US M&A Deals Announced October 09 to October 22, 2020
TargetAcquirerValue ($millions)Synopsis
Concho Resources IncConocoPhillips9,678.7ConocoPhillips definitively agreed to merge with Concho Resources Inc, a Midland-based is an oil and gas exploration and production company, for a total value of $9.679 bil, in a stock swap transaction. Conoco offered 1.46 Conoco common shares for each Concho share held. Based on Conoco’s closing stock price of $33.77 on 16 October 2020, the last full trading day prior to the announcement, each Conoco share was valued at $49.304. Upon completion, Conoco and Concho shareholders were to own a 79% interest and 21% stake in the merged entity. Originally, in October 2020, Conoco was rumored to be acquiring the entire share capital of Concho.
Intel-Nand Memory & StorageSK Hynix Inc9,000.0SK Hynix Inc of South Korea agreed to acquire NAND Memory & Storage Business of Intel Corp, a Santa Clara-based manufacturer of semiconductors and related devices. Concurrently, SK Hynix Inc agreed to acquire Dalian NAND Memory Manufacturing Facility of Intel Corp. The two transactions were to have a combined value of $9 billion. Originally, SK Hynix Inc was rumored to was rumored to be planning to acquire NAND memory chip business of Intel Corp.
Parsley Energy IncPioneer Natural Resources Co4,539.6Pioneer Natural Resources Co (Pioneer) definitively agreed to merge with Parsley Energy Inc (Parsley), an Austin-based producer of crude petroleum and natural gas, from Quantum Energy Partners LLC, in a stock swap transaction valued at $4.54 billion. Pioneer offered 0.1252 common share for every Parsley common share. Based on Pioneer’s closing stock price of $87. 05 on 19 October 2020, the last full trading day prior to the announcement, each Parsley share was valued at $10.899. Originally, in October 2020, Pioneer was rumored to be planning to acquire the entire share capital of Parsley. Upon completion, Pioneer and Parsley shareholders were to own 76% interest and 24% stake in the combined entity, respectively.
PNM Resources IncAvangrid Inc4,006.6Avangrid Inc, a unit of Iberdrola SA, agreed to merge with PNM Resources Inc, an Albaquerque-based energy holding company, for $50.3 in cash per share, or a total value of $4.007 billion. Originally, in October 2020, Avangrid was rumored to be merging with PNM.
CIT Group IncFirst Citizens Bancorp SC2,156.6First Citizens Bancshares Inc (FCNCA) definitively agreed to merge with CIT Group Inc (CIT), a Livingston-based commercial bank, in a stock swap transaction, valued at $2.157 billion. FCNCA offered 0.062 class A common shares per CIT common share. Based on FCNCA’s closing stock price of $353.32 on 15 October 2020, the last full trading day prior to the announcement, each CIT share was valued at $21.906. Upon completion, FCNCA and CIT were to hold 61% and 39% in the merged entity, respectively.
Nuvation Bio IncPanacea Acquisition Corp1,500.0Panacea Acquisition Corp definitively agreed to merge with Nuvation Bio Inc, a New York City-based manufacturer of pharmaceutical preparation, for a total $1.5 bil, in a stock swap transaction. Upon completion, the merged entity was to be named Nuvation Bio Inc.
Factor Systems IncSouth Mountain Merger Corp1,189.5South Mountain Merger Corp (SMMC) definitively agreed to merge with Factor Systems Inc (Billtrust), a Lawrenceville-based financial technology company, from Bain Capital LP and other shareholders, for a total $1.19 bil, in a stock swap reverse takeover transaction. The consideration was to consist of $178 million in cash, $1.012 billion in common shares, and an undisclosed amount in profit-related payments. Upon completion, SMMC and Billtrust shareholders were to own 17% stake and 68% interest in the merged entity, respectively, and the remaining 15% stake were to own by other investors. The merged entity was to be named BTRS Holdings Inc.
Carlotz IncAcamar Partners Acquisition728.0Acamar Partners Acquisition Corp agreed to merge with Carlotz Inc, a Midlothian-based new car dealer, for a total $727. 974 million , in a stock swap transaction. The transaction was to consists of $33 million in cash and issuance of 68. 001 million in common A shares valued at $694.974 million . The shares were valued based on Acamar’s closing stock price of $10.22 on 21 October 2020, the last full trading day prior to the announcement.
BioSpecifics Technologies CorpEndo International PLC700.2Endo International PLC agreed to acquire the entire share capital of BioSpecifics Technologies Corp (BioSpecifics), a Wilmington-based biopharmaceutical company, for $88.5 in cash per share, or a total $700. 158 million . The offer was conditioned upon at least majority of shares being tendered.
