We’ve compiled six months of data on the top recent M&A transactions in the Southeast and in the US.
Table of Contents
Southeast Transactions
| M&A Closed Date | Buyers/Investors | Primary Industry [Buyers/Investors] | Geographic Locations [Buyers/Investors] | Target/Issuer | Short Business Description [Target/Issuer] | Total Transaction Value ($USDmm, Historical rate) | Implied Enterprise Value/Revenues (x) | Implied Enterprise Value/EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| 8/26/2019 | Heartland Express, Inc. (NasdaqGS:HTLD) | Trucking | Tennessee | Millis Transfer, Inc. | Millis Transfer, Inc. provides dry-van truckload carrier services in the United States. | $150.00 | 0.99x | – |
| 8/9/2019 | Sonoco Products Company (NYSE:SON) | Paper Packaging | South Carolina | Corenso Holdings America, Inc. | Corenso Holdings America, Inc. manufactures uncoated recycled paperboard (URB) for paper, packaging films, tape, and specialty industries. | $110.00 | 1.47x | – |
| 8/1/2019 | Wirepath Home Systems, LLC | Consumer Electronics | North Carolina | Control4 Corporation | Control4 Corporation provides smart home and business solutions in the United States, Australia, Canada, China, Germany, the United Kingdom, and internationally. | $693.66 | 2.28x | 22.54x |
| 8/1/2019 | Sealed Air Corporation (NYSE:SEE) | Paper Packaging | North Carolina | Automated Packaging Systems, Inc. | Automated Packaging Systems, Inc. designs and manufactures packaging machinery and bagging materials. | $510.00 | 1.76x | – |
| 8/1/2019 | FUJIFILM Diosynth Biotechnologies Inc. | Life Sciences Tools and Services | North Carolina | Biogen (Denmark) Manufacturing ApS | Biogen (Denmark) Manufacturing ApS offers biopharmaceutical contract development and manufacturing services. | $890.00 | – | – |
| 7/31/2019 | Fidelity National Information Services, Inc. (NYSE:FIS) | Data Processing and Outsourced Services | Georgia | Worldpay, Inc. | Worldpay, Inc., through its subsidiary, Worldpay Holding, LLC, provides electronic payment processing services in the United States, Europe, Asia, and Australasia. | $43,590.64 | 11.05x | 28.03x |
| 7/24/2019 | JPMorgan Chase Bank, National Association | Diversified Banks | Georgia | InstaMed Communications, LLC | InstaMed Communications, LLC, a healthcare payments network, connects providers, payers, and consumers on a cloud platform for healthcare payment transactions. | $500.00 | 8.00x | – |
| 7/11/2019 | Repay Holdings Corporation (NasdaqCM:RPAY) | Data Processing and Outsourced Services | Georgia | Hawk Parent Holdings, LLC | As of July 11, 2019, Hawk Parent Holdings LLC was acquired by Thunder Bridge Acquisition, Ltd. Hawk Parent Holdings LLC provides integrated payment processing solutions to industry-oriented markets in which merchants have transaction processing needs. | $642.63 | – | – |
| 7/9/2019 | International Business Machines Corporation (NYSE:IBM) | IT Consulting and Other Services | North Carolina; Tennessee | Red Hat, Inc. | Red Hat, Inc. provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, and storage technologies to various enterprises worldwide. | $35,690.94 | 10.75x | 56.40x |
| 7/1/2019 | E&C FinFan, Inc. | Industrial Machinery | Georgia | Industrial Air-X-Changers Business Of Harsco Corporation | As of July 1, 2019, Industrial Air-X-Changers Business Of Harsco Corporation was acquired by E&C FinFan, Inc. Industrial Air-X-Changers Business Of Harsco Corporation comprises the manufacturing business of air-cooled heat exchanger systems. | $592.00 | – | 11.20x |
| 7/1/2019 | Ameris Bancorp (NasdaqGS:ABCB) | Regional Banks | Georgia | Fidelity Southern Corporation | Fidelity Southern Corporation operates as the bank holding company for Fidelity Bank that provides financial products and services primarily to individuals and small to medium-sized businesses in the United States. | $748.74 | – | – |
