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M&A Update – 03/13/2017

Intel Corporation To Acquire Mobileye

On March 13, 2017 Intel Corporation (NASDAQ: INTC) announced they have entered into a definitive agreement to acquire Mobileye N.V. (NYSE: MBLY) – a global leader in the development of computer vision and machine learning, data analysis, localization, and mapping for advanced driver assistance systems and autonomous driving. Intel estimates the vehicle systems, data and services market opportunity will reach over $70 billion by 2030. The combined companies hope to deliver new driving solutions that will transform the automotive industry. Some additional highlights of the transaction that Intel has identified are below:

  • Will bring together Mobileye’s leading computer vision expertise with Intel’s high-performance computing and connectivity expertise to create automated driving solutions from cloud to car.
  • Positions Intel to accelerate innovation for automakers and to capture fast-growing market opportunity, estimated to be up to $70 billion by 2030.
  • Acquisition expected to be accretive to Intel’s non-GAAP EPS and free cash flow immediately.

  • Under the terms, Intel will commence a tender offer to acquire all of the issued and outstanding ordinary shares of Mobileye for $63.54 per share in cash, which represents an equity value of approximately $15.3 billion and an enterprise value of $14.7 billion. Intel intends to fund the acquisition with cash from the balance sheet. The transaction is expected to close within the next nine months.
    Read the full press release at www.intel.com


    Below are highlights of additional Merger and Acquisition activity from the last week:

    Specialty Stores M&A News: Party City Holdco Inc. (NYSE: PRTY), the leading vertically integrated party goods company in North America, announced on March 7 that it has acquired a majority interest in Granmark, a leading privately held manufacturer and distributor of party supplies, gift wrap, and stationery items.
    Read more at www.partycity.com

    Aerospace & Defense M&A News: On March 7, KeyW Holding Company (NASDAQ: KEYW) announced that it has signed a definitive agreement to acquire Sotera Defense Solutions (Sotera) in an all-cash transaction valued at approximately $235 million.
    Read more at www.keywcorp.com

    Manufacturing M&A News: On March 8, HEICO Corporation (NYSE: HEI) announced that its Flight Support Group has signed an agreement to acquire 80.1% of the operating units of Air Cost Control (“A2C”).
    Read more at www.heico.com

    M&A Update – 02/27/2017: Things to do Today to Prepare for a Future Sale

    In this week’s blog, we want to discuss things you can do today to help prepare for a future sale. To do this, we will pull from a past article our sister Company, Quazar Business Brokerage wrote in their monthly newsletter, Quazar Quips:


    Quazar Quips© Volume 1, Issue 7

    Things to Do Today to Prepare for a Future Sale


    We often meet with business owners who are not ready to sell today but are preparing for an eventual sale one to three years out. If an owner has time to prepare, the company can generally be structured more effectively to maximize value at the time of a sale. We strongly recommend any owner contemplating a sale speak with an attorney, financial adviser, and accountant. Doing so will help ensure the after-tax proceeds from a sale are maximized.

    We also want to point out a few items to consider implementing today for a sale in the future…..To continue reading please

    CLICK HERE




    To read past issues of Quazar Quips, please see the Quazar Business Brokerage website here.

    M&A Update – 02/20/2017

    Sonaca Group To Acquire LMI Aerospace, Inc.

    LMI Aerospace, Inc. (NASDAQ: LMIA) has entered into a definitive agreement to be acquired by Sonaca Group, a global aero-structures company. LMI is a leading supplier of structural assemblies, kits, and components and provider of engineering services. Under the transaction, Sonaca hopes to create a combined global leader in design and manufacturing capabilities of complex aero-structures. According to Dan Korte, LMI’s CEO, “…LMI and Sonaca have complementary product portfolios while largely serving different aerospace primes and Tier 1 suppliers around the world, enabling us to better serve our customers”.
    Under the transaction, LMI shareholders will receive $14 per share in an all-cash transaction. This represents a 52 percent premium over LMI’s closing share price as of February 16th. In connection with the merger agreement, Sonaca has obtained debt and equity financing commitments. The deal is expected to close mid-2017.
    Read the full press release at www.lmiaerospace.com


    Below are highlights of additional Merger and Acquisition activity from the last week:

    Minnesota M&A News: The previously announced M&A transaction involving Vascular Solutions and Teleflex was approved by shareholders on February 16. The plan of merger was originally announced on December 1, 2016 and officially closed on February 17. Vascular Solutions (NASDAQ: VASC) ceased trading following February 17 close.
    Read more at www.teleflex.com

