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The Weekly Wrap: Fortis, Rockwell, Wipro

Fortis buys ITC; Rockwell adds MagneMotion; Wipro purchases Healthplan

TargetAcquirerValue ($millions)Synopsis
ITC Holdings Corp Fortis Inc 7,002.5 Fortis Inc of Canada definitively agreed to acquire the entire share capital ITC Holdings Corp, a Novi-based electric utility company, for $7.002 billion. Fortis offered $22.57 in cash and 0.752 common shares per ITC share. Based on Fortis' closing stock price of $29.716 on 08 February 2016, the last full trading day prior to the announcement, each ITC common share was valued at $44.916. Upon completion of the deal, Fortis and ITC shareholders would respectively own 73% and 27% of the merged company. Originally, in November 2015, ITC was rumored to be seeking a buyer for the company. Borealis Infrastructure Management Inc and Fortis were named as potential bidders back then.
Empire District Electric Co Liberty Utilities Co 1,488.8 Algonquin Power & Utilities Corp's unit Liberty Utilities Co, through a subsidiary, agreed to merge with Empire District Electric Co, a Joplin-based electric and water utility company, for $34 in cash per share for a total of $1.489 billion.
Apollo Education Group Inc AP VIII Queso Holding LP 1,032.1 AP VIII Queso Holding LP, a special purpose acquisition company formed by Apollo Investment Fund VII LP, a unit of Apollo Global Management LLC, Vistria Group LLC and Najafi Cos, definitively agreed to acquire the entire share capital of Apollo Education Group Inc, a Phoenix-based provider of higher education services. The acquirer plans to pay $9.5 in cash per class A and B share of Apollo for a total of at $1.032 billion via a leverage buyout transaction. Originally, in January 2016, Apollo Education announced that it was seeking a buyer for the company.
WPX Energy Rocky Mountain LLC Terra Energy Partners LLC 910.0 Terra Energy Partners LLC definitively agreed to acquire the entire share capital of WPX Energy Rocky Mountain LLC, a Tulsa-based oil and gas exploration and production company, from WPX Energy Inc for an estimated $910 million.
Beyond Human LLC Innovus Pharmaceuticals Inc 630.0 Innovus Pharmaceuticals Inc definitively agreed to acquire Beyond Human LLC, an Austin-based pharmaceutical supplement manufacturer, for an estimated $630 million. The consideration would consist of $300 million in cash and up to $330 million in profit-related payments.
Flanders Corp Daikin Industries Ltd 430.0 Daikin Industries Ltd of Japan, through its American Air Filter Co subsidiary, planned to acquire the entire share capital of Flanders Corp, a Washington-based manufacturer of air purification equipment, from Insight Equity Holdings LLC for $430 million.
Yodle Inc Web.com Group Inc 342.0 Web.com Group Inc definitively agreed to acquire Yodle Inc, a New York-based provider of online advertising services, for an estimated $342 million in cash.
Akron Brass Co IDEX Corp 224.2 IDEX Corp definitively agreed to acquire Akron Brass Co, a Wooster-based manufacturer of life-safety products, from Premier Farnell PLC for an estimated $224.2 million in cash.
Triangle Town Center & Commons,Raleigh,North Carolina DRA Advisors LLC 174.0 DRA Advisors LLC paid $174 million to acquire a 90% interest in Triangle Town Center & Commons, a Raleigh-based owner and operator of shopping mall from CBL & Associates Properties Inc (40%) and The Richard E Jacobs Group LLC (50%).
Brookfield Engineering Laboratories Inc Ametek Inc 167.0 Ametek Inc acquired Brookfield Engineering Laboratories Inc, a Middleboro-based manufacturer of viscometers and rheometers, for an estimated $167 million. Concurrently, Ametek Inc acquired ESP/SurgeX.
CenTrak Inc Halma PLC 140.0 Halma PLC of the UK acquired CenTrak Inc, a Newtown-based developer of real time monitoring equipment, for an estimated $140 million in cash.
