TargetAcquirerValue ($millions)Synopsis
Delphi Automotive-Thermal SysMAHLE GmbH727.0Mahle GmbH of Germany, a unit of Mahle-Stiftung GmbH, definitively agreed to acquire the thermal systems business of Delphi Automotive PLC (Delphi), a Troy-based manufacturer and wholesaler of motor vehicles and parts, for an estimated $727 million in cash. Concurrently, Mahle GmbH signed a letter of intent to acquire a 16% stake in Shanghai Delphi Automotive Air-Conditioning System Co Ltd from Delphi.
New Amsterdam Global Solns LLCStrat Aero International Inc475.0Strat Aero International Inc, a unit of Strat Aero PLC, was granted an option to acquire a 70% interest in New Amsterdam Global Solutions LLC, a Sweetwater-based provider of marketing and sales consulting services, for $475 million. The consideration was to consist of $325 million in cash and $150 million in Strat Aero PLC new ordinary shares.
American Home-PortfolioSilver Bay Realty Trust Corp263.0Silver Bay Realty Trust Corp definitively agreed to acquire the property portfolio of American Home Property Management Co, an Atlanta-based real estate investment and management firm, for an estimated $263 million in cash.
Phillips 66 Co-Three PipelinePhillips 66 Partners LP253.1Phillips 66 Partners LP (Phillips LP), a 75%-owned unit of Phillips 66 Co (Phillips Co), agreed to acquire three pipeline systems of Phillips Co, a Houston-based manufacturer of refined crude oil and petroleum products, for $253.079 million. The consideration was to consist of $203.75 million in cash, the assumption of $16.25 million in liabilities, and the issuance of 0.432 million new Phillips LP units valued at $33.079 million. The shares were valued based on Phillips LP's closing stock price of $76.62 on 13 February 2015, the last full trading day prior to the announcement. The value was prorated based on the 25% stake not held in the assets by Phillips LP. The transaction was to include a 33.33% stake in Sand Hills NGL and Southern Hills NGL Pipeline Systems and a 19.46% stake in Explorer Refined Products Pipeline System.
Joliet Bulk Barge & Rail LLCArc Logistics Partners LP243.0Arc Logistics Partners LP, through its wholly-owned Arc Terminals Joliet Holdings LLC subsidiary, agreed to acquire the entire share capital of Joliet Bulk Barge & Rail LLC, a Joliet-based owner and operator of crude pipelines and terminals, from CenterPoint Property Trust for $243 million. The consideration was to consist of $216 million in cash and up to a further $27 million in profit-related payments.
The Miami Beach EDITION,MiamiAbu Dhabi Investment Authority230.0Abu Dhabi Investment Authority of United Arab Emirates, a unit of the Emirati state-owned United Arab Emirates, acquired The Miami Beach EDITION, a Miami Beach-based hotel operator, from Marriott International Inc for $230 million.
Panaya IncInfosys Ltd200.0Infosys Ltd of India definitively agreed to acquire Panaya Inc, a Hackensack-based developer of SAP automation software, for $200 million in cash.
Riviera Hotel & Casino,Las VegasThe Las Vegas Convention &191.0The Las Vegas Convention & Visitors Authority planned to acquire Riviera Hotel & Casino, a Las Vegas-based hotel operator, from Riviera Holdings Corp for an estimated $191 million.
AdvancedCath Technologies IncTE Connectivity Ltd190.0TE Connectivity Ltd of Switzerland definitively agreed to acquire AdvancedCath Technologies Inc, a San Jose-based manufacturer of catheter systems and components, from TechDevice Corp for a $190 million in cash.
Megapath Corp-Managed Svc BusinessGTT Communications Inc152.3GTT Communications Inc definitively agreed to acquire the managed service business division of Megapath Corp, a Pleasanton-based voice, data and security service provider, ultimately-owned by Platinum Equity LLC, for $152.3 million. The consideration was to consist of $144.8 million in cash and $7.7 million in common shares.
Stephens Media LLCNew Media Investment Group Inc102.5New Media Investment Group Inc agreed to acquire Stephens Media LLC, a Las Vegas-based publishing company, from WEHCO Media Inc for $102.5 million.
