Weekly wrap: 7-Eleven, Blackstone, Teladoc

Register now


US M&A Deals Announced July 31 to August 06, 2020
Target Acquirer Value ($millions) Synopsis
Speedway LLC 7-Eleven Inc 21,000.0 7-Eleven Inc, a unit of IYG Holding Co, ultimately owned by Seven & I Holdings Co (Seven & I), definitively agreed to acquire Speedway LLC (Speedway), a Springfield-based operator of gasoline stations with convenience stores, from Marathon Petroleum Corp (Marathon), for an estimated $ 21 billion in cash. Originally, in February 2020, Marathon was rumored to be seeking a buyer for its Speedway unit. Seven & I and TDR Capital were named rumored bidders.
Livongo Health Inc Teladoc Health Inc 17,539.1 Teladoc Health Inc (Teladoc) definitively agreed to merge with Livongo Health Inc (Livongo), a Mountain View-based provider of digital healthcare services, from Kinnevik AB, General Catalyst Partners LLC, 7wire Ventures Fund LP, and other shareholders, for a total $ 17.539 bil, in a stock swap transaction. Teladoc offered $ 4.24 in cash per share and 0.592 common shares per Livongo share. Based on Teladoc's closing stock price of $ 249.42 on 4 August 2020, the last full trading day prior to the announcement, each Livongo share was valued at $ 147.657. Upon completion, Teladoc and Livongo were to own 58% and 42%, respectively in the merged entity.
Varian Medical Systems Inc Siemens Healthineers AG 16,217.7 Siemens Healthineers AG of Germany, a unit of Siemens AG, planned to acquire the entire share capital of Varian Medical Systems Inc, a Palo Alto-based manufacturer of irradiation apparatuses, for $ 177.5 in cash per share or a total value of $ 16.218 bil.
Ellie Mae Inc Intercontinental Exchange Inc 10,980.9 Intercontinental Exchange Inc (ICE) definitively agreed to acquire Ellie Mae Inc, a Pleasanton-based developer of mortgage management software, from Thoma Bravo LLC, for an estimated total value of $ 10.981 billion. The consideration was to consist of $ 9.25 billion in cash and issuance of 18 million ICE's common shares valued at $ 1.731 billion. The shares were valued based on ICE's closing stock price of $ 96.16 on 5 August 2020, the last full trading day prior to the announcement.
Ancestry.com Inc Blackstone Group Inc 4,700.0 Blackstone Group Inc defintiively agreed to acquire an undisclosed majority interest in Ancestry. com Inc, a Lehi-based provider of data processing and hosting services, from Permira Advisers LLP, a unit of Permira Advisers Holdings Ltd and the Singaporean state- owned GIC Pte Ltd and Silver Lake Management LLC and Spectrum Equity Investors LP, in a leveraged buyout transaction, for $ 4.7 billion. Originally, in August 2020, Blackstone was rumored to be planning to acquire an undisclosed majority interest in Ancestry.com.
GCM Grosvenor Inc CF Finance Acquisition Corp 2,000.0 CF Finance Acquisition Corp (CFAC) definitively agreed to merge with GCM Grosvenor Inc (GCM), a Chicago-based asset management firm, from Grosvenor Capital Management Holdings LLLP, ultimately owned by Grosvenor Holdings LLC, Hellman & Friedman LLC and other shareholders, for an estimated $ 2 bil, in a reverse takeover transaction. Upon completion, CFAC and GCM shareholders were to own 28. 6% stake and 71.4% interest in the merged entity, respectively. The merged entity was to be named GCM Grosvenor Inc.
Paya Inc Fintech Acquisition Corp III 1,045.0 Fintech Acquisition Corp III (FinTech) definitively agreed to acquire the entire share capital of Paya Inc (Paya), an Atlanta-based provider of financial transactions services, from Stewardship Technology Inc, for a total $ 1.045 bil, in a stock swap transaction. The consideration was to consist of $ 565 million cash and 48 million common shares from FinTech Acquisition Corp III Parent Corp valued at $ 480 million. Upon completion, FinTech and Paya were to own 56% and 44%, respectively in the merged entity, which was to be renamed Paya Holdings Inc.
