US M&A Deals Announced July 24 to 30, 2020
TargetAcquirerValue ($millions)Synopsis
Direct Energy LpNRG Energy Inc3,625.0NRG Energy Inc agreed to acquire Direct Energy LP, a Houston-based electric power distributor, from Centrica PLC, for an estimated USD 3. 625 bil in cash.
SmartPharm Therapeutics IncSorrento Therapeutics IncSorrento Therapeutics Inc signed a letter of intent (LOI) to acquire SmartPharm Therapeutics Inc, a Cambridge-based provider of biotechnology research and development services. Financial terms of the deal were not disclosed.
Amer Industrial Motor Svc LlcGGI Motors LLCGGI Motors LLC, a unit of Goldstein Group Inc, acquired American Industrial Motor Service LLC, a Milwaukee-based provider of commercial and industrial machinery and equipment repair and maintenance services. Terms of the transaction were not disclosed.
Bayer HealthCare LLC-RID BrandOystershell NVOystershell NV of Belgium, a unit of Gilde Buy Out Partners BV, acquired RID brand of Bayer HealthCare LLC, a Whippany-based manufacturer of biological products, owned by Bayer Healthcare AG.
McAdamsLafleur & Godfrey LLCLafleur & Godfrey LLC definitively agreed to acquire McAdams, investment advisor.
Supervalu Distribution CenterIndustrial Realty Group LLC42.3Industrial Realty Group LLC acquired Supervalu Distribution Center, a Tacoma-based lessor of miniwarehouses and self- storage units, for a total USD 42.3 mil.
Brain Biosciences-DivisionFactor Therapeutics Ltd0.1Factor Therapeutics Ltd of Australia planned to acquire veterinary pet imaging division of Brain Biosciences Inc, a Rockville-based manufacturer of navigational, measuring, electromedical and control Instruments, for a total USD 0.05 mil.
18231 Murphy Pkway,Lathrop,CAOverton Moore Properties IncOverton Moore Properties Inc acquired 18231 Murphy Parkway, a Lathrop-based lessor of nonresidential buildings.
Ansonia Credit Data IncEquifax IncEquifax Inc acquired Ansonia Credit Data Inc, an Olympia-based credit bureau.
Barrow Hanley Mewhinney &Perpetual Ltd319.0Perpetual Ltd of Australia definitively agreed to acquire a 75.1% interest in Barrow Hanley Mewhinney & Strauss LLC, a Dallas-based investment advisor, from Brightsphere Investment Group Inc, for a total USD 319 mil.
Georgia Deer Farm Inc-AssetsAtlas Equipment LLC0.1Atlas Equipment LLC agreed to acquire assets of the bankrupt Georgia Deer Farm Inc, a Roopville-based wholesaler of farm equipment and parts, for a total USD 0. 11 mil.
Otelco IncFuture Fiber Finco Inc27.2Future Fiber Finco Inc, a unit of Oak Hill Capital Management LLC, definitively agreed to acquire the remaining stake, which it did not already own, in Otelco Inc, an Oneonta-based wired telecommunications carrier, for USD 11.75 per share, or a total USD 27.203 mil.
CNX Midstream Partners LPCNX Resources Corp356.5CNX Resources Corp definitively (CNX) agreed to acquire the remaining 46.89% stake, or 42.107 mil common units, which it did not already own, in CNX Midstream Partners LP (CNXM), a Canonsburg-based owner and operator of natural gas gathering and other midstream energy assets, in a stock swap transaction valued at USD 356.461 mil. CNX offered 0.88 common share per CNXM common unit. Based on CNX's closing tock price of USD 9. 42 on 24 July 2020, the last full day prior to the announcement, each CNXM common unit was valued at USD 8.466.
Delphi Technology IncSapiens International Corp19.5Sapiens International Corp of Israel agreed to acquire Delphi Technology Inc, a Boston-based software publisher, for a total USD 19. 5 mil.
Optimal Blue LLCBlack Knight Inc1,800.0Black Knight Inc (BKI) definitively agreed to acquire Optimal Blue LLC (Optimal), a Plano-based software publisher, from GTCR LLC (GTCR), for an estimated USD 1.8 bil. Upon completion, BKI and Optimal were to own a 60% interest and a 40% stake in the newly combined entity. Originally, in July 2020, GTCR was rumored to be seeking a buyer for Optimal.
Rush Street Interactive LPdMY Technology Group Inc1,750.0dMY Technology Group Inc (dMY) definitively agreed to merge with Rush Street Interactive LP (RSI), a Chicago-based software publisher, for a total USD 1. 75 bil, in a stock swap reverse takeover transaction. The consideration was to consist of USD 125 mil in cash and USD 1.625 bil in common shares. Upon completion, the combined entity is to be renamed Rush Street Interactive Inc with RSI and dMY holding a 93% interest, and 7% stake respectively.
Baker Hughes-Specialty PolymerSK Capital Partners LPSK Capital Partners LP definitively agreed to acquire the specialty polymers business of Baker Hughes Holdings LLC, a Houston-based provider of oil and gas drilling services, owned by GE Oil & Gas UK Ltd, in a leveraged buyout transaction.
Openbucks CorpPaysafe Group PLCPaysafe Group PLC of the UK, a unit of Paysafe Group PLC SPV, planned to acquire Openbucks Corp, a San Jose-based internet portal operator. The financial terms of the transaction were not disclosed.
