Merger Arbitrage Mondays – CyrusOne (CONE) And CoreSite (COR) To Be Acquired In Mega Data Centre Deals

Merger activity decreased last week with five new deals announced, three deals completed and one deal terminated.

Two of the five new deals announced last week were successful potential deals in the works. Accounting for a combined deal value of $25 billion, both of these companies are data center REITs.

Data centers have been a significant area of growth over the last couple of decades as more and more companies got comfortable with moving to the cloud and having a different company house their data and clusters of servers. The arrangement was a win-win as most companies no longer had to worry about physical security, backups, cooling the heat intensive server rooms, etc.

CyrusOne (CONE) and CoreSite (COR) agreed to be acquired in deals valued at $15 billion and $10 billion respectively, making them the largest deals in the data center industry so far. Earlier this year, Blackstone acquired QTS Realty for $10 billion and Cyxtera (CYXT) completed a SPAC business combination with Starboard Value Acquisition. Ranked by colocation and data center revenues, CyrusOne and CoreSite are the third and fourth largest data center operators in the US according to a report by Synergy Research.

We added CyrusOne to our list of potential deals on September 28, 2021, when Reuters reported that the company was exploring strategic alternatives that included a potential sale of the company. CONE’s price after this announcement was $77.57. KKR and Global Infrastructure Partners entered into a definitive agreement to acquire CyrusOne at a 25% premium on its closing stock price of $72.57 per share back on September 27.  Headquartered in Dallas, Texas, CyrusOne operates 57 data centers internationally and 55% of its revenue comes from cloud customers.

The other mega data center deal announced last week was the acquisition of CoreSite Realty Corporation (COR) by American Tower Corporation (AMT). We added COR to our list of potential deals on November 9, 2021, when Reuters reported that the company was working with an investment bank to explore its options after attracting acquisition interest. CoreSite’s price after this announcement was $160.90. As of the third-quarter 2021, CoreSite’s portfolio spans 25 data centers, 21 cloud on-ramps and over 32,000 interconnections in eight major U.S. markets. Tom Bartlett, American Tower’s Chief Executive Officer stated,

We are in the early stages of a cloud-based, connected and globally distributed digital transformation that will evolve over the next decade and beyond. We expect the combination of our leading global distributed real estate portfolio and CoreSite’s high quality, interconnection-focused data center business to help position American Tower to lead in the 5G world. As the convergence of wireless and wireline networks accelerates and classes of communications infrastructure further align, we anticipate the emergence of attractive value creation opportunities within the digital infrastructure ecosystem.

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

There were two new deals announced in the Deals in the Works section last week.

SPAC Arbitrage

There were 11 SPAC IPOs filed and 2 new SPAC business combinations announced last week. You can find the new SPAC IPO announcements in our SPACs tool here.

  1. On November 15, 2021, Waldencast Acquisition (WALDentered into definitive simultaneous business combination agreements with skin care brand Obagi and makeup and skin care brand Milk Makeup.
  2. Semantix, Latin America’s first fully integrated data software platform, announced that it has entered into a definitive agreement to merge with Alpha Capital (ASPC).

Weekly Spread Changes:

The table below shows weekly spread changes between November 12 and November 19, 2021.

Symbol Quote Acquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
JOBS 50.33 Garnet Faith Limited (N/A) 57.06% 45.63% 11.43% All Cash
CHNG 20.56 UnitedHealth Group Incorporated (UNH) 440 25.24% 20.55% 4.69% All Cash
AJRD 42.87 Lockheed Martin Corporation (LMT) 341.44 18.96% 16.87% 2.09% All Cash
XLNX 220.87 Advanced Micro Devices, Inc. (AMD) 155.41 21.26% 19.21% 2.05% All Stock
FCCY 24.76 Lakeland Bancorp, Inc. (LBAI) 18.59 1.94% -0.10% 2.04% All Stock
XLRN 178.75 Merck (MRK) 80.7 0.70% 3.98% -3.28% All Cash
SOLY 21.22 Allergan Aesthetics (N/A) 6.50% 10.14% -3.64% All Cash
AZPN 154.46 Emerson Electric Co. (EMR) 93.34 3.59% 7.43% -3.84% Special Conditions
ABTX 43.92 CBTX, Inc. (CBTX) 29.95 -3.28% 0.91% -4.19% All Stock
MX 18.85 South Dearborn Limited (N/A) 53.85% 59.34% -5.49% All Cash

