M&A News (2/18-2/25)

​The past week included a handful of mega-billion-dollar deals and plenty of multi-million-dollar deals. Leading the billion-dollar deal charge was General Mills' acquisition of Blue Buffalo Pet Products. On the smaller end, we saw Chicago-based ConAgra Foods sell off its Del Monte Processed Fruits and Vegetables division. 

• Tesco (LON: TSCO) had been in talks to acquire Booker Group (LON: BOK) for GBP 3.7 billion ($5.01 billion) since late January, however, the deal ultimately fell through this past Tuesday. Tesco, through the proposed merger, sought to establish itself as the UK's leading food business with combined expertise in retail, wholesale, and the supply chain.

• On Tuesday, Conagra Foods (NYSE: CAG) entered into a definitive agreement to sell its Canadian-based Del Monte Processed Fruits and Vegetables business to the French Bonduelle Group for roughly CAD $43 million (USD $34 million).

• This past Tuesday, Fogo de Chao (NASDAQ: FOGO), the Brazilian steakhouse chain reached a definitive agreement to be acquired by Rhone Group for $560 million in cash. The Dallas-based restaurant chain is currently looking for ways to expand its international presence. The company currently operates 38 restaurants in the US, nine in Brazil, two joint ventures in Mexico, and two joint venture restaurants in the Middle East.

• This past Friday, ConvergeOne agreed to merge with special purpose acquisition and blank check entity, Forum Merger Corp., for $1.2 billion and will begin trading on the NASDAQ as CVON. ConvergeOne Holdings, Inc., is a leading global IT services provider of collaboration and technology solutions. The corporation will be recognized as a controlled company since Clearlake Capital Group, L.P. will continue to be the largest majority holder. 
  

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• On Friday, General Mills (NYSE: GIS) agreed to purchase Blue Buffalo Pet Products (NASDAQ: BUFF) for $8 billion. The US pet food industry has been steadily increasing over the past few years, as consumers view continue to increase spending on their pets. General Mills has been looking for ways to offset sluggish sales growth. It is possible yet that another processed food or agricultural firm offers a counter-bid to General Mills' $8 billion offer.