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US M&A Deals Announced July 17 to 23, 2020
TargetAcquirerValue ($millions)Synopsis
US Bk Tower,Los Angeles,CAUSBT Property Owner LP430.0USBT 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 FieldEsparza Energy Hldg Llc0.2Esparza 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 Inc20.0Molina 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 IncInsight Service Group IncInsight Service Group Inc acquired i-Unlimited Inc, a Sacramento-based provider of investigation services. The terms of the agreement were not disclosed.
7710 Insurance CoBenchmark Holding CoBenchmark 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 IncTectrade Intl Hldg LtdTectrade International Holdings Ltd, a unit of CSI Ltd, acquired APSU Inc, a Chattanooga-based software publisher.
CTM Media Group IncHoward Jonas3.8Howard 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 IncWold Architects & EngineersWold Architects & Engineers acquired the entire share capital of HFR Design Inc, a Brentwood-based provider of architectural services.
Alvin Dental CareInvestor GroupAn 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- GymGenesis Health Clubs Mgmt IncGenesis 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 VeterinaryPeople Pets & Vets LLCPeople Pets & Vets LLC acquired Sterling Pointe Veterinary Clinic, a Lincoln- based provider of veterinary services.
First State Bank,IANortheast Security Bank,IANortheast 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 IncHelpSystems LLC257.1HelpSystems 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 CorpSynaptics Inc305.0Synaptics 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-CollectionGrifols SAGrifols 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 BusinessSarnova Inc140.0Sarnova 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-BusinessDedalus Italia SpA525.0Dedalus 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 LlcSportsHub Games Network IncSportsHub Games Network Inc acquired Fantasy National Golf Club LLC, a Chaska-based sports club.
Spirit of Texas Bancshares-BrMoody National Bk,Galveston,TXMoody National Bank agreed to acquire the branch of Spirit of Texas Bancshares Inc, a Conroe-based commercial bank.
Nexxtep Technology ServicesDynamic Quest IncDynamic Quest Inc acquired Nexxtep Technology Services Inc, a Valdosta- based provider of managed information technology, disaster recovery and hosting services.
Diamond State Trucking IncPS Logistics LLCPS 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 IncThoma Bravo LLC583.5Thoma 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 IncChevron Corp5,036.0Chevron 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 LLCEze Castle Integration IncEze 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 IncTenzing Acquisition Corp72.8Tenzing 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 LLC11.4Gold 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 CorpBeverage USA Holdings IncBeverage USA Holdings Inc acquired Nerd Beverage Corp, a San Antonio-based manufacturer of soft drinks.
The Burgess Group LLCHealthEdge Software IncHealthEdge 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 ConsultWest Physics Consulting LLCWest Physics Consulting LLC acquired Radiological Physics Consultants Inc, a Winston-Salem-based provider of medical physics services.
Value Waste Services LLCValet Living IncValet 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 IncMu-Del Electronics LLCMu-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 IncXalles Technology IncXalles 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 BusCMC Steel Oklahoma LLCCMC 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 LLCBrookfield Asset ManagementBrookfield 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 IncGilead Sciences Inc1,250.0Gilead 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 LLCKPS Capital Partners LPKPS 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 LLCThe New York Times CoThe 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 IncAEM Holdings Ltd3.3AEM 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 LPTGU LLCTGU 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 LLCB. Riley Financial IncB. Riley Financial Inc acquired Alderney Advisors LLC, a Southfield-based business advisory services firm.
Pivotal Solutions IncAmynta Agency IncAmynta Agency Inc acquired Pivotal Solutions Inc, a Fishers-based provider of marketing consulting services.
Coach House ApartmentsLandmark Properties Inc81.5Landmark 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.