ESP/SurgeX Ametek Inc 130.0 Ametek Inc paid an estimated $130 million to acquire ESP/SurgeX, a Knightdale-based manufacturer of power protection, monitoring, and diagnostic solutions equipment. Concurrently, AMETEK Inc acquired Brookfield Engineering Laboratories Inc.
Xenith Bankshares Inc Hampton Roads Bankshares Inc 101.7 Hampton Roads Bankshares Inc definitively agreed to acquire the entire share capital of Richmond-based Xenith Bankshares Inc via a stock swap transaction valued at $101.727 million. Hampton offered 4.4 common shares per Xenith share held. Based on Hampton's closing stock price of $1.78 on 9 February 2016, the last full trading day prior to the announcement, each Xenith share was valued at $7.832.
Multi-family Properties,Middletown,Connecticut(2) Gateway Realty Holdings Ltd 92.5 Gateway Realty Holdings Ltd acquired two multi-family properties, located in Middletown, Connecticut, from Northwoods Apartment Associates LLC and Chestnut Hill Apartment Associates LLC for $92.5 million.
LeapFrog Enterprises Inc Vtech Holdings Ltd 73.3 Vtech Holdings Ltd of Hong Kong agreed to acquire via a tender offer the entire share capital of LeapFrog Enterprises Inc, an Emeryville-based manufacturer of educational platforms, for $1 in cash per share or a total of $73.298 million. The offer was conditioned upon at least a majority of LeapFrog's shares being tendered.
MRC Global Inc-US OCTG business Sooner Pipe LLC 48.0 Sooner Pipe LLC, a unit of Marubeni-Itochu Tubulars America Inc, definitively agreed to acquire the US OCTG business of MRC Global Inc, a Houston-based wholesaler of pipes, valves and fittings (PVF) products, for an estimated $48 million.
IID Infoblox Inc 45.0 Infoblox Inc acquired IID, a Tacoma-based provider of security systems services, for an estimated $45 million in cash.
Associated Home Care Amedisys Inc 28.0 Amedisys Inc definitively agreed to acquire the entire share capital of Associated Home Care, a North Andover-based provider of home health care services, for $28 million.
Laurel Health Care Co CieNA Healthcare Management Inc 25.8 CieNA Healthcare Management Inc acquired Laurel Health Care Co, a Westerville-based nursing care facility operator, for $25.8 million. The transaction included the The Laurels of Huber Heights property and The Laurels of West Carrollton property.
Kosciusko Financial Inc Horizon Bancorp,Michigan City,Indiana 22.5 Horizon Bancorp definitively agreed to acquire the entire share capital of Kosciusko Financial Inc, a Mentone-based bank holding company for an estimated $22.5 million. The consideration would consists of 65% stock and 35% cash. The transaction would also include the acquisition of Farmers State Bank.
FSC Holdings LLC Flamel Technologies SA 20.3 Flamel Technologies SA of France acquired FSC Holdings LLC, a Charlotte-based provider of financial investment services.
Telnes Broadband GTT Communications Inc 18.0 GTT Communications Inc acquired Telnes Broadband, an Everett-based provider of Internet and managed services, for $18 million. The consideration consisted of $15 million in cash and $3 million in GTT common shares.
Flash Advertising USA Inc Finbond Group Ltd 1.2 Finbond Group Ltd of South Africa planned to acquire Flash Advertising USA Inc, an Aurora-based provider of pay day lending conducting services, for $1.2 million. Concurrently, Finbond agreed to acquire TV Profile LLC, six stores of Cash Shop and a 50% majority interesy in Cashback LLC.
PRD Holdings Inc Halitron Inc 0.2 Halitron Inc acquired the entire share capital of PRD Holdings Inc, a manufacturer of plastic-based products, for $0.15 million.
Arterian Inc Aldridge Co Inc   Aldridge Co Inc acquired Arterian Inc, a Seattle-based provider of information technology consulting services. Concurrently, Aldridge acquired PacketDrivers LLC. Terms were not disclosed.