| 6/17/2019 | Varian Medical Systems, Inc. (NYSE:VAR) | Health Care Equipment | Georgia | Cancer Treatment Services International, Inc. | Cancer Treatment Services International, Inc. owns and operates cancer treatment facilities. | $283.00 | 6.51x | – |
| 6/12/2019 | Intercontinental Exchange, Inc. (NYSE:ICE) | Financial Exchanges and Data | Georgia | Simplifile, LC | Simplifile, LC offers web-based public document electronic recording services for customers in the United States. | $335.00 | – | – |
| 6/11/2019 | Jacobs Engineering Group Inc. (NYSE:JEC) | Construction and Engineering | Georgia; Tennessee | The KeyW Holding Corporation | The KeyW Holding Corporation, together with its subsidiaries, provides national security solutions to the intelligence, cyber, and counterterrorism communities in the United States. | $946.29 | 1.86x | 23.79x |
| 6/10/2019 | Varian Medical Systems, Inc. (NYSE:VAR) | Health Care Equipment | Georgia | Endocare, Inc./Scion Medical Limited | Endocare, Inc./Scion Medical Limited represents the combined operations of Endocare, Inc. and Scion Medical Limited. | $185.00 | 6.17x | – |
| 6/7/2019 | Biogen Inc. (NasdaqGS:BIIB) | Biotechnology | North Carolina | Nightstar Therapeutics Limited | Nightstar Therapeutics plc, a clinical-stage gene therapy company, focuses on developing and commercializing novel one-time treatments for patients suffering from rare inherited retinal diseases in the United Kingdom. | $877.39 | – | – |
| 6/1/2019 | Arthur J. Gallagher & Co. (NYSE:AJG) | Insurance Brokers | Georgia | Global Aerospace Operations of Jardine Lloyd Thompson Group plc | As of June 1, 2019, Global Aerospace Operations of Jardine Lloyd Thompson Group plc was acquired by Arthur J. Gallagher & Co.. | $250.37 | – | – |
| 5/31/2019 | i3-SDCR, Inc. | Data Processing and Outsourced Services | Tennessee | Pace Payment Systems, Inc. | Pace Payment Systems, Inc. provides payment and transaction solutions for businesses in the United States. | $134.69 | 4.63x | 159.59x |
| 5/31/2019 | DTE Energy Company (NYSE:DTE) | Multi-Utilities | South Carolina | Stonewall Gas Gathering LLC | Stonewall Gas Gathering LLC constructs and operates natural gas gathering pipelines. | $280.00 | – | – |
| 5/24/2019 | Invesco Ltd. (NYSE:IVZ) | Asset Management and Custody Banks | Georgia | OppenheimerFunds, Inc. | As of May 24, 2019, OppenheimerFunds, Inc. was acquired by Invesco Ltd. OppenheimerFunds, Inc. is a privately owned investment manager. | $5,714.13 | – | – |
| 5/23/2019 | The Hartford Financial Services Group, Inc. (NYSE:HIG) | Multi-line Insurance | Georgia | The Navigators Group, Inc. | The Navigators Group, Inc., together with its subsidiaries, underwrites marine, property and casualty, and professional liability insurance products and services in the United States and internationally. | $2,165.27 | – | – |
| 5/22/2019 | 2U, Inc. (NasdaqGS:TWOU) | Application Software | North Carolina | Trilogy Education Services, Inc. | Trilogy Education Services, Inc. develops, creates, and manages a platform, which combines market-driven curriculum, career services, national community of universities, instructors, and employers to prepare students for careers in the digital economy. | $750.00 | 7.73x | – |
| 5/15/2019 | Ingersoll-Rand Plc (NYSE:IR) | Industrial Machinery | North Carolina | Precision Flow Systems Management Business of Accudyne Industries LLC | As of May 15, 2019, Precision Flow Systems Management Business of Accudyne Industries LLC was acquired by Ingersoll-Rand Plc. | $1,450.00 | 3.63x | – |
| 5/6/2019 | Qorvo, Inc. (NasdaqGS:QRVO) | Semiconductors | North Carolina | Active-Semi International, Inc. | Active-Semi International, Inc. offers integrated circuit (IC) solutions for motor control and power control applications. | $325.00 | – | – |
| 5/1/2019 | Morgan Stanley (NYSE:MS) | Investment Banking and Brokerage | Georgia | Solium Capital Inc. (nka:Shareworks by Morgan Stanley (TSX:SUM)) | Shareworks by Morgan Stanley develops equity plan management software for startup, private, and public companies. | $863.78 | 7.08x | 86.80x |
