Merger activity increased last week with four new deals announced and seven deals closing.
Over the past month, we have seen early signs of a pickup in new deals and two large deals announced in the energy and healthcare sectors. The acquisition of Noble Energy by Chevron was a significant deal announced in the energy sector in the third week of July. The acquisition of Varian Medical Systems by Siemens for $16.4 billion is the largest health care deal announced this year.
You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There was one new deal announced in the Deals in the Works section last week.
Weekly Spread Changes:
The table below shows weekly spread changes between July 24, 2020, and July 31, 2020.
|GNW||2.04||China Oceanwide Holdings Group Co., Ltd. (N/A)||166.18%||147.95%||18.23%||All Cash|
|ONDK||1.46||Enova International, Inc. (ENVA)||16.09||9.61%||0.00%||9.61%||Cash Plus Stock|
|FIT||6.54||Google LLC (GOOG)||1482.96||12.39%||8.09%||4.30%||All Cash|
|OTEL||11.51||Oak Hill Capital (N/A)||0.00||2.09%||0.00%||2.09%||All Cash|
|DLPH||14.99||BorgWarner Inc. (BWA)||36.6||5.16%||3.26%||1.90%||All Stock|
|CETV||3.98||PPF Group N.V. (N/A)||15.08%||18.65%||-3.57%||All Cash|
|GRUB||72.24||Just Eat Takeaway.com N.V. (TKAYF)||106.7||-0.89%||3.99%||-4.88%||All Stock|
|CNXM||8.96||CNX Resources Corporation (CNX)||9.65||-5.22%||0.00%||-5.22%||All Stock|
|GILT||5.59||Comtech Telecommunications Corp. (CMTL)||16.42||53.19%||65.29%||-12.10%||Cash Plus Stock|
|CDOR||4.15||NexPoint Hospitality Trust (N/A)||167.47%||201.63%||-34.16%||All Cash|
|Total Number of Deals Closed in 2020||88|
|Total Number of Deals Not Completed in 2020||13|
|Total Number of Pending Deals|
|Stock & Cash Deals||3|
|Total Number of Pending Deals||38|
|Aggregate Deal Consideration||$594.73 billion|
- The acquisition of Otelco (OTEL) by Oak Hill Capital for $105.6 million or $11.75 per share in cash.
- The acquisition of CNX Midstream Partners (CNXM) by CNX Resources Corporation (CNX) for $357 million in an all stock deal. Under the terms of the agreement, each outstanding common unit of CNX Midstream that CNX does not already own will be converted into 0.88 shares of CNX common stock.
- The acquisition of On Deck Capital (ONDK) by Enova International (ENVA) for $90 million in an all stock deal. Under the terms of the agreement, OnDeck shareholders will receive $0.12 cents per share in cash and 0.092 shares of Enova common stock for each share of OnDeck held.
- The acquisition of Varian Medical Systems (VAR) by Siemens Healthineers AG for $16.4 billion or $177.50 per share in cash.
- On July 25, 2020, Tiffany (TIF) received an additional regulatory approval necessary for the completion of its proposed acquisition by LVMH Moët Hennessy-Louis Vuitton. The State Administration for Market Regulation of China decided that it will not prohibit the Merger. The transaction remains subject to receiving additional regulatory clearances by the European Commission, the Japan Fair Trade Commission, the Mexican competition authority (Comisión Federal de Competencia Económica) and the Taiwan Fair Trade Commission. The transaction also remains subject to the satisfaction or waiver of other customary closing conditions.
- On July 29, 2020, Brookfield Renewable Partners (BEP) and TerraForm Power (TERP) jointly announced that TERP’s stockholders voted to approve the previously announced merger transactions with Brookfield Renewable. The Merger is expected to close on July 31.
- July 29, 2020: LogMeIn (LOGM) and Francisco Partners have received the final regulatory approvals required to complete the transaction and now anticipate the merger to close later in the third quarter of 2020.
- July 30, 2020: According to Reuters, Google’s (GOOG) bid for Fitbit (FIT) will face a full-scale EU antitrust investigation next week.
- The acquisition of Quintana Energy Services (QES) by KLX Energy Services Holdings (KLXE) on July 28, 2020. It took 85 days for this deal to be completed.
- The acquisition of Tetraphase Pharmaceuticals (TTPH) by La Jolla Pharmaceutical Company (LJPC) on July 29, 2020. It took 35 days for this deal to be completed.
- The acquisition of El Paso Electric Company (EE) by J.P. Morgan Investment Management on July 29, 2020. It took 422 days for this deal to be completed.
- The acquisition of GAIN Capital Holdings (GCAP) by INTL FCStone (INTL) on July 31, 2020. It took 155 days for this deal to be completed.
- The acquisition of Legg Mason (LM) by Franklin Resources (BEN) on July 31, 2020. It took 164 days for this deal to be completed.
- The acquisition of TerraForm Power (TERP) by Brookfield Renewable Partners (BEP) on July 31, 2020. It took 137 days for this deal to be completed.
- The acquisition of SB One Bancorp (SBBX) by Provident Financial Services (PFS) on July 31, 2020. It took 141 days for this deal to be completed.
Top 10 deals with largest spreads:
|CDOR||07/22/2019||NexPoint Hospitality Trust (N/A)||$11.10||$4.15||09/30/2020||167.47%||1053.91%|
|GNW||10/23/2016||China Oceanwide Holdings Group Co., Ltd. (N/A)||$5.43||$2.04||09/30/2020||166.18%||1045.77%|
|GILT||01/29/2020||Comtech Telecommunications Corp. (CMTL)||$8.56||$5.59||10/31/2021||53.19%||42.76%|
|VAR||08/02/2020||Siemens Healthineers AG (N/A)||$177.50||$142.72||06/30/2021||24.37%||26.87%|
|CETV||10/27/2019||PPF Group N.V. (N/A)||$4.58||$3.98||09/30/2020||15.08%||94.87%|
|FIT||11/01/2019||Google LLC (GOOG)||$7.35||$6.54||09/30/2020||12.39%||77.94%|
|ONDK||07/28/2020||Enova International, Inc. (ENVA)||$1.60||$1.46||12/31/2020||9.61%||23.38%|
|INWK||07/16/2020||HH Global Group Limited (N/A)||$3.00||$2.75||12/31/2020||9.09%||22.12%|
|TIF||11/25/2019||LVMH Moët Hennessy Louis Vuitton SE (LVMUY)||$135.00||$125.36||09/30/2020||7.69%||48.39%|
List of all pending deals:
List of all pending deals:
Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.