Takeovers and Buyouts
The latest deal news from across the alternative investment space.
Global technology company Nasdaq (NASDAQ: NDAQ) announced today its acquisition of Canada-based Verafin for $2.75 billion payable in cash. Verafin’s cloud-based software platform serves customers with fraud detection, money laundering protection, and high-risk customer management. The 2003-founded firm counts more than 2,000 financial organizations as its customers.
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Sun Life Financial and its alternative asset management arm just received a boost. Sun Life announced it plans to purchase an 80% stake in the infrastructure and real estate investment manager InfraRed Capital Partners.
LogMeIn announced it has sold itself for $4.3 billion. The agreement allows the firm to go private thanks to a deal with Francisco Partners and Evergreen Coast Capital. The all-cash deal puts shares at $86.05 each.
Notz Stucki has purchased Geneva-based alternative investment management firm JAM Research.
Rivulet Capital has said it will vote against Thoma Bravo’s purchase of educational software giant Instructure. The firm – which owns 5.23% of Instructure – announced its intention in a regulatory filing.
Charles Schwab’s acquisition of TD Ameritrade puts paid to E-Trade’s deal-making hopes.
According to the New York Post, which quoted informed sources, E-Trade is unlikely to be in merger play now that the two largest brokerages have joined forces.
American Hotel Income Properties REIT acquired a portfolio of 12 well-maintained Premium Branded hotels. The deal for the 12 hotels, totaling 1,203 guestrooms, is $191 million.
After acquiring TD-Ameritrade for $26 billion, Charles Schwab will get its hands on even more cash. TD-Ameritrade currently invests its customer cash through Toronto-Dominion Bank and other banks. All that liquidity could now flow into the Charles Schwab bank, potentially earning much higher interest.
JP Morgan acquired EcoSecurities in 2009 for $220 million but sold it in 2013 to Mercuria, the global energy, and commodity group.
According to a Reuters report, Mercuria has now sold Ecosecurities back to Pedro Moura Costa and partner Pablo Fernandez for an undisclosed amount.
Broadridge Financial Solutions announced today that it has purchased ClearStructure Financial Technology, a global provider of portfolio management solutions for the private debt markets.
BB&T and Suntrust received approval for their merger of equals by the Federal Reserve System and the Federal Deposit Insurance Corporation.
Thanks to Carl Icahn’s activism, and an $8.58 billion acquisition kitty, Eldorado is in the driver’s seat in US casino operations. It will soon have Caesars in its fold. After completion of the transaction in 2020, Eldorado will be the biggest casino operator in the U.S.
Carl Icahn and Xerox will have to do more to convince HP to accept a takeover bid.
On Sunday, HP’s board of directors rejected an unsolicited $22 per share offer for the company.
Founded in 1993, Vector Wealth Management is a wealth management and financial advisory RIA located in Minneapolis. The $1.1 billion firm was acquired by Bluespring Wealth Partners, as announced Thursday, though terms were not disclosed. Bluespring is a subsidiary of Kestra Financial, an independent broker-dealer. Private equity firm Warburg Pincus acquired majority ownership of Kestra in February 2019.
Activist investor Carl Icahn has purchased roughly $1.2 billion in HP Inc. stock. Icahn is now pushing the personal computer maker to merge with printing giant Xerox. Icahn now owns a 4.2% stake in HP. He also owns 10.6% of Xerox.
Is KKR buying Walgreens Boots Alliance? Based on a new buyout proposal, the answer could be “yes.” The private equity giant has put together a $70 billion proposal that would take the pharmacy benefits firm private.
Stephen Schwarzman, who runs Blackstone Group, thinks the Walgreens Boots privatization might be just too big.
“It’s a huge stretch doing things over $50 billion,” Schwarzman remarked at a New York event.
The size of the Walgreens Boots LBO can be estimated from the company’s market cap of $53 billion and a debt of $16.8 billion.
MagicLab, a developer of dating and social networking apps, has a new beau. Private equity giant Blackstone Group is buying a $3 billion stake in the company. MagicLab’s properties include Bumble and Badoo.
KKR and other PE Firms are Eyeing the Pharmacy Benefits Giant Walgreen Boots Alliance is talking to private equity firms about going private. CNBC reports that KKR is one of several shops thinking about buying the $55 billion company. Such a deal would be a massive purchase for one private equity shop. It could also…
The Canada Pension Plan Investment Board (CPPIB) announced plans to buy Pattern Energy Group for $2.63 billion. CPPIB announced details of the deal for the renewable energy giant on Monday. Shareholders will receive $26.75 for the stock. That figure is actually lower than the price the stock traded for earlier in the day. In the final hour of trading on Monday, PEGI stock was off 2.5% at $27.03 per share.
Tiffany & Co., the iconic US jeweler that featured in the Audrey Hepburn starrer Breakfast at Tiffany’s, has received a takeover offer from LVMH.
LVMH is the owner of the Louis Vuitton brand and the world’s largest luxury goods group. It reportedly made an all-cash offer of $120 per share of Tiffany, valuing the jeweler at $14.5 billion.
A new PwC report is out with a look at third quarter 2019 deal flow. Technology deal volume fell by 46% when compared to the second quarter. Because the first half of the year was exceptionally strong total volume of technology M&A is still up 37% year over year. The gain has been driven primarily by mega deals. In 2019, we saw nine deals for $138 billion compared to 2018 when we had just seven deals totaling $63 billion.
Allworth Financial is purchasing RAA, one of the country’s largest financial planning firms specializing in the airline industry. Based in Dallas, RAA manages roughly $2.8 billion of client assets. This brings Allworth’s AUM more than $7.5 billion.
Apollo Global Management will buy an 18% stake in Athene Holding (NYSE: ATH). The $1.55 billion deal will see Apollo double its stake to roughly 35%. The purchase comprises about 35.5 million common shares.