Here are the 4 biggest deal dispatches from this past week, including Maxar’s eye-popping agreement to be taken private for $53 a share, as covered first on InvestingPro+.
L3Harris Technologies (NYSE:) is near a $4.7 billion deal to acquire Aerojet Rocketdyne, , citing people familiar with the matter.
Advent International agreed to buy Maxar Technologies (NYSE:) in an all-cash $6.4 billion transaction, including debt, that values the satellite imagery business at about $4 billion.
Advent agreed to pay $53 per share for each MAXR share, which represents a premium of about 129% relative to Maxar’s closing price on December 15. “This transaction delivers immediate and certain value to our stockholders at a substantial premium,” said General Howell M. Estes, Chair of Maxar’s Board of Directors.
Maxar shares soared more than 100% at Friday’s open, closing the week at $51.93.
Trean Insurance Group Inc (NASDAQ:) agreed to be taken private by Altaris Capital Partners for $6.15 per share, implying total equity value of $316 million. Altaris currently owns approximately 47% of Trean’s outstanding common stock, and agreed to acquire all of the common stock it does not currently own. The purchase price represents a 97% premium to Trean’s closing price on December 15, 2022.
Trean CEO Julie Baron said, “This agreement with Altaris delivers immediate and substantial value to all stockholders of Trean while positioning the Company to continue its focus on strong partnerships, underwriting discipline and exceptional claims management to drive growth over the long term.”
Trean shares jumped 91.4% at Friday’s open on the news.
Southwest Gas (NYSE:) announced it has agreed to sell 100% of MountainWest Pipelines Holding Company in an all-cash transaction to Williams (NYSE:) for $1.5 billion in total enterprise value, subject to certain adjustments. Additionally, the company determined it will pursue a spin-off of its wholly owned subsidiary, Centuri Group, Inc., to form a new independent publicly traded utility infrastructure services company.
E. Renae Conley, Chair of the Board, said, “The strategic actions we are taking create the opportunity for stockholders to own two leading independent companies poised for long-term sustainable value creation.”
Southwest Gas shares lost 10.5% for the week to $63.69. Williams slipped 1%.
Senad Karaahmetovic contributed to this article.
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