CRAIN'S LIST | MERGERS & ACQUISITIONS IN 2020 Ranked by value of transaction TARGET/SELLER ADVISERS
ACQUIRER NAME
TARGET
ACQUIRER ADVISERS
1
HUNTINGTON BANCSHARES INC.
TCF Financial Corp.
Goldman Sachs & Co. LLC (financial advisor); Wachtell, Lipton, Rosen & Katz (legal advisor)
Keefe, Bruyette & Woods, a Stifel Compnay (financial advisor); Simpson Thacher & Bartlett LLP (legal advisors)
2
BORGWARNER INC.
Delphi Technologies PLC
Simpson Thacher & Bartlett LLP (Legal Advisor); BofA Securities Inc. (Financial Advisor); Rockefeller Financial LLC (Financial Advisor)
Kirkland & Ellis LLP Closed (Legal Advisor); Jan. 2020 Innisfree M&A Inc. (Information Agent); Goldman Sachs International (Fairness Opinion Provider); Goldman Sachs International (Financial Advisor)
Columbus, Ohio
Auburn Hills
Detroit
London, United Kingdom
DATE
DESCRIPTION
Announced Under the deal, the companies will Dec. 2020 combine in an all-stock merger with a total market value of $22 billion to create a top 10 U.S. regional bank with dual headquarters in Detroit and Columbus, Ohio. Deal is expected to close in Q2 2021.
VALUE OF TRANSACTION ($000,000)
$6,000.0
Sold by Invesco Ltd.; BlackRock $3,948.2 Inc.; The Vanguard Group Inc.; Ninety One UK Limited. Delphi Technologies stockholders received a fixed exchange ratio of 0.4534 shares of BorgWarner common stock per share.
3
SIMON PROPERTY GROUP INC
Taubman Centers Inc.
Paul, Weiss, Rifkind, Honigman LLP; Wharton & Garrison Wachtell, Lipton, LLP; Latham & Watkins Rosen & Katz LLP
Announced The deal provides Simon Property $3,000.0 Nov. 2020 Group Inc. an 80 percent ownership stake in Taubman Centers.
4
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
Safe Harbor Marinas LLC
Jaffe Raitt Heuer & Weiss, P.C. (Legal Advisor); Citigroup Global Markets Inc. (Financial Advisor)
Citizens Capital Markets Inc. (Financial Advisor); Sidley Austin LLP (Legal Advisor); Duane Morris LLP (Legal Advisor); Moelis & Company LLC (Financial Advisor)
Closed Sept. 2020
The total deal consists of the assumption of debt in the estimated amount of $808 million and $130 million in Sun shares.
5
BMC SOFTWARE INC.
Compuware
Macquarie Capital; Jefferies LLC; Simpson Thacher & Bartlett LLP
Credit Suisse; Kirkland & Ellis LLP
Closed June 2020
Sold by Thoma Bravo LP. Thoma $2,000.0 1 Bravo acquired Compuware in 2014 and took it private in a deal valued at $2.5 billion and carved out its application performance management division, renamed it Dynatrace Inc. and took it public last year. Bravo had been shopping Compuware since.
6
COUPA SOFTWARE INC.
LLamasoft Inc.
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP (Legal Advisor)
Kirkland & Ellis LLP (Legal Advisor)
Closed Nov. 2020
Sold by West Street Capital $1,438.5 Partners; TPG Capital L.P. The deal includes approximately $795 million in cash and about 2.4 million shares of Coupa's common stock. LLamasoft now operates as a subsidiary of Coupa Software Inc.
7
ACPRODUCTS INC.
Masco Cabinetry
Goldman Sachs & Co.; Barclays PLC; Ropes & Gray LLP; Baker Botts LLP; Sidley Austin LLP
Davis Polk & Wardwell LLP; Citigroup Global Markets Inc.
Closed Feb. 2020
Sold by Masco Corp. The purchase price includes $850 million in cash and $150 million of ACProducts stock. Masco Cabinetry employs 4,000 and reported a profit of $86 million on revenue of $950 million in 2018.
$1,000.0
8
LINEAGE LOGISTICS LLC
Emergent Cold LLC
Latham & Watkins LLP
Debevoise & Plimpton LLP
Closed June 2020
The deal marks Lineage's entry into the Australia, New Zealand and Sri Lanka markets, further expanding the reach of the world's largest temperature-controlled logistics company.
$900.0 2
9
BLACKROCK INC.; ROYAL VOPAK N.V.
Certain Gulf Coast Marine and Terminal Operations and Assets of Dow Inc.
Hunton Andrews Kurth LLP (Legal Advisor); JPMorgan Chase & Co. (NYSE:JPM) (Financial Advisor)
The Goldman Sachs Group Inc. (NYSE:GS) (Financial Advisor); Mayer Brown LLP (Legal Advisor)
Closed Sept. 2020
Sold by Dow Inc. The name of the joint venture is Vopak Industrial Infrastructure Americas LLC.
$620.0
Alta Equipment Group Inc.
NA
NA
Feb. 2020
Special purpose acquisition company B. Riley acquired Alta as part of a going-public transaction.
$541.0
Farmington Hills
Houston
San Mateo, Calif.
Addison, Texas
Novi
New York, N.Y.; Rotterdam, ZuidHolland
Dallas, Texas
Detroit
Ann Arbor
Ann Arbor
Dallas, Texas
$2,133.0
United States
10
B. RILEY PRINCIPAL MERGER CORP.
Livonia NOTES: 1. Crain's estimate. 2. Bloomberg estimate.
DECEMBER 20, 2021 | CRAIN’S DETROIT BUSINESS | THE BOOK | 11
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