Deal Statistics:

Total Number of Deals Closed in 2021 170
Total Number of Deals Not Completed in 2021 13
Total Number of Pending Deals
Cash Deals 56
Stock Deals 30
Stock & Cash Deals 6
Special Conditions 5
Total Number of Pending Deals 97
Total Deal Size $1.01 trillion

New Deals:

  1. The acquisition of CyrusOne (CONE) by KKR and Global Infrastructure Partners for $15 billion or $90.50 per share in cash. We added CONE as a potential deal to the Deals in the Works section on September 28, 2021, and the price after the news of the potential deal came out was $77.57.
  2. The acquisition of CoreSite Realty Corporation (COR) by American Tower Corporation (AMT) for $10.1 billion or $170 per share in cash. We added COR as a potential deal to the Deals in the Works section on November 9, 2021, and the price after the news of the potential deal came out was $160.90.
  3. The acquisition of Casper Sleep (CSPR) by Durational Capital Management for $318.49 million or $6.90 per share in cash.
  4. The acquisition of Dicerna Pharmaceuticals (DRNA) by Novo Nordisk (NVO) for $2.09 billion or $38.25 per share in cash.
  5. The acquisition of Spirit of Texas Bancshares (STXB) by Simmons First National Corporation (SFNC) for $581 million in an all stock deal. Under the terms of the Merger Agreement, Simmons will issue approximately 18,325,000 shares of its common stock, which is equal to 1.035 shares of Simmons for each STXB share, subject to certain conditions and potential adjustments, including substituting cash for Simmons’ common stock to the extent necessary to cash out Spirit’s stock options and warrants.

Deal Updates:

  1. On November 15, 2021, Mid Penn Bancorp (MPB) and Riverview Financial Corporation (RIVE) issued a joint press release announcing the receipt of all bank regulatory approvals required to consummate the merger of Riverview with and into Mid Penn.
  2. On November 15, 2021, Meredith Corporation (MDP) announced that its pending acquisitions by Gray Television (GTN) and IAC’s (IAC) Dotdash Media received key regulatory approvals.
  3. On November 16, 2021, Chatham Asset Management made a binding offer for RR Donnelley & Sons (RRD) that would value the printing company at $663.4 million, outbidding a rival deal from investment firm Atlas Holdings. Chatham, the largest investor in RR Donnelley with a 14.9% stake, offered $9.10 per share for the remaining stock in the company.
  4. On November 16, 2021, Rogers Communications (RCI) announced that Joe Natale has left his role as President and CEO of the company. Tony Staffieri has been appointed Interim President and CEO.
  5. On November 16, 2021, shareholders of Community Bankers Trust Corporation (ESXBapproved the company’s merger with United Bankshares (UBSI) at a special meeting of shareholders.
  6. On November 17, 2021, Merck (MRK) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with Merck’s pending acquisition of Acceleron Pharma (XLRN) has expired.
  7. On November 17, 2021, Kraton Corporation (KRA) and DL Chemical received CFIUS Clearance. The Merger remains subject to other closing conditions, including the receipt of certain antitrust approvals outside of the United States, and is expected to be completed by the end of the first half of 2022.
  8. On November 18, 2021, Paper Excellence and Domtar Corporation (UFS) jointly announced that they have received Canadian Competition Act approval for their business combination.
  9. On November 19, 2021, shareholders of Echo Global Logistics (ECHOapproved the company’s merger with The Jordan Company at a special meeting of shareholders.
  10. On November 19, 2021, Investors Bancorp (ISBC) announced that stockholders of the Company approved the planned merger with Citizens Financial Group (CFG) at a special meeting of the Company’s stockholders.