| 4/30/2019 | PulteGroup, Inc. (NYSE:PHM) | Homebuilding | Georgia | Homebuilding Operations of American West Homes, Inc. | As of April, 2019, Homebuilding Operations of American West Homes, Inc. was acquired by PulteGroup, Inc. | $163.70 | – | – |
| 4/30/2019 | Thermo Fisher Scientific Inc. (NYSE:TMO) | Life Sciences Tools and Services | North Carolina | Brammer Bio, LLC | Brammer Bio, LLC develops and manufactures cell and gene therapies for pharmaceutical and biotechnology industries. | $1,700.00 | – | – |
| 4/30/2019 | Rollins, Inc. (NYSE:ROL) | Environmental and Facilities Services | Georgia | Clark Pest Control Of Stockton, Inc. | “As of April 30, 2019, Clark Pest Control Of Stockton, Inc. operates as a subsidiary of Rollins, Inc. | $376.00 | 2.70x | – |
| 4/29/2019 | MUFG Bank, Ltd. | Diversified Banks | Georgia | PT Bank Danamon Indonesia Tbk (IDX:BDMN) | PT Bank Danamon Indonesia Tbk, together with its subsidiaries, provides banking and financial products and services for consumers, small medium enterprises, micro businesses, and commercial and corporate customers in Indonesia. | $6,100.10 | – | – |
| 4/26/2019 | WorleyParsons Limited (ASX:WOR) | Oil and Gas Equipment and Services | Tennessee | Energy, Chemicals and Resources Business of Jacobs Engineering Group Inc. | As of April 26, 2019, Energy, Chemicals and Resources Business of Jacobs Engineering Group Inc. was acquired by WorleyParsons Limited. | $3,339.76 | – | 11.72x |
| 4/9/2019 | Arthur J. Gallagher & Co. (NYSE:AJG) | Insurance Brokers | Georgia | Stackhouse Poland Limited | Stackhouse Poland Limited operates as an insurance broker. | $350.00 | – | – |
| 4/4/2019 | CommScope Holding Company, Inc. (NasdaqGS:COMM) | Communications Equipment | North Carolina | ARRIS International Limited | ARRIS International plc, together with its subsidiaries, provides entertainment, communications, and networking technology and solutions worldwide. | $7,983.25 | 1.11x | 9.56x |
| 4/3/2019 | GSO Capital Partners LP; Blackstone Tactical Opportunities Advisors L.L.C. | Asset Management and Custody Banks | Georgia | Targa Badlands | Saddle Butte Fort Berthold Gathering, LLC owns and operates oil and gas gathering systems. | $1,600.00 | – | – |
| 4/2/2019 | First-Citizens Bank & Trust Company | Regional Banks | North Carolina; South Carolina | Biscayne Bancshares, Inc. | As of April 2, 2019, Biscayne Bancshares, Inc. was acquired by First-Citizens Bank & Trust Company. | $119.00 | – | – |
| 4/1/2019 | FleetCor Technologies, Inc. (NYSE:FLT) | Data Processing and Outsourced Services | Georgia | Nvoicepay, Inc. | Nvoicepay, Inc. develops and provides cloud-based accounts payable software solutions. | $222.60 | – | – |
| 4/1/2019 | Marsh & McLennan Companies, Inc. (NYSE:MMC) | Insurance Brokers | Georgia; North Carolina; South Carolina | Jardine Lloyd Thompson Group plc | Jardine Lloyd Thompson Group plc provides insurance, reinsurance, employee benefits related advice, brokerage, and associated service worldwide. | $5,615.18 | – | – |
| 4/1/2019 | Fortive Corporation (NYSE:FTV) | Industrial Machinery | North Carolina | Advanced Sterilization Products Services Inc. | Advanced Sterilization Products Services Inc. provides infection prevention solutions and educational programs for healthcare facilities worldwide. | $2,700.00 | 3.48x | – |
| 3/29/2019 | Cogentrix Energy Power Management, LLC | Independent Power Producers and Energy Traders | North Carolina | Emera Energy Generation II, LLC | As of March 29, 2019, Emera Energy Generation II, LLC operates as a subsidiary of Cogentrix Energy Power Management, LLC. | $590.00 | – | – |
| 3/13/2019 | Inmar, Inc. | Application Software | North Carolina | YOU Technology, LLC | YOU Technology, LLC, a digital-coupon marketing company, operates a cloud based digital coupon platform in the United States. | $565.00 | – | – |
