Donald Trump speaks during a press conference in New York. (JStone / Shutterstock.com)
Whether or not President-elect Donald Trump will become a dealmaker or a divider in the White House remains to be seen, but the man who once wrote a book called “The Art of the Deal” could emerge as a so-called deal slayer.
Reuters Breakingviews reported Friday that while on the campaign trail, Trump was a vocal opponent of AT&T Inc.’s proposed $85.4 billion acquisition of Time Warner Inc. And while Trump has talked about getting rid of regulations ushered in by the Dodd-Frank Act, he’s also said he will reintroduce the Glass-Steagall Act, which kept commercial and investment banks apart until its repeal in 1999.
In the two weeks prior to Trump’s eventual election to the presidency, nearly two dozen deals above the $1 billion mark were announced by companies in a variety of industries, some in an effort to make their own operations great again. The deals, which some might consider “huge,” are listed below.
CenturyLink Inc. / Level 3 Communications Inc.
The American Lawyer reported on Oct. 31 about CenturyLink’s bid to merge with Level 3 in a $34 billion cash, stock and debt deal creating one of the world’s largest communications providers for businesses. The transaction is expected to close in the third quarter of 2017. In order to help fund that deal, CenturyLink announced on Nov. 4 the $2.8 billion sale of of its data centers and colocation business to a joint venture between private equity firms BC Partners and Medina Capital. That deal is expected to close in the first quarter of next year.
Legal Advisers: Wachtell, Lipton, Rosen & Katz and Jones Walker for CenturyLink; Willkie Farr & Gallagher for Level 3; Cleary Gottlieb Steen & Hamilton and Paul, Weiss, Rifkind, Wharton & Garrison for Citigroup Inc. and Lazard Ltd., respectively, as financial advisers to Level 3; Latham & Watkins for Singapore Technologies Telemedia as Level 3’s largest shareholder; Greenberg Traurig for Medina Capital
General Electric Co. / Baker Hughes Inc.
In another Halloween mega-merger, GE said it would combine its oil-and-gas technology, manufacturing and digital business with Houston-based Baker Hughes in a $32 billion deal, as noted by sibling publication The Texas Lawyer. The transaction, expected to close mid-2017, is betting on a rebound from the slumping oil industry. Nonetheless, Texas Lawyer reported last week that some legal experts believe that proposed merger could trigger a review by federal antitrust regulators.
Legal Advisers: Shearman & Sterling, Clifford Chance and Arnold & Porter for GE; Davis Polk & Wardwell and Wilmer Cutler Pickering Hale and Dorr for Baker Hughes
The Blackstone Group LP / TeamHealth Holdings Inc.
Buyout giant Blackstone announced on Oct. 31 that it will acquire Knoxville, Tennessee-based physician outsourcing services provider TeamHealth in a $6.1 billion deal, including debt. The transaction, expected to close in the first quarter of 2017, allows TeamHealth to better cope with pricing pressure amid a wave of consolidation in the hospital staffing sector.
Legal Advisers: Ropes & Gray for Blackstone; Simpson Thacher & Bartlett for TeamHealth; Fried Frank for The Goldman Sachs Group Inc. as financial adviser to TeamHealth
Broadcom Ltd. / Brocade Communications Systems Inc.
Singapore-based microhip maker Broadcom, known as Avago Technologies Ltd. until earlier this year, said on Nov. 2 that it had agreed to buy San Jose, California-based Brocade, a marker of switches, routers and other networking equipment, for $5.5 billion in cash. The deal is expected to close in the second half of 2017.
Legal Advisers: Latham for Broadcom; Skadden for Evercore Partners Inc. as financial adviser to Broadcom; Wilson Sonsini Goodrich & Rosati for Brocade
American Axle & Manufacturing Holdings Inc. / Metaldyne Performance Group Inc.
Detroit-based auto parts maker American Axle spun out of General Motors Co. two decades ago announced a $3.3 billion deal to acquire Metaldyne that includes $1.6 billion in cash-and-stock and $1.7 billion in debt. The deal, announced on Nov. 3, is expected to close in the first half of next year.
