M&A Still Hectic With 40 Deals Over $1B Announced in February

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By Michael Greene

March 11 — Global mergers and acquisitions are slowing somewhat but still managing to keep pace with the record-breaking activity seen last year, according to data compiled through Bloomberg Law: Corporate Transactions' Deal Analytics.

In the month of February, there were 40 deals announced with a value of more than $1 billion each, including a transaction later withdrawn by Honeywell International Inc. In January, there were 27 announced deals of over $1 billion each.

Last year, there were 42 deals of such value announced in February and 35 in January.

Of Note

Notable transactions last month include Apollo Global Management LLC's acquisition of home security monitoring company ADT Corp. The pending deal would represent the biggest leveraged buyout this year.

In other developments, in late February London Stock Exchange Group Plc said it was in merger talks with German rival Deutsche Boerse AG in a deal that could create the dominant European exchange operator.

Also in late February, Honeywell ended its short-lived bid to acquire United Technologies Corp. A deal between the companies would have created an entity with more than $90 billion in annual sales. United Technologies rejected Honeywell's bid, saying it was too low and citing antitrust concerns.

By Michael Greene

To contact the reporter on this story: Michael Greene in Washington at mgreene@bna.com

To contact the editor responsible for this story: Yin Wilczek at ywilczek@bna.com

M&A Deals Over $1 Billion Announced Feb. 15 - 29
ANNOUNCE DATE DEAL SIZE($) TARGET/SELLER NAME ACQUIRER NAME STRATEGIC (S) or FINANCIAL (F) ACQUISITION DEAL STATUS FINANCIAL ADVISERS LEGAL ADVISERS
02/28/2016 2.40B Jaiprakash cement units (Target), Jaiprakash Associates Ltd (Seller) UltraTech Cement Ltd. S Pending * *
02/26/2016 3.36B Apollo Residential Mortgage Inc. Apollo Commercial Real Estate Finance Inc. F Pending Houlihan Lokey (Acquirer), Morgan Stanley (Target) Fried Frank/Hogan Lovells US (Acquirer), Latham & Watkins (Target)
02/25/2016 7.95B Sharp Corp./Japan Hon Hai Precision Industry Co., Foxconn Technology Co. S Pending JP Morgan (Acquirer), MUMSS/Mizuho (Target) *
02/25/2016 3.30B ENGIE's US fossil portfolio (Target), Engie SA (Seller) Dynegy Inc., Energy Capital Partners III LP S & F Pending Credit Suisse/Deutsche Bank/Lazard Ltd./RBC Capital Mkts (Acquirer), BofA ML/Morgan Stanley/Rothschild (Seller) Latham & Watkins/Skadden Arps (Acquirer)
02/25/2016 1.29B SEA BVI Ltd. (Target), SEA Holdings Ltd./Hong Kong (Seller) China Everbright Ltd., China Everbright Group Ltd. S Pending * Paul Hastings (Acquirer)
02/25/2016 1.20B Biologics Inc., Vantage Oncology LLC McKesson Corp. S Pending * Paul Weiss (Target)
02/25/2016 1.20B New England portfolio of hydroelectric assets (Target), Engie SA (Seller) Public Sector Pension Investment Board/The F Pending TD Securities (Acquirer), BofA ML/Morgan Stanley/Rothschild (Seller) *
02/24/2016 3.01B GreatWall Information Industry Co. China Great Wall Computer Shenzhen Co. S Pending Haitong Secs (Acquirer), Huarong Securiti (Target) King & Wood Mallesons (Acquirer), Zhejiang T&C Law (Target)
02/23/2016 13.81B London Stock Exchange Group PLC Deutsche Boerse AG S Pending BofA ML/Deutsche Bank/Perella Weinberg (Acquirer), Barclays (Target) Robey Warshaw (Target)
02/23/16 1.03B OUE Commercial Real Estate Investment Trust OUE Ltd F Completed * *
02/22/16 101.34B United Technologies Corp. Honeywell International Inc. S Withdrawn Goldman Sachs/JP Morgan (Target) Cravath Swaine & Moore (Acquirer)
02/22/2016 3.10B Brake Bros. Ltd. (Target), Bain Capital Partners LLC (Seller) Sysco Corp. S Pending Deutsche Bank (Acquirer), BofA ML/Goldman Sachs/Lazard Ltd. (Seller), Barclays (Target) Ernst & Young/Freshfields (Acquirer), Baker & McKenzie (Seller)
02/22/2016 1.80B XO Communications' fiber business (Target), XO Communications LLC (Seller) Verizon Communications Inc. S Pending Citigroup Global (Acquirer) Debevoise & Plimpton (Acquirer)
02/19/2016 1.44B Home Retail Group PLC Steinhoff International Holdings NV S Pending Barclays/HSBC/Investec Bank (Acquirer) *
02/19/2016 1.34B BSI SA (Target), BTG Pactual Group (Seller) EFG International AG S Pending Rothschild (Acquirer), Lazard Ltd. (Seller) Skadden Arps (Seller)
02/18/2016 2.60B Truven Health Analytics Inc. (Target), Veritas Capital (Seller) International Business Machines Corp. S Pending UBS (Acquirer), Goldman Sachs (Target) Cravath Swaine (Acquirer), Pillsbury Winthrop (Target), Schulte Roth (Seller)
02/17/2016 6.14B Ingram Micro Inc. Tianjin Tianhai Investment Co. S Pending Bravia Capital /China Int'l Capital (Acquirer), Morgan Stanley (Target) Weil Gotshal (Acquirer), Davis Polk (Target)
02/17/2016 1.03B 6 Logi Port buildings (Target), One M Logistics GK (Seller) LaSalle Logiport REIT F Completed * Nagashima Ohno & Tsunematsu (Acquirer)
02/16/2016 12.30B ADT Corp./The Apollo Global Management LLC F Pending Barclays/Citigroup Global/Deutsche Bank/RBC Capital Mkts (Acquirer), BofA ML/Goldman Sachs (Target) Davies Ward/Paul Weiss (Acquirer), Osler Hoskin/Simpson Thacher (Target)
02/16/2016 1.28B Physio-Control Int'l Inc. (Target), Bain Capital (Seller) Stryker Corp. S Pending Citi/Jefferies (Seller) Skadden Arps (Acquirer), Kirkland & Ellis (Seller)
02/15/2016 1.00B Morenci Copper Mine (Target), Freeport-McMoRan Inc. (Seller) Sumitomo Metal Mining Co. S Pending * Freshfields (Acquirer), Davis Polk (Seller)
* Not available as of March 10