US M&A Deals Announced July 17 to 23, 2020
Target Acquirer Value ($millions) Synopsis
US Bk Tower,Los Angeles,CA USBT Property Owner LP 430.0 USBT Property Owner LP agreed to acquire US Bank Tower, a Los Angeles-based lessor of nonresidential buildings, from Beringia Central LLC, owned by Beringa Properties Corp, for USD 430 mil.
Mayan Energy USA-Austin Field Esparza Energy Hldg Llc 0.2 Esparza Energy Holdings LLC planned to acquire austin field assets of Mayan Energy USA LLC, oil and gas exploration and production company, ultimately owned by Attis Oil & Gas Ltd, for a total USD 0.2 mil.
Passport Health Plan-Cert. Molina Healthcare Inc 20.0 Molina Healthcare Inc definitively agreed to acquire certain assets of Passport Health Plan Inc, a Louisville-based direct health and medical insurance carrier, for a total USD 20 mil. The consideration was to consist of USD 20 mil in cash and Up to an undisclosed amount in profit-related payments.
i-Unlimited Inc Insight Service Group Inc Insight Service Group Inc acquired i-Unlimited Inc, a Sacramento-based provider of investigation services. The terms of the agreement were not disclosed.
7710 Insurance Co Benchmark Holding Co Benchmark Holding Co, a unit of Trean Insurance Group Inc, agreed to acquire 7710 Insurance Co, a Downers Grove- based insurance agency. Terms of the transaction were not disclosed. The transaction is to include 7710 Service Co LLC and Creekwood Insurance Agency LLC
APSU Inc Tectrade Intl Hldg Ltd Tectrade International Holdings Ltd, a unit of CSI Ltd, acquired APSU Inc, a Chattanooga-based software publisher.
CTM Media Group Inc Howard Jonas 3.8 Howard Jonas of Israel agreed to acquire CTM Media Group Inc, a Stamford-based book publisher, from IDW Media Holdings Inc. The consideration was to consist of the assumption of USD 3.75 mil in liabilities and an undisclosed amount in profit- related payments.
HFR Design Inc Wold Architects & Engineers Wold Architects & Engineers acquired the entire share capital of HFR Design Inc, a Brentwood-based provider of architectural services.
Alvin Dental Care Investor Group An investor group, comprised of Dr. Chris Hoffpauir and MB2 Dental Solutions LLC acquired Alvin Dental Care, an Alvin-based dentist’s office operator.
Prairie Life Ctr Of W Des- Gym Genesis Health Clubs Mgmt Inc Genesis Health Clubs Management Inc acquired 7 gymnasiums of Prairie Life Center of West Des Moines Ltd LP, a Des Moines-based fitness and recreational sports center operator.
Sterling Pointe Veterinary People Pets & Vets LLC People Pets & Vets LLC acquired Sterling Pointe Veterinary Clinic, a Lincoln- based provider of veterinary services.
First State Bank,IA Northeast Security Bank,IA Northeast Security Bank, IA definitively agreed to acquire the entire share capital of First State Bank, a Sumner-based commercial bank. The financial terms of the transaction were not disclosed.
GlobalSCAPE Inc HelpSystems LLC 257.1 HelpSystems LLC, a unit of HIG Capital LLC, definitively agreed to merge with GlobalSCAPE Inc (GlobalSCAPE), a San Antonio- based developer of data exchange and integration software, for USD 9.5 in cash per share, or a total value of USD 257.057 mil, via tender offer. The offer was conditioned upon at least majority of GlobalSCAPE shares being tendered.
DisplayLink Corp Synaptics Inc 305.0 Synaptics Inc definitively agreed to acquire DisplayLink Corp, a Palo Alto-based manufacturer of semiconductors and related device, for a total USD 305 mil in cash.
Green Cross Corp-Collection Grifols SA Grifols SA (Grifols) of Spain planned to acquire 11 collection centers of Green Cross Corp (GC), an Yongin- based manufacturer of medicinals and botanicals, ultimately owned by Green Cross Holdings Corp. Concurrently, Grifols agreed to acquire the fractionation & purification facility of GC. The transactions have a combined value of CAD 624.496 mil (USD 460 mil).
