M&A daily wrap: Chicago Stock Exchange, the Masters Tournament, Skadden, Rachael Ray
New York Stock Exchange parent Intercontinental Exchange Inc. (NYSE: ICE) is buying the Chicago Stock Exchange for undisclosed terms. “After an in-depth review of strategic alternatives for CHX, we believe this transaction is clearly in the best interests of CHX stockholders and positions the organization well going forward,” says CHX chairman Matthew Frymier. CHX will continue to operate as a registered national securities exchange based in Chicago. The NYSE could also experiment on whatever market it sets up, Bloomberg points out. After the Chicago Stock Exchange’s previous sale process fell apart, some speculated that a cryptocurrency company might try to purchase it, given that the SEC wants to shift some digital token trading onto regulated markets. NYSE in 2015 bought a stake in Coinbase, one of the biggest crypto exchanges. The CHX deal continues the consolidation among exchange operators in recent. For example, CME Group Inc. (Nasdaq: CME) is acquiring Nex Group for about $5.5 billion. GCA Advisors and Sidley Austin are advising CHX on the sale.
As fans watch Tiger Woods play in the Masters Tournament for the first time since 2015, we take a look at some of the M&A deals involving beloved golf brands, such as Callaway and TaylorMade. Check out our slideshow.
Helios and Matheson Analytics Inc. (Nasdaq: HMNY) is purchasing MoviePass from Oath Inc. (formerly known as AOL), which owns Moviefone. "This natural alignment between MoviePass and Moviefone will help us grow our subscriber base significantly and expand our marketing and advertising platform for our studio and brand partners,” says MoviePass CEO Mitch Lowe. MoviePass offers movie show times, tickets and trailers. Financial terms were not disclosed.
JAB Holding Co. has made an investment in online coffee retailer Trade. The target's website offers more than 400 roasts of coffee. JAB has been building up its coffee portfolio through M&A. In 2017, the company bought Panera Bread.
Charlotte Radiology, a physician-owned radiology practice in the Southeast, has formed a new venture with healthcare investment firm Welsh, Carson, Anderson & Stowe to expand the practice across the U.S.
J.M. Smucker Co. (NYSE: SJM) is buying Ainsworth Pet Nutrition in a deal valued at $1.9 billion, betting that pet food can help reinvigorate sales in a sluggish consumer-product industry. The transaction gives Smucker a brand of premium dog and cat food backed by celebrity chef Rachael Ray. Read the full story here.
Accel-KKR made a majority equity investment in Insurance Technologies Corp. (ITC), which provides websites, agency marketing, comparative rating and management software and services to the insurance industry, including independent agents and insurance carriers.
EQT Mid Market Europe is investing in BBS Automation. The target builds automated systems for complex manufacturing and testing processes. Financial terms were not disclosed.
The Stripes Group made an investment in New York bakery chain Levain Bakery. The Dak Group advised the target.
ACA Compliance Group is acquiring Cordium, a provider of governance, risk and compliance services. Financial terms were not disclosed.
Arash Attar-Rezvani, Holger Hofmeister, Akira Kumaki, Richard Oliver and Blair Thetford have been named partners at Skadden Arps Slate Meagher & Flom LLP. The group focuses on M&A and private equity.
Craig Vogelsang got hired by Baker Botts as a partner in Houston. Previously with Winston & Strawn, Vogelsang focuses on oil and gas financing and acquisitions.
Scott Joachim and David Johanson have joined law firm Goodwin as partners. They both concentrate on private equity and M&A in the technology sector and were previously with Fenwick & West.
See who else got promoted and hired in People Moves.