Weekly wrap: Illumina, Microsoft, KKR

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US M&A Deals Announced September 18 to 24, 2020
Target Acquirer Value ($millions) Synopsis
GRAIL Inc Illumina Inc 8,000.0 Illumina Inc (Illumina) definitively agreed to acquire the remaining 85.5% interest, which it did not already own, in GRAIL Inc (Grail), a Menlo Park-based healthcare company, for a total $8 bil, in a stock swap transaction. The consideration was to consist of $3.5 billion in cash, and $4.5 billion in common shares, subject to a collar agreement. Upon completion, Illumina and Grail shareholders were to own 93% and 7% of the combined company, respectively. Originally, Illumina was rumored to be planning to acquire Grail.
ZeniMax Media Inc Microsoft Corp 7,500.0 Microsoft Corp agreed to acquire ZeniMax Media Inc, a Rockville-based developer of interactive entertainment content, for a total value of $7.5 billion in cash. The transaction was to include Bethesda Softworks.
ChargePoint Inc Switchback Energy Acq Corp 2,808.0 Switchback Energy Acquisition Corp (SEAC) definitively agreed to merge with ChargePoint Inc (Charge), a Campbell-based manufacturer of power, distribution and specialty transformers, for a total $2.808 bil, in a stock swap reverse takeover transaction. The consideration was to consist of $2.45 billion in SEAC common shares and $358.02 million in profit-related payments. Upon completion, the merged entity was to be renamed Chargepoint Holdings Inc (Chargepoint). SEAC and Charge were to own a 19.6% stake and a 80.4% interest respectively in Chargepoint. Originally, in September 2020, SEAC was rumored to be planning to merge with Charge.
Colony Capital-Portfolio(5) Highgate Hotels LP 2,800.0 Highgate Hotels LP definitively agreed to acquire five hospitality portfolio of Colony Capital Inc, a Los Angeles-based lessor of real estate property, for $2.8 billion.
ION Media Networks Inc EW Scripps Co 2,650.0 EW Scripps Co (EW) planned to acquire ION Media Networks Inc, a West Palm Beach-based owner and operator radio and television broadcasting stations, for a total value of $2.65 billion. Originally, in September 2020, EW was rumored to be planning to acquire the entire share capital of ION Media Networks Inc.
Cradlepoint Inc Telefonaktiebolaget LM 1,100.0 Telefonaktiebolaget LM Ericsson of Sweden agreed to acquire Cradlepoint Inc, a Boise-based provider of cloud-based wired and wireless WAN networking solutions, for a total value of $1.1 billion.
XL Hybrids Inc Pivotal Investment Corp II 1,058.5 Pivotal Investment Corp II (PIC II) definitively agreed to merge with XL Hybrids Inc (XL), a Boston-based provider of vehicle electrification solutions, in exchange for an estimated 100 million PIC II common shares, valued at $1.059 bil, in a stock swap reverse takeover transaction. The shares were valued based on PIC II's closing stock price of $10. 585 on 17 September 2020, the last full trading day prior to the announcement. Upon completion, PIC II and XL shareholders were to own 16% and 70% respectively, and the remaining 14% was to be owned by other investors. The merged entity was to named XL Fleet, and will be listed on New York Stock Exchange under symbol XL.
United Wholesale Mortgage LLC Gores Holdings IV Inc 895.0 Gores Holdings IV Inc (Gores), a unit of Gores Sponsor IV LLC, definitively agreed to merge with United Wholesale Mortgage LLC (United), a Pontiac-based provider of mortgage lending services, for an estimated $895 million in cash and an undisclosed amount of class D Gores common shares. Upon completion, the shareholders of United were to own a 94% of the merged entity, and United was to be listed in the stock exchange and renamed UWM Corp. Originally, Gores was rumored to be planning to merge with United. The terms of the transaction were not disclosed, but according to sources close to the transaction, the reported value of the deal was estimated at $16 billion.
Windy City Wire Cable & Tech Diploma PLC 457.5 Diploma PLC of the UK planned to acquire Windy City Wire Cable & Technology Products LLC, a Bolingbrook-based manufacturer of wires and cables, for a total $457.46 million in cash.
BOA Technology Inc Compass Diversified Holdings 454.0 Compass Diversified Holdings agreed to acquire the entire share capital of BOA Technology Inc, a Denver-based manufacturer of sporting and athletic goods, for an estimated $454 mil.
Onyx Enterprises Intl Corp Legacy Acquisition Corp 285.0 Legacy Acquisition Corp (Legacy) definitively agreed to merge with Onyx Enterprises Int'l Corp (Onyx), a Jersey City-based internet service provider, for an estimated $285 mil, in a stock swap reverse takeover transaction. The consideration was to consist of an estimated $20 million in cash plus the issuance of $265 million in Legacy common shares. Upon completion, Legacy was to be renamed as PARTS iD.