| 3/8/2019 | Medtronic plc (NYSE:MDT) | Health Care Equipment | Tennessee | EPIX Therapeutics, Inc. | EPIX Therapeutics, Inc., a medical device company, develops temperature-sensing irrigated radiofrequency (RF) ablation catheters for the treatment of atrial fibrillation and other cardiac arrhythmias. | $319.00 | – | – |
| 3/8/2019 | Tivity Health, Inc. (NasdaqGS:TVTY) | Health Care Services | Tennessee | Nutrisystem, Inc. | Nutrisystem, Inc., together with its subsidiaries, provides weight management products and services for women and men in the United States. | $1,433.23 | 1.94x | 15.17x |
| 3/8/2019 | RTI Surgical Holdings, Inc. (NasdaqGS:RTIX) | Health Care Supplies | Georgia | Paradigm Spine, LLC | Paradigm Spine, LLC designs, develops, and markets solutions for the treatment of spinal diseases. | $299.14 | 7.48x | – |
| 3/5/2019 | PharMerica Corporation | Health Care Distributors | Tennessee | BrightSpring Health Services | BrightSpring Health Services provides home and community-based health services. | $1,320.00 | 0.66x | – |
| 3/4/2019 | FLIR Detection, Inc. | Electronic Equipment and Instruments | Tennessee | Endeavor Robotics | Endeavor Robotics develops, produces, and delivers mobile robots for defense and military, public safety, and energy and industrial markets worldwide. | $382.00 | – | – |
| 3/4/2019 | Cerberus Capital Management, L.P. | Asset Management and Custody Banks | Georgia | Sparton Corporation | Sparton Corporation, together with its subsidiaries, provides design, development, and manufacturing services for electromechanical devices; and engineered products in electromechanical value stream worldwide. | $256.42 | 0.67x | 9.11x |
Source: S&P Capital IQ
Major US Transactions
| M&A Closed Date | Buyers/Investors | Primary Industry [Buyers/Investors] | Geographic Locations [Buyers/Investors] | Target/Issuer | Short Business Description [Target/Issuer] | Total Transaction Value ($USDmm, Historical rate) | Implied Enterprise Value/Revenues (x) | Implied Enterprise Value/EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| 8/23/2019 | Sinclair Broadcast Group, Inc. (NasdaqGS:SBGI) | Broadcasting | Hunt Valley, MD | Fox Sports Net LLC | Fox Sports Net LLC offers national sports programming services. | $10,600.00 | 2.79x | – |
| 8/21/2019 | UGI Corporation (NYSE:UGI) | Gas Utilities | King of Prussia, PA | AmeriGas Partners, L.P. | AmeriGas Partners, L.P. through its subsidiary, AmeriGas Propane, L.P., distributes propane and related equipment and supplies in the United States. | $5,308.23 | 2.21x | 10.54x |
| 8/8/2019 | Occidental Petroleum Corporation (NYSE:OXY) | Integrated Oil and Gas | Houston, TX | Anadarko Petroleum Corporation | Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of oil and gas properties. | $59,856.21 | 4.44x | 7.55x |
| 7/31/2019 | salesforce.com, inc. (NYSE:CRM) | Application Software | San Francisco, CA | Tableau Software, Inc. | Tableau Software, Inc., together with its subsidiaries, provides business analytics software products. | $17,377.59 | 13.70x | – |
| 7/31/2019 | Fidelity National Information Services, Inc. (NYSE:FIS) | Data Processing and Outsourced Services | Jacksonville, FL | Worldpay, Inc. | Worldpay, Inc., through its subsidiary, Worldpay Holding, LLC, provides electronic payment processing services in the United States, Europe, Asia, and Australasia. | $43,590.64 | 11.05x | 28.03x |
| 7/29/2019 | Pfizer Inc. (NYSE:PFE) | Pharmaceuticals | New York, NY | Array BioPharma Inc. | Array BioPharma Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. | $11,499.34 | 57.10x | – |
| 7/29/2019 | Fiserv, Inc. (NasdaqGS:FISV) | Data Processing and Outsourced Services | Brookfield, WI | First Data Corporation | First Data Corporation provides commerce enabled technology and solutions for merchants, financial institutions, and card issuers in the United States, Canada, Europe, the Middle East, Africa, Latin America, and the Asia Pacific. | $41,770.58 | 4.75x | 12.49x |
