Biggest M&A Deals

Ranked by value of transaction

ACQUIRER NAME

1HUNTINGTON BANCSHARES INC.

Columbus, Ohio

TARGET

TCF Financial Corp.

Detroit Goldman Sachs & Co. LLC ( nancial advisor); Wachtell, Lipton, Rosen & Katz (legal advisor) Keefe, Bruyette & Woods, a Stifel Compnay ( nancial advisor); Simpson Thacher & Bartlett LLP (legal advisors) Announced Dec. 2020 Under the deal, the companies will 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.

2BORGWARNER INC.

Auburn Hills

Delphi Technologies PLC

London, United Kingdom Simpson Thacher & Bartlett LLP (Legal Advisor); BofA Securities Inc. (Financial Advisor); Rockefeller Financial LLC (Financial Advisor) Kirkland & Ellis LLP (Legal Advisor); Innisfree M&A Inc. (Information Agent); Goldman Sachs International (Fairness Opinion Provider); Goldman Sachs International (Financial Advisor) Closed Jan. 2020

3SIMON PROPERTY GROUP INC Taubman Centers Inc.

4SUN COMMUNITIES OPERATING LIMITED

PARTNERSHIP

Farmington Hills

Safe Harbor Marinas LLC

Dallas, Texas Ja e 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.

5BMC SOFTWARE INC.

Houston

Compuware

Detroit Macquarie Capital; Je eries LLC; Simpson Thacher & Bartlett LLP Credit Suisse; Kirkland & Ellis LLP Closed June 2020 Sold by Thoma Bravo LP. Thoma BravoacquiredCompuwarein 2014 and took it privatein 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.

6COUPA SOFTWARE INC.

San Mateo, Calif.

7ACPRODUCTS INC.

Addison, Texas

LLamasoft Inc.

Ann Arbor

Masco Cabinetry

Ann Arbor 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 pro t of $86 million on revenue of $950 million in 2018.

8LINEAGE LOGISTICS LLC

Novi

9BLACKROCK INC.; ROYAL VOPAK N.V.

New York, N.Y.; Rotterdam, ZuidHolland

10 B. RILEY PRINCIPAL MERGER CORP. Emergent Cold LLC

Dallas, Texas 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.

Certain Gulf Coast Marine and Terminal Operations and Assets of Dow Inc.

United States 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.

Alta Equipment Group Inc.

Livonia

ACQUIRER ADVISERS TARGET/SELLER ADVISERS

Paul, Weiss, Rifkind, Wharton & Garrison LLP; Latham & Watkins LLP Honigman LLP; Wachtell, Lipton, Rosen & Katz Announced Nov. 2020 The deal provides Simon Property Group Inc. an 80 percent ownership stake in Taubman Centers.

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP (Legal Advisor) Kirkland & Ellis LLP (Legal Advisor)

DATE DESCRIPTION

Sold by Invesco Ltd.; BlackRock Inc.; The Vanguard Group Inc.;

Ninety One UK Limited. Delphi Technologies stockholders received a xed exchange ratio of 0.4534 shares of BorgWarner common stock per share.

Closed Nov. 2020

Sold by West Street Capital

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.

NA NA Feb. 2020 Special purpose acquisition company B. Riley acquired Alta as part of a going-public transaction.

VALUE OF TRANSACTION ($000,000)

$6,000.0

$3,948.2

$3,000.0

$2,133.0

$2,000.0 1

$1,438.5

$1,000.0

$900.0 2

$620.0

$541.0

NOTES: 1. Crain'sestimate. 2. Bloomberg estimate.

Ranked by value of transaction

ACQUIRER NAME TARGET

11 SHIONOGI & CO. LTD.

Osaka, Japan

12 HEMLOCK SEMICONDUCTOR LLC

Hemlock

Tetra Therapeutics Inc.

Grand Rapids

Trichlorosilane Business of DuPont de Nemours Inc.

United States Kirkland & Ellis LLP (Legal Advisor); Mayer Brown LLP (Legal Advisor) Skadden, Arps, Slate, Meagher & Flom LLP (Legal Advisor) Closed Sept. 2020 DuPont received pre-tax cash proceeds of $550 million at closing and expects to receive additional pre-tax cash consideration of $175 million over the next 36 months associated with the settlement of an existing supply agreement dispute with Hemlock.

ACQUIRER ADVISERS

NA

13 DAIRY FARMERS OF AMERICA INC.

Kansas City, Kan.

Assets of Dean Foods Co.

United States Houlihan Lokey Inc. (NYSE:HLI) (Financial Advisor); Latham & Watkins LLP (Legal Advisor); Bryan Cave Leighton Paisner LLP (Legal Advisor); Porter Hedges LLP (Legal Advisor) Davis Polk & Wardwell LLP (Legal Advisor); Alvarez & Marsal Holdings LLC (Financial Advisor); Evercore Group L.L.C. (Financial Advisor); Norton Rose Fulbright LLP (Legal Advisor) Closed Feb. 2020 The deal includes 44 of the Dean Foods Company's uid and frozen facilities and the real estate, inventory and equipment. At the closing, Dairy Farmers paid Dean Foods $425 million, minus the amount of cure costs payable to Dairy Farmers or its subsidiaries associated with Dairy Farmers contracts being assumed.

14 ACRISURE LLC Caledonia

Arti cial Intelligence Insurance Business of Tulco LLC

United States BDO USA, LLP (Due Diligence Provider); Sica Fletcher LLC (Financial Advisor); Varnum Skadden, Arps, Slate, Meagher & Flom LLP (Legal Advisor) Closed July 2020 Tulco is now a minority shareholder in Acrisure.

TARGET/SELLER ADVISERS DATE DESCRIPTION

Nomura Holdings Inc. (TSE:8604) (Financial Advisor) Closed May 2020 Under the terms of the deal, Tetra is now a wholly owned subsidiary of Shionogi.

VALUE OF TRANSACTION ($000,000)

$500.0

$475.0

$433.0

$400.0

Source: S&P Global Market Intelligence (spglobal.com/marketintelligence), Bloomberg Terminal and Crain's research |In some cases, more than

one estimated value of a transaction exists. In those cases, Crain's has chosen the value it believes to be most accurate. The list does not include all 2020 transactions, only those valued at $10 million or more. It is not a complete listing but the most comprehensive available.

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