Legal Advisers: Shearman & Sterling for American Axle; Weil, Gotshal & Manges for Metaldyne
GIC Private Ltd. / P3 Logistic Parks
In the largest European real estate transaction this year, Singapore’s sovereign wealth fund GIC has agreed to pay $2.7 billion to acquire warehouse group P3 Logistic Parks from Fort Worth, Texas-based TPG Capital Management LP and its partner, Montreal-based real estate giant Ivanhoe Cambridge Inc. The two sellers bought P3, formerly known as PointPark Properties, two years ago for an undisclosed sum. The current deal, announced on Nov. 6, is expected to close by year’s end.
Legal Advisers: Kirkland & Ellis for GIC; Freshfields Bruckhaus Deringer for TPG
CDPQ / Investcorp / Public Sector Pension Investment Board / AlixPartners LLP
London-based private equity firm CVC Capital Partners Ltd. announced on Nov. 7 that it will sell its stake in business consulting firm AlixPartners, which it bought in 2012, to an investor group led by the company’s founder Jay Alix in a deal valued at more than $2.5 billion. The investor group for the deal that is expected to close by the end of the year includes institutional investor Caisse de dÉpôt et placement du QuÉbec (CDPQ), Canadian pension giant the Public Sector Pension Investment Board and Bahrain’s Investcorp.
Legal Advisers: Simpson Thatcher for CDPQ; Weil for PSP Investments; White & Case for Investcorp; Willkie Farr & Gallagher for Jay Alix; Paul Weiss for AlixPartners; Gibson, Dunn & Crutcher for CVC Capital
NextEra Energy Inc. / Crown Castle International Corp. / FPL FiberNet Holdings LLC / Texas Transmission Holdings Corp.
Juno Beach, Florida-based power producer NextEra moved closer to complete ownership over Dallas-based Oncor Electric Delivery Co. LLC through its $2.4 billion buy of a 20 percent stake owned by Texas Transmission. Then on Nov. 1, NextEra announced the $1.5 billion sale of its fiber optic telecommunications unit, FiberNet, to Houston-based Crown Castle. Both deals are expected to close in the first half of next year.
Legal Advisers: Chadbourne & Parke for NextEra on the Texas Transmission transaction; Hogan Lovells for NextEra on the FiberNet deal; Cravath, Swaine & Moore for Crown Castle; Skadden, Arps, Slate, Meagher & Flom for Texas Transmission
TransCanada Corp. / Helix Generation LLC / Columbia Pipeline Partners LP
Canada’s second largest pipeline operator, TransCanada, announced on Nov. 1 the sale of its U.S. northeast power business in a $2.2 billion deal with Helix Generation, an affiliate of LS Power Equity Advisors LP. The deal will help fund Calgary-based TransCanada’s $13 billion buy earlier this year of Columbia Pipeline Group Inc. TransCanada also announced on Nov. 1 that it had increased its offer and agreed to pay $915 million for Columbia Pipeline Partners (CPP), a master limited partnership affiliated with Columbia Pipeline Group.
Legal Advisers: Mayer Brown for TransCanada on the Helix Generation deal; Vinson & Elkins for TransCanada on the CPP deal; Akin Gump Strauss Hauer & Feld and Potter Anderson & Corroon for CPP and its conflicts committee
Canyon Bridge Capital Partners Inc. / Lattice Semiconductor Corp.
Newly formed private equity firm Canyon Bridge will buy Lattice Semiconductor in a $1.3 billion deal, including debt, announced on Nov. 4. The transaction by Palo Alto, California-based Canyon Bridge, a technology-focused investment firm backed by Chinese funding, is expected to close in early 2017. It is the latest merger in a rapidly consolidating microchip market.
Legal Advisers: Jones Day for Canyon Bridge; Skadden for Lattice
Consortium / ARA Asset Management Ltd.
On Nov. 8, a consortium of investors led by private equity firm Warburg Pincus LLC, Chinese state investment vehicle AVIC Trust Co., Singapore’s Straits Trading Co. and Hong Kong tycoon Li Ka-shing’s Cheung Kong Property Holdings Ltd. teamed up to buy Asian real estate fund manager ARA Asset Management. The $1.28 billion deal, expected to close in the first half of 2017, is just one of the latest billion-dollar transactions where listed Singapore-listed companies have been taken private by foreign firms or shareholders.
Legal advisers: Latham for Warburg Pincus; WongPartnership for Straits Trading; Allen & Gledhill for the acquiring consortium; Jones Day and Conyers Dill & Pearman for ARA
The Blackstone Group LP / HCP Inc.