Closed Deals:

  1. The acquisition of JMP Group (JMP) by Citizens Financial Group (CFG) on November 15, 2021. It took 68 days for this deal to be completed.
  2. The acquisition of Trillium Therapeutics (TRIL) by Pfizer (PFE) on November 17, 2021. It took 86 days for this deal to be completed.
  3. The acquisition of Flexion Therapeutics (FLXN) by Pacira BioSciences (PCRX) on November 19, 2021. It took 39 days for this deal to be completed.

Terminated Deals:

  1. Tarena International (TEDU) announced that the Company and the buyer group consisting of Mr. Han Shaoyun, Ascendent Capital Partners, Kidedu Holdings Limited, Kidarena Merger Sub and Kidtech Limited mutually agreed to terminate the previously announced Agreement and Plan of Merger.

Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
JOBS 06/21/2021 Garnet Faith Limited (N/A) $79.05 $50.33 12/31/2021 57.06% 520.70%
MX 03/26/2021 South Dearborn Limited (N/A) $29.00 $18.85 12/31/2021 53.85% 491.35%
CHNG 01/06/2021 UnitedHealth Group Incorporated (UNH) $25.75 $20.56 02/28/2022 25.24% 93.07%
XLNX 10/27/2020 Advanced Micro Devices, Inc. (AMD) $267.83 $220.87 12/31/2021 21.26% 194.02%
AJRD 12/20/2020 Lockheed Martin Corporation (LMT) $51.00 $42.87 03/31/2022 18.96% 53.25%
SJR 03/15/2021 Rogers Communications Inc. (RCI) $32.40 $29.21 06/30/2022 10.92% 18.04%
STXB 11/19/2021 Simmons First National Corporation (SFNC) $31.73 $28.92 06/30/2022 9.72% 16.05%
NFH 08/04/2021 Unicorn II Holdings Limited (N/A) $12.00 $11.03 12/31/2021 8.79% 80.25%
SAFM 08/09/2021 Cargill and Continental Grain Company (N/A) $203.00 $187.1 01/31/2022 8.50% 43.69%
COHR 03/25/2021 II-VI Incorporated (IIVI) $278.31 $256.92 12/31/2021 8.33% 75.98%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.