PacketDrivers LLC Aldridge Co Inc   Aldridge Co Inc acquired PacketDrivers LLC, a Seattle-based provider of information technology services. Concurrently, Aldridge acquired Arterian Inc. Terms were not disclosed.
Suncal Insurance Services Inc Auto Insurance Specialists LLC   Auto Insurance Specialists LLC, a unit of AIS Management LLC, acquired Suncal Insurance Services Inc, a Santa Clarita-based insurance agency.
Sprig Toys Inc Begin Again Toys   Begin Again Toys acquired Sprig Toys Inc, a Fort Collins-based manufacturer of toys, from Wham-O Inc, ultimately owned by Cornerstone Overseas Investments Ltd.
Billhighway Inc BluePay Processing LLC   BluePay Processing LLC, a unit of TA Associates Management LP, acquired Billhighway Inc, a Troy-based provider payment processing svcs.
Transera Communications Inc BroadSoft Inc   BroadSoft Inc acquired Transera Communications Inc, a Sunnyvale-based developer of contact center software.
Lumbermens Insurance & Risk Solutions Brown & Brown of Oregon LLC   Brown & Brown Inc's unit Brown & Brown of Oregon LLC acquired Lumbermens Insurance & Risk Solutions, an insurance agency.
XL Specialized Trailers Inc Bull Moose Industries Inc   Bull Moose Industries Inc, a unit of Caparo Industries PLC, acquired XL Specialized Trailers Inc, a Manchester-based manufacturer and wholesaler of trailers.
Roostr Inc Chartboost Inc   Chartboost Inc acquired Roostr Inc, a Boston-based software publisher.
KCG Holdings Inc-New York Stock Exchange Designated Market Maker Business Citadel Securities LLC   Citadel Securities LLC, a unit of Citadel LLC, agreed to acquire the New York Stock Exchange Designated Market Maker business of KCG Holdings Inc, a Jersey City-based provider of brokerage services.
Compendia Inc Community Investors Inc   Community Investors Inc, a unit of K1 Investment Management LLC, acquired Compendia Inc, an Escondido-based commercial building constructor.
Queue Ticketing LLC Eventbrite Inc   Eventbrite Inc acquired Queue Ticketing LLC, a Sacramento-based provider of networked ticketing platform services.
Cashback LLC Finbond Group Ltd   Finbond Group Ltd of South Africa agreed to acquire a 50% interest in Cashback LLC, a San Bernardino-based provider of pay day lending services. Concurrently, Finbond agreed to acquire TV Profile LLC, six stores of Cash Shop and Flash Advertising USA Inc.
Scottsdale Customized Home Services LLC Four Seasons Home Services LLC   Four Seasons Home Services LLC acquired Scottsdale Customized Home Services LLC, a Scottsdale-based provider of home concierge services.
DeLorme Inc Garmin Ltd   Garmin Ltd of the UK agreed to acquire DeLorme Inc, a Yarmouth-based manufacturer and wholesaler of satellite tracking devices. Terms were not disclosed.
Accurate Venture Inc Golden Grail Technology Corp   Golden Grail Technology Corp acquired Accurate Venture Inc, a provider of marketing services.
Nut & Bolt Products Inc H & S Sales Inc   H & S Sales Inc acquired Nut & Bolt Products Inc, a Niagara Falls-wholesaler and distributor of hardware products.
IDEO LP Hakuhodo DY Holdings Inc   Hakuhodo DY Holdings Inc of Japan was granted an option to raise its stake from 30%, by acquiring an additional stake (undisclosed) in IDEO LP, a Palo Alto-based provider of design consulting services. Concurrently, Hakuhodo acquired a 30% stake in IDEO.
GG&B Co Hardy Diagnostics Inc   Hardy Diagnostics Inc acquired GG&B Co, a Wichita Falls-based manufacturer of automated microscope slide stainers.
