Information Services (ISC) ran 9% after announcing Plenary (a CDPQ subsidiary) is taking it private in a $1.2B transaction, representing ~10x forward EBITDA…

… which sits well above where the stock has traded historically. With ISC’s registry business having exclusivity through 2053 and CPI escalators, the company is closer to infrastructure than software…

… and with a large runway for growth in its services business, the premium paid isn’t all that surprising - especially given the multiples on recent IPP deals.

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