Target Announced
Date
Acquirer Deal
Type
Closing
Value
Deal
Price
Last
Price
Target Volume Estimated
Closing Date
Return Annualized
Return
+ JOBS 6/21/21 Garnet Faith Limited (N/A) All Cash $3.63 B $79.05 $50.33 367,794 12/31/21 57.06% 534.05%
+ MX 3/26/21 South Dearborn Limited (N/A) All Cash $1.4 B $29.00 $18.85 290,443 12/31/21 53.85% 503.94%
+ CHNG 1/06/21 UnitedHealth Group Incorporated (UNH) All Cash $13.28 B $25.75 $20.56 1,246,268 2/28/22 25.24% 94.02%
+ XLNX 10/27/20 Advanced Micro Devices, Inc. (AMD) All Stock $33.43 B $267.83 $220.87 1,591,506 12/31/21 21.26% 199.00%
+ AJRD 12/20/20 Lockheed Martin Corporation (LMT) All Cash $3.79 B $51.00 $42.87 729,124 3/31/22 18.96% 53.66%
+ SJR 3/15/21 Rogers Communications Inc. (RCI) Special Conditions $26 B $32.40 $29.21 215,830 6/30/22 10.92% 18.12%
+ NFH 8/04/21 Unicorn II Holdings Limited (N/A) All Cash $2.09 billion $12.00 $11.03 58,945 12/31/21 8.79% 82.30%
+ SAFM 8/09/21 Cargill and Continental Grain Company (N/A) All Cash $4.49 B $203.00 $187.1 212,408 1/31/22 8.50% 44.31%
+ COHR 3/25/21 II-VI Incorporated (IIVI) Cash Plus Stock $6.84 B $278.31 $256.92 38,332 12/31/21 8.33% 77.93%
+ STXB 11/19/21 Simmons First National Corporation (SFNC) All Stock $581 M $30.98 $28.92 851,238 6/30/22 7.14% 11.84%
+ SOLY 5/10/21 Allergan Aesthetics (N/A) All Cash $550 M $22.60 $21.22 68,764 3/31/22 6.50% 18.40%
+ GSS 11/01/21 Chifeng Jilong Gold Mining Co., Ltd. (N/A) All Cash $470 M $3.91 $3.69 1,247,204 1/31/22 5.96% 31.09%
+ PTRS 11/04/21 OceanFirst Financial Corp. (OCFC) Special Conditions $186 M $10.38 $9.81 919 6/30/22 5.81% 9.64%
+ CSPR 11/15/21 Durational Capital Management LP (N/A) All Cash $318.49 M $6.90 $6.55 1,075,526 3/31/22 5.34% 15.12%
+ FBC 4/26/21 New York Community Bancorp, Inc. (NYCB) All Stock $2.6 B $49.67 $47.43 389,676 12/31/21 4.72% 44.14%
+ VNE 10/04/21 Qualcomm Incorporated (QCOM) All Cash $3.87 B $37.00 $35.41 849,061 6/30/22 4.49% 7.45%
+ NPTN 11/04/21 Lumentum Holdings Inc. (LITE) All Cash $745.24 M $16.00 $15.35 1,220,166 12/31/22 4.23% 3.83%
+ XENT 8/06/21 Medtronic plc (MDT) All Cash $1.1 billion $28.25 $27.15 353,655 3/31/22 4.05% 11.46%
+ AZPN 10/11/21 Emerson Electric Co. (EMR) Special Conditions $12.34 B $160.00 $154.46 186,447 6/30/22 3.59% 5.95%
+ ISBC 7/28/21 Citizens Financial Group, Inc. (CFG) Cash Plus Stock $3.5 B $16.19 $15.64 2,116,232 6/30/22 3.54% 5.88%
+ SPWH 12/21/20 The Great American Outdoors Group (N/A) All Cash $1.5 B $18.00 $17.44 415,010 12/31/21 3.21% 30.05%
+ CIT 10/16/20 First Citizens BancShares, Inc. (FCNCA) All Stock $2.42 B $50.77 $49.26 512,233 3/31/22 3.07% 8.69%
+ MILE 11/08/21 Lemonade (LMND) All Stock $201.47 M $2.78 $2.7 3,139,669 6/30/22 2.90% 4.81%
+ FOE 5/11/21 Prince International Corporation (N/A) All Cash $2.1 B $22.00 $21.38 318,293 3/31/22 2.90% 8.21%
+ PVG 11/09/21 Newcrest Mining Limited (NCMGY) All Stock $2.8 B $14.42 $14.03 1,336,106 3/31/22 2.79% 7.90%