People's United Ins Agcy Inc AssuredPartners Inc 120.0 AssuredPartners Inc, a unit of Apax Partners LP, definitively agreed to acquire People's United Insurance Agency Inc, a Hartford-based insurance agency, from People's United Bank, ultimately owned by People's United Financial Inc, for a total $120 million in cash.
Rundeck Inc PagerDuty Inc 100.0 Pagerduty Inc definitively agreed to acquire Rundeck Inc, a Redwood City-based provider of custom computer programming services, for a total $100 million. The consideration was to consists of $60 million in cash and $40 million in common shares.
Liv North Valley,Phoenix,AZ Praedium Group LLC 90.0 Praedium Group LLC acquired Liv North Valley, a Phoenix-based lessor of residential buildings and dwellings, for a total $90 mil.
Allegro-Ophthalmology Assets Bausch Health Cos Inc 50.0 Bausch Health Cos Inc of Canada planned to acquire ophthalmology assets of Allegro Ophthalmics LLC, a San Juan Capistrano-based manufacturer of biological products, for a total $50 mil.
Westlake Apartments,Sacramento Graceada Partners Fund II LLC 23.5 Graceada Partners Fund II LLC, a unit of Graceada Partners LLC, acquired Westlake Apartments, a Sacramento-based lessor of residential buildings and dwellings, for a total $23. 532 mil.
Surterra Hldg Inc-Regulated Innovative Industrial Ppty Inc 19.6 Innovative Industrial Properties Inc acquired the regulated medical cannabis cultivation & processing facility of Surterra Holdings Inc, an Atlanta-based manufacturer of medicinals and botanicals, for an estimated $19.6 mil, in a sale and leaseback transaction.
American CBD Extraction Corp Thoughtful Brands Inc 13.0 Thoughtful Brands Inc of Canada planned to acquire the entire share capital of American CBD Extraction Corp, drugs merchant wholesaler, for a total $13 mil, in a stock swap transaction. The consideration was to consists of $11 million in common share and up to $2 million in profit- related payments.
Echo Dcl LLC-Assets SG Blocks Inc 1.1 SG Blocks Inc, a unit of CDSI Merger Sub Inc, planned to acquire assets of Echo Dcl LLC, a Durant-based provider of specialty trade contractor services, for an estimated $1.06 million in cash.
N3 LLC Accenture PLC Accenture PLC of Republic of Ireland agreed to acquire N3 LLC, an Atlanta-based sales and demand- generation firm. Financial terms of the acquisition were not disclosed.
Adare Pharmaceuticals Inc Adare Pharms Inc Spv Adare Pharmaceuticals Inc SPV, a special purpose acquisition vehicle formed by Frazier Healthcare Partners and Thomas H Lee Partners LP, acquired Adare Pharmaceuticals Inc, a Lawrenceville-based manufacturer of pharmaceutical preparation, from TPG Capital LP, in a leveraged buyout transaction. Terms were not disclosed.
Kovarus Inc AHEAD LLC AHEAD LLC (AHEAD), a unit of Court Square Capital Partners LP, planned to acquire Kovarus Inc, a San Ramon-based provider of computer facilities management services. Concurrently, AHEAD planned to acquire RoundTower Technologies LLC.
RoundTower Technologies LLC AHEAD LLC AHEAD LLC, a unit of Court Square Capital Partners LP, planned to acquire RoundTower Technologies LLC, a Cincinnati-based provider of computer systems design services. Concurrently, AHEAD planned to acquire Kovarus Inc.
Next Generation Fuel Cell AMCI Acquisition Corp AMCI Acquisition Corp signed Letter of Intent {LOI} to acquire the entire share capital of Next Generation Fuel Cell Technology Co, manufacturer of semiconductors and related device.
American Lab Prod Co Ltd Ampersand Capital Partners Ampersand Capital Partners acquired an undisclosed majority interest in American Laboratory Products Co Ltd, a Salem-based manufacturer of biological products, in a leveraged buyout transaction.
UST-Aldetec Hldg Co Arotech-Advanced Electns Div The Advanced Electronics Division of Arotech Corp, acquired United States Technologies-Aldetec Holding Co, manufacturer of electronic components, from Cornerstone Capital Holdings LLC.
Erin P Collins & Associates Arthur J Gallagher & Co Arthur J Gallagher & Co acquired Erin P Collins & Associates Inc, a Kingman-based insurance and brokerage company. Terms of the transaction were not disclosed.
Charles W. Merriam & Son Inc Arthur J Gallagher & Co Arthur J Gallagher & Co acquired Charles W. Merriam & Son Inc, a Schenectady-based insurance agency. Terms of the transaction were not disclosed.