Lordstown Motors Corp DiamondPeak Holdings Corp 783.4 DiamondPeak Holdings Corp (DiamondPeak) definitively agreed to merge with Lordstown Motors Corp (Lordstown Motors), a Lordstown-based manufacturer of light duty fleet vehicles, in exchange for $ 783.4 million in DiamondPeak's Class A common shares, in a stock swap transaction. Upon completion, DiamondPeak and Lordstown Motors shareholders were to own 21% stake and 48% stake, respectively, the remaining 30% was to be owned by General Motors Co, Fidelity Management & Research Co LLC, Wellington Management Co LLP, Federated Hermes Kaufmann Small Cap Fund and BlackRock Inc. The merged entity was to be named Lordstown Motors Corp and will be listed on NASDAQ under the symbol RIDE.
DiamondPeak Holdings Corp Investor Group 500.0 An investor group, comprised of General Motors Co, Fidelity Management & Research Co LLC, a unit of FMR LLC, Wellington Management Co LLP, Federated Hermes Kaufmann Small Cap Fund, BlackRock Inc and other undisclosed investors agreed to acquire a 58.824% interest, or 50 million Class A common shares in DiamondPeak Holdings Corp, a New York City-based blank check company, for $ 10 in cash per share, or a total value of $ 500 mil.
Jernigan Capital Inc NexPoint Advisors LP 444.2 NexPoint Advisors LP agreed to acquire the entire share capital of Jernigan Capital Inc, a Memphis-based lessor of real estate property, for $ 17.3 in cash per share, or a total $ 444.165 mil.
Trisalus Life Sciences-Sd-101 Dynavax Technologies Corp 259.0 Dynavax Technologies Corp planned to acquire SD- 101 of Trisalus Life Sciences, a Westminster-based manufacturer of pharmaceutical preparation, for an estimated $ 259 million. The consideration was to consist of $ 9 million and up to a further $ 250 million in profit-related payments.
Cremo Co Llc Edgewell Personal Care Co 235.0 Edgewell Personal Care Co definitively agreed to acquire Cremo Co LLC, a Laguna Beach-based manufacturer of toilet preparations, for $ 235 million in cash.
PelCo Corp Motorola Solutions Inc 110.0 Motorola Solutions Inc acquired PelCo Corp, a Fresno-based manufacturer of audio and video equipment, from Transom Capital Group LLC, for a total $ 110 mil.
Grupo ASSA Worldwide SA Globant SA 57.5 Globant SA of Luxembourg acquired the entire share capital of Grupo ASSA Worldwide SA, a Miami-based provider of financial investment services, for a total $ 57.5 million. The consideration was to consist of $ 45 million cash plus Up to $ 12.5 million in profit- related payments.
Ashford University University of Arizona 54.0 University of Arizona, a unit of Banner Health System, definitively agreed to acquire Ashford University, a Clinton-based college operator, from Zovio Inc, for a total $ 54 million. The consideration is to consist of $ 37.5 million cash plus up to $ 16.5 million in profit- related payments.
Window Installation Specialist Exchange Income Corp 45.0 Exchange Income Corp (EIC) of Canada acquired the entire share capital of Window Installation Specialists Inc, a Bellevue-based glass contractor, for an estimated $ 45 million. The consideration were consisted of $ 38 million in cash and issuance of EIC common shares valued at $ 7 mil.
Water Now Inc-Asts RigMax H20 LLC 30.0 RigMax H20 LLC definitively agreed to acquire assets of Water Now Inc, a Fort Worth-based owner and operator of water supply system, for a total $ 30 mil.
Hunters Way Maryland Management Co 22.8 Maryland Management Co acquired Hunters Way, a Minnetonka-based provider of land subdivision services, for a total $ 22.8 mil.
Alpha Entertainment LLC-assets Investor Group 15.0 An investor group, comprised of RedBird Capital Partners LLC, Dany Garcia and Dwayne Johnson planned to acquire assets of the bankrupt Alpha Entertainment LLC, a Stamford-based sports club, for a total $ 15 mil.
Riverfront Shoppes Prudent Growth Partners LLC 8.4 Prudent Growth Partners LLC acquired Riverfront Shoppes, a Suffolk-based lessor of nonresidential buildings, from Gee'S Group LLC, for a total $ 8.44 mil, in a leveraged buyout transaction.