+ TSC 10/20/21 Raymond James Financial, Inc. (RJF) Cash Plus Stock $1.1 B $30.54 $29.76 242,072 6/30/22 2.60% 4.32%
+ ROG 11/02/21 DuPont de Nemours, Inc. (DD) All Cash $5.2 B $277.00 $270.06 799,358 6/30/22 2.57% 4.26%
+ MRLN 4/19/21 HPS Investment Partners LLC (N/A) All Cash $109.4 M $23.50 $22.92 29,609 3/31/22 2.53% 7.16%
+ KOR 9/13/21 AngloGold Ashanti Limited (N/A) All Cash $450 M $3.29 $3.21 34,923 3/31/22 2.49% 7.05%
+ PBCT 2/22/21 M&T Bank Corporation (MTB) All Stock $7.6 B $18.57 $18.15 3,710,713 12/31/21 2.31% 21.64%
+ OMP 10/26/21 Crestwood Equity Partners LP (CEQP) All Stock $1.8 B $24.09 $23.55 105,209 1/31/22 2.29% 11.96%
+ FCCY 7/12/21 Lakeland Bancorp, Inc. (LBAI) All Stock $244.4 M $25.24 $24.76 15,957 1/31/22 1.94% 10.10%
+ FVCB 7/14/21 Blue Ridge Bankshares, Inc. (BRBS) All Stock $113.36 M $20.94 $20.55 3,475 1/31/22 1.89% 9.86%
+ MCFE 11/08/21 Investor Group comprised of Advent, Permira, Crosspoint Capital, CPP Investments, GIC and ADIA (N/A) All Cash $14 B $26.00 $25.55 909,656 6/30/22 1.76% 2.92%
+ PNM 10/21/20 Avangrid, Inc. (AGR) All Cash $8.05 B $50.30 $49.45 700,328 12/31/21 1.72% 16.09%
+ HBMD 7/13/21 F.N.B. Corporation (FNB) All Stock $418 M $22.14 $21.77 44,926 1/31/22 1.70% 8.86%
+ RBNC 7/15/21 United Community Banks, Inc. (UCBI) All Stock $517 M $35.49 $34.92 18,124 3/31/22 1.63% 4.62%
+ KRA 9/27/21 DL Chemical Co., Ltd. (N/A) All Cash $2.5 B $46.50 $45.76 141,743 6/30/22 1.62% 2.68%
+ WBT 7/14/21 Ali Holding S.r.l. (N/A) All Cash $4.8 B $24.00 $23.62 436,154 1/31/22 1.61% 8.39%
+ GSKY 9/15/21 The Goldman Sachs Group (GS) All Stock $2.24 B $11.62 $11.44 1,083,000 3/31/22 1.59% 4.49%
+ GWB 9/16/21 First Interstate BancSystem, Inc. (FIBK) All Stock $2 B $36.58 $36.06 227,104 3/31/22 1.45% 4.09%
+ INFO 11/30/20 S&P Global (SPGI) All Stock $44 B $130.92 $129.15 1,750,493 12/31/21 1.37% 12.82%
+ NUAN 4/12/21 Microsoft Corp (MSFT) All Cash $19.7 B $56.00 $55.25 4,277,222 12/31/21 1.36% 12.70%
+ LMRK 8/23/21 Landmark Dividend LLC (N/A) All Cash $997.25 M $16.50 $16.28 42,305 12/31/21 1.35% 12.65%
+ CONE 11/15/21 KKR and Global Infrastructure Partners (N/A) All Cash $15 B $90.50 $89.37 5,902,324 6/30/22 1.26% 2.10%
+ ESXB 6/03/21 United Bankshares, Inc. (UBSI) All Stock $303.3 M $12.12 $11.97 54,838 12/31/21 1.23% 11.55%
+ PAE 10/25/21 Amentum Government Services Holdings LLC (N/A) All Cash $1.9 B $10.05 $9.93 333,402 3/31/22 1.21% 3.42%
+ ITMR 9/13/21 ZOLL Medical Corporation (N/A) All Cash $399.11 M $31.00 $30.63 129,961 12/31/21 1.21% 11.31%
+ STFC 7/12/21 Liberty Mutual Holding Company Inc. (N/A) All Cash $2.48 B $52.00 $51.4 47,048 3/31/22 1.17% 3.30%
+ GTS 8/24/21 GuideWell Mutual Holding Corporation (N/A) All Cash $665.93 M $36.00 $35.6 61,864 6/30/22 1.12% 1.86%
+ LEVL 11/04/21 First Merchants Corporation (FRME) Cash Plus Stock $323.5 M $39.98 $39.55 7,085 6/30/22 1.10% 1.82%