Beanstalk Data LLC Heartland Payment Systems Inc   Heartland Payment Systems Inc acquired Beanstalk Data LLC, a Charlotte-based provider of customer engagement platforms. Terms were not disclosed.
Decision Strategies International Inc Heidrick & Struggles International Inc   Heidrick & Struggles International Inc acquired Decision Strategies International Inc, a Conshohocken-based advisory firm.
November Research Group LLC- pharmacovigilance technology services division HighPoint Solutions LLC   HighPoint Solutions LLC acquired pharmacovigilance technology services division of November Research Group LLC, an Oakland-based software developer.
Dowling & O'Neil Insurance Agency inc Hilb Group LLC   Hilb Group LLC, a unit of BHMS Investments LP, acquired Dowling & O'Neil Insurance Agency inc, insurance agency.
Chicago Stock Exchange Investor Group   An investor group led by Chongqing Casin Group Co Ltd definitively agreed to acquire Chicago Stock Exchange, a Chicago-based provider of securities exchange services, from CHX Holdings Inc. Terms were not disclosed.
The Bridge,Hayward,California Investor Group   An investor group, comprised of Intercontinental Real EstateCorp and Phoenix Realty Group LL, through an undisclosed joint venture, acquired The Bridge, a Hayward-based owner and operater of apartment buildings.
Piney Orchard Ice Arena Inc Investor Group   An investor group, comprised of Blackstreet Capital Holdings LLC's unit Piney Ice LLC and Bob Weiss, acquired Piney Orchard Ice Arena Inc, an Odenton-based ice rink owner and operator.
Cumberland Wood Products Inc Investor Group   An investor group, comprised of Rugby Architectural Building Products and Leading Ridge Capital PartnersLLC acquired Cumberland Wood Products Inc, a Smyrna-based wholesaler of wood products.
Zola KarpReilly LLC   KarpReilly LLC acquired Zola, a San Francisco-based manufacturer of foods, via a leveraged buyout transaction.
Imation Corp-IronKey Technology & Assets Kingston Digital Inc   Kingston Digital Inc acquired the Ironkey technology & assets of Imation Corp, an Oakdale-based manufacturer of recording media.
Management Group LLC Magellan Health Inc   Magellan Health Inc agreed to acquire Management Group LLC, a Madison-based provider of long-term care services.
Centennial Bank,Conway, Arkansas Mainstreet Community Bank of Florida   Mainstreet Community Bank of Florida plans to acquire Centennial Bank, a Conway-based commercial bank, from Home BancShares Inc.
Holton Food Products Co Mantrose-Haeuser Co Inc   Mantrose-Haeuser Co Inc, a unit of Zinsser Co Inc, acquired Holton Food Products Co, a La Grange-based packaged frozen food merchant wholesaler.
Hunt Valve Co Inc May River Capital LLC   May River Capital LLC acquired Hunt Valve Co Inc, a Salem-based manufacturer and wholesaler of valves and components, via a leveraged buyout transaction. The seller is ValveCo Inc, ultimately owned by CHS Capital LLC.
Peter J. Solomon Company Natixis SA   Natixis SA of France, a unit of Groupe BPCE SA, plans to acquire a 51% interest in Peter J. Solomon Company, a New York-based investment advisor. Terms were not disclosed.
All Metro Aids Inc One Equity Partners LLC   One Equity Partners LLC acquired All Metro Aids Inc, a Lynbrook-based provider of home health care services, via a leveraged buyout transaction.
Rise Labs Inc One Medical Group   One Medical Group planned to acquire Rise Labs Inc, a San Francisco-based diet and weight reducing center operator.
IMWell Health LLC Premise Health Holding Corp   Premise Health Holding Corp, a unit of Water Street Healthcare Partners LLC, acquired IMWell Health LLC, a Fort Smith-based provider of primary care services.
Principle Valuation LLC Prism Healthcare Partners Ltd   Prism Healthcare Partners Ltd acquired the entire share capital of Principle Valuation LLC, a Chicago-based provider of home health care services.
