Weekly wrap: Goldman Sachs, Lilly, Visa

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US M&A Deals Announced January 10 to 16, 2020
Target Acquirer Value ($millions) Synopsis
Hexcel Corp Woodward Inc 6,556.8 Woodward Inc (Woodward) definitively agreed to merge with Hexcel Corp (Hexcel), a Stamford-based manufacturer of plastics materials, for USD 6.557 billion. Woodward offered 0.625 new common shares per Hexcel common shares. The shares were valued based on Woodward's closing stock price of USD 121.96 on 10 January 2020, the last full trading day prior to the announcement. Upon completion, Woodward and Hexcel were to own 55% and 45%, respectively, in the merged entity to be named Woodward Hexcel Inc.
Plaid Inc Visa Inc 5,300.0 Visa Inc definitively agreed to acquire Plaid Inc, a San Francisco-based provider of data processing and hosting services, for USD 5.3 bil.
Aragon Hldg Inc-Apartment Harbor Group International LLC 1,850.0 Harbor Group International LLC acquired 36 apartment properties of Aragon Holdings Inc, a Los Angeles-based real estate investment and fund management company, for USD 1. 85 bil.
TerraForm Power Inc Brookfield Renewable Partners 1,512.1 Brookfield Renewable Partners LP of Bermuda (BRP), a unit of Brookfield Asset Management Inc, planned to launch an unsolicited tender offer to acquire the remaining 38.5% stake, or 87. 412 million Class A common shares which it did not already own, in TerraForm Power Inc (TerraForm), a New York City-based owner and operator of power generation assets, a unit of Brookfield Asset Management Inc, for a total USD 1.512 bil, in a stock swap transaction, in an internal reorganization. BRP offered 0.36 LP Unit per TerraForm Class A share. Based on BRP's closing stock price of USD 48.05 on 10 January 2020, the last full trading day prior to the announcement, each TerraForm Class A share was valued at USD 17.298.
Dermira Inc Eli Lilly & Co 1,042.6 Eli Lilly & Co (Lilly) definitively agreed to merge with Dermira Inc (Dermira), a Menlo Park-based manufacturer of pharmaceutical preparation products, from Bay City Capital LLC and New Enterprise Associates 13 LP and NEA Ventures 2011 LP and Bay City Capital Fund V LP, a unit of Bay City Capital LLC and Bay City Capital Fund V Co-Investment Fund LP, a unit of Bay City Capital LLC, for USD 1.043 billion in cash.
Primo Water Corp Cott Corp 690.4 Cott Corp of Canada (Cott) definitively agreed to acquire the entire share capital of Primo Water Corp (Primo), a Winston-Salem-based line grocery merchant wholesaler, for a total USD 690.421 mil, in a stock swap transaction. Cott offered a choice of USD 14 in cash; 1. 0229 Cott common shares for every Primo share; or USD 5. 04 in cash and 0.6549 Cott common shares for every Primo share. Upon completion, Primo will delist from Nasdaq.
Intouch Technologies Inc Teladoc Health Inc 600.0 Teladoc Health Inc agreed to acquire the entire share capital of Intouch Technologies Inc, a Santa Barbara-based provider of ambulatory health care services, for a total USD 600 mil, in a stock swap transaction. The transaction was consisted of USD 150 million in cash and USD 450 million in common shares.
Pope Resources LP Rayonier Inc 559.1 Rayonier Inc (Rayonier) definitively agreed to merge with Pope Resources LP (Pope), a Poulsbo-based timber tract operator, in a stock swap transaction valued at USD 559. 084 million. Rayonier offered a choice of 3.929 Rayonier common shares for every Pope share or USD 125 in cash per share or 3.929 Rayonier Operating Co LLC stock for every Pope share. Based on Rayonier's closing stock price of USD 32.72 on 14 January 2019, the last full trading day prior to the announcement, each Pope share was valued at USD 128.557.
Digital Rlty Tr Inc-Powered Mapletree Investments Pte Ltd 557.0 Mapletree Investments Pte Ltd of Singapore, a unit of the Singaporean state- owned Temasek International Pte Ltd, acquired 10 Powered Base Building of Digital Realty Trust Inc, a San Francisco-based lessor of real estate property, for a total USD 557 mil.
Rti Surgical Inc-Oem Bus Montagu Private Equity LLP 490.0 Montagu Private Equity LLP of the UK agreed to acquire OEM business of RTI Surgical Inc, an Alachua-based manufacturer of surgical appliance and supplies, for USD 490 mil.