Precision Medicine Group LLC Blackstone Group Inc Blackstone Group Inc was rumored to be planning to acquire an undisclosed majority interest in Precision Medicine Group Inc, a Bethesda-based provider of social sciences research and development services, from Berkshire Partners LLC and TPG Capital LP, in a leveraged buyout transaction. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $2.3 billion.
BlueLA Carsharing LLC Blink Charging Co Blink Charging Co acquired BlueLA Carsharing LLC, a Los Angeles-based provider of passenger car rental services.
Farapulse Inc Boston Scientific Corp Boston Scientific Corp (Boston Scientific) was granted an option to acquire the remaining interest, which it did not already own in Farapulse Inc (Farapulse), a Menlo Park-based provider of biotechnology research and development services. Concurrently, Boston Scientific agreed to acquire an undisclosed minority stake in Farapulse.
Brightstar Corp Brightstar Capital Partners LP Brightstar Capital Partners LP definitively agreed to acquire a 75% interest in Brightstar Corp, a Miami-based distribution services company, from Brightstar Global Group Inc, ultimately owned by SoftBank Group Corp, in a leveraged buyout transaction, for an undisclosed amount in cash.
All Coml Landscape Svc Inc Brightview Holdings Inc Brightview Holdings Inc acquired All Commercial Landscape Service Inc, a Fresno-based provider of landscape architectural services. Terms were not disclosed.
Impilo Therapeutics Inc Cend Therapeutics Inc Cend Therapeutics Inc acquired Impilo Therapeutics Inc, provider of biotechnology research and development services. Terms were not disclosed.
Clear Skies Security LLC Cerberus Cyber Sentinel Corp Cerberus Cyber Sentinel Corp acquired Clear Skies Security LLC, an Alpharetta-based provider of professional services. The financial terms of the transaction were not disclosed.
SBSA Inc Charles Taylor PLC Charles Taylor PLC of the UK, a unit of Jewel Bidco Ltd, acquired SBSA Inc, a Golden-based provider of engineering services.
Bowling Portfolio Mgmt LLC CI Financial Corp CI Financial Corp of Canada planned to acquire Bowling Portfolio Management LLC, a Cincinnati-based portfolio manager, from Renaissance Investment Management, ultimately owned by Affiliated Managers Group Inc. Terms were not disclosed.
P5 Solutions Inc Computer Design & Integration Computer Design & Integration LLC acquired P5 Solutions Inc, a Reston-based software publisher. The financial terms of the transaction were not disclosed.
Cubic Corp Cubic Corp SPV Cubic Corp SPV, jointly owned by Veritas Capital Fund Management LLC and Elliott Management Corp, was rumored to be planning to acquire the remaining 85% stake, which it did not already own, in Cubic Corp, a San Diego-based provider of professional and management development training services, via an unsolicited offer. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $1.7 billion.
Us Govt Agcy-Fbi Field Office Easterly Govt Ppty Inc Easterly Government Properties Inc acquired US Government Agency-FBI Field Office, a Mobile-based real estate agency.
SimpleCitizen Inc Fragomen Del Rey Bernsen,Loewy Fragomen Del Rey Bernsen & Loewy LLP, a unit of McCarter & English LLP, acquired SimpleCitizen Inc, a Salt Lake City-based internet portal operator. The financial terms of the transaction were not disclosed.
QS Investors LLC Franklin Multi-Asset Solutions Franklin Templeton Multi-Asset Solutions, a unit of Franklin Resources Inc, planned to acquire the entire share capital of QS Investors LLC, a New York-based provider of investment management services.
Ins Administrative Solutions Integrity Marketing Group LLC Integrity Marketing Group LLC, a unit of HGGC LLC, acquired Insurance Administrative Solutions, a Clearwater-based provider of insurance and pension funds administration services. Terms were not disclosed.
WELIS LLC Internet Pipeline Inc Internet Pipeline Inc, a unit of Thoma Bravo LLC, acquired WELIS LLC, a Norwood-based developer of illustration and administration software.
1-800 Contacts Inc KKR & Co Inc KKR & Co Inc definitively agreed to acquire 1-800 Contacts Inc (1- 800), a Draper-based retailer of contact lenses and glasses, from AEA Investors LP (AEA) and other shareholders, in a quaternary buyout transaction. The financial terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $3 billion. Originally, in January 2020, AEA was rumored to be seeking a buyer for its 1-800 unit. Previously, AEA acquired an undisclosed majority interest in 1-800, in a tertiary buyout transaction. Subsequently, Thomas H Lee Partners LP acquired 1-800, in a secondary buyout transaction. Previously, Fenway Partners LP acquired the entire share capital of 1- 800, in a leveraged buyout transaction.
Garrett Transportation I Inc KPS Capital Partners LP KPS Capital Partners LP (KPS Capital) agreed to acquire Garrett Transportation I Inc, a Wilmington-based manufacturer of aircraft engines and engine parts, in a leveraged buyout transaction. Concurrently, KPS Capital agreed to acquire Garret LX I SARL and certain assets of Garret Motion Inc. The three transactions have a combined value for an estimated CHF 1. 914 billion (USD 2.1 bil).
