Weekly wrap: Genstar, New York Life, TiVo

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Target Acquirer Value ($millions) Synopsis
Dupont-Nutrition & Biosciences International Flavors & Fragra 33500.0 International Flavors & Fragrances Inc (IFF) definitively agreed to merge with the nutrition and biosciences division of Dupont De Nemours Inc (Dupont) , a Wilmington-based manufacturer of plastics materials, for an estimated $33.5 bil, in a stock swap reverse takeover transaction. IFF offered $26.2 billion in IFF common shares and an estimated $7.3 billion in cash. Upon completion, Dupont and IFF were to own 55.4% interest and 44.6% stake, respectively in the merged entity. Originally, in August 2019, DuPont announced that it was seeking a buyer for its nutrition and biosciences division. Royal DSM NV, Kerry Group Plc, Givaudan SA and International Flavors & Fragrances Inc were named as rumored bidders. Concurrently, DuPont Denmark Holding ApS, a unit of EI du Pont de Nemours & Co, ultimately owned by DuPont announced that it was seeking a buyer for its nutrition and biosciences division.
Cigna-Grp Life & Dis Ins Bus New York Life Insurance Co 6300.0 New York Life Insurance Co (New York Life) definitively agreed to acquire Group Life & Disability Insurance Business of Cigna Corp (Cigna), a Bloomfield-based provider of healthcare insurance services, for $6.3 billion in cash. Originally, in December 2019, New York Life was rumored to be planning to acquire the Nonhealth Benefits Unit of Cigna. MetLife Inc and Sun Life Financial Inc were named as rumored potential bidders.
ChampionX Holding Inc Apergy Corp 4387.1 Apergy Corp (Apergy) definitively agreed to merge with ChampionX Holding Inc, an upstream energy business, from Ecolab Inc (Ecolab), for an estimated $4.387 bil, in a stock swap reverse takeover transaction. The transaction was to include the issuance of an estimated 127 million Apergy common shares valued at $3.895 billion and the assumption of $492 million in liabilities. The shares were valued based on Apergy's closing stock price of 30.67 on 18 December 2019, the last full trading day prior to the announcement. Upon completion, Apergy and Ecolab shareholders were to own 38% stake and 62% interest in the merged entity, respectively. Originally, in February 2019, Ecolab planned to spin off its upstream energy business.
LogMeIn Inc LogMeIn Inc SPV 4354.9 LogMeIn Inc SPV, a special purpose acquisition vehicle, formed by Francisco Partners Management LP (FPM) and Evergreen Coast Capital Corp, definitively agreed to acquire the entire share capital of LogMeIn Inc (LogMeIn), a Boston-based software-as-a-service company, for $86.05 in cash per share, or a total $4.355 bil, in a leveraged buyout transaction. Originally, in November 2019, LogMeIn was rumored to be seeking a buyer for the entire share capital of the company. Thoma Bravo LLC, FPM and Elliott Management Corp were named as rumored potential bidders.
Felix Energy Holdings II LLC WPX Energy Inc 2568.8 WPX Energy Inc (WPX) definitively agreed to merge with Felix Energy Holdings II LLC, a Denver-based provider of crude petroleum and natural gas services, from Felix Investments Holdings II LLC, for a total $2.569 bil, in a stock swap transaction. The consideration was to consist of $900 million in cash and the issuance of 1.53 million of WPX common shares valued at $1.669 billion. The shares were valued based on WPX's closing stock price of $10. 91 on 13 December 2019, the last full trading day prior to the announcement. Originally, in December 2019, WPX Energy Inc was rumored to be planning to acquire oil & gas assets of Felix Energy LLC (Felix Energy).
Dynetics Inc Leidos Holdings Inc 1650.0 Leidos Holdings Inc definitively agreed to acquire Dynetics Inc, a Huntsville-based provider of computer systems design services, for $1.65 billion in cash.