| 7/26/2019 | Expedia Group, Inc. (NasdaqGS:EXPE) | Internet and Direct Marketing Retail | Bellevue, WA | Liberty Expedia Holdings, Inc. | Liberty Expedia Holdings, Inc. operates as an online travel company in the United States and internationally. | $22,435.99 | 1.57x | 10.59x |
| 7/1/2019 | Berry Global Group, Inc. (NYSE:BERY) | Metal and Glass Containers | Evansville, IN | RPC Group Plc | RPC Group Plc owns and operates a plastic product design and engineering company worldwide. | $6,244.54 | 1.15x | 7.62x |
| 5/24/2019 | Invesco Ltd. (NYSE:IVZ) | Asset Management and Custody Banks | Atlanta, GA | OppenheimerFunds, Inc. | As of May 24, 2019, OppenheimerFunds, Inc. was acquired by Invesco Ltd. OppenheimerFunds, Inc. is a privately owned investment manager. | $5,714.13 | – | – |
| 5/3/2019 | Hellman & Friedman LLC; JMI Management, Inc.; The Blackstone Group Inc. (NYSE:BX); GIC Pte. Ltd.; Canada Pension Plan Investment Board; Qatar Investment Authority | Canada Pension Plan Investment Board (Asset Management and Custody Banks); GIC Pte. Ltd. (Asset Management and Custody Banks); Hellman & Friedman LLC (Asset Management and Custody Banks); JMI Management, Inc. (Asset Management and Custody Banks); Qatar Investment Authority (Asset Management and Custody Banks); The Blackstone Group Inc. (NYSE:BX) (Asset Management and Custody Banks) | San Francisco, CA; Baltimore, MD; New York, NY | The Ultimate Software Group, Inc. | The Ultimate Software Group, Inc. provides cloud-based human capital management solutions to enterprise companies, mid-market companies, and companies in the strategic market in the United States, Canada, Europe, the Asia Pacific, and internationally. | $10,984.39 | 9.49x | 88.01x |
| 4/24/2019 | Citigroup Inc. (NYSE:C) | Diversified Banks | New York, NY | Portfolio of Mortgages and Unsecured Loans of NRAM Limited | As of April 24, 2019, Portfolio of Mortgages and Unsecured Loans of NRAM Limited were acquired by Citigroup Inc. 5 billion Euros portfolio of loans from UK Asset Resolution consists of a portfolio of residential mortgages and unsecured personal loans. | $6,384.70 | – | – |
| 4/18/2019 | Newmont Goldcorp Corporation (NYSE:NEM) | Gold | Greenwood Village, CO | Goldcorp Inc. | Goldcorp Inc. acquires, explores for, develops, and operates precious metal properties in Canada, the United States, Mexico, and Central and South America. | $13,084.51 | 4.26x | 40.10x |
| 4/4/2019 | CommScope Holding Company, Inc. (NasdaqGS:COMM) | Communications Equipment | Hickory, NC | ARRIS International Limited | ARRIS International plc, together with its subsidiaries, provides entertainment, communications, and networking technology and solutions worldwide. | $7,983.25 | 1.11x | 9.56x |
| 4/1/2019 | Ethicon US, LLC | Health Care Equipment | Cincinnati, OH | Auris Health, Inc. | Auris Surgical Robotics, Inc. develops robotics platform for diagnostic and therapeutic bronchoscopic procedures. | $5,750.00 | – | – |
| 3/20/2019 | The Walt Disney Company (NYSE:DIS) | Movies and Entertainment | Burbank, CA | TFCF Corporation | TFCF Corporation operates as a diversified media and entertainment company primarily in the United States and Canada, Europe, and internationally. | $90,575.21 | 2.85x | 12.89x |
Source: S&P Capital IQ
Major Canceled Transactions
| M&A Cancelled Date | Buyers/Investors | Primary Industry [Buyers/Investors] | Target/Issuer | Short Description On Why Transaction Cancelled | Total Transaction Value ($USDmm, Historical rate) | Implied Enterprise Value/Revenues (x) | Implied Enterprise Value/EBITDA (x) |
|---|---|---|---|---|---|---|---|
| 8/7/2019 | Elliott Management Corporation | Asset Management and Custody Banks | QEP Resources, Inc. (NYSE:QEP) | QEP Resources rejected an offer made by Paul Singer, billionaire manager of hedge fund Elliot Management. | $4,629.81 | 2.40x | 3.63x |