ID Analytics Inc RELX PLC 375.0 RELX PLC of the UK definitively agreed to acquire the entire share capital of ID Analytics Inc, a San Diego-based software publisher, from LifeLock Inc, ultimately owned by Symantec Corp, for a total USD 375 mil.
Hycroft Mining Corp Mudrick Capital Acquisition 325.0 Mudrick Capital Acquisition Corp definitively agreed to acquire the entire share capital of Hycroft Mining Corp, a Reno-based gold ore mine operator, for a total USD 325 mil, in a stock swap transaction.
Incentive Technology Group LLC ICF International Inc 255.0 ICF International Inc definitively agreed to acquire Incentive Technology Group LLC (ITG), an Arlington-based provider of custom computer programming services, for a total USD 255 mil.
Hines Global REIT-Riverside Alexandria RE Equities Inc 235.0 Alexandria Real Estate Equities Inc acquired riverside center of Hines Global REIT Inc, a Houston-based lessor of real estate property, for a total USD 235 mil.
Eldorado Resorts-Eldorado,LA Maverick Gaming LLC 230.0 Maverick Gaming LLC definitively agreed to acquire Eldorado Resort & Casino in Shreveport, Louisiana of Eldorado Resorts Inc, a Reno-based owner and operator of casino hotels, for an estimated USD 230 million in cash.
SCI Solutions Inc R1 RCM Inc 190.0 R1 RCM Inc definitively agreed to acquire SCI Solutions Inc, a Campbell-based developer of software, for a total USD 190 mil.
Invesco Re Ltd-Office Bldg Blackstone RE Partners LP 155.7 Blackstone Real Estate Partners LP, a unit of Blackstone Capital Partners LP, acquired office building of Invesco Real Estate Ltd, a Dallas-based lessor of nonresidential buildings, ultimately owned by Invesco Ltd, for a total USD 155.65 mil.
The Courtyards at Buckley,CO Oak Coast Properties LLC 143.0 Oak Coast Properties LLC acquired The Courtyards at Buckley, an Aurora-based apartment community, from JRK Property Holdings Inc, for a total USD 143 mil.
Assertio Therapeutics-Gralise Alvogen Inc 127.5 Alvogen Inc agreed to acquire gralise of Assertio Therapeutics Inc, a Lake Forest-based manufacturer of pharmaceutical preparation, for a total USD 127.5 million. The consideration was to consist of USD 75 million in cash and USD 52.5 million in royalties.
Elanco Animal Health-Capstar PetIQ Inc 95.0 PetIQ Inc definitively agreed to acquire the Capstar portfolio of Elanco Animal Health Inc, a Greenfield-based manufacturer of pharmaceutical preparation, for a total USD 95 million in cash.
Harsco IKG LLC KPS Capital Partners LP 85.0 KPS Capital Partners LP definitively agreed to acquire Harsco IKG LLC, a Houston-based manufacturer of architectural metal works, from Harsco Corp, for a total USD 85 mil, in a leveraged buyout transaction.
Thames Valley Commun Inc Atlantic Broadband Group LLC 50.0 Atlantic Broadband Group LLC, a unit of Cogeco Communications Inc, definitively agreed to acquire Thames Valley Communications Inc, a Groton-based provider of subscription programming services, for a total USD 50 mil.
CrossAmerica GP LLC CrossAmerica Partners LP 44.1 CrossAmerica Partners LP (CrossAmerica) definitively agreed to acquire the entire share capital of CrossAmerica GP LLC (, an Allentown-based petroleum and petroleum products merchant wholesaler, from CST Brands Inc, in exchange for 2.529 million common shares, valued at, USD 44.1 mil, in a stock swap transaction. The shares were valued based on CrossAmericas closing stock price of USD 17. 44, on 14 January 2020, the last full trading day prior to the announcement.
Human Longevity Inc-Oncology NeoGenomics Inc 37.0 NeoGenomics Inc acquired oncology division of Human Longevity Inc, a San Diego-based manufacturer of biological products, for a total USD 37 million in cash.
BlackBag Technologies Inc Cellebrite Mobile 33.0 Cellebrite Mobile Synchronization Ltd of Israel, a unit of Sun Corp, agreed to acquire BlackBag Technologies Inc, a San Jose-based wired telecommunications carrier, for a total USD 33 mil.
