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By Aron Adamski, BSc Economics @LSE

©M&A Hub

OVERVIEW OF THE DEAL:

  • Industry: Semiconductors
  • Implied EV/LTM EBITDA: 20.86x
  • Deal consideration: All-cash
  • Acquirer advisors: Nomura
  • Target advisors: J.P. Morgan, Qatalyst Partners

Renesas Electronics, one of the world’s largest suppliers of automotive chips, entered into an agreement to acquire Dialog, maker of power management technology and wireless chips for smartphones, for €4.9 billion.

Under the terms, Renesas Electronics will pay €67.5 in cash for each Dialog share, a 27.3% premium to Dialog’s share price 5 days before the announcement.

Renesas intends to finance part of the consideration through debt financing, including…


By Aron Adamski, BSc Economics @LSE

©FT

DEAL OVERVIEW:

  • Industry: Telecommunication
  • Implied EV/Year 1 EBITDA: 15.6x
  • Deal consideration: Cash-and-stock mix
  • Acquirer advisors: PwC, AZ Capital, HSBC
  • Target advisors: Moelis & Company, Deutsche Bank, Morgan Stanley

Cellnex Telecom, an acquisitive Spanish telecoms infrastructure company, agreed to acquire large portfolio of mobile towers in Europe from CK Hutchison for aggregate consideration of €10 billion. The sale comprises 29,100 sites across UK, Denmark, Ireland, Austria, Sweden and Italy.

Under the terms of the deal, Cellnex will pay a portion of the consideration in cash and the rest in shares. Cellnex will…


By Aron Adamski, BSc Economics @LSE

©Play Communications

OVERVIEW OF THE DEAL:

  • Industry: Telecommunication
  • Implied EV/LTM EBITDA: 7.12x
  • Deal consideration: All-cash
  • Acquirer advisors: Société Generale, Lazard, Deloitte (transaction structuring, P/L & BS analysis)
  • Target advisors: J.P. Morgan

French telecom group Iliad acquired 59.8% stake in mobile provider, Play Communications, from Nationale-Nederlanden for €1.33bn. Iliad acquired shares at an offer per share of €8.72 in cash. In a related transaction Iliad acquired 40.2% stake in Play from Kenbourne and Tollerton for €896.3mn. Under the terms of the transaction, Iliad will also pay €8.72


By Aron Adamski, BSc Economics @LSE

©Getty

OVERVIEW OF THE DEAL:

  • Industry: Biotechnology
  • Deal value: $1.45bn
  • Deal consideration: All-cash
  • Acquirer advisors: n/a
  • Target advisors: J.P. Morgan

French drugmaker Sanofi entered into an agreement to acquire 8.7% stake (8.9mn shares) in UK biotech group, Kymab, for $1.4bn from Hepalink.

Under the terms of the agreement, Sanofi will acquire Kymab for an upfront payment of approximately $1.1bn and up to $350mn upon achievement of certain milestones. The transaction will result in Sanofi having full global rights to KY1005 treatment of eczema, a skin condition.

The acquisition is the fourth since…


By Aron Adamski, BSc Economics @LSE

©Pinterest

OVERVIEW OF THE DEAL:

  • Industry: Biotechnology
  • Deal value: $960mn
  • Deal consideration: All-cash
  • Acquirer advisors: KPMG (due diligence, tax and accounting)
  • Target advisors: Centerview Partners

Italian pharmaceutical company, Angelini Pharma, signed definitive agreement to acquire emerging Swiss biotech company Arvelle Therapeutics from a group of investors for $960mn. The deal marks Italian drugmaker’s ambition to become a leading European player in the treatment of central nervous system and mental diseases.

Following regulatory approval, $610mn will be paid. Subsequently, and subject to Cenobamate (an epilepsy drug) reaching certain revenue targets, a further $350mn…


By Aron Adamski, BSc Economics @LSE

©AP

OVERVIEW OF THE DEAL:

  • Industry: Biotechnology
  • Implied EV/LTM EBITDA: 12.6x
  • Deal consideration: Cash-and-stock mix
  • Acquirer advisors: Evercore, Centerview Partners
  • Target advisors: Bank of America

Drugmaker, AstraZeneca, entered into a definitive agreement to acquire US biotechnology group Alexion Pharmaceuticals for $39bn, making it the biggest deal struck by a pharmaceutical company since the start of the pandemic.

Under the terms of the deal, Alexion shareholders will receive $60 in cash and 2.1243 AstraZeneca’s shares for each Alexion’s share. The transaction values Alexion at $175 per share, a 48% premium to its closing…


By Aron Adamski, BSc Economics @LSE

©M&A Hub

OVERVIEW OF THE DEAL:

  • Industry: Financial Media and Data Solutions
  • Implied EV/LTM EBITDA: 30.83x
  • Deal consideration: All-share
  • Acquirer advisors: Goldman Sachs, Citigroup, Credit Suisse
  • Target advisors: Morgan Stanley, Barclays, Jefferies, J.P. Morgan

New York-based S&P Global has agreed to acquire London-based IHS Markit for $44bn, making it the largest deal of 2020. S&P Global will exchange 0.2838 shares of its common stock for each outstanding share of IHS Markit, valuing IHS at 5% premium to its share price 5 days before the announcement.

Upon completion, Douglas Peterson, CEO of S&P Global…


By Aron Adamski, BSc Economics @LSE

©M&A Hub

OVERVIEW OF THE DEAL:

  • Industry: Internet Software and Services
  • Implied EV/LTM Revenue: 36.12x
  • Financing: Cash-and-stock
  • Acquirer advisors: BofA Securities
  • Target advisors: Qatalyst Partners, Goldman Sachs

Salesforce.com entered into an agreement to acquire Slack Technologies for $27.7bn. Under the terms of the deal, each share of Slack will be converted into right to receive 0.0776 shares of Salesforce common stock and the right to receive $26.79 in cash. The offer represents a 55% premium to share price before the news of the deal floated.


By Aron Adamski, BSc Economics @LSE

©M&A Hub

OVERVIEW OF THE DEAL:

  • Industry: Banking
  • Deal Value/Tangible Common Equity: 1.3x
  • Financing: All-cash
  • Acquirer advisors: Citigroup, Evercore, PNC FIG Advisory
  • Target advisors: J.P. Morgan

PNC Financial Services Group has agreed to acquire BBVA’s US operations from Spain-based Banco Bilbao (BBVA). The deal will create 5th largest US retail bank by assets and will enable PNC to expand their presence in some key states, such as:

  • Texas by 328 branches to be ranked…

By Aron Adamski, BSc Economics @LSE

©M&A Hub

OVERVIEW OF THE DEAL:

  • Industry: Telecommunication services
  • Implied EV/NTM EBITDA: 13.11x
  • Financing: €2bn loan
  • Acquirer advisors: Barclays Capital, Morgan Stanley
  • Target advisors: Goldman Sachs, BofA Securities, BNP Paribas Securities, J.P. Morgan Securities

In June a trio of private equity funds announced its acquisition of 90.84% stake in Spanish telecoms operator MasMovil valuing it at €3bn equity value and €5bn enterprise value. The €22.5 …

M&A Hub

Weekly updates on world’s biggest and most interesting M&A deals.

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