Company: CTLPP
Filing Date: 2025-08-22
Form Type: DEFA14A
Source: 0001140361-25-032369
Chunk: 7

Company: CANTALOUPE, INC.
Filing Date: 2025-08-22
Form: DEFA14A
Chunk 7
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 certain aspects of the transactions, for purposes of J.P. Morgan’s analysis, may be considered similar to the proposed Merger. The analyses necessarily involve complex considerations and judgments concerning differences in financial and operational characteristics of the companies involved and other factors that could affect the transactions differently than they would affect the proposed Merger. Using publicly available information, J.P. Morgan calculated, for each selected transaction, the multiple of the target company’s FV implied in the relevant transaction to the target company’s estimated EBITDA for the next 12 months starting as of the date of announcement of the applicable transaction (which we refer to as the “FV/NTM EBITDA Multiple”). The transactions selected by J.P. Morgan for its analyses, and the transaction value and FV/NTM EBITDA Multiple for each selected transaction, were as follows:

| Announcement    
 Date            | Acquiror                         | Target                | Transaction Value 
        (billions) | FV/NTM   
 EBITDA   
 Multiple |
| April 17, 2025  | Global Payments Inc.             | Worldpay              |            $24.25 | 11.7x    |
| April 1, 2024   | Advent International             | Nuvei Corporation     |              $6.3 | 12.6x    |
| June 9, 2023    | Brookfield Asset Management Ltd. | Network International |              $3.0 | 14.3x    |
| March 15, 2023  | Sixth Street and BGH Capital     | Pushpay Holdings Ltd  |              $1.0 | 19.0x    |
| January 9, 2023 | Nuvei Corporation                | Paya Holdings Inc.    |              $1.3 | 16.0x    |
| August 1, 2022  | Global Payments Inc.             | EVO Payments, Inc.    |              $4.0 | 18.2x    |

Based on the results of this analysis, J.P. Morgan selected a FV/NTM EBITDA Multiple reference range for Cantaloupe of 11.5x to 19.0x. J.P. Morgan then applied such reference range to Cantaloupe’s projected adjusted EBITDA for the next 12 months as of March 31, 2025 provided in the Management Projections. The analysis indicated a range of implied equity value per share of