Voya Finl Inc-Indiv Life Bus Resolution Life US 1250.0 Resolution Life US (Resolution), a unit of Resolution Life Group Holdings LP, definitively agreed to acquire the Individual Life & Other Legacy Non-Retirement Annuities Businesses of Voya Financial Inc, a New York City-based retirement, investment and insurance company, for a total $1.25 billion. The consideration was to consist of $902 million in cash, $225 million in Resolution's shares and $123 million in retained surplus notes.
TiVo Corp Xperi Corp 1206.6 Xperi Corp (Xperi) definitively agreed to merge with TiVo Corp (TiVo), a San Jose-based entertainment technology company, for a total value of $1.207 bil, in a stock swap reverse takeover transaction. Xperi offered 0.455 common share per TiVo share. Based on Xperi's closing stock price of $20.94, the last full trading date prior to the announcement, each TiVo share was valued at $9.528. Upon completion, Xperi and TiVo were to own 46.5% stake and 53.5% interest in the merged entity, respectively.
SSEP-Industrial Property DRA Advisors LLC 908.5 DRA Advisors LLC acquired industrial property portfolio of Sealy Strategic Equity Partners LP, a Shreveport-based open-end investment fund, ultimately owned by Sealy & Co Inc, for $908.5 mil, in a leveraged buyout transaction.
Devon Energy Corp-Assets BKV Oil & Gas Capital Partners 770.0 BKV Oil & Gas Capital Partners LP, a unit of Kalnin Ventures LLC, agreed to acquire barnett shale assets of Devon Energy Corp, an Oklahoma City-based producer of crude petroleum and natural gas, for $770 mil.
Penguin Random House LLC Bertelsmann Se & Co KGaA 675.0 Bertelsmann Se & Co KGaA of Germany, a unit of Verlag Bertelsmann Stiftung, agreed to acquire the remaining 25% stake, which it did not already own, in Penguin Random House LLC, a New York-based book publisher, from its joint venture partner Pearson PLC for $675 mil.
Ferro Corp-Tile Coatings Bus Pigments Spain SL 492.0 Pigments Spain SL of Spain definitively agreed to acquire tile coatings business of Ferro Corp, a Mayfield Heights-based manufacturer of coatings, for an estimated $492 mil.
HemaCare Corp Charles River Labs Intl Inc 359.9 Charles River Laboratories International Inc definitively agreed to acquire the entire share capital of HemaCare Corp, a Van Nuys-based provider of research and development services, for $24.5 in cash per share, or a total $359.858 mil.
Gateway-Loan Portfolio Santander Consumer USA Hldgs 77.0 Santander Consumer USAHoldings Inc, a unit of Banco Santander SA, acquired indirect auto loan portfolio of Gateway One Lending & Finance, an Anaheim-based provider of consumer lending services, owned by TCF National Bank,Wayzata, Minnesota, for a total $77 mil, based on capitalization rate of 7%.
Zumbro River Brand Inc SensoryEffects Flavor Co 52.0 SensoryEffects Flavor Co (SensoryEffects) planned to acquire the entire share capital of Zumbro River Brand Inc, an Albert Lea-based manufacturer of snack products, for a total $52 million. Concurrently, SensoryEffects acquired Prairie Resources LLC.
Clarity Solution Group LLC Accenture PLC Accenture PLC of Republic of Ireland agreed to acquire Clarity Solution Group LLC, a Chicago-based software publisher.
Coalfire Systems Inc Apax Partners LLP Apax Partners LLP of the UK planned to acquire Coalfire Systems Inc, a Louisville-based software publisher.
Beatty Marketing & Sales LLC Aspen Surgical Products Inc Aspen Surgical Products Inc, a unit of Audax Group LP, acquired Beatty Marketing & Sales LLC, a Redmond-based medical equipment and supplies merchant wholesaler.
Lanier Upshaw Inc Baldwin Krystyn Sherman Baldwin Krystyn Sherman Partners LLC planned to acquire Lanier Upshaw Inc, a Lakeland-based insurance agency.
Unifi Software Inc Boomi Inc Boomi Inc planned to acquire Unifi Software Inc, a San Mateo-based provider of data processing and hosting services.
Mosaic Caregiver Inc Caregiver Inc planned to acquire Mosaic, an Omaha-based provider of services for the elderly and persons with disabilities.