Crescent Capital Group LPSun Life Financial Inc676.0Sun Life Financial Inc of Canada planned to acquire a 51% interest in Crescent Capital Group LP, a Los Angeles-based credit investment management company, for a total $676 million . The consideration was to consist of $614 million in cash and up to a further $62 million in profit-related payments.
NutriSystem IncKainos Capital LP575.0Kainos Capital LP, a unit of the Canadian state- owned Canada Pension Plan Investment Board, definitively agreed to acquire the entire share capital of NutriSystem Inc, a Fort Washington-based provider of weight management services, from Tivity Health Inc, for an estimated value of $575 million in cash, in a leveraged buyout transaction.
128 Technology IncJuniper Networks Inc450.0Juniper Networks Inc agreed to acquire 128 Technology Inc, a Burlington-based provider of computer systems design services, for an estimated $450 million in cash and the assumption of outstanding equity awards.
Cree Inc-LED Business UnitSMART Global Holdings Inc300.0SMART Global Holdings Inc definitively agreed to acquire led business unit of Cree Inc, a Durham-based manufacturer of semiconductors and related device, for a total $300 million . The consideration was to consists of $50 million in cash, $125 million in notes and up to $125 million in profit-related payments.
Riley Exploration Permian LLCTengasco Inc197.1Tengasco Inc (Tengasco) definitively agreed to merge with Riley Exploration Permian LLC (Riley), a Blanchard-based producer of crude petroleum and natural gas, for a total $197.113 million , in a stock swap reverse takeover transaction. The consideration was to consist of the issuance of 203 million Tengasco common shares. The shares were valued based on Tengasco’s closing stock price of $0.971 on 20 October 2020, the last full trading day prior to the announcement. Upon completion, the merged entity was to be renamed Riley Exploration Permian Inc (Riley Merged) and Tengasco and Riley were to own a 5% stake and a 95% interest, respectively, in Riley Merged.
BrightFarms IncInvestor Group100.0An investor group, comprised of Catalyst Investors LP and Cox Enterprises Inc acquired an undisclosed majority interest in BrightFarms Inc, an Irvington-based floriculture production establishment, for a total $100 million .
JZ Capital Partners Ltd-CertJZHL Secondary Fund LP90.0JZHL Secondary Fund LP planned to acquire certain US microcap portfolio companies of JZ Capital Partners Ltd, a London-based financial sponsor, for an estimated $90 million .
Fat Brain Holdings LLCTOMY International Inc41.0TOMY International Inc, a unit of TOMY Co Ltd, acquired the entire share capital of Fat Brain Holdings LLC, an Elkhorn-based hobby and toy retailer, from Winona FB LLC (60%), FB HoldCo LLC (30.5%) and FBTC HoldCo LLC (9.5%), for a total $41 million .
Orlando Intl Business CenterTerraCap Management LLC24.0TerraCap Management LLC acquired Orlando International Business Center, an Orlando-based lessor of nonresidential buildings, for a total $24 million .
Cytocom IncCleveland Biolabs Inc18.1Cleveland Biolabs Inc (Cleveland) definitively agreed to merge with Cytocom Inc (Cytocom), a Winter Park-based manufacturer of biological products, for a total $18.103 million , in a stock swap reverse takeover transaction. Upon completion, Cleveland and Cytocom shareholders were to own 39% stake and 61% interest in the merged entity, respectively.
PSI Holding Group IncService Express Inc15.0Service Express Inc, a unit of Harvest Partners LP, agreed to acquire the entire share capital of PSI Holding Group Inc, a Westborough-based software publisher, from Zensar Technologies Inc USA, ultimately owned by Zensar Technologies Ltd, for a total $15 million . The consideration was to consist of $10 million cash and up to $5 million in profit-related payments.
Jerome Golden CenterSunview Medical Center11.0Sunview Medical Center acquired Jerome Golden Center, a West Palm Beach-based outpatient care center operator, for a total $11 million .
MedOfficeDirect LLCHealthlynked Corp6.0HealthLynked Corp acquired MedOfficeDirect LLC, a Naples-based medical equipment and supplies merchant wholesaler, for a total $6 million . The consideration was to consists of $0.7 million in cash, $2.7 million in HealthLynked Corp common shares, and $2.6 million in profit-related payments.
FGW Haight IncHarborside Inc4.4Harborside Inc of Canada definitively agreed to acquire a 50.1% interest in FGW Haight Inc, a San Francisco-based retailer, for a total $4.35 million , in a stock swap transaction. The transaction was to consist of $3.08 million in common shares and $1.265 million convertible notes.
Stadco Acquisition LLCTechPrecision Corp1.2TechPrecision Corp definitively agreed to acquire the entire share capital of Stadco Acquisition LLC, a Los Angeles-based manufacturer of precision turned products, for a total $1.19 million , in a stock swap transaction. The consideration consisted of the issuance of 1 million TechPrecision common shares. The shares were valued based on TechPrecision’s closing stock price of $1.19 on 19 October 2020, the last full trading day prior to the announcement.
