Weekly wrap: Johnson & Johnson, Sanofi, EQT

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US M&A Deals Announced August 14 to 20, 2020
Target Acquirer Value ($millions) Synopsis
Momenta Pharmaceuticals Inc J&J 6,550.1 Johnson & Johnson definitively agreed to merge with Momenta Pharmaceuticals Inc, a Cambridge-based biotechnology company, for $52.50 in cash per share, or a total value of an estimated $6.50 bil, via tender offer.
Principia Biopharma Inc Sanofi SA 3,673.9 Sanofi SA of France definitively agreed to acquire the entire share capital of Principia Biopharma Inc (Principia), a South San Francisco-based manufacturer of pharmaceutical preparation, for $100 in cash per share, or a total value of $3. 674 bil, via tender offer. The offer was conditioned upon at least a majority of Principia's shares being tendered.
Canoo Holdings Ltd Hennessy Cap Acq Corp IV 1,869.0 Hennessy Capital Acquisition Corp IV (HCAC IV) definitvely agreed to merge with Canoo Holdings Ltd (Canoo), a Torrance-based manufacturer of electric vehicles, for a total $1. 869 bil, in a stock swap reverse takeover transaction. The consideration was to consist of 175 million Class A common shares valued at $1. 869 billion and undisclosed amount in profit-related payments. The shares were valued based on HCAC IV's closing stock price of $10. 68 on 17 August 2020, the last full trading day prior to the announcement. Upon completion, HCAC IV and Canoo shareholders were to own 15. 3% stake and 71.5% interest, respectively, the remaining 13.2% stake was to be owned by BlackRock Inc and other investors. The merged entity was to be named Canoo Inc and will be listed on the Nasdaq Capital Market under the symbol CNOO. Originally, HCAC IV was rumored to be planning to acquire the entire share capital of Canoo.
Centauri LLC KBR Inc 827.0 KBR Inc definitively agreed to acquire the entire share capital of Centauri LLC, a Chantilly-based reproducer of software, for a total value of $827 million in cash.
Davos Brands LLC Diageo PLC 610.0 Diageo PLC of the UK agreed to acquire Davos Brands LLC, a New York City- based alcoholic beverages merchant wholesaler, for a total $610 million. The consideration was to consist of $335 million in cash, and $275 million in profit related payments. The transaction was to include Aviation Gin LLC.
Hudson Ltd Dufry AG 303.2 Dufry AG of Switzerland definitively agreed to acquire the remaining stake, which it did not already own, in Hudson Ltd, an East Rutherford-based merchandise store operator, for $7.7 in cash per share, or a total value of $303.215 million in cash. Upon completion, Hudson Ltd will be delisted in NYSE.
Seacoast Commerce Banc Hldg Enterprise Finl Svcs Corp 160.7 Enterprise Financial Services Corp (Enterprise) definitively agreed to acquire the entire share capital of Seacoast Commerce Banc Holdings (Seacost), a San Diego-based commercial bank, for a total $160.745 mil, in a stock swap transaction. Enterprise offered 0.5061 common share per Seacost common shares. The shares were valued at $16.583 per share based on Enterprise's closing stock price of $33.3 on 11 August 2020, the last full trading day prior to the announcement. Upon completion, Enterprise and Seacosot were to 84% and 16% of the combined entity.
Hyatt House,Tempe,Arizona Apple Hospitality REIT Inc 64.0 Apple Hospitality REIT Inc (Apple) acquired Hyatt House, a Tempe-based hotel operator. Concurrently, Apple acquired Hyatt Place. The transactions had a combined value of an estimated $64 mil.
Kabbage Inc American Express Co American Express Co acquired Kabbage Inc, an Atlanta-based software publisher. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $1 billion. Originally, in August 2020, Kabbage Inc was rumored to be seeking a buyer for the company.
Hyatt Place,Tempe,Arizona Apple Hospitality REIT Inc Apple Hospitality REIT Inc (Apple) acquired Hyatt Place, a Tempe-based hotel operator. Concurrently, Apple acquired Hyatt House. The transactions had a combined value of an estimated $64 mil.