MagneMotion Inc Rockwell Automation Inc   Rockwell Automation Inc agreed to acquire MagneMotion Inc, a Devens-based manufacturer of intelligent conveying systems.
Kalman Packaging Inc Sabert Corp   Sabert Corp definitively agreed to acquire the entire share capital of Kalman Packaging Inc, a Graham-based manufacturer of thermoformed plastic hinged food containers.
The Mobile Media Lab llc SharkReach Inc   SharkReach Inc planned to acquire the entire share capital of The Mobile Media Lab llc, a New York-based provider of marketing consulting services.
Revolocity Creative Inc Shipyard LLC   Shipyard LLC acquired Revolocity Creative Inc, an Evergreen-based provider of marketing services. Concurrently, Shipyard acquired O'Leary & Partners.
O'Leary & Partners Shipyard LLC   Shipyard LLC acquired O'Leary & Partners, a Newport Beach-based provider of marketing services. Concurrently, Shipyard acquired Revolocity Creative Inc.
Sterling Distributing Co Southern Wine & Spirits of America Inc   Southern Wine & Spirits of America Inc agreed to acquire Sterling Distributing Co, an Omaha-based wholesaler of distilled spirits and fine wine, from Glazer's Distributors, ultimately owned by Glazer's Inc.
Bellevue West and Highlands at the Lake Spirit Bascom Ventures LLC   Spirit Bascom Ventures LLC, jointly owned by Spirit Investment Partners LLC and Bascom Group LLC, acquired two multifamily assets totaling 838 units in Nashville, Tennessee. The properties consists of Bellevue West, a 560-unit community located at 100 Ridgelake Parkway; and Highlands at the Lake, a 278 unit community located at 100 Arbor Lake Boulevard in Hermitage.
VOA Associates Inc Stantec Inc   Stantec Inc of Canada signed a Letter of Intent to acquire VOA Associates Inc, a Chicago-based provider of architectural and planning services.
Synergetics USA Inc-Neuro Portfolio Stryker Corp   Stryker Corp definitively agreed to acquire the neuro portfolio of Synergetics USA Inc, an O'Fallon-based manufacturer of electronic surgical equipment ultimately owned by Valeant Pharmaceuticals International Inc.
Furniture Factory Outlet LLC Sun Capital Partners Inc   Sun Capital Partners Inc acquired Furniture Factory Outlet LLC, a Muldrow-based furniture store operator.
Sonoma Ridge Apartments Inc Sunroad Enterprises   Sunroad Enterprises acquired Sonoma Ridge Apartments Inc, a Peoria-based lessor of residential buildings and dwellings.
Anomatic Corp Inc Thyssen'sche Handelsgesellschaft mbH   Thyssen'sche Handelsgesellschaft mbH of Germany planned to acquire an undisclosed majority interest in Anomatic Corp Inc, a Newark-based manufacturer of metal stampings.
Zoove Corp Virtual Hold Technology LLC   Virtual Hold Technology LLC acquired Zoove Corp, a Palo Alto-based developer of mobile direct response software, from mBlox Ltd.
Stop Aging Now LLC WellNext(Customer Potential Management Marketing Group)   WellNext (Customer Potential Management Marketing Group), a unit of Customer Potential Management Marketing Group, acquired Stop Aging Now LLC, a Bethesda-based manufacturer of pharmaceutical preparation.
Solutions RX WellPartner Inc   WellPartner Inc acquired Solutions RX, an Austin-based drug store operator.
HealthPlan Services Inc (HealthPlan Holdings Inc) Wipro Ltd   Wipro Ltd of India plans to acquire HealthPlan Services Inc, a Tampa-based provider of insurance and pension funds administration services, from HealthPlan Holdings Inc, ultimately owned by Water Street HealthcarePartners LLC. Terms of the transaction were not disclosed, but according to sources close to the transaction, the deal is estimated to be valued at $460 million.
US M&A Deals Announced February 5-February 11, 2016      
Source: Thomson Reuters      
       

 

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