Ashfield Pharmacovigilance Ergomed PLC 10.0 Ergomed PLC of the UK acquired the entire share capital of Ashfield Pharmacovigilance Inc, a Cary-based provider of biotechnology research and development services, from UDG Healthcare US Holdings Inc, ultimately owned by UDG Healthcare PLC, for a total USD 10 million in cash.
iTech Solutions Inc Ampcus Cyber Inc Ampcus Cyber Inc acquired Itech Solutions Inc, a Farmington-based provider of custom computer programming services. Terms were not disclosed.
Waste Harmonics LLC Arcapita Group Holdings Ltd Arcapita Group Holdings Ltd of Bahrain acquired an undisclosed majority interest in Waste Harmonics LLC, a Victor-based government administration establishment for air and water resource and solid waste management, in a leveraged buyout transaction.
The Jordan Insurance Group LLC AssuredPartners Inc AssuredPartners Inc, a unit of Apax Partners LP, acquired The Jordan Insurance Group LLC, a Columbia-based insurance agency.
Bush Industries Inc Bestar Inc Bestar Inc of Canada, a unit of 9310-1574 Quebec Inc, acquired Bush Industries Inc, a Jamestown-based manufacturer of nonupholstered wood household furniture.
Signature Coast Hldg Llc Brightview Holdings Inc Brightview Holdings Inc planned to acquire Signature Coast Holdings LLC, a Napa-based provider of landscaping services. Terms of the transaction were not disclosed.
J&R Products Inc Cameron Ashley Bldg Prod Inc Cameron Ashley Building Products Inc, a unit of Pacific Avenue Capital Partners LLC, acquired J&R Products Inc, a Bluffton-based roofing, siding and insulation material merchant wholesaler.
HOERBIGER-Engine Business Cooper Mach Svcs Inc Cooper Machinery Services Inc, a unit of Arcline Investment Management LP, acquired engine legacy solutions business of HOERBIGER Holding AG, a Zug-based manufacturer of motor vehicle transmissions and power train parts, ultimately owned by Hoerbiger Tectum Holding AG.
Cropmetrics LLC CropX Ltd CropX Ltd of Israel acquired Cropmetrics LLC, a North Bend-based software publisher. The amount of the deal was not disclosed.
Packet Host Inc Equinix Inc Equinix Inc definitively agreed to acquire Packet Host Inc, a New York City-based developer of bare metal automation platform.
Amer Waste Inc-Solid & Liquid GFL Environmental Inc GFL Environmental Inc of Canada, a unit of GFL Environmental Holdings Inc, definitively agreed to acquire solid & liquid waste business,mi of American Waste Inc, an Oklahoma City-based provider of hazardous waste treatment and disposal services, owned by WCA Waste Corp.
CatsClaw Americas LLC Global Grab Technologies Inc Global GRAB Technologies Inc, a unit of FutureNet Group Inc{FNG}, acquired CatsClaw Americas LLC, a Randleman-based provider of security systems services.
Aptos Inc Goldman Sachs-Merchant Bk Div Goldman Sachs Group Inc- Merchant Bank Division, a unit of Goldman Sachs Private Equity Group, definitively agreed to acquire Aptos Inc, an Atlanta-based developer of software, from Apax Partners LLP, in a leveraged buyout transaction.
Elmtree-Industrial Properties Guggenheim Partners LLC Guggenheim Partners LLC acquired an undisclosed majority ownership interest in an industrial & office properties portfolio of Elmtree Net Lease Fund III LP, a St. Louis-based financial vehicle.
Valify Inc HCA Healthcare Inc HCA Healthcare Inc acquired Valify Inc, a Frisco-based software publisher. Terms were not disclosed.
Icon Credit Union Horizon Credit Union Horizon Credit Union, a unit of United Health Services Credit Union, planned to acquire Icon Credit Union, a Boise-based credit union.
Tristar Tank Svcs HydroChemPSC HydroChemPSC, a unit of Littlejohn & Co LLC, planned to acquire Tristar Tank Services, a Houston-based provider of support services for oil and gas operations, from TriStar Global Energy Solutions Inc.
Intelligent InSites Inc Infor Inc Infor Inc agreed to acquire Intelligent InSites Inc, a Fargo-based software publisher. Terms were not disclosed.
Pretium Packaging LLC Investor Group A management-led investor group, comprised of Clearlake Capital Group LP, acquired Pretium Packaging LLC (Pretium), a Chesterfield-based manufacturer of plastics products, from Genstar Capital LLC (Genstar), in a tertiary buyout transaction. Previously, Genstar acquired Pretium. Originally, Castle Harlan Inc acquired Pretium.