HCP announced on Nov. 1 the $1.125 billion sale of a portfolio of 64 senior living properties leased to Brookdale Senior Living Inc. to real estate affiliates of Blackstone. The New York-based buyout giant also entered into a joint venture with Tennessee-based Brookdale, which has taken a minority stake and agreed to manage the communities, according to sibling publication GlobeSt.
Legal Advisers: Simpson Thacher for Blackstone; Skadden for Brookdale Senior Living
Lindsay Goldberg LLC / Cindat Capital Management Ltd. / Union Life Insurance Co. Ltd.
Toledo, Ohio-based Welltower Inc., the largest seniors housing real estate investment trust in the U.S. by market capitalization, began a major repositioning of its portfolio on Nov. 2 when it announced a pair of back-to-back deals. In the first transaction, Welltower inked a $1.1 billion deal to sell 64 senior living facilities to Omega Healthcare Investors Inc. and Second Spring Healthcare Investments, which GlobeSt reported is a joint venture backed by middle-market buyout firm Lindsay Goldberg. On Nov. 3, China’s Cindat Capital Management Ltd. and Union Life Insurance formed a joint venture to acquire a 75 percent stake in seniors housing properties owned by Welltower for $1.1 billion, or $930 million in cash. That deal, expected to close by year’s end, is Cindat’s first health care real estate investment.
Legal Advisers: Simpson Thacher for Cindat Capital and Union Life; Gibson Dunn, Sidley Austin and Shumaker, Loop & Kendrick for Welltower
Windstream Holdings Inc. / EarthLink Holdings Corp.
In a $1.1 billion deal announced on Nov. 7, telecommunications and data services company Windstream and information technology services provider EarthLink agreed to merge. The two network service providers are seeking to combine in order to cut costs amid declining revenue. The deal, expected to close in the first half of 2017, consists of $673 million in stock and the rest in debt.
Legal Advisers: Skadden for Windstream; Paul Weiss and Troutman Sanders for EarthLink; Cleary Gottlieb for Goldman Sachs as financial adviser to EarthLink
Jacobs Douwe Egberts Be BVBA / Super Group Ltd.
Dutch tea and coffee company Jacobs Douwe Egberts announced plans on Nov. 2 to purchase the Singapore-based food and beverage firm Super Group Ltd. The $1.05 billion deal will allow Jacobs to lower production costs for other companies it controls, such as Keurig Green Mountain, which it bought last year in a $13.9 billion deal.
Legal Advisers: Skadden and Allen & Gledhill for Jacobs; WongPartnership for Super Group
Dalian Wanda Group Co. Ltd. / Dick Clark Productions Inc.
On Nov. 4, Chinese media giant Dalian Wanda announced its $1 billion purchase of iconic Santa Monica, California-based Dick Clark Productions, which produces the Golden Globe Awards and the Billboard Music Awards, according to sibling publication The Asian Lawyer. Dalian Wanda, which went public in late 2014, announced earlier this year its $3.5 billion buy of Hollywood movie studio Legendary Entertainment.
Legal Advisers: Reed Smith for Dalian Wanda; Paul Hastings for Dick Clark Productions
BA Glass BV / CVC Capital Partners Ltd. / Anchor Glass Container Corp.
New York-based KPS Capital Partners LP announced on Nov. 2 the sale of Tampa-based bottle packaging company Anchor Glass for more than $1 billion to European glass container maker BA Glass and CVC Capital. KPS bought Anchor in 2014 and has increased the glass company’s profitability by over 50 percent. The deal is expected to close during the fourth quarter.
Legal Advisers: Baker & McKenzie for CVC Capital; Paul Weiss for Anchor Glass and KPS Capital
Taikang Insurance Group Co. Ltd. / NorthStar Realty Finance Corp.
New York-based NorthStar Realty announced last week the $1 billion sale of its joint venture interest in a health care real estate portfolio to Chinese insurance giant Taikang. The acquirer will take a 19 percent stake in the business ahead of a proposed three-way merger between NorthStar Realty, NorthStar Asset Management and private equity firm Colony Capital Inc. The deal is expected to close in the first quarter of 2017.
Legal Advisers: Shearman & Sterling for Taikang; Paul Weiss for NorthStar Realty