R1 RCM Inc-EMS Business Sarnova Inc 140.0 Sarnova Inc, a unit of Patricia Industries AB, planned to acquire EMS business of R1 RCM Inc, a Chicago-based provider of office administrative services, for a total USD 140 mil. The transaction was to include EMS Revenue Cycle Management and Electronic Patient Care Reporting.
DXC Technology Co-Business Dedalus Italia SpA 525.0 Dedalus Italia SpA of Italy, a unit of Dedalus Holding SpA, definitively agreed to acquire healthcare software business of DXC Technology Co, a Tysons-based provider of custom computer programming services, for a total USD 525 mil in cash.
Fantasy Natl Golf Club Llc SportsHub Games Network Inc SportsHub Games Network Inc acquired Fantasy National Golf Club LLC, a Chaska-based sports club.
Spirit of Texas Bancshares-Br Moody National Bk,Galveston,TX Moody National Bank agreed to acquire the branch of Spirit of Texas Bancshares Inc, a Conroe-based commercial bank.
Nexxtep Technology Services Dynamic Quest Inc Dynamic Quest Inc acquired Nexxtep Technology Services Inc, a Valdosta- based provider of managed information technology, disaster recovery and hosting services.
Diamond State Trucking Inc PS Logistics LLC PS Logistics LLC acquired Diamond State Trucking Inc, a Malvern-based provider of local freight trucking services. The transaction included RDA Tractor LLC and RDA Trailer LLC. Financial terms of the transaction were not disclosed.
Majesco Inc Thoma Bravo LLC 583.5 Thoma Bravo LLC definitively agreed to acquire the entire share capital of Majesco Inc (Majesco), a Morristown-based software publisher, from Majesco Ltd, for a USD 13.1 cash per share, or total value of USD 583.48 mil in cash. The consideration was to consist of USD 567.16 mil in cash and USD 16.32 mil in options. Upon completion, Majesco will operate as a privately-held company.
Noble Energy Inc Chevron Corp 5,036.0 Chevron Corp (Chevron) definitively agreed to acquire the entire share capital of Noble Energy Inc (Noble), a Houston-based producer of crude petroleum and natural gas, in a stock swap transaction, for a total USD 5.036 bil. Chevron offered 0.1191 Chevron shares for each Noble share held. Based on Chevrons closing stock price of USD 87.19 on 17 July 2020, the last full trading day prior to the announcement, each Noble share is valued at USD 10.38. Upon completion, Noble and Chevron were to own 3% and 97%, respectively in the merged entity. Originally, in July 2020, Chevron was rumored to be acquiring the entire share capital of Noble.
COMGroup Holding LLC Eze Castle Integration Inc Eze Castle Integration Inc, a unit of HIG Capital LLC, acquired COMGroup Holding LLC, a New York City- based provider of infrastructure technology and digital information technology services.
Reviva Pharmaceuticals Inc Tenzing Acquisition Corp 72.8 Tenzing Acquisition Corp (Tenzing) definitively agreed to merge with Reviva Pharmaceuticals Inc, a Cupertino-based provider of clinical stage pharmaceutical services., for a total USD 72. 84 mil, in a stock swap reverse takeover transaction. The consideration was to consist of USD 62.4 mil of Tenzing’s common shares plus up to a further USD 10.44 mil in profit-related payments.
Sinatra & Co RE-Apt Bldg,NY(7) Gold Wynn Residential LLC 11.4 Gold Wynn Residential LLC, a unit of Wynn Group of Cos, acquired 7 Apartment Buildings in Buffalo, New York of Sinatra & Co Real Estate LLC, a Buffalo-based real estate investment firm, for a total USD 11.38 mil.
Nerd Beverage Corp Beverage USA Holdings Inc Beverage USA Holdings Inc acquired Nerd Beverage Corp, a San Antonio-based manufacturer of soft drinks.
