Weekly wrap: Ally Financial, Franklin Resources, Morgan Stanley

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Target Acquirer Value ($millions) Synopsis
E*TRADE Financial Corp Morgan Stanley 13,026.2 Morgan Stanley (MS) definitively agreed to merge with E*TRADE Financial Corp (E*TRADE), an Arlington-based provider of financial and online securities brokerage services, in a stock swap transaction valued at $13. 026 billion. MS offered 1.0432 common share per E*TRADE. Based on MS' closing stock price of $56.31 on 19 February 2020, the last full trading day prior to the announcement, each E*TRADE share was valued at $58. 743. Originally, in June 2017, E*TRADE was rumored to be seeking a buyer for its entire share capital.
Legg Mason Inc Franklin Resources Inc 6,592.5 Franklin Resources Inc (Franklin) definitively agreed to merge with Legg Mason Inc (Legg), a Baltimore-based provider of asset management and related financial services, for $50 in cash per share, or a total value of an estimated $6.592 bil, including the assumption of an estimated $2 billion in liabilities. Originally, in February 2019, Franklin was rumored to be planning to acquire the entire share capital of Legg.
CardWorks Inc Ally Financial Inc 2,647.6 Ally Financial Inc (Ally) definitively agreed to acquire CardWorks Inc, a Woodbury-based provider of consumer lending services, for an estimated $2.648 billion. The consideration was to consist of $1.35 billion in cash and the issuance of 39.5 million in Ally's common share valued at $1.298 billion. The shares were valued based on Ally's closing stock price of $32.85 on 14 February 2020, the last full trading day prior to the announcement.
RSA Security Inc RSA Security Inc SPV 2,075.0 RSA Security Inc SPV, a special purpose acquisition vehicle formed by Symphony Technology Group Inc, Ontario Teachers' Pension Plan and AlpInvest Partners NV, definitively agreed to acquire RSA Security Inc (RSA) , a Bedford-based software publisher, from EMC Corp, owned by Dell Inc (Dell), for an estimated $2.075 billion in cash, in a leveraged buyout transaction. Originally, in November 2019, Dell was rumored to be seeking a buyer for RSA.
Performance Team Llc AP Moller-Maersk A/S 545.0 AP Moller-Maersk A/S of Denmark, a unit of AP Moller Holding A/S, agreed to acquire Performance Team LLC, an El Segundo-based provider of warehousing and storage services, for a total $545 mil.
Saber Interactive Inc-Core Embracer Group AB 525.0 Embracer Group AB of Sweden agreed to acquire core assets of Saber Interactive Inc, a Maplewood-based reproducer of software, for a total $525 million. The consideration was to consist of $100 million in cash, 6.210 million common B shares values at $50 mil, and up to $375 million in profit-related payments.
Victoria's Secret Stores Brand Sycamore Partners LLC 525.0 Sycamore Partners LLC (SPL) planned to acquire a 55% interest in Victoria's Secret Stores Brand Management Inc (VS), a Columbus-based manufacturer of apparels, from L Brands Inc (LBI), for an estimated $525 mil, in a leveraged buyout transaction. Originally, in January 2020, SPL was rumored to be planning to acquire VS, from LBI.
Adesto Technologies Corp Dialog Semiconductor PLC 408.1 Dialog Semiconductor PLC of Germany definitively agreed to acquire the entire share capital of Adesto Technologies Corp, a Santa Clara-based manufacturer of semiconductors and related device, for $12.55 in cash per share, or a total value of $408.071 mil.
PersonalizationMall.com Inc 800-Flowers Inc 252.0 800-Flowers Inc, a unit of 1-800-Flowers.com Inc, definitively agreed to acquire the entire share capital of PersonalizationMall.com Inc, a Burr Ridge-based provider of ecommerce retail services, from Bed Bath & Beyond Inc, for a total $252 mil.
Empire Packing Co LP-Case JBS USA Holdings Inc 238.0 JBS USA Holdings Inc, a unit of JBS SA, planned to acquire Case Ready & Ledbetter Brand of Empire Packing Co LP, a Memphis-based provider of packaging and labeling services, for a total $238 mil.
Radius Bancorp Inc LendingClub Corp 188.3 LendingClub Corp (LC) definitively agreed to merge with Radius Bancorp Inc, a Boston-based savings institution, for an estimated $188.284 million. The consideration was to consist of $138.75 million in cash and the issuance of 3.761 million common shares valued at $49.534 million. The shares were valued based on LC's closing stock price of $13.17 on 14 February 2020, the last full trading day prior to the announcement.