+ ESBK 10/04/21 Community Bank System, Inc. (CBU) All Cash $82.8 M $23.10 $22.85 10,669 3/31/22 1.09% 3.10%
+ ENBL 2/17/21 Energy Transfer LP (ET) All Stock $7.2 B $7.48 $7.4 912,278 12/31/21 1.05% 9.82%
+ ATC 7/01/21 MKS Instruments, Inc. (MKSI) Cash Plus Stock $6.5 B $25.22 $24.96 160,724 12/31/21 1.05% 9.80%
+ MGP 8/04/21 VICI Properties Inc. (VICI) All Stock $17.2 billion $38.88 $38.48 892,385 6/30/22 1.03% 1.71%
+ GNOG 8/09/21 DraftKings Inc. (DKNG) All Stock $1.52 B $13.19 $13.06 361,483 3/31/22 1.00% 2.84%
+ RIVE 7/01/21 Mid Penn Bancorp, Inc. (MPB) All Stock $124.7 M $14.28 $14.14 1,129 12/31/21 1.00% 9.37%
+ FTSI 10/22/21 ProFrac Holdings (N/A) All Cash $407.5 M $26.52 $26.27 111,331 3/31/22 0.95% 2.69%
+ CPLG 11/08/21 Highgate and Cerberus Capital Management, L.P. (N/A) Special Conditions $1.5 B $15.65 $15.51 751,555 3/31/22 0.90% 2.55%
+ IHC 11/09/21 Geneve Holdings, Inc. (N/A) All Cash $813.9 M $57.00 $56.5 7,923 12/31/21 0.88% 8.28%
+ DRNA 11/18/21 Novo Nordisk (NVO) All Cash $2.09 B $38.25 $37.92 7,837,240 12/31/21 0.87% 8.14%
+ DWSN 10/25/21 Wilks Brothers, LLC (N/A) All Cash $18.56 M $2.34 $2.32 169,199 12/31/21 0.86% 8.07%
+ FMBI 6/01/21 Old National Bancorp (ONB) All Stock $2.86 B $20.73 $20.56 681,614 1/31/22 0.84% 4.40%
+ KL 9/28/21 Agnico Eagle Mines Limited (AEM) All Stock $9.53 B $43.13 $42.77 1,643,496 3/31/22 0.83% 2.36%
+ FRTA 2/22/21 Quikrete Holdings, Inc. (N/A) All Cash $2.74 B $24.00 $23.81 132,931 12/31/21 0.80% 7.47%
+ CXP 9/07/21 Pacific Investment Management Company LLC (N/A) All Cash $3.9 B $19.30 $19.16 612,797 12/31/21 0.73% 6.84%
+ MNR 11/05/21 Industrial Logistics Properties Trust (ILPT) All Cash $3.72 B $21.00 $20.85 760,131 6/30/22 0.72% 1.19%
+ TGP 10/05/21 Stonepeak (N/A) All Cash $6.2 B $17.00 $16.88 356,918 12/31/21 0.71% 6.65%
+ XLRN 9/30/21 Merck (MRK) All Cash $10.8 B $180.00 $178.75 7,474,387 12/31/21 0.70% 6.54%
+ ACBI 7/23/21 SouthState Corporation (SSB) All Stock $542 M $29.21 $29.02 51,249 3/31/22 0.67% 1.89%
+ STL 4/19/21 Webster Financial Corporation (WBS) All Stock $5.12 B $26.40 $26.25 717,354 12/31/21 0.57% 5.36%
+ DVD 11/09/21 Speedway Motorsports, LLC (N/A) All Cash $94.69 M $3.61 $3.59 74,387 12/31/21 0.56% 5.21%
+ PPD 4/15/21 Thermo Fisher Scientific Inc. (TMO) All Cash $20.9 B $47.50 $47.25 703,241 12/31/21 0.53% 4.95%
+ ZIXI 11/08/21 OpenText (N/A) All Cash $860 M $8.50 $8.46 715,678 2/06/22 0.47% 2.27%
+ MDP 10/06/21 IAC/InterActiveCorp and Gray Television, Inc. (IAC) All Cash $6.02 B $59.17 $58.90 504,702 12/01/21 0.46% 18.59%
+ ATH 3/08/21 Apollo Global Management, Inc. (APO) All Stock $6.01 B $86.12 $85.73 738,042 1/31/22 0.45% 2.36%
+ UMPQ 10/12/21 Columbia Banking System, Inc. (COLB) All Stock $4.5 B $20.28 $20.19 973,098 6/30/22 0.45% 0.75%
+ MGLN 1/04/21 Centene Corporation (CNC) All Cash $2.2 B $95.00 $94.58 168,806 12/31/21 0.44% 4.16%
