Takeovers and Buyouts
The latest deal news from across the alternative investment space.
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Bullish, the rapidly growing institutional digital assets exchange led by Tom Farley, has acquired CoinDesk, a prominent media, events, and index platform focused on crypto assets, from Digital Currency Group (DGC). The acquisition aims to support CoinDesk’s global expansion and the growth of its various businesses. However, the financial terms of the acquisition were not disclosed.
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More Stories on Takeovers and Buyouts
Venture Capital: Salesforce Snaps Up CRM Startup Vlocity For $1.33B
Salesforce snaps up CRM startup Vlocity for $1.33B. Vlocity builds CRM systems that are industry-specific, cloud and mobile-based. Vlocity’s industry solutions are communications, media and entertainment, insurance and financial services, health, energy and utilities, and government and nonprofits.
FinTech: The LendingClub-Radius Bank Deal Could be the Precursor to Many More
The tables have turned. There was a time when banks sought to acquire fintechs for their technology and customer reach. But the acquisition of Radius Bancorp by LendingClub (NYSE: LC) is the first case of a fintech, the largest of its kind in the country and listed, buying into a bank. And the acquisition makes eminent business sense. It could, therefore, set off a new trend in such deals.
Liquid Alternatives: Franklin Templeton Buys Legg Mason in $6.5B Deal
Franklin Templeton will become a $1.5 trillion behemoth after its acquisition, announced Tuesday, of rival Legg Mason for $6.5 billion including debt. It will pay $50 per share of Legg Mason in cash – a premium of $10 over the latter’s Monday closing price. In addition, it will assume $2 billion of the latter’s debt.
Digital Assets: BitGo Goes The Whole Nine Yards; Buys Harbor, Subsidiaries and All
BitGo, the leader in crypto custody services, acquires Harbor, the top name in digital securities. It’s a diversification move aimed at a role in the entire transaction chain of digital assets. In the deal, BitGo gets Harbor’s digital securities platform, as well as its broker-dealer and transfer agent subsidiaries. Financial terms of the transaction are not known.
FinTech: LendingClub Is The First Fintech To Acquire a Bank
Personal lending platform LendingClub has agreed to acquire FDIC-regulated, Boston-based online bank Radius Bancorp in a cash (75%)-cum-stock (25%) deal worth $185 million. This is the first time that a US fintech has bought up a bank.
Private Equity: Sycamore Partners Eyes Deal to Purchase Victoria’s Secret
Sycamore Partners is considering a deal to purchase Victoria’s Secret from L Brands (NYSE: LB). CNBC reported a possible deal Sunday while citing sources close to the matter. Sycamore manages roughly $10 billion in assets and has specialized in brick-and-mortar deals. It has previously worked on deals involving Talbots, Nine West, and Staples.
Private Equity: Black Dragon Capital Buys 100% of Grass Valley, a Media Technology Company
Black Dragon Capital, a private equity firm, has agreed to acquire all of Grass Valley from Belden Inc. (NYSE: BDC), reports TVTechnology. According to a statement, Black Dragon intends to take Grass Valley to the next level with a cloud-enabled, software-based business model. It intends to develop Grass Valley into a market leader in digital media and open and inclusive cloud technology.
FinTech: Another Consolidation Among Legacy Payment Players; Worldline Buys Ingenico
With new-fangled fintech disruptors snapping at their heels, two legacy payment processor giants in Europe have joined forces in an $8.6 billion mega-deal. French payment company Worldline will acquire domestic rival Ingenico to create the industry’s number four player.
Private Equity: CITIC Capital Targets Huge Stake in McDonald’s Business in China
CITIC Capital, the Chinese private equity firm, is bidding for a 22% stake in the Chinese and Hong Kong businesses of McDonald’s Corp. The firm is looking to put some of the $2.8 billion that it raised for its fourth Chinese buyout fund in August 2019.
FinTech: Fintechs That Could be in Play After the Visa-Plaid Deal
There are too many fintechs out there, but many can’t survive on their own.
A Barron’s analysis of likely deal-making in the fintech sector after the landmark Visa-Plaid deal shows a mixed picture.
Alternative Investments: A Bidding War For Voya Financial May Happen This Year
Voya Financial may become a possible takeover target in the coming months, according to the Financial Times. The report indicates that the former ING Group insurance unit and retirement plan provider has explored a possible sale. Voya reportedly spoke with AIG, Principal Financial Group, and Prudential Financial in 2019 about a deal.
