $13.45B all-cash |
| REAL: Risk Strategies — specialty-led broker with construction, healthcare, and financial-services LOB concentration. ~$600M EBITDA at time of acquisition by Brown & Brown. | 2025 H2 | ~16.0x EBITDA | Brown & Brown, Inc. (NYSE: BRO) (strategic, acquired from Kelso & Company) | Cash |
| REAL: BroadStreet Partners 2025 acquisition program — 69 add-on acquisitions full-year 2025 (39 in H1 alone), maintaining the most active acquirer position in the market. | Full-year 2025 | Varies (10–13x mid-market typical) | BroadStreet Partners (PE-hybrid) | Rollover-equity-heavy; cash-at-close varies by target EBITDA |
| ILLUSTRATIVE: $5M revenue / $1.5M EBITDA employee-benefits and specialty agency, 92% retention, 18% organic CAGR, diversified carrier panel, producer non-competes in place. | 2024 Q4 | 12–14x EBITDA | PE-hybrid consolidator (Hub International / BroadStreet-tier) | 75% cash / 20% rollover / 5% earn-out |
| ILLUSTRATIVE: $2.0M revenue / $470K EBITDA commercial-heavy agency, 88% retention, diversified carriers, minimal contingent income. | 2025 Q2 | 10–12x EBITDA | PE-hybrid consolidator (BroadStreet / Inszone-type) | 80% cash / 15% rollover / 5% earn-out |
| ILLUSTRATIVE: $600K revenue / $180K EBITDA personal-lines P&C agency, owner-operator, single state, mixed retention, no producer non-competes. | 2025 Q1 | 4.5x EBITDA (approx. 2.0x revenue) | Regional strategic | 80% cash / 20% stock |
Profiles aggregated from public PE press releases and internal Ad Astra advisory data. Cited where attribution is public.
Methodology
How valuation methods apply to insurance agency
Comparable transactions — the primary method for insurance brokerages
For insurance agencies, comparable transactions is by far the strongest valuation anchor. Sica|Fletcher's 450+ sell-side dataset (often generating up to 10 bids per process), OPTIS Partners' quarterly transaction tracking (319 transactions in H1 2025), and the named platform deals — Gallagher–AssuredPartners $13.45B at ~14.3x EBITDAC gross and Brown & Brown–Risk Strategies ~16x on ~$600M EBITDA — give the deepest, most defensible LMM transaction database in business services [1][2][3].
Two things matter most when building the comp set: LOB mix (a PL-heavy agency and a specialty/EB agency at the same EBITDA should not share a comp set — they trade 4–6 turns apart) and book retention bracket (the 90%+ bracket and the sub-80% bracket are effectively separate markets with different buyer pools and structures) [6][7]. Sica|Fletcher's 11.4–11.8x for $1M+ EBITDA mid-market deals is the central anchor for 2025 [1].
The AssuredPartners and Risk Strategies platform comps are ceiling prints, not midmarket benchmarks — flag them as aspirational for the top tier, not the expected price for a $1M–$3M EBITDA agency. PE-hybrid consolidators buy mid-market at 10–13x and exit the platform at 14–16x; that arbitrage gap is the core thesis [1][2].
DCF with explicit retention modeling
DCF is most useful in insurance brokerage as a way to value the renewal book separately from new-business production. A five-year forecast with explicit modeling of: (a) book retention curve by bracket (90%+, 80–89%, below 80%), (b) producer non-compete enforceability and implied churn risk if a key producer departs, (c) contingent commission normalization (smoothed to a three-year rolling average per Sica|Fletcher's target margin methodology [1]), and (d) rate-cycle sensitivity given the +0.2% Q4 2025 P&C rate change [1].
Terminal value is anchored to a market exit multiple at platform scale (12–14x), not a perpetual-growth assumption. The EBITDA target margin of 24.5–26% ex-contingents is the normalization benchmark buyers apply before calculating the DCF terminal value [1]. Agencies with contingent income above 15% of revenue face terminal-value haircuts in buyer models.
Commission/revenue multiple for fold-in books
For small (<$1M revenue) personal-lines books and producer-driven fold-ins where owner comp distorts EBITDA, the prevailing method is a commission or revenue multiple: 1.0–1.5x commissions or 1.5–2.5x revenue for personal-lines fold-ins; 2.0–3.0x revenue / 7–9x EBITDA for commercial books at $2–15M revenue [6][7]. This is the basis that BizBuySell-tier small-agency comps reflect — the average earnings multiple for insurance agencies on BizBuySell was approximately 2.68x in 2024–25, below the five-year average of 2.86x [10].
