US M&A Deals Announced February 07 to 13, 2020
TargetAcquirerValue ($millions)Synopsis
Taubman Centers IncSimon Property Group LP3,233.6Simon Property Group LP (Simon), a unit of Simon Property Group Inc, definitively agreed to acquire the entire share capital of Taubman Centers Inc, a Bloomfield Hills-based lessor of real estate property, for $ 52.5 in cash per share, or a total value of $ 3.234 billion. Concurrently, Simon definitively agreed to acquire a 10% stake in Taubman Realty Group LP from Taubman Family.
FGL HoldingsFidelity National Financial2,843.0Fidelity National Financial Inc (FNF) definitively agreed to acquire the remaining 92.382% interest, or 204.911 million common shares, which it did not already own, in FGL Holdings (FG), a Des Moines-based insurance holding company, for a total $ 2. 843 billion. The consideration was to consist of a choice of $ 12.5 in cash per share or 0.2558 common share per FG share, subject to proration whereby 60% of the total consideration was to be paid in cash and the remaining 40% in common shares. The shares were valued based on FNF’s closing stock price of $ 49. 04 on 6 February 2020, the last full trading day prior to the announcement. Upon completion, FNF and FG shareholders were to own 93% interest and 7% stake in the merged entity, respectively. Originally, FNF was rumored to be planning to acquire the entire share capital of FG.
PF2 SpinCo IncChange Healthcare Inc2,837.0Change Healthcare Inc (Change) agreed to merge with PF2 SpinCo Inc (SpinCo), an Irving-based provider of data processing and hosting services, from McKesson Corp, in exchange for 175.995 million in Change common shares valued at $ 2.837 bil, in a stock swap reverse takeover transaction. The shares were valued based on Change’s closing stock price of $ 16. 12 on 7 February 2020, the last full trading day prior to the transaction. Upon completion, Change and SpinCo were to own 49% and 51% respectively, in the merged entity. The transaction is tax exempt under IRC s368.
Stericycle Inc-Env BusinessHarsco Corp462.5Harsco Corp agreed to acquire domestic environmental solutions business of Stericycle Inc, a Lake Forest-based provider of solid waste collection services, for an estimated $ 462.5 million in cash.
DocuTech LLCFirst American Title Ins Co350.0First American Title Insurance Co, a unit of First American Corp, agreed to acquire DocuTech LLC, an Idaho Falls-based software publisher, for a total $ 350 mil.
SCA Performance IncFox Factory Inc341.0Fox Factory Inc, a unit of Fox Factory Holding Corp, agreed to acquire the entire share capital of SCA Performance Inc, a Trussville-based manufacturer of industrial load moving machinery, from Kinderhook Industries LLC, for $ 341 mil.
American Steamship CoRand Logistics Inc260.0Rand Logistics Inc, a unit of American Industrial Partners LP, agreed to acquire the entire share capital of American Steamship Co, a Williamsville-based provider of water freight transportation services, from GATX Corp, for a total $ 260 mil.
Park Tower,CAPrime US REIT165.5Prime US REIT of Singapore, a unit of KBS US Prime Property Management Pte Ltd, agreed to acquire Park Tower, a Sacramento-based lessor of nonresidential buildings, from GV/HI Park Tower Owner LLC, for a total $ 165.5 mil.
Char Software IncUpland Software Inc67.7Upland Software Inc acquired Char Software Inc, a Boston-based software publisher, for a total $ 67. 7 million in cash.
Prive RevauxSafilo Group SpA67.5Safilo Group SpA of Italy acquired a 61.34% interest in Prive Goods LLC, a Miami-based optical goods retailer, from TSG Consumer Partners LLC, for a total $ 67.5 mil, in a privately negotiated transaction.
Mobile Posse IncDigital Turbine Inc66.0Digital Turbine Inc defintively agreed to acquire Mobile Posse Inc, a Mc Lean-based software publisher, for a total $ 66 million. The consideration was to consist of $ 41.5 million cash plus up to $ 24.5 million in profit- related payments. Upon completion, Mobile Posse will become known as Digital Turbine.
Fountainhead Corporate Park,AZJones Lang LaSalle Income61.5Jones Lang LaSalle Income Property Trust Inc acquired Fountainhead Corporate Park, a Tempe-based lessor of nonresidential buildings, for a total $ 61. 5 mil.
Ventanex LtdRepay Hldg Corp50.0Repay Holdings Corp planned to acquire Ventanex Ltd, a San Antonio-based provider of financial transactions services, for a total $ 50 mil.
Starin Marketing IncMidwich Group PLC46.1Midwich Group PLC of the UK acquired Starin Marketing Inc, a Chesterton-based provider of marketing consulting services, for a total $ 46.1 million. The consideration consisted of $ 27.1 million cash plus $ 19 million debt.
Qumu CorpSynacor Inc33.4Synacor Inc (Synacor) agreed to merge with Qumu Corp (Qumu), a Minneapolis-based manufacturer of recording media, for a total $ 33.386 mil, in a stock swap transaction. Synacor offered 1.61 common share for every Qumu share held. Based on Synacor’s closing stock price of $ 1.53 on 10 February 2020, the last full trading day prior to the announcement, each Qumu share was valued at $ 2.463. Upon completion, Synacor and Qumu were to hold 64.4% and 35.6% in the merged entity, respectively.