Private Equity Merger: Aksia Buys Out TorreyCove Capital Partners
New York advisory Aksia will purchase private equity consultancy TorreyCove Capital Partners. The deal will see the two firms marry under the name Aksia. Aksia has specialized in private credit and hedge fund strategies. TorreyCove has specialized in private equity and real asset strategies.
FinTech: Visa Snaps Up Fintech Network Plaid for $5.3 Billion
Visa Snaps Up Fintech Network Plaid for $5.3 Billion. Plaid allows people to connect their finances to apps.
Fintech applications need to connect up with a user’s financial accounts to deliver true benefits of immediate updation and convenience.
Digital Assets: The Insight Partners-Armis Deal Will Mint Millionaires by the Dozen
Venture Capital and private equity firm Insight Partners said Monday that it would acquire Israeli cybersecurity startup Armis at a valuation of $1.1 billion, said The Jerusalem Post.
Though Insight did not disclose the sale price, it will pay it in cash. Alphabet’s private equity arm, CapitalG, will participate for $100 million, while certain existing stockholders will rollover holdings.
The transaction is the biggest acquisition so far of an Israeli cybersecurity firm.
Broadcast Station M&A Hit $900 Million the Fourth Quarter
Broadcast M&A picked up last quarter. According to media research firm Kagan, broadcast station M&A hit $900.0 million in Q4 2019.
Bancorp South Bank Completes Deal for Texas First Bancshares
The deal creates a new firm with $21 billion in assets. Bancorp South Bank announced the completion of its acquisition of Texas First Bancshares, the parent company of Texas First State Bank. Following the deal, Bancorp South now has $21 billion in assets. It operates approximately 310 full-service branch locations as well as additional mortgage,…
Takeovers & Buyouts: Mega M&A Deals in 2019 Highest in Four Years
Key trends in global M&A during 2019 included a sharp rise in large M&A transactions accompanied by a slowdown in cross-border deals. Deal-makers were defensive given geopolitical tensions such as trade disputes. As a result, they focused more on deals in their home turf.
Aggregate transactions worldwide totaled $3.9 trillion in 2019, the fourth strongest year for M&A deal-making, according to data from Refinitiv as reported by Reuters. It was also the sixth year on the trot that transactions totaled more than $3 trillion.
Takeovers & Buyouts: Tencent-led Consortium Buys 10% of Vivendi-owned Universal Music
Vivendi cashes in on recovery in the music industry with a stake sale.
Universal Music Group (UMG), the biggest music company in the world, has sold a 10% slice worth $ 3.3 billion to a consortium led by Chinese tech and entertainment behemoth Tencent. By January 2021, Tencent can buy 10% more. Tencent will also get to buy a minority stake in UMG China.
Bernhard Capital Partners to Invest in Ascension Wastewater Treatment
Bernhard Capital Partners will invest in Ascension Wastewater Treatment, the largest private sewer utility operator in Louisiana. The private equity firm specializes in services and infrastructure.
First Eagle Investment Management to Purchase THL Credit
First Eagle Investment Management with acquire THL Credit, an alternative credit manager with approximately $17 billion in assets under management. The deal will likely close in the first quarter, according to a joint press release.
Private Equity Firm Lone Star Buys BASF Chemical Business
Lone Star, the Dallas-based PE shop, has purchased the Construction Chemicals business of BASF. The $3.51 billion deal will likely close in Q3 2020. The deal comes as BASF attempts to focus on more profitable operations after this deal, according to a press release. Reuters had reported that a deal was likely last month after Lone Star aligned itself with several firms seeking a deal. The PE shop had walked away from a bid, but returned after invitation.
Community Banking: Evans Bancorp to Buy FSB Bancorp
Evans Bancorp announced this week plans to purchase FSB Bancorp (FSBC) for approximately $34.7 million.
The price of $17.80 per share for FSB Bancorp will be paid 50% in cash and 50% in the stock.
The transaction is subject regulatory and shareholder approval and is expected to close in the second quartered 2020
Community Banking: Cambridge Financial Group Will Buy Melrose Bancorp
Cambridge Financial Group is acquiring Melrose Bancorp (MELR) for $25 a share in cash. The mutual holding company for Cambridge Savings Bank will receive quite a boost after this deal. Cambridge would have assets of approximately $4.7 billion and a branch network of 17 full-service offices. The transaction is subject to regulatory and shareholder approval and should close in the second quarter of 2020.
Sun Life Financial Takes Big Stake in Real Estate Manager
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.