Opticann Inc Heritage Cannabis Hldg Corp 8.0 Heritage Cannabis Holdings Corp (Heritage) of Canada agreed to acquire the entire share capital of Opticann Inc, a Boulder-based manufacturer of pharmaceutical preparation, for a total $ 8 mil, in a stock swap transaction. The consideration was to consist of 8 million Heritage common shares and up to a further $ 3 million in profit-related payments.
Olive Garden-Restaurant Ppty Four Corners Property Trust 5.5 Four Corners Property Trust Inc acquired a restaurant property of Olive Garden Restaurant Co, an Orlando-based full-service restaurant operator, for a total $ 5.5 mil.
Tan's Intl Sec Inc,Tan's Intl Invicta Solutions LLC 1.8 Invicta Solutions LLC (ISL), a unit of Cold Bore Capital LLC, acquired Tan's International Security Inc and Tan's International LLC, a Monterey Park-based provider of security guard and patrol services, from Helix Technologies Inc, Concurrently, ISL acquired Boss Security Solutions Inc and Security Consultants Group LLC. The two transactions had a combined value of an estimated $ 1. 75 mil.
Martin Implement Sales Inc Alta Equipment Group Inc Alta Equipment Group Inc definitively agreed to acquire Martin Implement Sales Inc, an Orland Park-based site preparation contractor. Terms of the acquisition were not disclosed.
Triumph Grp Inc-Composites Arlington Capital Partners LP Arlington Capital Partners LP definitively agreed to acquire composites business of Triumph Group Inc, a Berwyn-based manufacturer of aircraft engines and engine parts, in a leveraged buyout transaction.
Alta Vista Solutions Inc Atlas Technical Consultants Atlas Technical Consultants Inc definitively agreed to acquire Alta Vista Solutions Inc, an Oakland-based provider of building inspection services. Terms were not disclosed.
Suffolk-Soda distibution Brenntag AG Brenntag AG of Germany acquired soda distribution business of Suffolk Sales & Service Corp, a Suffolk-based manufacturer of organic chemicals. The terms of the transactions were not disclosed.
CoNexus CPA Group LLC Cherry Bekaert LLP Cherry Bekaert LLP acquired CoNexus CPA Group LLC, an Atlanta-based certified public accountant's office.
Balasa Dinverno Foltz LLC CI Financial Corp CI Financial Corp of Canada agreed to acquire the entire share capital of Balasa Dinverno Foltz LLC, provider of wealth management services. Terms were not disclosed.
Gardens Family Practice PA ClareMedica Health Partners ClareMedica Health Partners LLC (ClareMedica Health Partners), a unit of Beecken Petty O'Keefe & Co LLC, acquired Gardens Family Practice PA, a Palm Beach Gardens-based provider of medical care services. Concurrently, ClareMedica Health Partners acquired Todd K. Rosenthal MD LLC.
Todd K. Rosenthal MD LLC ClareMedica Health Partners ClareMedica Health Partners LLC (ClareMedica Health Partners), a unit of Beecken Petty O'Keefe & Co LLC, acquired Todd K. Rosenthal MD LLC, a Tampa-based provider of primary care services. Concurrently, ClareMedica Health Partners acquired Gardens Family Practice PA.
Long Island Veterinary Compassion-First Pet Hospitals Compassion-First Pet Hospitals acquired Long Island Veterinary Specialists, a Plainview-based provider of veterinary services. Terms of the transaction were not disclosed.
Providus Advisors LLC EP Wealth Advisors LLC EP Wealth Advisors LLC acquired Providus Advisors LLC, a Chandler-based provider of investment management services. Terms were not disclosed.
Braintrust Holdings LLC Everwatch Corp Everwatch Corp acquired Braintrust Holdings LLC, an Annapolis Junction-based provider of computer related services.
Brake Parts Inc LLC First Brands Group LLC First Brands Group LLC (First Brands), a unit of Crowne Group LLC, acquired Brake Parts Inc LLC, a Mchenry-based manufacturer of engine parts. Concurrently, First Groups acquired Champion Laboratories Inc.
