Features

Symantec to acquire web security provider Blue Coat Systems

This week, Nasdaq-listed Symantec agreed to acquire cybersecurity firm Blue Coat Systems (including debt and cash balances) for around USD 4,650 million in cash. To fund part of the consideration, the acquiror has obtained financing from debt providers, including JP Morgan, Barclays, Bank of America and Citigroup. Bain Capital, the owner of Blue Coat, plans to reinvest USD 750 million from the sales proceeds in Symantec’s convertible notes following the deal.  The acquisition, which is expected to close before October this year, is Symantec’s largest since 2005, according to Zephyr, the M&A database published by Bureau van Dijk.

Oil Search to consolidate interests in Papua New Guinea

On 20th May Papua New Guinea-based Oil Search agreed to buy Canadian oil exploration firm InterOil for around USD 2,200 million. The acquisition, which will be carried out by way of a court-approved plan of arrangement, is poised to be Oil Search’s largest to date, according to Zephyr, the M&A database published by Bureau van Dijk.

European Commission blocks takeover of O2

In March 2015, Hong Kong conglomerate Hutchison Whampoa agreed to acquire UK-based telecommunication company Telefonica Europe (O2) for around GBP 10 billion. Li Ka-shing, chairman of Hutchison Whampoa, intended to merge the target with its UK subsidiary Three, another telecommunications provider, following the transaction.

Abbott to purchase heart devices firm St Jude Medical

In a bid to expand its heart devices business, pharmaceutical giant Abbott last month agreed to acquire New York Stock Exchange (NYSE)-listed St Jude Medical for around USD 30,700 million (inclusive of debt), which will be settled in cash and shares. To finance the deal, the acquiror has obtained a debt facility from the Bank of America.

Alaska Air inches forward in Virgin America merger

Early this month, airline operator Alaska Air agreed to take over Virgin America, a California-based budget carrier backed by Richard Branson, for USD 4,000 million (inclusive of debt). The offer price is USD 57 per share, which represents an 86 per cent premium over the target’s close of USD 31 on 22nd March, the last trading day before the acquisition was first reported. Private equity investor Cyprus Capital Partners is among shareholders that are offloading their interests. According to Zephyr, the M&A database published by Bureau van Dijk, the deal is set to be the purchaser’s largest ever.

Paint maker Sherwin-Williams to absorb rival Valspar

Last month paint manufacturer Sherwin-Williams agreed to acquire its competitor Valspar. It made a generous offer of USD 113 per share, which is 35 per cent higher than the target’s close of USD 84 on 18th March, the last trading day prior to the deal being announced.

TransCanada to take over Columbia Pipeline

On 17th March New York Stock Exchange (NYSE) -listed TransCanada announced its intention to acquire energy firm Columbia Pipeline Group (CPG). The buyer is planning to pay USD 26 for each share, representing an 11 per cent premium over the target’s close on 16th March, the last trading day prior to the deal being disclosed.

London Stock Exchange agrees merger with Deutsche Boerse

The London Stock Exchange and Deutsche Boerse have put the speculation of the last few weeks to bed by officially agreeing terms on a deal being described as a merger of equals. The parties issued a joint statement on 16th March, a few weeks after rumours of the proposed combination emerged. The transaction is to be implemented through the establishment of a new UK holding company known as UK TopCo, which will acquire both exchanges, although the existing framework of all entities within the combined business will remain unchanged and the enlarged business will maintain headquarters in both London and Frankfurt. Upon closing, which is expected to follow by the end of 2016 or during the first quarter of 2017, shareholders in the London Stock Exchange will own 45.6 per cent of the combined entity while Deutsche Boerse investors will hold 54.4 per cent. UK TopCo is expected to list in both London and Frankfurt at a later date.

JAB-led group acquires Keurig Green Mountain

Last week, JAB Holdings, alongside a group of buyers, successfully acquired beverage company Keurig Green Mountain, which was subsequently delisted from Nasdaq. The consortium comprised snack food manufacturer Mondelez International, private equity investor BDT Capital Partners and coffee maker Acorn Holdings. Keurig’s shares were priced at USD 92 each (a 78 per cent premium over the target’s close on 4th December, the last trading day prior to the offer being disclosed), valuing the deal at around USD 13,900 million.

Apollo’s multibillion dollar LBO amid tight debt market

Florida-based ADT provides security products such as fire alarms and closed-circuit television cameras. The company has a customer base of 7 million and employs around 17,000 staff at 200 locations. In 2012, it was spun off from American security system provider Tyco International through an initial public offering and it has since been listed on the New York Stock Exchange. 

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