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.
iHeartMedia Files for IPO amid Finalization of Bankruptcy Proceedings
According to the New York Stock Exchange, four companies joined U.S. public markets last week, all on the Nasdaq exchange. The four companies – Ruhnn Holdings, NGM Bio, Silk Road Medical and Tradeweb Markets – raised a combined $1.6 billion, with most of it going to the fixed-income trading platform Tradeweb. Other news includes Slack announcing an expected date for its IPO sometime in June or July and iHeartMedia filing for a $100-million IPO as it emerges from bankruptcy restructuring.
Payroll Additions in March Rebound after Soft February Report
Among economic news last week: