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Merger Arbitrage Mondays – Buzzfeed To Go Public With 890 Fifth Avenue Partners

  • June 28, 2021

Merger activity increased significantly last week with seven new deals announced and one deal completed.

Three of the seven M&A deals announced last week were bank-related mergers. There have been 18 new deals announced in the month of June so far worth over $36 billion. This is a significant increase compared to the 6 deals announced in June 2020 that were worth over $17 billion. Business combinations in the SPAC area also continue to increase consistently.

Buzzfeed, the digital media and lifestyle company announced on Thursday, that it will become a publicly listed company through a SPAC deal by merging with 890 5th Avenue Partners (ENFA). Buzzfeed also announced plans to acquire Complex Networks from Verizon and publisher Hearst for $300m. Along with this acquisition, it will begin trading with an implied valuation of $1.5 billion.

Founded in 1879 and headquartered in Manchester, Connecticut, Lydall (LDL) designs and manufactures specialty engineered products for demanding thermal/acoustical and filtration/separation applications. During the COVID-19 pandemic, the company used its expertise in filtration technology to produce face masks that have been in high demand. Last week, Lydall entered into an agreement to be acquired by Unifrax, a company that makes high temperature-resistant fabricated products, coatings, insulation, furnace hardware, textiles, and battery materials. Unifrax will acquire Lydall for $62.10 per share in cash, implying a total enterprise value of approximately $1.3 billion. Lydall stock went up by 85% after the announcement of this news.

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.

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