Amity Insurance Agency Inc Brown & Brown of Massachusetts Brown & Brown of Massachusetts LLC, a unit of Brown & Brown Inc, acquired Amity Insurance Agency Inc, a North Quincy-based insurance agency. The financial terms of the transaction were not disclosed.
Our Cmnty Bk-Asts Crane Credit Union,Odin,IN Crane Credit Union,Odin, IN definitively agreed to acquire assets of Our Community Bank, a Spencer- based commercial bank, ultimately owned by Home Financial Bancorp,Spencer, Indiana.
Miller Investment Management Creative Planning Inc Creative Planning Inc acquired Miller Investment Management LP, a West Conshohocken-based investment advisor.
Miller Financial Management Creative Planning Inc Creative Planning Inc acquired Miller Financial Management LLC, a Fishers- based investment advisor. The financial terms of the deal were not disclosed.
EdgeConneX Inc EQT Infrastructure IV Fund EQT Infrastructure IV Fund (EQT) of Sweden, a unit of EQT Fund Management Sarl, agreed to acquire EdgeConneX Inc (EdgeConneX), a Herndon- based provider of data processing and hosting services. Originally, in October 2019, EQT was rumored to be planning to acquire EdgeConneX.
NEC Energy Solutions Inc Greenko Energies Pvt Ltd Greenko Energies Pvt Ltd of India, a unit of Greenko Mauritius Ltd, was rumored to be planning to acquire NEC Energy Solutions Inc, a Westborough-based manufacturer of storage batteries, from NEC Corp.
Agincourt Capital Management Guardian Capital Grp Ltd Guardian Capital Group Ltd of Canada agreed to acquire a 70% interest in Agincourt Capital Management LLC, a Richmond-based portfolio manager. The financial terms of the transaction were not disclosed.
Southern Insurance Services Integrity Marketing Group LLC Integrity Marketing Group LLC, a unit of HGGC LLC, acquired Southern Insurance Services Inc, a Lawrenceburg- based insurance agency. The financial terms of the deal were not disclosed.
Newpek LLC-Assets,Texas Investor Group An investor group, comprised of Ensign Operating LLC and Reliance Eagleford Upstream Holding LP acquired the assets in Texas of Newpek LLC (Newpek), an Irving-based oil and gas exploration and production company, ultimately owned by Alfa SAB de CV. Terms were not disclosed. Originally, in October 2017, Newpek announced that it was seeking a buyer for its Eagle Ford shale assets.
Tracor Campus Austin,Texas Karlin Real Estate Karlin Real Estate acquired Tracor Campus Austin, an Austin-based owner and operator of nonresidential building.
Minneapolis Grain Exchange Inc Miami International Holdings Miami International Holdings Inc (MIH) definitively agreed to merge with Minneapolis Grain Exchange Inc, a Minneapolis- based provider of future commodity exchange services, for an undisclosed amount in a combination of cash and MIH's stock.
Cai Intl Inc-Logistics Bus NFI Industries Inc NFI Industries Inc acquired logistics business of CAI International Inc, a San Francisco-based provider of machinery and equipment rental and leasing services.
Bay State Elevator Co Inc Otis Worldwide Corp Otis Worldwide Corp acquired Bay State Elevator Co Inc (Bay State), a Worcester-based manufacturer of elevators. The transaction included Bay State's service portfolio and operations in Massachusetts, Connecticut, Vermont and upstate New York. The terms of the transaction were not disclosed.
Alliance Stone SiteOne Landscape Supply Inc SiteOne Landscape Supply Inc acquired Alliance Stone, a Cumming-based provider of landscaping services.
OmniMax International Inc Strategic Value Partners LLC Strategic Value Partners LLC definitively agreed to acquire OmniMax International Inc, a Peachtree City-based manufacturer of aluminum sheets, plates and foil, from OmniMax Holdings Inc. Terms were not disclosed.
Signal Digital Inc TransUnion Corp TransUnion Corp, jointly owned by Advent International Corp and GS Capital Partners VI Fund LP, acquired Signal Digital Inc, a Chicago-based provider of marketing consulting services. Terms of the transaction were not disclosed.
Blueday Inc Tulip.Io Inc Tulip.Io Inc of Canada acquired Blueday Inc, a Boston-based developer and deployer of a revenue management system. Terms of the transaction were not disclosed.