Valeritas Holdings-BusinessZealand Pharma A/S23.0Zealand Pharma A/S of Denmark agreed to acquire business of the bankrupt Valeritas Holdings Inc, a Bridgewater-based medical equipment and supplies merchant wholesaler, for a total $ 23 million in cash.
Edon Bancorp Inc,Edon,OHSB Financial Group Inc15.5SB Financial Group Inc definitively agreed to merge with Edon Bancorp Inc, an Edon-based commercial bank, for $ 103.50 in cash per share, or an estimated $ 15. 5 mil.
Evans & Sutherland ComputerElevate Entertainment Inc14.4Elevate Entertainment Inc, a unit of Mirasol Capital LLC, definitively agreed to merge with Evans & Sutherland Computer Corp (ES), a Salt Lake City-based manufacturer of visual display systems, for $ 1.19 in cash per share, or a total value of $ 14.428 mil, via tender offer. The offer was conditional upon at least 51. 1% of ES’ common shares being tendered.
Harmony Products LLCAbacus Wellness Inc5.5Abacus Wellness Inc of Canada, a unit of Abacus Health Products Inc, acquired Harmony Products LLC, a West Valley City-based drugs merchant wholesaler, for a total $ 5.501 mil.
React Presents LLCLiveXLive Media Inc2.0LiveXLive Media Inc acquired React Presents LLC, a Los Angeles-based event promoter, for a total $ 2 mil.
Zingfit LLCAdvent International CorpAdvent International Corp acquired Zingfit LLC, a Louisville-based reproducer of software, in a leveraged buyout transaction.
Headlights 101 IncAll Star Auto LightsAll Star Auto Lights, a unit of Atlantic Street Capital Management LLC, acquired Headlights 101 Inc, a Fayetteville-based manufacturer of vehicular lighting equipment.
Oilfield Basics LlcAmer Energy Partners IncAmerican Energy Partners Inc definitively agreed to acquire the entire share capital of Oilfield Basics LLC, a Marietta-based trade school operator, in a stock swap transaction.
Annaly Management Co LLCAnnaly Capital Management IncAnnaly Capital Management Inc definitively agreed to acquire the entire share capital of Annaly Management Co LLC, a New York-based real estate agency, for a nominal consideration, for a nominal consideration of $ 1 per share.
Cadence Education IncApax Partners LLPApax Partners LLP of the UK agreed to acquire Cadence Education Inc, a Scottsdale-based school operator, from Morgan Stanley Global Private Equity, ultimately owned by Morgan Stanley, in a leveraged buyout transaction. Financial terms of the transaction were not disclosed.
rDialogue IncBond Brand Loyalty IncBond Brand Loyalty Inc of Canada acquired rDialogue Inc, an Atlanta-based advertising agency.
Media ServicesCast & Crew Ent Svcs LLCCast & Crew Entertainment Services LLC, a unit of EQT VIII, planned to acquire Media Services, a Los Angeles-based provides record payroll services. Terms were not disclosed.
Dynamic Internet Solution LLCColyar Tech Solutions LLCColyar Technology Solutions LLC, a unit of Castle Harlan Inc, acquired Dynamic Internet Solution LLC, a Glendale-based wired telecommunications carrier. Terms were not disclosed.
Coml Laundry Equip Co IncEVI Industries IncEVI Industries Inc definitively agreed to acquire the entire share capital of Commercial Laundry Equipment Co Inc, a Richmond-based service establishment equipment and supplies merchant wholesaler. Terms were not disclosed.
Highwater Wealth Mgmt LlcFrontier Wealth Mgmt LlcFrontier Wealth Management LLC acquired Highwater Wealth Management LLC, a Glendale-based portfolio manager.
Outbox Systems IncInfosys LtdInfosys Ltd of India definitively agreed to acquire Outbox Systems Inc, a Salt Lake City-based internet service provider.
WBT LLCnVent Electric PLCnVent Electric PLC acquired the entire share capital of WBT LLC, a Centralia-based electrical contractor.
First Pac Advisors LLC-IntlPolar Capital Partners LtdPolar Capital Partners Ltd of the UK planned to acquire international value & world value strategies of First Pacific Advisors LLC, a Los Angeles-based portfolio manager, ultimately owned by Angeles Corp.
Trident Beverage IncRonnoco Coffee LLCRonnoco Coffee LLC, a unit of Huron Capital Partners LLC, acquired Trident Beverage Inc, a Houston-based food service contractor.
Evergage IncSalesforce.com IncSalesforce.com Inc acquired Evergage Inc, a Somerville-based software publisher.
West Dermatology CoSun Capital Partners IncSun Capital Partners Inc acquired West Dermatology Co, an Irvine-based owner and operator of dermatology clinics, from Cosmetic Laser Dermatology, in a leveraged buyout transaction. Terms were not disclosed.
Zen Cloud Tech IncTenPearls LLCTenPearls LLC acquired Zen Cloud Technologies Inc, a Burlingame-based provider of computer systems design services.
Compex Legal Services IncWindjammer Capital Invs LlcWindjammer Capital Investors LLC acquired Compex Legal Services Inc (CLS), a Torrance-based provider of data processing and hosting services, from Waud Capital Partners LLC (WCP), in a secondary buyout transaction. Originally, WCP acquired CLS in a primary buyout transaction.