CNS Network Inc CNS Network Inc ESOP CNS Network Inc ESOP acquired the entire share capital of CNS Network Inc, a Garden Grove-based provider of biotechnology research and development services.
Stuart Berger Constr Corp Cook & Krupa LLC Cook & Krupa LLC acquired Stuart Berger Construction Corp, a Lynbrook-based provider of engineering services.
Scuf Gaming International LLC Corsair Components Inc Corsair Components Inc, a unit of EagleTree Capital LP, agreed to acquire Scuf Gaming International LLC, a Suwanee-based manufacturer and wholesaler of game controllers.
Kaufman Lynn Constr Inc Employee Stock Ownership Plan Kaufman Lynn Construction Inc ESOP acquired Kaufman Lynn Construction Inc, a Delray Beach-based commercial building constructor.
PAQ Inc Employee Stock Ownership Plan PAQ Inc ESOP acquired PAQ Inc, a Stockton-based supermarket operator.
Palmer Holland Inc Employee Stock Ownership Plan Palmer Holland Inc ESOP acquired Palmer Holland Inc, a North Olmsted-based chemical and allied products merchant wholesaler.
Pride & Svc Elevator Co Inc Employee Stock Ownership Plan Pride & Service Elevator Co Inc ESOP acquired Pride & Service Elevator Co Inc, a New York-based provider of personal and household goods repair and maintenance services.
Insite Software Solutions Inc Episerver Inc Episerver Inc, a unit of Insight Venture Partners LLC, definitively agreed to acquire Insite Software Solutions Inc, a Minneapolis-based software publisher.
Shape Security Inc F5 Networks Inc FLASH - F5 Networks Inc planned to acquire an undisclosed majority interest in Shape Security Inc, a Santa Clara-based software publisher. The terms of the transaction were not disclosed, but according to sources close to the transaction, the deal had a reported value of $1 bil.
Superior Energy-US business Forbes Energy Services Ltd Forbes Energy Services Ltd definitively agreed to merge with the US business of Superior Energy Services Inc, a Houston-based provider of support services for oil and gas operations.
Truck-Lite Co LLC Genstar Capital LLC Genstar Capital LLC acquired an undisclosed majority interest in Truck- Lite Co LLC, a Falconer-based manufacturer of lighting, wiring harnesses, turn signal switches and safety accessories, from BDT Capital Partners LLC, a unit of BDT & Co LLC and Koch Equity Development LLC, a unit of Koch Industries Inc, in a leveraged buyout transaction.
Empire-fuel distribution asset GPM Investments LLC GPM Investments LLC, a unit of Petro Group Ltd, definitively agreed to acquire fuel distribution and retailing assets of Empire Petroleum Partners LLC, a Dallas-based operator of gasoline stations with convenience stores.
Kerr-Boswell Inc Hilb Group LLC Hilb Group LLC, a unit of ABRY Partners LLC, acquired Kerr-Boswell Inc, a Bristol-based insurance agency.
Rebellion Photonics Inc Honeywell International Inc Honeywell International Inc acquired Rebellion Photonics Inc, a Houston-based manufacturer of analytical laboratory instruments.
Enclara Health Inc Humana Inc Humana Inc planned to acquire Enclara Health Inc, a West Deptford-based provider of ambulatory health care services, from Consonance Capital Partners LP, ultimately owned by Consonance Capital. Terms of the transaction were not disclosed
Mitsubishi Elec Power-Factory Hyosung Heavy Industries Corp Hyosung Heavy Industries Corp of South Korea planned to acquire transformer factory of Mitsubishi Electric Power Products Inc, a Warrendale-based manufacturer of commercial and service industry machinery, ultimately owned by Mitsubishi Electric Corp.
Tellimer Markets Inc-Bokerage INTL FCStone Inc INTL FCStone Inc planned to acquire bokerage business of Tellimer Markets Inc, a New York City-based provider of marketing consulting services.