Vintage Housing Holdings LLCKennedy-Wilson Holdings Inc85.6Kennedy-Wilson Holdings Inc agreed to acquire a 61.5% interest in Vintage Housing Holdings LLC, real estate agency, from Winthrop Realty Trust for an estimated $85.6 million.
Peoples Bancorp,Auburn,IndianaHorizon Bancorp,IN73.1Horizon Bancorp (Horizon) definitively agreed to acquire the entire share capital of Auburn-based Peoples Bancorp (Peoples) in a stock swap transaction valued at $73.099 million. Horizon offered $9.75 in cash and 0.95 common shares per Peoples share. Based on Horizon's closing stock price of $23.02 on 18 February 2015, the last full trading day prior to the announcement, each Horizon share was valued at $21.869.
Livingly Media IncAuFeminin.com SA50.0AuFeminin.com SA of France, a unit of Axel Springer SE, acquired Livingly Media Inc, a San Carlos-based Internet portal operator, for an estimated $50 million. The consideration consisted of US 25 million in cash, up to $25 million in profit-related payments and the assumption of an undisclosed amount in liabilities.
Mt.Shasta Mall,Redding,CaliforniaRouse Properties Inc49.0Rouse Properties Inc acquired Mt.Shasta Mall, a Redding-based shopping center, for an estimated $49 million.
Better Way Partners LLCPatrick Industries Inc40.0Patrick Industries Inc acquired Better Way Partners LLC, a New Paris-based manufacturer of fiberglass products, for an estimated $40 million.
TriEagle Energy LPCrius Energy LLC22.2Crius Energy LLC, a unit of Crius Energy Trust, agreed to acquire the entire share capital of TriEagle Energy LP, a The Woodlands-based provider of retail energy services, for an estimated $22.2 million. The consideration was to consist of $18.8 million in cash and $3.4 million in units.
Wachs Water Services IncPure Technologies Ltd18.5Pure Technologies Ltd (Pure) of Canada, through its wholly-owned Pure Holdings Inc subsidiary, definitively agreed to acquire Wachs Water Services Inc, a Buffalo Grove-based provider of water flow control maintenance services, for $18.547 million. The consideration was to consist of $13.5 million in cash and the issuance of 0.879 million Pure common shares valued at $5.047 million. The shares were valued based on Pure's closing stock price of $5.744 on 13 February 2015, the last full trading day prior to the announcement.
Antenna Research AssociatesPoynting Holdings Ltd17.1Poynting Holdings Ltd of South Africa (Poynting) agreed to acquire the entire share capital of Antenna Research Associates Inc, a Beltsville-based manufacturer of antennas and radio frequency systems, for $17.092 million. The consideration was to consist of $5 million in cash and the issuance of 75.558 million Poynting ordinary shares valued at $12.092 million. The shares were valued based on Poynting's closing stock price of $0.16 on 18 February 2015, the last full trading day prior to the announcement.
TransEngen IncVirMedica Inc15.0VirMedica Inc acquired TransEngen Inc, a Shelton-based provider of reimbursement process services, for $15 million.
BGR Holdings LLCChanticleer Holdings Inc5.0Chanticleer Holdings Inc definitively agreed to acquire BGR Holdings LLC, an Alexandria-based owner and operator of burger joints, for $5 million. The consideration was to consist of $4 million in cash and $1 million in CHI common shares.
TYKMA Inc600 Group Inc4.7600 Group Inc (600 Group), a unit of 600 Group PLC, acquired an 80% interest in TYKMA Inc (TYKMA), a Chillicothe-based manufacturer and wholesaler of industrial laser marking and engraving systems, for $4.68 million. Concurrently, 600 Group was granted an option to acquire the remaining 20% stake which it did not already own in TYKMA.
Sunvalley Solar Tech IncSungold Holdings LLC4.5Sungold Holdings LLC definitively agreed to acquire the entire share capital of Sunvalley Solar Tech Inc, a Walnut-based solar power system constructor, from Sunvalley Solar Inc for $4.5 million. The consideration was to consist of $2.5 million in cash and up to $2 million in profit-related payments.
HPH FUND I D4 LLC-MadisonBaceline Investments LLC2.5Baceline Investments LLC acquired Madison & Edgewood Shoppes from HPH FUND I D4 LLC, a Coral Gables-based investment company, ultimately-owned by HPH Capital Management LLC, for $2.5 million in cash, in a leveraged buyout transaction.