    Packaging M&A News: On February 16, Sonoco (NYSE: SON), one of the largest diversified global packaging companies, announced it has entered into a definitive agreement to acquire Peninsula Packaging Company for approximately $230 million in cash.
    Read more at www.sonoco.com

    Manufacturing M&A News: On February 16, Nordson Corporation (NASDAQ: NDSN) announced it has acquired InterSelect GmbH, a German designer and manufacturing of selective soldering systems.
    Read more at www.nordson.com

    M&A Update – 02/13/2017

    Reckitt Benckiser Group has signed merger agreement with Mead Johnson

    Reckitt Benckiser Group plc (“RB”), the world’s leading consumer health and hygiene company, announced on February 10 that it has signed a merger agreement with Mead Johnson Nutrition Company. Mead Johnson is a global leader in infant and children’s nutrition, develops, manufacturers, markets, and distributes more than 70 products in over 50 markets worldwide. In 2016, Mead Johnson had total assets of $4.1 billion and reported approximate earnings of $3.7 billion, with and EBITDA of approximately $1.0 billion. The merger is expected to realize annual cost savings of over $200 million by the end of the third full year.
    Under the terms of the transaction, Mead Johnson shareholders will receive $90 in cash for each share of common stock, which equates to a total equity of $16.6 billion. This represents a 29% premium to the closing price of Mead Johnson as of February 1. Including Mead Johnson’s net debt of $1.2 billion (as of December 31, 2016), the total enterprise value of the transaction total $17.9 billion, which represents a multiple of 17.4x of Mead Johnson’s 2016 EBIDTA. The deal is expected to be financed through Bank of America Merrill Lynch, Deutsche Bank, and HSBC. The transaction is expected to close in the third quarter of 2017.
    Read the full press release at www.rb.com/


    Below are highlights of additional Merger and Acquisition activity from the last week:

    Medical Device M&A News: On February 6th, Merit Medical (Nasdaq: MMSI), a leading manufacturer and marketer of proprietary disposable devices, announced it has acquired products from Argon Medical Devices and Catheter Connections, Inc. The transactions were financed through a combination of cash and existing credit facilities, which total $48.0 million.
    Read more at www.merit.com

    Computer Security M&A News: On February 8th, Imperva, Inc. (Nasdaq: IMPV), which protects businesses confidential information and applications in the cloud, announced it has acquired the assets of Camouflage Software, Inc. Camouflage Software is a data masking company that replaces sensitive data with fully functioning fictional data that conforms to the logic embedded in the application.
    Read more at www.imperva.com

    M&A Update – 02/06/2017

    Carbonite Acquires Double-Take Software Company

    Carbonite, Inc. (Nasdaq: CARB), a leading provider of data protection solutions for small and midsize businesses announced it has officially acquired Double-Take Software on January 31st. Under the acquisition, Carbonite hopes to realize the following synergies with their current suite:

  • Replication of applications and data, in real time
  • Failover between primary and secondary servers in an emergency
  • Move of systems from one location to another
  • Migration from MS Windows, to other cloud based solutions (like Amazon or Google)
  • Migrating and upgrading Microsoft SQL Server

  • In 2016, Carbonite had over $200 million in sales, with an adjusted free cash flow of approximately $18 million. Under the transaction, the total purchase price for Double-Take equated to $65.25 million, which was comprised between cash and $5.5 million in Carbonite common stock. The transaction officially closed on January 31, 2017, with Barclays acting as the financial advisor.
    Read the full press release at www.carbonite.com


    Below are highlights of additional Merger and Acquisition activity from the last week:

    Energy Sector M&A News: Sprague Resources LP (NYSE: SRLP) announced on February 6th, that they have completed two strategic acquisitions under their wholly owned subsidiaries. The first acquisition was Global Partners LP’s natural gas marketing and electricity brokerage assets were acquired for approximately $17.4 million in cash. Secondly, L.E. Belcher, Inc.’s refined product terminal assets were purchased for $20 million in cash.
    Read more at www.spragueenergy.com

    Home Health Care M&A News: On February 2nd, Amedisys, Inc. (Nasdaq: AMED), one of the nation’s leading home health care and hospice companies, announced that they have acquired Home Staff, LLC, a personal care provider. Amedisys’ Personal Care Division now collectively has 2,500 aides providing care to over 15,000 clients annually.
    Read more at www.amedisys.com

    Industrial Machinery M&A News: on February 2nd, Carpenter Technology Corporation (NYSE: CRS) announced they have entered into a definitive purchase agreement to acquire Puris LLC, a producer of titanium powder for additive manufacturing and advanced technology applications. The total purchase price for the transaction is $35 million and is expected to close in the first quarter of 2017.
    Read more at www.cartech.com

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