Plush Smith PA LLC Mauldin & Jenkins LLC Mauldin & Jenkins LLC acquired Plush Smith PA LLC, a Sarasota-based certified public accountant's office. The financial terms of the transaction were not disclosed.
Lifeplan Financial Group Inc Mckinley Carter Wealth Svcs Mckinley Carter Wealth Services Inc acquired Lifeplan Financial Group Inc, a Dayton-based provider of financial investment services. The financial terms of the transaction were not disclosed.
Propharma Group Holdings LLC Odyssey Investment Partners Odyssey Investment Partners LLC agreed to acquire Propharma Group Holdings LLC (Propharma), an Overland Park-based provider of regulatory, compliance, pharmacovigilance and medical information services, from Linden LLC (Linden), in a secondary buyout transaction. Terms were not disclosed. Originally, Linden acquired Propharma, in a leveraged buyout transaction.
Westcor Land Title Insurance Orogen Group LLC Orogen Group LLC definitively agreed to acquire an undisclosed majority interest in Westcor Land Title Insurance Co, a Maitland-based direct title insurance carrier, in a leveraged buyout transaction. Terms were not disclosed.
Trachte Inc Palladium Equity Partners LLC Palladium Equity Partners LLC acquired Trachte Inc, an Oregon-based manufacturer of prefabricated metal buildings and components, in a leveraged buyout transaction.
The Payment Group LLC Paya Inc Paya Inc, a unit of Stewardship Technology Inc, definitively agreed to acquire The Payment Group LLC, a Dallas-based provider of financial transactions services, from Thompson Street Capital Partners LP. The financial terms of the transaction were not disclosed.
Panther Inds Inc Pro Mach Inc Pro Mach Inc, a unit of Leonard Green & Partners LP, acquired Panther Industries Inc, a Highlands Ranch-based manufacturer of packaging machinery. Terms were not disclosed.
Beroth Oil Co Quality Oil Co LLC Quality Oil Co LLC acquired Beroth Oil Co, a Winston-Salem-based manufacturer of petroleum lubricants.
Dynamic Concepts Inc QuantiTech LLC QuantiTech LLC acquired Dynamic Concepts Inc, a Huntsville-based provider of engineering and software services. Financial terms of the transaction were not announced.
Colorado Boxed Beef Co Quirch Foods Inc Quirch Foods Inc agreed to merge with Colorado Boxed Beef Co, a Lakeland-based meat and meat products merchant wholesaler.
Gadberry Group LLC RE/MAX Holdings Inc RE/MAX Holdings Inc (RE/ MAX) acquired Gadberry Group LLC, a Little Rock-based software publisher. The consideration was to consist of an undisclosed amount in cash and RE/MAX common stock.
Fathom Nm LLC Santa Fe Farms LLC Santa Fe Farms LLC acquired Fathom Nm LLC, an Albuquerque-based provider of business support services.
Cohen Financial-Portfolio SitusAMC Holdings Corp SitusAMC Holdings Corp, a unit of Stone Point Capital LLC, acquired asset management & servicing portfolio of Cohen Financial LP, a Chicago-based provider of real estate credit services, ultimately owned by Truist Financial Corp.
River Aggregates LLC Stonepoint Materials LLC Stonepoint Materials LLC acquired River Aggregates LLC, a The Woodlands-based owner and operator of construction sand and gravel mine.
Trinetx Inc The Carlyle Group Inc The Carlyle Group Inc planned to acquire an undisclosed majority interest in Trinetx Inc, a Cambridge-based provider of professional services, in a leveraged buyout transaction.
The Mirada,Lewis Center,OH Trilogy Real Estate Group LLC Trilogy Real Estate Group LLC acquired The Mirada, a Lewis Center-based lessor of residential buildings and dwellings. The financial terms of the transaction were not disclosed.
Lex Holding Co UPG Enterprises LLC UPG Enterprises LLC acquired Lex Holding Co, a Bedford Park-based manufacturer of rolled steel shapes. The acquisition was to include Lexington Steel Corp and Douglass Logistics Inc. The financial terms of the transaction were not disclosed.
S SF Life Science Ppty,CA Ventas Inc Ventas Inc was rumored to be planning to acquire South San Francisco Life Science Properties, a South San Francisco-based property complex. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $1 billion.
Synagro Technologies Inc WSIP West Street Infrastructure Partners III LP of the UK, a unit of Goldman Sachs & Co, definitively agreed to acquire Synagro Technologies Inc, a Baltimore-based provider of hazardous waste treatment and disposal services, from EQT Infrastructure II GP BV, owned by EQT Infrastructure BV.