Corporate Centers(2),GATerraCap Management LLC27.6TerraCap Management LLC acquired Two Corporate Centers, lessor of nonresidential buildings, for a total USD 27.6 mil.
Ashland-Maleic & manufacturingAOC LLC100.0AOC LLC, a unit of Alpha Corp TN, definitively agreed to acquire maleic anhydride business & manufacturingfacility,wv of Ashland Global Holdings Inc, a Covington-based manufacturer of adhesives, for a total USD 100 mil. The consideration is to consist of USD 100 in cash and an undisclosed amount in assumed liabilities.
Turf Design IncArmstrong World Industries Inc94.0Armstrong World Industries Inc acquired the entire share capital of Turf Design Inc, a Chicago-based manufacturer of ceilings and wall products, for a total USD 94 mil. The consideration was consisted of USD 70 mil in cash and up to USD 24 mil in profit-related payments.
The Easton Group-WarehouseCabot Properties Inc15.5Cabot Properties Inc, a unit of CalWest Industrial Properties LLC, acquired royal palm beach warehouse of The Easton Group, a Miami-based real estate agency, for a total USD 15.5 mil.
NortonLifeLock-Culver CityNorthwood Investors LLC120.0Northwood Investors LLC acquired culver city campus of NortonLifeLock Inc, a Mountain View-based developer of security, storage and system management software, for a total USD 120 mil.
Healthimation LLCNemaura Medical IncNemaura Medical Inc of the UK entered into a Letter of Intent {LoI} to acquire Healthimation LLC, a Boston-based provider of postproduction services.
INVECAS Inc-HDMI BusinessAnalog Devices IncAnalog Devices Inc acquired High Definition Multimedia Interface Business of INVECAS Inc, a Santa Clara-based manufacturer of semiconductors and related device. Financial terms of the transaction were not disclosed.
Nexgen Pharma Inc-Pharm DvlpIBS Pharma LLCIBS Pharma LLC, a unit of New Harbor Capital LLC, acquired pharmaceutical development & manufacturing business of Nexgen Pharma Inc, an Irvine-based manufacturer of pharmaceutical preparation. Financial terms of the transaction were not disclosed.
Office Buildings,San Jose,CAMirabaud Asset Management Ltd95.2Mirabaud Asset Management Ltd of the UK, a unit of Mirabaud & Cie SA, acquired 2 office buildings, located in San Jose, California, for a total USD 95.2 mil.
Schultze Special Purpose AcqClever Leaves Hldg Inc255.0Clever Leaves Holdings Inc (Clever), a unit of Clever Leaves International Inc, definitively agreed to merge with Schultze Special Purpose Acquisition Corp (SAMA), a Rye Brook-based blank check company, for an estimated USD 255 mil plus undisclosed profit-related payments, in a stock swap transaction. Originally, in June 2020, SAMA signed a Letter of Intent {LoI} to acquire the entire share capital of Clever Leaves International Inc.
Analytical Lab Group LLCElement Materials Tech Grp LtdElement Materials Technology Group Ltd of the UK, a unit of Bridgepoint Advisers Ltd, acquired Analytical Lab Group LLC, an Eagan-based medical laboratory operator, from Thompson Street Capital Partners LP.
New Signature IncCognizant Technology SolutionsCognizant Technology Solutions Corp agreed to acquire New Signature Inc, a Washington-based provider of custom computer programming services.
The Sera Labs IncCure Pharmaceutical Holding44.0Cure Pharmaceutical Holding Corp (CURR) entered into a non-binding Memorandum of Understanding {MoU} to acquire the entire share capital of The Sera Labs Inc, a Lewiston-based manufacturer of organic hemp, for an estimated USD 44 mil. The consideration was consisted of an estimated USD 5 mil in cash, USD 19 mil in CURR's common shares and up to USD 20 mil in profit-related payments.
On Deck Capital IncEnova International Inc80.6Enova International Inc (Enova) definitively agreed to merge with On Deck Capital Inc (OnDeck), a New York-based provider of consumer lending services, for a total USD 80.648 mil, in a stock swap transaction. Enova offered USD 0.12 in cash per share and 0.092 Enova common share per OnDeck share. Based on Enova's closing stock price of USD 13.7 on 27 July 2020, the last full trading day prior to the announcement, each OnDeck share was valued at USD 1.38. Upon completion, Enova and OnDeck were to own 83.3 % and 16.7% stake respectively, in the combined entity. Originally, in May 2020, OnDeck was rumored to be seeking a buyer for the company.
Advisor Software Inc-CertRefinitivRefinitiv US Holdings Inc of the UK acquired certain strategic assets of Advisor Software Inc, a Walnut Creek-based wealth management software developer.
Mtn States Rosen-Certain AssetJBS USA Holdings IncJBS USA Holdings Inc, a unit of JBS SA, acquired certain assets of Mountain States Rosen LLC, a Greeley-based meat and meat products merchant wholesaler.
Arya Sciences Acquisition IICerevel Therapeutics Llc780.0Cerevel Therapeutics LLC (Cerevel) definitively agreed to merge with ARYA Sciences Acquisition Corp II (ARYA), a New York-based blank check company, from Arya Sciences Holdings II, for an estimated USD 780 mil, in a stock swap transaction. Upon completion, Cerevel and ARYA shareholders were to own 69% interest and 31% stake in the combined entity, respectively and were to be renamed Cerevel Therapeutics Holdings Inc.