Campbell’s Soup to Sell Bolthouse Farms Brand in Refocusing Effort
Pitchbook data reveals that $43.6 billion in capital was spent on 27 M&A deals throughout last week, $28.4 billion more capital than the week before but on two fewer deals. Chevron (NYS: CVX) shelled out $33 billion to acquire Texas-based Anadarko Petroleum (NYS: APC) in the week’s largest deal.
Transportation Space Highlights Last Week’s M&A Activity
Data from Pitchbook shows that $15.2 billion of capital was invested across 29 M&A deals last week, $4.4 billion less capital on two more deals than the previous week. The largest two deals during the week were Stonepeak Infrastructure Partners’ $3.6 billion LBO of Oryx Midstream Partners and the $2.44 billion acquisition of AmeriGas Partners by UGI Utilities. AmeriGas is a publicly traded propane distributor, and Oryx is a natural gas collection group. The transportation space was an active sector, as A&S Kinard and Buckler Transport were acquired by Day & Ross Freight; TFI International acquired Nebraska-based Aulick Leasing and its manufacturing business, ShurAul; and Providence Equity Partners acquired transportation software provider GlobalTranz.
Mergers & Acquisitions: Manufacturing Sector Sees Continued Strong Activity in the M&A Space
Pitchbook data reveals that $19.6 billion of capital was invested across 27 M&A transactions last week, twelve more deals but $17.2 billion less capital than in the week prior. The largest deal was publicly traded Centene’s corporate acquisition of WellCare Health Plans, also a publicly traded company, for $15.3 billion. The manufacturing vertical has been busy in 2019 through the end of last week, posting 48 transactions and $19 billion capital invested in LBOs and corporate acquisitions.
Initial Public Offerings: Lyft Follows Through with Long-Awaited IPO
According to the New York Stock Exchange website, two companies went public last week, the same figure as the week before. However, those two companies, Lyft and Precision BioSciences, combined raised more than in the prior week, raising $2.3 billion and $126 million, respectively. Lyft has been a highly anticipated IPO since the beginning of 2018, and the results of its IPO are indicative of it. The company priced its IPO at $72 per share, well above its initial estimates after a roadshow in which the firm received commitments in excess of expectations. As of trading close on Friday, Lyft was valued at approximately $26.5 billion.
Economy: U.S. Fourth Quarter Economic Growth Revised Downward
Among news last week:
In February, mergers and acquisitions activity reversed its rebound from December lows, falling 28.9% from $238.8 billion in January to $169.9 billion across 649 deals. Year over year, M&A activity was up 168.9% in February, as financial markets continued to rebound in 2019 compared to their volatile state this time in 2018. Year to date through February, M&A investment totaled $408.7 billion, a $284.8 billion, or 230%, increase from the same period 2018.
Pitchbook data revealed that last week there 37 M&A deals for a total value of $2.48 billion, four more deals for $7.4 billion less capital invested than the prior week. The two largest deals of the week were QlikTech International’s public-to-private buyout of Attunity and Palo Alto Networks’ acquisition of Demisto, both of which were for $560 million in value.
Data from Pitchbook shows $9.88 billion was invested across 33 deals last week, ten more deals than the week prior but for $3.68 billion less value. The largest deal of the week was private equity firm Thoma Bravo’s $3.7-billion public-to-private leveraged buyout of Ellie Mae, a software provider for the residential mortgage industry.
Preliminary data from Pitchbook shows that $13.56 billion was invested across 23 deals last week, the same deal count as the week before but with $3.3 billion more capital. The largest deal was Blackstone Group’s $11 billion public-to-private buyout of the HR management software provider Ultimate Software Group.
North American M&A value topped $2 trillion for the fourth consecutive year in 2018, with a total value of $2.2 trillion, an increase of 6.9% from 2017, according to Pitchbook. The number of deals completed in 2018 totaled 11,208, down 11.4% from 2017’s 12,647. The median deal size in North America increased 22.4% to $60 million in 2018.
According to preliminary data from Pitchbook, there were 23 deals last week for $10.3 billion of total invested capital. The largest deal was Versum Materials’ $4 billion acquisition of Entegris. Both companies operate in the semiconductor manufacturing space, providing end-to-end materials solutions.
Lincoln-Based EyeCare Specialties to Be Acquired by Acuity Eyecare Group, and Omaha-Founded First Data Acquired by Fiserv
Preliminary data supplied by Pitchbook shows that there were 28 M&A transactions last week for $24.05 billion in total invested capital. The headlining transaction was the $22-billion all-share transaction by Fiserv for First Data. The deal is one of the largest in the fast-growing financial technology, or “fintech,” sector.