Allworth Financial LPAllworth Financial LP SPVAllworth Financial LP SPV of Canada, formed by Lightyear Capital LLC and Ontario Teachers’ Pension Plan Board, agreed to acquire Allworth Financial LP (Allworth), a Sacramento-based portfolio manager, from Parthenon Capital Partners LLC (Parthenon), in a secondary buyout transaction. Originally, Parthenon acquired Allworth, in a primary buyout transaction. Terms were not disclosed.
BVPV Styrenics LLCAlpek SAB de CVAlpek SAB de CV of Mexico, a unit of Alfa SAB de CV, agreed to acquire BVPV Styrenics LLC, a Monaca-based manufacturer of plastics materials, from Nova Chemicals Corp, ultimately owned by the Emirati state- owned International Petroleum Investment Co PJSC. Terms of the transaction were not disclosed.
Trask Towers,OHBaceline Investments LLCBaceline Investments LLC (Baseline) acquired Trask Towers, a Mentor-based lessor of nonresidential buildings, from Goodman Real Estate Services Group LLC. The financial terms of the transaction were not disclosed. Concurrently, Baseline acquired Hanson Commons and Foxmoor Crossing Shopping Center.
Foxmoor Crossing Shopping CtrBaceline Investments LLCBaceline Investments LLC (Baceline) acquired Foxmoor Crossing Shopping Center, a Chicago-based lessor of nonresidential buildings. The financial terms of the transaction were not disclosed. Concurrently, Baceline acquired Hanson Commons and Trask Towers.
Hanson Commons IBaceline Investments LLCBaceline Investments LLC (Baceline) acquired Hanson Commons I, an Andover-based lessor of nonresidential buildings. The financial terms of the transaction were not disclosed. Concurrently, Baceline acquired Trask Towers and Foxmoor Crossing Shopping Center.
Woodstream CorpBansk Grp LlcBansk Group LLC definitively agreed to acquire Woodstream Corp, a Lancaster-based manufacturer and wholesaler of rodent control products, from Vestar Capital Partners Inc. Terms of the transaction were not disclosed.
Paradise-Industrial Bldgs(6)Brennan Investment Group LLCBrennan Investment Group LLC acquired 6 surplus industrial buildings of Paradise Inc, a Plant City-based manufacturer of canned fruits and vegetables.
International Flora TechCargill IncCargill Inc agreed to acquire International Flora Technologies Ltd, a Chandler-based manufacturer of chemical products.
Bids Trading LpCboe Global Markets IncCboe Global Markets Inc (CBOE) definitively agreed to acquire Bids Trading LP (BTL), exchange operator. The financial terms of the transaction were not disclosed. Originally, On February 2019, CBOE was rumored to be planning to acquire BTL.
AECOM-Power Construction DivCriticalPoint Capital LLCCriticalPoint Capital LLC, a unit of CriticalPoint Partners LLC, acquired power construction division of AECOM, a Los Angeles-based provider of engineering services, in a leveraged buyout transaction.
The Growth PartnershipEngineered Tax Svcs IncEngineered Tax Services Inc (ETS) acquired The Growth Partnership, a St. Louis-based provider of administrative management and general management consulting services. Concurrently, ETS acquired Ability Resource Inc. Terms were not disclosed.
Ability Resource IncEngineered Tax Svcs IncEngineered Tax Services Inc (ETS) acquired Ability Resource Inc, a St. Louis-based software publisher. Concurrently, ETS acquired The Growth Partnership. Terms were not disclosed.
TruValue Labs IncFactSet Research Systems IncFactSet Research Systems Inc definitively agreed to acquire TruValue Labs Inc, a San Francisco-based software publisher.
Freeport Energy Center,TXFengate Capital Management LtdFengate Capital Management Ltd of Canada, a unit of Fengate Corp, acquired Freeport Energy Center, a Freeport-based provider of facilities support services, from Calpine Corp, owned by Calpine Corp SPV. The financial terms of the transaction were not disclosed.
Clarity Telecom LLCGI Partners LLPGI Partners LLP agreed to acquire Clarity Telecom LLC, a Sikeston-based provider of communication services, from Oak Hill Capital Partners LP and Pamlico Capital LLC, in a leveraged buyout transaction.
St Croix Hospice LLCHIG Capital LLCHIG Capital LLC, a unit of HIG Capital Partners LP, definitively agreed to acquire St Croix Hospice LLC, an Oakdale-based provider of home health care services, from Vistria Group LLC, in a leveraged buyout transaction. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $580 million .