Hospity Staffing Solutions Kellermeyer Bergensons Svcs Kellermeyer Bergensons Services LLC, a unit of Cerberus Capital Management LP, acquired Hospitality Staffing Solutions LLC, an Atlanta-based provider of human resources and executive search consulting services, from HS Solutions Corp.
Modi Mktg Llc KWSM KWSM acquired the entire share capital of Modi Marketing LLC, a San Diego-based provider of marketing consulting services.
Rod & Tubing Services Lime Rock Management LP Lime Rock Management LP acquired an undisclosed majority interest in Rod & Tubing Services, a Bryan-based provider of support services for oil and gas operations, from Ascent Equity Group LLC, in a leveraged buyout transaction.
Mgm Resorts Intl-Grand Las Mgm Grand Las Vegas Spv MGM Grand Las Vegas SPV, jointly owned by MGM Growth Properties LLC and Blackstone Real Estate Income Trust Inc, definitively agreed to acquire grand las vegas of MGM Resorts International, a Las Vegas-based casino hotel operator.
Automated Equip-Business Unit Middleby Corp Middleby Corp acquired RAM fry dispensers of Automated Equipment LLC, a Red Wing-based service establishment equipment and supplies merchant wholesaler.
Edsco Fasteners LLC MiddleGround Capital MiddleGround Capital acquired Edsco Fasteners LLC, a Denton-based manufacturer of industrial fasteners, in a leveraged buyout transaction.
Borchers Grp Ltd Milliken & Co Milliken & Co agreed to acquire Borchers Group Ltd, a Westlake-based manufacturer of chemical products, from The Jordan Co LP.
Retail Property,Vermont Nas Investment Solutions LLC Nas Investment Solutions LLC acquired Retail Property, a Burlington-based provider of land subdivision services.
Virgo Invest Grp LLC-Solar Nautilus Solar Energy LLC Nautilus Solar Energy LLC, a unit of Power Energy Corp, acquired solar project portfolio of Virgo Investment Group LLC, a Redwood Shores-based private equity firm.
Antler Copper Deposit,AZ New World Resources Ltd New World Resources Ltd of Australia Antler Copper Deposit, a Mohave Valley-based copper and nickel ore mine operator.
Kistler Tiffany Benefits Co Onedigital Health & Benefits OneDigital Health & Benefits, a unit of New Mountain Capital LLC, acquired Kistler Tiffany Benefits Co, a Berwyn-based provider of management consulting services.
Treehouse-In-store facilities Rich Products Corp Rich Products Corp definitively agreed to acquire 2 in-store bakery facilities of Treehouse Foods Inc, an Oak Brook-based manufacturer of canned fruits and vegetables. Terms were not disclosed.
Teleworld Solutions Inc Samsung Electronics Co Ltd Samsung Electronics Co Ltd of South Korea acquired Teleworld Solutions Inc, a Chantilly-based provider of telephone answering services.
Farmers & Merchants Bk,Dyer,TN Security Bank & Trust Co,TN Security Bank & Trust Co, Paris,Tennessee, a unit of Security Bancshares Inc, definitively agreed to merge with Farmers & Merchants Bank, a Dyer-based commercial bank, from Dyer F&M Bancshares Inc.
Cutter's Insulation Inc SRI Cutters Insulation LLC SRI Columbia LLC acquired Cutter's Insulation Inc, a West Columbia-based manufacturer of fiberglass insulation products.
Transportation Partners Takkion Holdings LLC Takkion Holdings LLC, a unit of Apollo Global Management Inc, acquired an undisclosed majority interest in Transportation Partners & Logistics LLC, a Casper-based provider of freight transportation arrangement services.
Delphi Tech-CTCM Trialon Corp Trialon Corp, a unit of Resilience Capital Partners LLC, acquired the Customer Technology Center Michigan of Delphi Technologies PLC, a London-based manufacturer of vehicle propulsion systems.
Anchor Specialty Insurance Co Weston Insurance Holdings Corp Weston Insurance Holdings Corp planned to acquire Anchor Specialty Insurance Co, a Saint Petersburg-based insurance agency, from Anchor Property & Casualty Insurance Co.
AECOM WSP Global Inc WSP Global Inc of Canada was rumored to be planning to acquire the entire share capital of AECOM, a Los Angeles-based provider of engineering services.