Commerce Finl Hldg Inc Nicolet Bankshares Inc 129.6 Nicolet Bankshares Inc definitively agreed to acquire the entire share capital of Commerce Financial Holdings Inc, a West Bend-based commercial bank, for a total $129.6 mil.
Dolce Villagio Townhomes,AZ Bascom Arizona Ventures LLC 11.5 Bascom Arizona Ventures LLC, jointly owned by Bascom Group LLC and Multifamily Advisors LLC, acquired Dolce Villagio Townhomes, a Tempe-based lessor of residential buildings and dwellings, for a total $11.5 mil.
Fusion Pkg I LP AptarGroup Inc AptarGroup Inc agreed to acquire Fusion Packaging I LP, a Dallas-based nondurable goods merchant wholesaler.
Coastal Corrugated Inc Atlantic Corp Atlantic Corp acquired Coastal Corrugated Inc, a Charleston-based provider of packaging and labeling services.
Harbor Platform Inc BitGo Inc BitGo Inc acquired Harbor Platform Inc, a San Francisco-based software publisher. The terms of the deal were not disclosed.
Premier Processing Llc Cadence Aerospace LLC Cadence Aerospace LLC, a unit of Arlington Capital Partners LP, acquired Premier Processing LLC, a Southfield-based provider of consumer lending services.
Barton Creek Senior Living CareTrust REIT Inc CareTrust REIT Inc acquired Barton Creek Senior Living, a Bountiful-based elderly home operator.
Wilcox Paper LLC Cntrl Natl Gottesman-Lindenmey Central National Gottesman Inc-Lindenmeyr Publications Group, a unit of Central National Gottesman Inc, acquired Wilcox Paper LLC, a Champlin-based manufacturer of paper industry machinery.
Growers Holdings Inc Icl Israel Chem Ltd Icl Israel Chemicals Ltd of Israel acquired Growers Holdings Inc, a Durham-based provider of farm data analytics services. Terms were not disclosed.
Broadway Technology LLC Investor Group An investor group, comprised of ION Investment Group Ltd and Long Ridge Equity Partners LLC planned to acquire an undisclosed majority interest in Broadway Technology LLC, a New York-based software publisher.
Akoya LLC Investor Group An investor group, comprised of Bank of America Corp, Capital One Financial Corp, Citigroup Inc, KeyBank NA,Cleveland,Ohio, a unit of KeyCorp,Cleveland,Ohio, PNC Financial Services Group Inc, US Bancorp,Minneapolis, Minnesota, Wells Fargo & Co, Clearing House Payments Co LLC, a unit of Financial Services Roundtable, TD Bank NA, a unit of Toronto- Dominion Bank, Huntington Bancshares Inc,Columbus,Ohio, JPMorgan Chase & Co and Truist Financial Corp acquired an undisclosed majority interest in Akoya LLC, a Boston-based provider of data processing and hosting services, from Fidelity Investments, ultimately owned by FMR LLC.
Aurora City Place Prep Ppty Grp Inc PREP Property Group Inc acquired Aurora City Place, an Aurora-based lessor of nonresidential buildings.
I Technical Services LLC Prime Technological Services Prime Technological Services LLC acquired I Technical Services LLC, an Alpharetta-based manufacturer of printed circuit boards, electronics assemblies and electrical and electronic products.
Bath & Body Works Direct Inc Shareholders L Brands Inc planned to spin off Bath & Body Works Direct Inc, a Reynoldsburg-based manufacturer of toilet preparations, to its shareholders.
TRAC Intermodal Corp Stonepeak Infrastructure Stonepeak Infrastructure Partners LP definitively agreed to acquire TRAC Intermodal Corp, a Princeton-based provider of machinery and equipment rental and leasing services, from Fortress Investment Group LLC, ultimately owned by Softbank Group Corp, in a leveraged buyout transaction.
Len The Plumber Inc Thompson Street Capital Part Thompson Street Capital Partners LP acquired Len The Plumber Inc, a Baltimore-based plumbing, heating and air-conditioning contractor, in a leveraged buyout transaction. Terms were not disclosed.
Freestyle Marketing LLC Touchstone Merchandise Grp Touchstone Merchandise Group LLC acquired Freestyle Marketing LLC, a Scottsdale-based provider of marketing consulting services. Terms were not disclosed.
US M&A Deals Announced February 14 to 20, 2020