| 7/22/2019 | Quad/Graphics, Inc. (NYSE:QUAD) | Commercial Printing | LSC Communications, Inc. (NYSE:LKSD) | Table talks were abandoned at the hint of an antitrust lawsuit. | $1,425.28 | 0.36x | 4.83x |
| 7/19/2019 | Crane Co. (NYSE:CR) | Industrial Machinery | CIRCOR International, Inc. (NYSE:CIR) | Crane ended talks with CIRCOR, rejecting a bid of $48 a share. | $1,746.70 | 1.47x | 13.16x |
| 6/19/2019 | Sycamore Partners | Asset Management and Custody Banks | Chico’s FAS, Inc. (NYSE:CHS) | Chico’s declined Sycamore Partners’ offer of $3.50 a share, claiming the offer singificantly undervalued Chico’s, despite poor quarterly earnings reports. | $1,203.87 | 0.51x | 9.24x |
| 6/19/2019 | Wal-Mart International | Hypermarkets and Super Centers | Delivery Technologies SpA | Walmart’s deal with Delivery Technologies fell through as Mexican anti trust regulation was threatened. | $225.00 | – | – |
| 6/10/2019 | Thermo Fisher Scientific Inc. (NYSE:TMO) | Life Sciences Tools and Services | Gatan, Inc. | Thermo Fisher’s acquistion of Gatan, Inc. was stopped as UK antitrust regulation concluded the deal would hurt competition. | $925.00 | – | – |
| 5/23/2019 | Macquarie Infrastructure and Real Assets | Asset Management and Custody Banks | HS Orka hf. | A European infrastructure fund managed by Macquarie Infrastructure and Real Assets cancelled the acquisition of a 53.89% stake in HS Orka hf. from Alterra Power Corp. on May 23, 2019. Jarðvarmi slhf exercised its right of first refusal. | $304.80 | – | – |
| 5/23/2019 | Steel Partners Holdings L.P. (NYSE:SPLP) | Industrial Conglomerates | Babcock & Wilcox Enterprises, Inc. (NYSE:BW) | Steel Partners Holdings L.P. (NYSE:SPLP) cancelled the acquisition of the remaining 82.2% stake in Babcock & Wilcox Enterprises, Inc. (NYSE:BW). | $837.91 | 0.61x | – |
| 5/16/2019 | General Atlantic Service Company, L.P. | Asset Management and Custody Banks | PNB Housing Finance Limited (BSE:540173) | The transacting parties have not been awarded approval by the Reserve Bank of India for exemption from application of pricing guidelines under the Foreign Exchange Act; this led to the collapse of the transaction. | $133.62 | – | – |
| 5/16/2019 | Värde Partners, Inc. | Asset Management and Custody Banks | PNB Housing Finance Limited (BSE:540173) | Värde Partners, Inc. cancelled the acquisition of a 6.5% stake in PNB Housing Finance Limited (BSE:540173) from Punjab National Bank (BSE:532461) on May 16, 2019. | $133.62 | – | – |
| 5/16/2019 | MediaNews Group, Inc. | Publishing | Gannett Co., Inc. (NYSE:GCI) | MediaNews Group, Inc. cancelled an offer to acquire the remaining 92.47% stake in Gannett Co., Inc. (NYSE:GCI) on May 16, 2019. Gannett fended off a hostile takeover attempt by MediaNews. MediaNews Group failed to win three seats on Gannett’s eight-member Board. | $1,601.43 | 0.55x | 5.19x |
| 5/9/2019 | Chevron Corporation (NYSE:CVX) | Integrated Oil and Gas | Anadarko Petroleum Corporation | Chevron was outbid in table talks with a competing oil and gas corporation in the acquistion for Anadarko Petroleum, a Permian international oil company. | $54,005.51 | 3.99x | 6.78x |
| 5/9/2019 | Hellman & Friedman LLC; The Blackstone Group Inc. (NYSE:BX) | Hellman & Friedman LLC (Asset Management and Custody Banks); The Blackstone Group Inc. (NYSE:BX) (Asset Management and Custody Banks) | Scout24 AG (XTRA:G24) | The transaction has been cancelled due to minimum tender not being received. There will be no additional acceptance period. As on May 16, 2019, the European Commission has approved the transaction. | $6,431.40 | 10.26x | 23.73x |
| 4/25/2019 | Merida Natural Resources, LLC | Coal and Consumable Fuels | Kemmerer Coal Mine of Westmoreland Resource Partners, LP | Merida Natural Resources chose not to purchase Kemmerer by means of a bankruptcy sale and therefore terminated the divestiture agreement pursuant to its terms. | $215.00 | – | – |
