US M&A Deals Announced January 10 to 16, 2020
TargetAcquirerValue ($millions)Synopsis
Hexcel CorpWoodward Inc6,556.8Woodward 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 IncVisa Inc5,300.0Visa 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-ApartmentHarbor Group International LLC1,850.0Harbor 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 IncBrookfield Renewable Partners1,512.1Brookfield 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 IncEli Lilly & Co1,042.6Eli 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 CorpCott Corp690.4Cott 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 IncTeladoc Health Inc600.0Teladoc 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 LPRayonier Inc559.1Rayonier 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-PoweredMapletree Investments Pte Ltd557.0Mapletree 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 BusMontagu Private Equity LLP490.0Montagu 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 IncRELX PLC375.0RELX 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 CorpMudrick Capital Acquisition325.0Mudrick 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 LLCICF International Inc255.0ICF 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-RiversideAlexandria RE Equities Inc235.0Alexandria 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,LAMaverick Gaming LLC230.0Maverick 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 IncR1 RCM Inc190.0R1 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 BldgBlackstone RE Partners LP155.7Blackstone 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,COOak Coast Properties LLC143.0Oak 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-GraliseAlvogen Inc127.5Alvogen 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-CapstarPetIQ Inc95.0PetIQ 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 LLCKPS Capital Partners LP85.0KPS 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 IncAtlantic Broadband Group LLC50.0Atlantic 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 LLCCrossAmerica Partners LP44.1CrossAmerica 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-OncologyNeoGenomics Inc37.0NeoGenomics 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 IncCellebrite Mobile33.0Cellebrite 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 PharmacovigilanceErgomed PLC10.0Ergomed 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 IncAmpcus Cyber IncAmpcus Cyber Inc acquired Itech Solutions Inc, a Farmington-based provider of custom computer programming services. Terms were not disclosed.
Waste Harmonics LLCArcapita Group Holdings LtdArcapita 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 LLCAssuredPartners IncAssuredPartners Inc, a unit of Apax Partners LP, acquired The Jordan Insurance Group LLC, a Columbia-based insurance agency.
Bush Industries IncBestar IncBestar 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 LlcBrightview Holdings IncBrightview 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 IncCameron Ashley Bldg Prod IncCameron 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 BusinessCooper Mach Svcs IncCooper 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 LLCCropX LtdCropX Ltd of Israel acquired Cropmetrics LLC, a North Bend-based software publisher. The amount of the deal was not disclosed.
Packet Host IncEquinix IncEquinix Inc definitively agreed to acquire Packet Host Inc, a New York City-based developer of bare metal automation platform.
Amer Waste Inc-Solid & LiquidGFL Environmental IncGFL 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 LLCGlobal Grab Technologies IncGlobal GRAB Technologies Inc, a unit of FutureNet Group Inc{FNG}, acquired CatsClaw Americas LLC, a Randleman-based provider of security systems services.
Aptos IncGoldman Sachs-Merchant Bk DivGoldman 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 PropertiesGuggenheim Partners LLCGuggenheim 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 IncHCA Healthcare IncHCA Healthcare Inc acquired Valify Inc, a Frisco-based software publisher. Terms were not disclosed.
Icon Credit UnionHorizon Credit UnionHorizon Credit Union, a unit of United Health Services Credit Union, planned to acquire Icon Credit Union, a Boise-based credit union.
Tristar Tank SvcsHydroChemPSCHydroChemPSC, 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 IncInfor IncInfor Inc agreed to acquire Intelligent InSites Inc, a Fargo-based software publisher. Terms were not disclosed.
Pretium Packaging LLCInvestor GroupA 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 SolutionsKellermeyer Bergensons SvcsKellermeyer 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 LlcKWSMKWSM acquired the entire share capital of Modi Marketing LLC, a San Diego-based provider of marketing consulting services.
Rod & Tubing ServicesLime Rock Management LPLime 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 LasMgm Grand Las Vegas SpvMGM 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 UnitMiddleby CorpMiddleby Corp acquired RAM fry dispensers of Automated Equipment LLC, a Red Wing-based service establishment equipment and supplies merchant wholesaler.
Edsco Fasteners LLCMiddleGround CapitalMiddleGround Capital acquired Edsco Fasteners LLC, a Denton-based manufacturer of industrial fasteners, in a leveraged buyout transaction.
Borchers Grp LtdMilliken & CoMilliken & Co agreed to acquire Borchers Group Ltd, a Westlake-based manufacturer of chemical products, from The Jordan Co LP.
Retail Property,VermontNas Investment Solutions LLCNas Investment Solutions LLC acquired Retail Property, a Burlington-based provider of land subdivision services.
Virgo Invest Grp LLC-SolarNautilus Solar Energy LLCNautilus 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,AZNew World Resources LtdNew World Resources Ltd of Australia Antler Copper Deposit, a Mohave Valley-based copper and nickel ore mine operator.
Kistler Tiffany Benefits CoOnedigital Health & BenefitsOneDigital 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 facilitiesRich Products CorpRich 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 IncSamsung Electronics Co LtdSamsung Electronics Co Ltd of South Korea acquired Teleworld Solutions Inc, a Chantilly-based provider of telephone answering services.
Farmers & Merchants Bk,Dyer,TNSecurity Bank & Trust Co,TNSecurity 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 IncSRI Cutters Insulation LLCSRI Columbia LLC acquired Cutter’s Insulation Inc, a West Columbia-based manufacturer of fiberglass insulation products.
Transportation PartnersTakkion Holdings LLCTakkion 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-CTCMTrialon CorpTrialon 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 CoWeston Insurance Holdings CorpWeston Insurance Holdings Corp planned to acquire Anchor Specialty Insurance Co, a Saint Petersburg-based insurance agency, from Anchor Property & Casualty Insurance Co.
AECOMWSP Global IncWSP 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.