AlvaEDU IncOxford City Football Club Inc0.1Oxford City Football Club Inc agreed to acquire AlvaEDU Inc, a Boca Raton-based provider of course development services, in exchange for 28 million Oxford restricted common shares and the assumption of $0.05 million in liabilities.
Ivera Medical Inc3M Co 3M Co definitively agreed to acquire Ivera Medical Inc, a San Diego-based manufacturer of health care products. Terms were not disclosed.
TYKMA Inc600 Group Inc 600 Group Inc (600 Group) , a unit of 600 Group PLC, was granted an option to acquire the remaining 20% stake which it did not already own in TYKMA Inc (TYKMA), a Chillicothe-based manufacturer and wholesaler of industrial laser marking and engraving systems. Concurrently, 600 Group acquired an 80% interest in TYKMA for $4.68 million.
Peach New Media IncAbila Inc Abila Inc, a unit of Accel-KKR LLC, ultimately-owned by KKR & Co LP and Accel Partners, acquired Peach New Media Inc, an Atlanta-based provider of online continuing education and online learning solutions services. Terms were not disclosed.
Eckl Parking CoAllpro Parking LLC Allpro Parking LLC acquired Eckl Parking Co, a Columbus-based provider of parking services.
Visterra Credit UnionAltura Credit Union Altura Credit Union agreed to merge with Visterra Credit Union, Moreno Valley-based non-profit financial institution.
ExhibitCraft IncApple Rock Advertising Apple Rock Advertising & Promotions Inc merged with ExhibitCraft Inc, a Wayne-based provids event-marketing and display services. Terms were not disclosed.
Shred Safe DocumentArchive Information Mgmt Archive Information Management Inc acquired Shred Safe Document Destruction Services Inc, a Thomasville-based provider of residential and on-site shredding services. Terms were not disclosed.
United Technical PublishingArrow Electronics Inc Arrow Electronics Inc acquired United Technical Publishing, a New York-based digital provider of product information, from Hearst Business Media, ultimately-owned by Hearst Corp.
Cohn Financial Group LLCArthur J Gallagher & Co Arthur J Gallagher & Co acquired Cohn Financial Group LLC, a Phoenix-based provider of private placement life insurance distribution services. Terms were not disclosed.
Amtech Insurance Brokers IncAssuredPartners Inc AssuredPartners Inc, a unit of GTCR LLC, acquired Latham-based Amtech Insurance Brokers Inc in a leveraged buyout transaction. Terms were not disclosed.
Sonoco Products Co-Metal End and ClosureBall Corp Ball Corp acquired the metal end and closure facilities of Sonoco Products Co, a Hartsville-based manufacturer of setup paperboard boxes. Terms of the deal were not disclosed.
Hollywood Ribbon Inds IncBerwick Offray LLC Berwick Offray LLC, a unit of CSS Industries Inc, acquired Hollywood Ribbon Industries Inc, a Rancho Cucamonga-based manufacturer of decorative ribbon and bows.
Polaris Drilling IncBlackeagle Energy Services Blackeagle Energy Services acquired Polaris Drilling Inc, a Loma-based provider of drilling services.
EDF Renewable Energy Inc-200MWBlackRock Inc BlackRock Inc acquired a 50% interest in the 200mw hereford wind project of EDF Renewable Energy Inc, a San Diego-based alternative energy sources establishment, ultimately-owned by the French state-owned Electricite de France SA.
Dedicated Logistics FacilityBrennan Investment Group LLC Brennan Investment Group LLC acquired Dedicated Logistics facility, a New Hope-based owner and operator of distribution facility.
Marketplace Holdings LLCCenterGate Capital LP CenterGate Capital LP acquired Marketplace Holdings LLC, a Houston-based provider of oil and gas property marketing and advisory services, in a leveraged buyout transaction.
Corporate Portfolio AnalyticsColliers International USA Colliers International USA, a unit of FirstService Corp, acquired Corporate Portfolio Analytics Inc, a Cambridge-based provider of real estate advisory services.
Mobile Motion LLCComexposium SAS Comexposium SAS of France acquired Mobile Motion LLC, a Los Angeles-based provider of advertising, media and publishing services. Terms of the transaction were not disclosed.
Datapop IncCriteo SA Criteo SA of France acquired Datapop Inc, a Los Angeles-based developer of advertisement platform for the online advertising industry.