| 4/23/2019 | SmartFinancial, Inc. (NasdaqCM:SMBK) | Regional Banks | Entegra Financial Corp. (NasdaqGM:ENFC) | Entegra terminated the transaction in order to enter into a definitive merger agreement with First Citizens BancShares, Inc. | $156.52 | – | – |
| 4/22/2019 | Victory Capital Holdings, Inc. (NasdaqGS:VCTR) | Asset Management and Custody Banks | Harvest Volatility Management, LLC | The transaction was terminated due to adverse market conditions. | $600.75 | – | – |
| 4/12/2019 | Entegris, Inc. (NasdaqGS:ENTG) | Semiconductor Equipment | Versum Materials, Inc. (NYSE:VSM) | The deal was terminated as Versum Materials entered into a definitive agreement to be acquired by MERCK Kommanditgesellschaft auf Aktien, and the Board of Versum Materials approved the merger. Entegris received a $140 million termination fee from Versum Materials. | $5,121.19 | 3.41x | 10.40x |
| 4/12/2019 | Apollo Management IX LP | Asset Management and Custody Banks | RPC Group Plc | RPC Group agreed to an improved takeover offer from Berry Global, trumping a lower bid from Apollo Global Management. | $6,165.66 | 1.13x | 7.50x |
| 4/9/2019 | Wynn Resorts, Limited (NasdaqGS:WYNN) | Casinos and Gaming | Crown Resorts Limited (ASX:CWN) | Wynn Resorts ended talks with Crown Resorts after a takeover offer was leaked. | $7,931.93 | 3.08x | 11.66x |
| 4/9/2019 | DW Partners, LP; Namdar Realty Group LLC; Mason Asset Management Inc.; Washington Prime Group Inc. (NYSE:WPG) | DW Partners, LP (Asset Management and Custody Banks); Namdar Realty Group LLC (Asset Management and Custody Banks); Washington Prime Group Inc. (NYSE:WPG) (Retail REITs) | Substantially All Assets of The Bon-Ton Stores, Inc. | The Bon-Ton Stores and buyers were in the process of finalizing an asset purchase agreement in advance of an auction, wherein DW Partners was not the winning bidder. | $128.00 | – | – |
| 4/2/2019 | Securus Technologies, Inc. | Interactive Media and Services | Inmate Calling Solutions, LLC | An agreement was made to stop talks over regulator worries that the deal would lead to a market where majority of inmate calls were controlled by two companies & would inflate call prices. | $350.00 | – | – |
| 3/21/2019 | Denbury Resources Inc. (NYSE:DNR) | Oil and Gas Exploration and Production | Penn Virginia Corporation (NasdaqGS:PVAC) | Difficult market conditions and opposition by Penn Virginia shareholders broke up the deal. | $1,706.59 | 4.82x | 12.52x |
| 3/20/2019 | Southwest Generation Operating Company, LLC | Electric Utilities | Coolidge Generating Station of TransCanada | The Coolidge Generating Station is underpinned by a long-term power purchase agreement, under which Salt River Project Agricultural Improvement and Power District used its right of first refusal on a sale to a third party. | $465.00 | – | – |
| 3/8/2019 | Mastercard Incorporated (NYSE:MA) | Data Processing and Outsourced Services | Earthport plc | Visa counteroffered Mastercard’s deal with $300 million. | $287.50 | 5.99x | – |
Source: S&P Capital IQ
About Watermark Advisors
Headquartered in the rapidly growing city of Greenville, South Carolina, Watermark Advisors, est. 2002, is an investment banking firm that specializes in mergers and acquisitions (M&A) and private placement financing transactions for clients. It offers a uniquely comprehensive approach to M&A for both sellers and acquirers. For sellers, this approach is designed to ensure that companies are able to exit when the shareholders so desire, improve the exit returns on investment, and to increase the outcomes of the legacy assets (human, tangible, and intangible) once these are under new ownership. For acquirers, our comprehensive approach is designed to counter the dismal ROI gain that transaction focusing M&A deals typically produce. Watermark has facilitated sell-side M&A, acquisition financings, valuations, fairness opinions, and strategy consulting to over 90 clients.