The Burgess Group LLC HealthEdge Software Inc HealthEdge Software Inc, a unit of Blackstone Group Inc, acquired The Burgess Group LLC, an Alexandria- based payment integrity software company. Terms of the transaction were not disclosed.
Radiological Physics Consult West Physics Consulting LLC West Physics Consulting LLC acquired Radiological Physics Consultants Inc, a Winston-Salem-based provider of medical physics services.
Value Waste Services LLC Valet Living Inc Valet Living Inc, jointly owned by Harvest Partners LP and Ares Management LP, acquired Value Waste Services LLC, an Austin- based provider of solid waste collection services.
Luff Research Inc Mu-Del Electronics LLC Mu-Del Electronics LLC, a unit of Ironwave Technologies LLC, acquired Luff Research Inc, a Floral Park-based manufacturer of frequency synthesizers and phase-locked oscillators.
Adaptive Inc Xalles Technology Inc Xalles Technology Inc, a unit of Xalles Holdings Inc, agreed to acquire the entire share capital of Adaptive Inc, an Aliso Viejo-based provider of administrative management and general management consulting services.
AZZ Inc-Galvanized Rebar Bus CMC Steel Oklahoma LLC CMC Steel Oklahoma LLC, a unit of Commercial Metals Co, acquired galvanized rebar business of AZZ Inc, a Fort Worth-based manufacturer of current-carrying wiring devices.
Conrex Property Management LLC Brookfield Asset Management Brookfield Asset Management Inc of Canada was rumored to be planning to acquire an undisclosed majority interest in Conrex Property Management LLC, a Charleston-based residential property manager.
Tizona Therapeutics Inc Gilead Sciences Inc 1,250.0 Gilead Sciences Inc (Gilead) was granted an option to acquire the remaining 50.1% interest, which it did not already own, in Tizona Therapeutics Inc (Tizona), a South San Francisco-based manufacturer of biological products, for an estimated USD 1.25 bil. The consideration was to consist of USD 1.25 bil and an undisclosed amount in profit-related payments. Concurrently, Gilead agreed to acquire a 49.9% stake in Tizona.
AM General LLC KPS Capital Partners LP KPS Capital Partners LP definitively agreed to acquire AM General LLC (AM General), a South Bend-based manufacturer of specialized vehicles, from MacAndrews & Forbes Inc (MacAndrews & Forbes), in a leveraged buyout transaction. Financial terms of the transaction were not disclosed. Originally, in October 2018, MacAndrews & Forbes was rumored to be seeking a buyer for its AM General unit. General Dynamics Corp, Oshkosh Corp, BAE Systems PLC, Fiat Chrysler Automobiles NV, and General Motors Co were rumored as potential bidders.
Serial Productions LLC The New York Times Co The New York Times Co planned to acquire Serial Productions LLC, a New York City-based provider of sound recording related services. Terms were not disclosed. Originally, in January 2020, Serial announced that it was rumored to be seeking a buyer for the company.
DB Design Group Inc AEM Holdings Ltd 3.3 AEM Holdings Ltd of Singapore acquired the entire share capital of DB Design Group Inc, a Fremont-based provider of test interface solutions, from UMD Technology Inc, ultimately owned by Antares Advanced TestTechnologies, for a total USD 3.3 mil.
HNRB QOZB II LP TGU LLC TGU LLC, a unit of Best Bridal Hawaii Inc, ultimately owned by Tsukada Global Holdings Inc, acquired a 90% interest in HNRB QOZB II LP, real estate agency.
Alderney Advisors LLC B. Riley Financial Inc B. Riley Financial Inc acquired Alderney Advisors LLC, a Southfield-based business advisory services firm.
Pivotal Solutions Inc Amynta Agency Inc Amynta Agency Inc acquired Pivotal Solutions Inc, a Fishers-based provider of marketing consulting services.
Coach House Apartments Landmark Properties Inc 81.5 Landmark Properties Inc acquired Coach House Apartments, a Kansas City- based lessor of residential buildings and dwellings, from Harbor Group International LLC, for a total USD 81.5 mil.