+ KSU 9/15/21 Canadian Pacific Railway Limited (CP) Cash Plus Stock $30.44 B $305.84 $304.49 491,973 12/31/21 0.44% 4.15%
+ ANAT 8/09/21 Brookfield Asset Management Reinsurance Partners Ltd. (BAMR) All Cash $5.1 B $190.00 $189.3 69,424 6/30/22 0.37% 0.61%
+ RAVN 6/21/21 CNH Industrial N.V (CNHI) All Cash $2.1 B $58.00 $57.82 100,038 12/31/21 0.31% 2.91%
+ HRC 9/02/21 Baxter International Inc. (BAX) All Cash $12.4 B $156.00 $155.54 439,232 3/31/22 0.30% 0.84%
+ DSPG 8/30/21 Synaptics Incorporated (SYNA) All Cash $399.78 M $22.00 $21.95 102,414 12/02/21 0.23% 8.31%
+ UFS 5/11/21 Paper Excellence (N/A) All Cash $3.02 B $55.50 $55.42 2,261,846 12/31/21 0.14% 1.35%
+ PSXP 10/27/21 Phillips 66 (PSX) All Stock $14.5 B $34.82 $34.78 508,553 3/31/22 0.12% 0.33%
+ CVA 7/14/21 EQT Infrastructure (N/A) All Cash $5.35 B $20.25 $20.23 1,145,139 12/31/21 0.10% 0.93%
+ ECHO 9/10/21 The Jordan Company, L.P. (N/A) All Cash $939.64 M $48.25 $48.22 256,356 12/31/21 0.06% 0.58%
+ INOV 8/19/21 Nordic Capital (N/A) All Cash $7.3 B $41.00 $40.99 478,902 1/31/22 0.02% 0.13%
+ CAI 6/17/21 Mitsubishi HC Capital Inc. (N/A) All Cash $2.9 B $56.00 $55.99 219,452 12/31/21 0.02% 0.17%
+ BMTC 3/10/21 WSFS Financial Corporation (WSFS) All Stock $976.4 M $48.55 $48.58 76,917 12/31/21 -0.07% -0.66%
+ ADMS 10/11/21 Supernus Pharmaceuticals, Inc. (SUPN) Special Conditions $460.12 M $8.10 $8.16 348,224 1/31/22 -0.74% -3.83%
+ COR 11/15/21 American Tower Corporation (AMT) All Cash $10.1 B $170.00 $171.40 1,130,352 12/31/21 -0.82% -7.64%
+ MNTV 10/28/21 Zendesk (ZEN) All Stock $4.21 B $21.87 $22.09 667,890 6/30/22 -0.99% -1.64%
+ SC 8/24/21 Santander Holdings USA, Inc. (N/A) All Cash $12.7 B $41.50 $41.92 175,930 12/31/21 -1.00% -9.38%
+ ICBK 6/22/21 Nicolet Bankshares, Inc. (NCBS) All Stock $219 M $35.16 $35.65 741 12/31/21 -1.37% -12.86%
+ ABTX 11/10/21 CBTX, Inc. (CBTX) All Stock $1.5 B $42.48 $43.92 54,403 6/30/22 -3.28% -5.44%
+ RRD 11/03/21 Atlas Holdings LLC (N/A) All Cash $2.1 B $8.52 $9.25 477,878 6/30/22 -7.89% -13.09%

Conclusion:

SPAC activity continued to increase last week with 11 new SPAC IPOs filed. With two mega data center deals announced last week, the total value of active deals has crossed the $1 trillion mark after two years. We wrote the following in our M&A 2020 report titled: U.S. Mergers and Acquisitions: A 2020 Report

“Looking at the full year however, there were 154 deals worth over $605 billion announced in 2020, a sharp decline when compared to the $938 worth of deals announced in 2019 and over $1 trillion worth of deals announced in 2018.”

Disclaimer: I have long positions in Magnachip Semiconductor (MX), Nuance Communications (NUAN) and Change Healthcare (CHNG). I also have put options in Change Healthcare. 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.

Leave A Comment

You must be logged in to post a comment.