Melon IncDAQRI LLC DAQRI LLC acquired Melon Inc, a developer of headband and mobile applications to measure the brain's electrical activity. Terms were not disclosed.
Bridge Global Strategies LLCDid-it.com LLC Did-it.com LLC acquired Bridge Global Strategies LLC, a New York-based provider of public relations services.
Mancos Valley Bank,Mancos,ColoradoDolores State Bank,Dolores,Col Dolores State Bank definitively agreed to acquire the entire share capital of Mancos Valley Bank, a Mancos-based commercial bank. Terms were not disclosed.
Grove Die Casting LLCDumore Corp Dumore Corp acquired Grove Die Casting LLC, a Union Grove-based aluminum die casting wholesaler.
Pirtek USA LLCDuncan Family Duncan Family of Australia acquired Pirtek USA LLC, a Rockledge-based provides of hydraulic hose replacement services.
Nelson Management Group LLCEdge Advisors LLC Edge Advisors LLC acquired Nelson Management Group LLC, a Beloit-based provider of traditional accounting and medical billing services.
Insite Software-Certain AssetsEpicor Software Corp Epicor Software Corp acquired certain operating and intellectual property assets of Insite Software Solutions Inc, a Minneapolis-based developer of ecommerce software.
Nuvotera IncExcel Micro Inc Excel Micro Inc, a unit of j2 Global Inc, acquired Nuvotera Inc, a Costa Mesa-based provider of cloud security services.
John Fabick Tractor CoFABCO Equipment Inc FABCO Equipment Inc planned to merge with John Fabick Tractor Co, an owner and operator of automotive dealerships.
Blind Tiger Republic IncFitmob Inc Fitmob Inc acquired Blind Tiger Republic Inc (doing business as Gymsurfing), an Oyster Bay-based developer of gym pass platforms.
Farmers State Bank,Lumpkin,GeorgiaFive Star Credit Union Five Star Credit Union agreed to acquire Lumpkin-based Farmers State Bank. The transaction was to include all of the assets and to assume deposits and other liabilities.
Ambriola CoGennaro Auricchio SpA Gennaro Auricchio SpA of Italy acquired Ambriola Co, a West Caldwell-based manufacturer and importer of Italian cheese.
oXya CorpHitachi Data Systems Corp Hitachi Data Systems Corp, a unit of Hitachi Ltd, planned to acquire oXya Corp, a Jersey City-based provider of SAP technical and hosting solutions services.
Ranch at Pinnacle Point LPInvestor Group An investor group comprised of Balfour Beatty Communities LLC, a unit of Balfour Beatty PLC, and Block Multifamily Group acquired Ranch at Pinnacle Point LP, a Rogers-based owner and operator of apartment buildings.
SDI Media Group IncInvestor Group An investor group comprised of Imagica Robot Holdings Inc, a unit of Creato, Cool Japan Fund Inc and Sumitomo Corp of Japan definitively agreed to acquire the entire share capital of SDI Media Group Inc, a Culver City-based provider of motion picture and video related services, from Elevation Partners LP.
Capital Internal Medicine LLCIPC Healthcare Inc IPC Healthcare Inc acquired Capital Internal Medicine LLC, a Silver Spring-based provider of internal medicine practice services.
EmailDirect Incj2 Global Inc j2 Global Inc acquired EmailDirect Inc, a Rancho Cordova-based provider of email marketing services. Terms were not disclosed.
PureSense Environmental IncJain Irrigation Inc Jain Irrigation Inc, a unit of Jain Irrigation Systems Ltd, acquired PureSense Environmental Inc, a Fresno-based provider of field monitoring and irrigation management services.
Schreimann Rackers Francka & Blunt LLCJames R. Moody & Associates James R. Moody & Associates of planned to merge with Schreimann Rackers Francka & Blunt LLC, a Jefferson City-based provider of legal services.
Farmer Lumpe & McClellandLand O'Lakes Inc Land O'Lakes Inc agreed to acquire Farmer Lumpe & McClelland Advertising Agency Ltd, a Worthington-based provider of marketing communications and consulting services.
Green Forest Hydro IncLicont Corp Licont Corp of Germany signed a letter of intent to acquire Green Forest Hydro Inc, a Riverside-based garden equipment wholesaler.