Champion Laboratories Inc First Brands Group LLC First Brands Group LLC (First Brands), a unit of Crowne Group LLC, acquired Champion Laboratories Inc, a Wilmington-based manufacturer of air purification equipment. Concurrently, First Brands acquired Brake Parts Inc LLC
Blaw-Knox Constr Equip Corp Gencor Industries Inc Gencor Industries Inc agreed to acquire Blaw-Knox Construction Equipment Corp, a Lovington-based manufacturer of construction machinery, from Volvo Construction Equipment AB, ultimately owned by Volvo AB.
Triumph Group Inc-G650 Program Gulfstream Aerospace Corp Gulfstream Aerospace Corp, a unit of General Dynamics Corp, planned to acquire g650 program of Triumph Group Inc, a Berwyn-based manufacturer of aircraft engines and engine parts. Terms of the deal were not disclosed.
Nightowl Global Inc Haystackid LLC HayStackID LLC merged with Nightowl Global Inc, a Minneapolis-based provider of data processing and hosting services. Terms were not disclosed.
LawToolBox.com Inc InfoTrack Pty Ltd InfoTrack Pty Ltd of Australia acquired an undisclosed majority interest in LawToolBox.com Inc, a Denver-based provider of legal services.
Kansas City Southern Investor Group An investor group, comprised of Blackstone Infrastructure Partners LP and Global Infrastructure Partners LLC, jointly owned by GE Infrastructure Inc and Credit Suisse Group AG was rumored to be planning to acquire the entire share capital of Kansas City Southern, an owner and operator of domestic and international rail lines. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $ 20 bil.
Boss Sec Solutions,Sec Consult Invicta Solutions LLC Invicta Solutions LLC (ISL), a unit of Cold Bore Capital LLC, acquired Boss Security Solutions Inc and Security Consultants Group LLC, a Greenwood Village-based provider of security guard and patrol services, from Helix Technologies Inc. Concurrently, ISL acquired Tan's International Security Inc and Tan's International LLC. The two transactions had a combined value of an estimated $ 1.75 mil.
First Class Packaging Inc Larson Packaging Co LLC Larson Packaging Co LLC acquired First Class Packaging Inc, an El Cajon-based wholesaler of industrial packaging supplies.
BlueStar Global Investors LLC MV Index Solutions GmbH MV Index Solutions GmbH of Germany acquired BlueStar Global Investors LLC, a New York City-based investment advisor.
Rose & Kiernan Inc NFP Corp NFP Corp, a unit of Madison Dearborn Partners LLC, acquired Rose & Kiernan Inc, an East Greenbush-based insurance agency.
Inland Plywood Co Patrick Industries Inc Patrick Industries Inc acquired Inland Plywood Co, a Pontiac-based manufacturer of hardwood veneer and plywood.
Marsh Industries Inc PolyVision Corp PolyVision Corp, a unit of Industrial Opportunity Partners LLC, acquired Marsh Industries Inc, a New Philadelphia-based manufacturer of visual display board.
Rafarma Pharmaceuticals Inc R. & D. Biocogency Labs Inc R. & D. Biocogency Laboratories Inc Ltd of Cyprus agreed to acquire an undisclosed majority interest in Rafarma Pharmaceuticals Inc, a Sheridan-based manufacturer of pharmaceutical preparation.
Bausch & Lomb Inc Shareholders Bausch Health Cos Inc planned to spin off Bausch & Lomb Inc, a Rochester-based optical goods retailer, to its shareholders.
McGuire Real Estate Sotheby's Intl Rlty Inc Sotheby's International Realty Inc, a unit of NRT LLC, acquired McGuire Real Estate, a San Francisco-based real estate agency.
Shafer Services Plus Steve's Plumbing Co Steve's Plumbing Co merged with Shafer Services Plus, a San Antonio-based plumbing, heating and air- conditioning contractor.
Ocean Pac Primary Care Titanium Healthcare Inc Titanium Healthcare Inc, a unit of Titan Partners LLC, agreed to acquire Ocean Pacific Primary Care, a Cypress-based hospital operator.
Simply Natural Foods Llc TruFood Mfg Inc TruFood Mfg Inc, a unit of AUA Private Equity Partners LLC, acquired Simply Natural Foods LLC, a Commack-based manufacturer of chocolate and confectionery.
Colburn Group USI Insurance Services LLC USI Insurance Services LLC acquired Colburn Group, a Troy-based insurance agency. Terms of the transaction were not disclosed.