Capstone Logistics LLCHIG Capital LLCHIG Capital LLC, a unit of HIG Capital Partners LP, definitively agreed to acquire an undisclosed majority interest in Capstone Logistics LLC, a Peachtree Corners-based provider of office administrative services, from The Jordan Co LP, in a leveraged buyout transaction. The financial terms of the transaction were not disclosed.
Simplicity Group Holdings IncLee Equity Partners LLCLee Equity Partners LLC planned to acquire an undisclosed majority interest in Simplicity Group Holdings Inc, a Summit-based provider of financial investment services, in a leveraged buyout transaction. Terms of the transaction were not disclosed.
Vital Care IncLinden LLCLinden LLC acquired an undisclosed majority interest in Vital Care Inc, a Meridian-based provider of ambulatory health care services, in a leveraged buyout transaction. The financial terms of the transaction were not disclosed.
Select Title LLCMadara Residential GPMadara Residential GP acquired an undisclosed majority interest in Select Title LLC, a Sugar Land-based settlement office.
Mission Capital Advisors LLCMarcus & million lichap IncMarcus & million lichap Inc planned to acquire Mission Capital Advisors LLC, a New York-based portfolio manager.
Taylored AnalyticsMidwest BankCentre IncMidwest BankCentre Inc, a unit of Stupp Bros Inc, acquired Taylored Analytics, a St. Louis-based provider of administrative management and general management consulting services. Terms were not disclosed.
Shopping Centers(3)Midwest Retail PropertiesMidwest Retail Properties LLC acquired 3 Shopping Centers, a Jacksonville-based lessor of nonresidential buildings.
Tellus LLCNetsmart Technologies IncNetsmart Technologies Inc, jointly owned by GI Partners LLP and TA Associates Management LP, acquired Tellus LLC, a Deerfield Beach-based software publisher.
Utopia Global IncPrometheus Grp Entrps LLCPrometheus Group Enterprises LLC, a unit of Genstar Capital LLC, acquired Utopia Global Inc, a Mundelein-based provider of enterprise data software solution
Lifestyle RVsRV Retailer LLCRV Retailer LLC agreed to acquire Lifestyle RVs, a Grain Valley-based recreational vehicle dealer.
Mitel Networks Corp-DivisionShareholdersMitel Networks Corp, ultimately owned by Searchlight Capital Partners LP, completed a spin off of its clearspan division to its shareholders.
InfoTycoon LLCSightPlan IncSightPlan Inc acquired InfoTycoon LLC, an Atlanta-based developer of inspection and asset management software.
Applied MagiX IncSPYR Technologies IncSPYR Technologies Inc acquired Applied MagiX Inc, electronic appliances merchant wholesaler. The financial terms of the transaction were not disclosed.
Walker & Dunlop Inc-PropertyTA Realty LLCTA Realty LLC, a unit of Rockefeller Group International Inc, acquired multifamily property of Walker & Dunlop Inc, a Bethesda-based provider of real estate credit services.
Longs Drugs IncTarrytown Expocare LLCTarrytown Expocare LLC (Tarrytown), a unit of Sheridan Capital Partners LLC, acquired Longs Drugs Inc, a Columbia-based drug store operator. The transaction is to include the acquisition of Longs Closed-Door Pharmacy. The financial terms of the transaction were not disclosed. Concurrently, Tarrytown acquired Adlers Pharmacy LTC.
Adlers Pharmacy LTCTarrytown Expocare LLCTarrytown Expocare LLC (Tarrytown), a unit of Sheridan Capital Partners LLC, acquired Adlers Pharmacy LTC, a Cherry Hill-based drug store operator. The financial terms of the transaction were not disclosed. Concurrently, Tarrytown acquired Longs Drugs Inc and Longs Closed- Door Pharmacy.
Eco Digital LLCTelestream IncTelestream Inc, a unit of Genstar Capital LLC, acquired Eco Digital LLC, an Alpharetta-based reproducer of software.
Potters Industries LLCThe Jordan Co LPThe Jordan Co LP definitively agreed to acquire Potters Industries LLC, a Muscatine-based manufacturer of glass products, from PQ Group Holdings Inc, in a leveraged buyout transaction.
AxiomSLThoma Bravo LLCThoma Bravo LLC agreed to acquire an undisclosed majority interest in Axiom Software Laboratories Inc, a New York-based provider of data-management software solutions, in a leveraged buyout transaction. Financial terms were not disclosed.
Information Builders IncTIBCO Software IncTIBCO Software Inc, a unit of Vista Equity Partners Management LLC, was rumored to be planning to acquire Information Builders Inc, a New York-based software publisher. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $1 bil.
Bluegrass CellularVerizon Communications IncVerizon Communications Inc planned to acquire Bluegrass Cellular, wireless telecommunications carrier.