Chili Pepper Chili CoLittle's Specialty Foods Inc Little's Specialty Foods Inc acquired Chili Pepper Chili Co, an Appleton-based wholesaler of food seasonings.
Mandarin Oriental San Francisco HotelLoews Hotels Inc Loews Hotels Inc, a unit of Loews Corp, agreed to acquire Mandarin Oriental San Francisco Hotel, a San Francisco-based hotel, from Mandarin Oriental International Ltd, a unit of Jardine Strategic Holdings Ltd, ultimately-owned by Jardine Matheson Holdings Ltd.
Shobe's Stained Glass Art StdMarshall University Marshall University acquired Shobe's Stained Glass Art Std, a Huntington-based manufacturer and wholesaler of stained glass.
Pacific Municipal ConsultantsMichael Baker International Michael Baker International LLC, a unit of DC Capital Partners LLC, acquired Pacific Municipal Consultants, a Rancho Cordova-based provider of planning, environmental and municipal consulting services.
Enjoy Life Natural Brands LLCMondelez International Inc Mondelez International Inc acquired Enjoy Life Natural Brands LLC, a Schiller Park-based manufacturer of gluten-free snacks. Terms were not disclosed.
Diversified Foodservice SupplyNew Mountain Capital LLC New Mountain Capital LLC acquired Diversified Foodservice Supply Inc, a Mount Prospect-based wholesaler of foodservice supplies and equipment, from KRG Capital Fund IV LP, a unit of KRG Capital Partners LLC, in a leveraged buyout transaction.
X5 Solutions IncNewSpring Holdings LLC NewSpring Holdings LLC of the US, a unit of NewSpring Capital Inc, definitively agreed to acquire X5 Solutions Inc, a Seattle-based provider of telecommunications solutions, in a leveraged buyout transaction.
GeoDynamicsNilex Inc Nilex Inc of Canada acquired GeoDynamics, a Salt Lake City-based distributor and wholesaler of geotextiles, geosynthetics, erosion control and sediment control products
TS SportsPanasonic Corp of N America Panasonic Corp of North America, a unit of Panasonic Corp, acquired TS Sports, a Dallas-based provider of electronic video board systems integrator services.
Pebble Creek ApartmentsPeak Capital Partners LLC Peak Capital Partners LLC (Peak) acquired Pebble Creek Apartments, a Southfield-based apartment community, from Flaherty & Collins Properties Inc. Concurrently, Peak acquired Traditions Townhomes. Terms were not disclosed.
Traditions TownhomesPeak Capital Partners LLC Peak Capital Partners LLC (Peak) acquired Traditions Townhomes, a Holland-based apartment community, from Flaherty & Collins Properties Inc. Concurrently, Peak acquired Pebble Creek Apartments. Terms were not disclosed.
Underwear For Men LLCPolidan Inc Polidan Inc acquired Underwear for Men LLC, a Saint Johns-based wholesaler and retailer of underwear for men.
Rocket Travel IncPriceline Group Inc Priceline Group Inc was rumored to be planning to acquire Rocket Travel Inc, a Chicago-based provider of travel arrangement and reservation services. Terms were not disclosed, but according to people familiar with the transaction, the deal was valued at an estimated $20 million.
Coast Roosevelt HotelProvenance Hotels Provenance Hotels, in partnership with NBP Capital, acquired the remaining stake which it did not already own in Coast Roosevelt Hotel, a New York-based hotel, from its joint venture partner Northcoast Washington LLC.
Maval Manufacturing IncRemy International Inc Remy International Inc, a unit of Fidelity National Financial Ventures LLC, ultimately-owned by Fidelity National Financial Inc, definitively agreed to acquire Maval Manufacturing Inc, a Twinburg-based manufacturer and wholesaler of automotive parts.
Pro-Vigil IncRiverside Co Riverside Co acquired Pro-Vigil Inc, a San Antonio-based provider of remote video surveillance and monitoring services, in a leveraged buyout transaction.
LoopPay IncSamsung Electronics Co Ltd Samsung Electronics Co Ltd of South Korea agreed to acquire LoopPay Inc, a Burlington-based provider of mobile wallet platforms.
Dulcette Technologies LLCSeeking Buyer In February 2015, Camlin Fine Sciences Ltd announced that it was seeking a buyer for its Dulcette Technologies LLC unit, a Lindenhurst-based food and feed grade chemicals wholesaler.
