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US M&A Deals Announced September 04 to 10, 2020
Target Acquirer Value ($millions) Synopsis
MassMutual-Retirement Services Empower Retirement LLC 3350 Empower Retirement LLC, a unit of Great-West Lifeco Inc, definitively agreed to acquire the retirement services business of Massachusetts Mutual Life Insurance Co (MassMutual), a Springfield-based provider of insurance services, for an estimated $3.35 billion. The consideration was to consist of $1 billion in cash and $2.35 billion in reinsurance ceding commission. Originally, in June 2020, MassMutual was rumored to be seeking a buyer for its retirement services division.
Advantage Solutions Inc Conyers Park II Acquisition 2271.200 Conyers Park II Acquisition Corp (CP II) definitively agreed to merge with Advantage Solutions Inc (Advantage Solutions), an Irvine-based provider of sales and marketing services, from Karman Topco LP, in exchange for 208.75 million CP II's Class A common shares valued at $2.271 bil, in a stock swap reverse takeover transaction. The shares were valued based on CP II's closing stock price of $10. 88 in 4 September 2020, the last full trading day prior to the the announcement. Upon completion, CP II and Advantage Solutions' shareholders were to own 38% and 62%, respectively.
Virtusa Corp Baring Private Equity Asia Ltd 1711.045 Baring Private Equity Asia Ltd of Hong Kong, a unit of Baring Private Equity Partners Ltd, definitively agreed to merge with Virtusa Corp, a Southborough-based provider of provider of digital strategy, digital engineering, and IT services and solutions, from The Oregon Group and other shareholders, for $51.35 in cash per share, or a total value of $1.711 bil, in a leveraged buyout transaction.
Redwood Radiology LLC Radiology Partners Inc 885 Radiology Partners Inc agreed to acquire the entire share capital of Redwood Radiology LLC, a Sunrise-based diagnostic imaging center operator, from MEDNAX Inc, for an estimated $885 million in cash.
DuPont de Nemours-TCS Business Hemlock Semiconductor Op LLC 725 Hemlock Semiconductor Operations LLC (Hemlock Semiconductor), acquired trichlorosilane business of DuPont de Nemours Inc, a Wilmington-based manufacturer of plastics materials. Concurrently, Corning Inc acquired the remaining interest, which it did not already own, in Hemlock Semiconductor. The two transactions had a combined value of $725 million .
BacklotCars Inc ADESA Inc 425 ADESA Inc, a unit of KAR Auction Services Inc, definitively agreed to merge with BacklotCars Inc, a Kansas City-based provider of online marketplace for auto dealers, for a total $425 million in cash.
Chef Software Inc Progress Software Corp 220.000 Progress Software Corp definitively agreed to acquire Chef Software Inc, a Seattle-based provider of software automation services for a total $220 million in cash.
MyCase Inc Mockingbird Acquisition Co Inc 193.000 Mockingbird Acquisition Co Inc, a unit of Apax Partners LLP, definitively agreed to acquire MyCase Inc, a Goleta-based software publisher, from AppFolio Inc, for a total $193 million in cash.
Silva International Inc Universal Corp 170.000 Universal Corp definitively agreed to acquire Silva International Inc, a Momence-based fresh fruits and vegetables merchant wholesaler, for a total $170 million in cash.
Alkahest Inc Grifols SA 146.00 Grifols SA of Spain agreed to acquire the remaining 55% interest, which it did not already own, in Alkahest Inc, a San Carlos-based manufacturer of biological products, for a total $146 million .
Team Wendy LLC Avon Rubber PLC 130 Avon Rubber PLC of the UK definitively agreed to acquire Team Wendy LLC, a Cleveland-based manufacturer of surgical appliance and supplies, for a total $130 million in cash.
Pivot Tech Solutions Inc 1264283 BC Ltd 77.394 1264283 BC Ltd of Canada, a unit of Computacenter PLC, definitively agreed to acquire the entire share capital of Pivot Technology Solutions Inc, a Norcross-based software publisher, for $1.965 in cash per share, or a total value of $77. 394 million , via scheme of arrangement.
Project Cannabis Columbia Care Inc 69 Columbia Care Inc (CCI) definitively agreed to acquire Project Cannabis, a Los Angeles-based manufacturer, wholesaler and retailer of cannabis products, for an estimated $69 million . The consideration was to consist of an estimated $12 million cash and $57 million in CCI's common shares.
Sense Networks Inc Adviser Services Holdings Ltd 12.419 Adviser Services Holdings Ltd of the UK acquired Sense Networks Inc, a New York-based display advertising agency, from YP Intellectual Property LLC, ultimately owned by AT&T Inc, for a total $12.419 million .
GPR Ventures LLC-Bldg P(3) Kevlyn Invests Inc 10.9 Kevlyn Investments Inc acquired a 3 office building portfolio from GPR Ventures LLC, a Campbell-based lessor of real estate property, for a total $10.9 million .
Pure Therapy LLC Bevcanna Enterprises Inc 6 Bevcanna Enterprises Inc of Canada agreed to acquire the entire share capital of Pure Therapy LLC, an Austin-based online retailer, for a $0.2 per share, or a total value of $6 million .
Steer Facedrive Inc 3.25 Facedrive Inc of Canada acquired the entire share capital of Steer, a Washington DC-based provider of transportation support services, from Exelorate Enterprises LLC, ultimately owned by Exelon Corp, for a total $3.25 million , in a stock swap transaction.
