Notable Mergers and Acquisitions of the Day 03/14: (BRK-A)/(LZ) (KEX)/(KSP) (AHII) (AMSC)
Up)- re Hathaway (NYSE: BRK-A) announced that they have entered into a definitive agreement for the acquisition of The Lubrizol Corporation (NYSE: LZ) at a price of $135 per LZ share, or total consideration of $9.7 billion.
The purchase price includes approximately $0.7 billion in net debt.
Closing is expected in Q311.
Citi and Evercore Partners are acting as financial advisors to Lubrizol, and Lubrizol’s legal counsel is Jones Day. Berkshire Hathaway’s transaction counsel is Munger, Tolles & Olson LLP.
- Kirby Corporation (NYSE: KEX) and K-Sea Transportation Partners L.P. (NYSE: KSP) have entered into an agreement whereby K-Sea will merge with a subsidiary of Kirby in a deal valued at $600 million.
Under the terms of the agreement, the total value of the transaction is approximately $600 million, consisting of $335 million for K-Sea's equity and the refinancing of $265 million of K-Sea debt. K-Sea's common unitholders will have the election to receive for each common unit either $8.15 in cash or $4.075 in cash and 0.0734 of a share of Kirby common stock.
Closing is expected in June/July 2011.
- Lextron, Inc. is to acquire Animal Health International, Inc. (Nasdaq: AHII) in a $251 million deal.
The deal is $111 million cash, or $4.25 per AHII share, and the repayment of AHII's outstanding indebtedness.
Closing is expected by the end of Q211.
Piper Jaffray is serving as financial advisor and DLA Piper LLP (US) as legal advisor to AHII. William Blair & Company is serving as financial advisor to Lextron, and Sherman & Howard L.L.C. is serving as legal advisor to Lextron. Latham & Watkins LLP is serving as legal advisor to Leonard Green & Partners. U.S. Bank has committed to providing debt financing for the transaction.
- American Superconductor Corporation (Nasdaq: AMSC) signs to acquire The Switch Engineering Oy in $265 million deal.
According to the release: "This acquisition will diversify AMSC’s customer base and channels to market."
Closing of the transaction is expected by August 31, 2011.
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