Family Christian-Stores(266)Seeking Buyer In February 2015, the bankrupt Family Christian Stores Inc, a Grand Rapids-based owner and operator of Christian-related products stores, announced that it was seeking a buyer for its 266 stores via auction. FCS Acquisition Holdings was named as a potential bidder.
Saladworks LLCSeeking Buyer In February 2015, bankrupt Saladworks LLC, a Conshohocken-based owner and operator of franchised fresh salad chains, announced that it was seeking a buyer for the company.
Kenan Advantage Group IncSeeking Buyer In February 2015, Littlejohn & Co LLC was rumored to be seeking a buyer for its Kenan Advantage Group Inc unit, a North Canton-based provider of petroleum and chemical logistics services.
AngloGold Ashanti-Colorado AssetsSeeking Buyer In February 2015, AngloGold Ashanti Ltd, a Johannesburg-based gold ore mine operator, was rumored to be seeking a buyer for its Colorado assets.
Demiurge Studios LLCSEGA Networks Co Ltd SEGA Networks Co Ltd of Japan (SEGA), a unit of Sega Corp, ultimately-owned by Sega Sammy Holdings Inc, acquired Demiurge Studios LLC, a Cambridge-based developer of mobile game application software. Concurrently, SEGA acquired an undisclosed majority interest in Ignited Artists and an undisclosed minority stake in Space Ape Games.
Ignited ArtistsSEGA Networks Co Ltd SEGA Networks Co Ltd of Japan (SEGA), a unit of Sega Corp, ultimately-owned by Sega Sammy Holdings Inc, acquired an undisclosed majority interest in Ignited Artists, a San Francisco-based developer of mobile game application software. Concurrently, SEGA acquired Demiurge Studios LLC and acquired an undisclosed minority stake in Space Ape Games.
E-Z Rent-A-Car, Inc.Simply Wheelz LLC Simply Wheelz LLC, a unit of Catalyst Capital Group Inc, definitively agreed to acquire E-Z Rent-A- Car, an Orlando-based provider of passenger car rental services. Terms of the transaction were not disclosed.
Educational Employees Credit UnionSummit Credit Union Summit Credit Union planned to merge with Educational Employees Credit Union, a Janesville-based provider of credit services.
Security First Bank,Fresno,CaliforniaSunPac Financial Inc SunPac Financial Inc, a unit of SunPac LLC, definitively agreed to acquire the entire share capital of Fresno-based Security First Bank.
OverAd Media-Certain AssetsSydys Corp Sydys Corp definitively agreed to acquire certain assets of OverAd Media, a Seattle-based provider of digital media and online advertising services.
HRTV LLCTV Games Network TV Games Network, a unit of Betfair Group Ltd, acquired HRTV LLC, an Arcadia-based television broadcaster, from Stronach Group.
Roush Performance Prod-Fuel CellUQM Technologies Inc UQM Technologies Inc agreed to acquire the fuel cell compressor module business of Roush Performance Products Inc, a Plymouth Township-based automotive parts and accessories retailer.
FDH IncVelocitel Inc Velocitel Inc, a unit of Willis Stein & Partners acquired FDH Inc, a Raleigh-based provider of engineering and construction consulting and management services.
Vacuum Systems InternationalVSI International VSI International, a special acquisition vehicle formed by Lakewood Capital LLC and the management of Vacuum Systems International Inc (Vacuum), acquired Vacuum, a Cleveland-based manufacturer of vacuum cleaners.
ARC2 Communications & Media IncW2O Group W2O Group acquired ARC2 Communications & Media Inc, a Los Angeles-based provider of advertising and marketing services.
Cascade Timberlands LLCWhitefish Cascade Forest Whitefish Cascade Forest Resources LLC acquired Cascade Timberlands LLC, a Whitefish-based owner and operator of timberlands, from Fidelity National Financial Inc. Terms were not disclosed, but according to sources close to the situation, the deal was valued at an estimated $855 million.
Florida West Intl AirwaysWorldwide Air Logistics Group Worldwide Air Logistics Group Inc agreeed to acquire Florida West International Airways Inc, a Miami-based provider of domestic and international air cargo services.
US M&A Deals Announced February 15 - February 20, 2015   
Source: Thomson Reuters