Plating for Electronics Inc AOTCO Metal Finishing LLC AOTCO Metal Finishing LLC acquired Plating for Electronics Inc, a Waltham-based provider of metal coating and surfacing services.
WPP Acquisition LLC AUA Private Equity Partners AUA Private Equity Partners LLC acquired WPP Acquisition LLC, a Cumberland-based nondurable goods merchant wholesaler, in a leveraged buyout transaction.
Enable Energy Inc BayWa r.e Wind LLC BayWa r.e Wind LLC, a unit of BayWa re US LLC, acquired Enable Energy Inc, a Sacramento-based provider of warehousing and storage services. The financial terms of the transaction were not disclosed.
HomeCEU Colibri Group Inc Colibri Group Inc acquired HomeCEU, a Plano-based provider of online professional and management development training services.
Hemlock Semiconductor Op LLC Corning Inc Corning Inc acquired the remaining interest, which it did not already own, in Hemlock Semiconductor Operations LLC (Hemlock Semiconductor), a Hemlock-based manufacturer of semiconductors and related device, from DuPont de Nemours Inc. Concurrently, Hemlock Semiconductor acquired trichlorosilane business of DuPont de Nemours Inc, a Wilmington-based manufacturer of plastics materials. The two transactions had a combined value of $725 million .
SecureLink Inc Cove Hill Partners LLC Cove Hill Partners LLC planned to acquire an undisclosed majority interest in SecureLink Inc, an Austin-based provider of third-party remote access software, in a leveraged buyout transaction.
Surplus Group LLC Critical Rental Solutions Relevant Rental (RR) acquired Surplus Group LLC, a Dallas-based wholesaler of surplus temperature control equipment. On completion, RR was renamed Critical Rental Solutions.
Shoptech Industrial Software ECi Software Solutions Inc ECi Software Solutions Inc, a unit of Apax Partners LLP, definitively agreed to acquire Shoptech Industrial Software Corp, a Glastonbury-based software publisher. Terms were not disclosed.
Aquapure Technologies Inc Evoqua Water Technologies Corp Evoqua Water Technologies Corp acquired Aquapure Technologies Inc, a Hamilton-based water supply system operator. The financial terms of the transaction were not disclosed.
Integrate Social Group Exodus Media Group CapGenius LLC merged with Integrate Social Group, a Roseville-based provider of data processing and hosting services.
FantasyDraft LLC Fantasy Sports Sharks LLC Fantasy Sports Sharks LLC acquired FantasyDraft LLC, a Cornelius-based provider of gambling services. Terms of the transaction were not disclosed.
Hollis Cos LLC Hub International Ltd Hub International Ltd, a unit of Hellman & Friedman LLC, acquired Hollis Cos LLC, a Metairie-based employee benefits consulting firm. Terms of the transaction were not disclosed. The transaction included The Employee Benefits Corp.
Rhett Butler-Insurace Assets Hub International Ltd Hub International Ltd, a unit of Hellman & Friedman LLC, acquired the insurance brokerage assets of Rhett Butler Insurace Agency Inc, a Rockville-based insurance agency. Terms of the transaction were not disclosed.
Todd & Associates LLC Hub International Ltd Hub International Ltd, a unit of Hellman & Friedman LLC, acquired Todd & Associates LLC, a Phoenix-based manufacturer of mobile homes. The financial terms of the transaction were not disclosed.
Chelsea Lighting NYC LLC Kinzie Capital Partners LLC Kinzie Capital Partners LLC acquired Chelsea Lighting NYC LLC, a New York City-based provider of IT consulting services, in a leveraged buyout transaction.
Tropical Smoothie Cafe LLC Levine Leichtman Cap Ptnrs Inc Levine Leichtman Capital Partners Inc acquired Tropical Smoothie Cafe LLC, an Atlanta-based full-service restaurant operator, in a leveraged buyout transaction. The financial terms of the transaction were not disclosed.
360 Blue LLC Natural Retreats US LLC,VA Natural Retreats US LLC, VA acquired 360 Blue LLC, a Santa Rosa Beach-based recreational and vacation camp operator. The financial terms of the transaction were not disclosed.
Smartdrive Systems Inc Omnitracs LLC Omnitracs LLC, a unit of Vista Equity Partners LLC, definitively agreed to acquire Smartdrive Systems Inc, a San Diego-based software publisher. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $450 million .
Paragon Healthcare Inc Peak Rock Capital LLC Peak Rock Capital LLC was rumored to be planning to acquire Paragon Healthcare Inc, a Dallas-based outpatient care center operator, 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 $275 million .
Baker Hughes Co-SPC Flow Bus Pelican Energy Partners LP Pelican Energy Partners LP agreed to acquire surface pressure control flow business unit of Baker Hughes Co, a Houston-based oilfield services company, owned by GE Oil & Gas UK Ltd, ultimately owned by General Electric Co, in a leveraged buyout transaction.
Diversified Crop Insurance Sompo International Holdings Sompo International Holdings Ltd of Bermuda agreed to acquire Diversified Crop Insurance Services Inc, a Lenexa-based provider of insurance related services, from CGB Diversified Services Inc. The financial terms of the transaction were not disclosed.
LD Micro Inc SRAX Inc SRAX Inc, through its Sequire platform, planned to acquire LD Micro Inc, a San Ramon-based data and event company.
Law Office of Mike Campbell Thomas Law Offices Thomas Law Offices merged with Law Office of Mike Campbell, a Columbia-based law office.
Vermont PBS Vermont Public Radio Vermont Public Radio planned to merge with Vermont PBS, a Winooski-based television broadcaster.