Contanda Terminals LLC JPMorgan Asset Management Inc JPMorgan Asset Management Inc, a unit of JPMorgan Chase & Co, acquired Contanda Terminals LLC, a Houston-based petroleum bulk merchant wholesaler, from EQT Infrastructure II GP BV, owned by EQT Infrastructure BV.
Maple & Main JVM Realty Corp JVM Realty Corp acquired Maple & Main Apartments, a Downers Grove-based lessor of residential buildings and dwellings.
Hct Grp Hldg Ltd Knowlton Development Corp Inc Knowlton Development Corp Inc of Canada, a unit of Novacap LP, planned to acquire Hct Group Holdings Ltd, a Santa Monica-based provider of packaging and labeling services.
IQ Systems Inc Logically Inc Logically Inc, a unit of The Riverside Co, acquired IQ Systems Inc, a Reno-based provider of outsourced information technology services. Terms of the transaction were not disclosed.
Tenet Healthcare Corp-Hospital Methodist Le Bonheur Methodist Le BonheurHealthcare planned to acquire hospitals,memphis of Tenet Healthcare Corp, a Dallas-based hospital operator.
Vertical Commun Inc Nti Connect Llc Nti Connect LLC acquired Vertical Communications Inc, a Dallas-based structural steel and precast concrete contractor.
Zippin NTT DOCOMO Ventures Inc NTT DOCOMO Ventures Inc of Japan, a unit of NTT DOCOMO Inc, acquired Zippin, a San Francisco-based merchandise store operator.
EyeCare Partners LLC Partners Group AG Partners Group AG of Switzerland, a unit of Partners Group Holding AG, definitively agreed to acquire an undisclosed majority interest in EyeCare Partners LLC (EyeCare Partners), a Ballwin-based provider of eyecare services, from Friedman Fleischer & Lowe LLC (FFL), in a leveraged buyout transaction. Terms of the transaction were not disclosed. Originally, in October 2019, FFL was rumored to be seeking a buyer for EyeCare Partners.
Vidswap Lllc Pixellot Pixellot of Israel acquired VidSwap LLLC, an Eden Prairie-based provider of custom computer programming services.
Bader Co Ppty First Grp LP Property First Group LP acquired Bader Co, an Indianapolis-based insurance agency, from StorSmart Insurance Co, owned by Storable.
Prairie Resources LLC SensoryEffects Flavor Co SensoryEffects Flavor Co (SensoryEffects) planned to acquire Prairie Resources LLC, manufacturer of foods. Concurrently, SensoryEffects acquired Zumbro River Brand Inc.
Safe-Guard Products Intl LLC Stone Point Capital LLC FLASH - Stone Point Capital LLC was rumored to be planning to acquire an undisclosed majority interest in Safe-Guard Products International LLC, an Atlanta-based direct insurance carrier, from GS Capital Partners LP, owned by Goldman Sachs & Co. The terms of the transaction were not disclosed, but according to sources close to the transaction, the deal had a reported value of $1 bil.
Sigstr Inc Terminus Software Llc Terminus Software LLC acquired Sigstr Inc, an Indianapolis-based internet portal operator.
Accelerated Svc Entrp Llc Tiptree Inc Tiptree Inc planned to acquire Accelerated Service Enterprise LLC, a Richardson-based new car dealer.
Marcotte Insurance Agency Inc USI Insurance Services LLC USI Insurance Services LLC, jointly owned by KKR & Co LP and Caisse De Depot Et Placement Du Quebec, acquired Marcotte Insurance Agency Inc, an Omaha-based insurance agency.
Credentialmydoc Veritystream VerityStream, a unit of HealthStream Inc, acquired CredentialMyDoc, a Savannah-based software publisher, from Covenant Technology Group LLC. The deal had a reported value of $9 mil.
WealthFlex Yieldstreet Inc Yieldstreet Inc acquired WealthFlex, a Bellevue-based provider of custom computer programming services.
Miror Partners Llc- Cert Asts ZRG Partners LLC ZRG Partners LLC planned to acquire certain assets of Miror Partners LLC, an Irvine-based provider of executive search services.
US M&A Deals Announced December 13 to 19, 2019