The commission multiple reflects the attrition risk the buyer assumes: at 1.0–1.5x commissions, a buyer models 10–15% first-year attrition and still earns a reasonable return. At 2.0–2.5x commissions, the buyer is underwriting 90%+ retention and a seller transition period of 6–12 months. Seller transition support and a retention earn-out period are almost always part of the consideration structure at this tier [6].
Sell-side adjustments
The adjustments that protect — and grow — your reported EBITDA
Each item below is something we expect to debate with a buyer's QoE provider. Document them yourself, with backup, before going to market.
Owner-producer commission & override carve-out
+$100K – $500KAn owner-producer who writes their own book and earns both producer commission and agency override income runs both through the P&L. Strip the owner's producer commission down to a market-rate producer comp (typically 35–45% of generated commissions); restore the override to agency EBITDA. The delta is often the largest single normalization in an owner-operated agency. MarshBerry notes that disciplined, well-documented normalizations build buyer trust, while aggressive add-backs that cannot survive diligence scrutiny erode it [8].
Family members on payroll above market rates
+$25K – $150KSpouse as office manager at $90K when market rate is $55K, or adult children as 'producers' with W-2s but minimal production — adjust each to market rate or strip entirely with documentation of job description and a comparable market benchmark.
AMS & technology capex normalization
-$25K – -$200KMost owner-operated agencies under-invest in AMS modernization (Applied Epic, AMS360, EZLynx upgrades), e-signature, customer portals, and producer-facing CRMs. Buyers normalize a forward maintenance capex line — typically 1.0–2.0% of revenue — and deduct any catch-up investment from the purchase price. Outdated AMS specifically reduces the revenue multiple by 0.5–1.0x per QuoteSweep [9].
Contingent income normalization
Smooths $50K – $500K of EBITDA volatilityContingent commissions (carrier profit-share) are volatile and explicitly discounted in normalized EBITDA. Sica|Fletcher's target EBITDA margin of 24.5–26% is calculated ex-contingents [1]. Buyers smooth contingents to a three-year rolling average and underwrite a lower forward run-rate — agencies with TTM contingents spiking above a three-year average see the excess stripped from the EBITDA base.
Deferred E&O reserves and open claims
-$50K – -$300KOpen errors-and-omissions claims, near-deductible reserves, and historical claim frequency are explicitly reserved by the buyer's risk team during diligence. Even if EBITDA is not directly adjusted, open E&O items materially affect the purchase-price escrow, indemnification structure, and rep-and-warranty insurance premium.
Producer non-compete & retention agreement value
+0.5x – +2.0x on the multipleNot strictly an EBITDA adjustment, but enforceable producer non-competes and retention agreements are valued separately by buyers as book-risk mitigation. Agencies with airtight producer non-competes earn 1–2 turns of multiple premium; agencies without them face heavier earn-outs tied to producer retention post-close and lower cash-at-close percentages [6].
FAQ
Common questions about insurance agency valuation
Insurance Agency vs comparable industries
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- [1] 2025 Insurance Broker M&A Valuations — Interest Rates, Spreads & Deal Volume — Sica|Fletcher, 2025
- [2] Insurance Broker Valuations — Insurance Journal, March 26, 2026
- [3] Insurance Agency M&A Market Settles Into New Normal as Consolidation Accelerates (OPTIS Partners) — Risk & Insurance, 2025
- [4] Insurance Broker M&A Stabilizes After Surge — Business Insurance, 2025
- [5] Hub International Lands $1.6B Investment — Insurance Business America, 2025
- [6] Insurance Agency Business Valuation — CT Acquisitions, 2026
- [7] How Much Is My Insurance Agency Worth — Wexford Insurance, 2026
- [8] Don't Sweat the Small Stuff — Valuation Gap in M&A — MarshBerry, 2025
- [9] Q3 2025 M&A Report — OPTIS Partners, October 2025
- [10] Insurance Agency Valuation Benchmarks — BizBuySell
Multiple ranges represent typical lower middle market transactions; individual deals may fall outside the band based on buyer thesis, deal structure, and seller-specific factors. This page is informational and not a formal valuation opinion.