Notable Mergers and Acquisitions of the Day 07/01: (AAPL)/(MSFT) (BBBB) (C)

July 1, 2011 10:14 AM EDT
  • Nortel Networks has sold its 6,000 patent portfolio to a consortium made up of Apple (Nasdaq: AAPL) and Microsoft (Nasdaq: MSFT) for $4.5 billion in cash.

    Others in the group include Research In Motion (Nasdaq: RIMM), Sony (NYSE: SNE), Ericsson (Nasdaq: ERIC), and EMC (NYSE: EMC).

    Google (Nasdaq: GOOG) and Intel (Nasdaq: INTC) lost in the bidding war.

    Google orignially made a $900 million "stalking horse" bid in April for the assets. However, the sale was delayed after Nortel said it has seen "significant interest" in the portfolio.

    Closing is expected in Q311, pending approval of U.S. and Canadian bankruptcy courts.

  • lackboard Inc. (Nasdaq: BBBB), has entered into an agreement to be acquired by an investor group led by affiliates of Providence Equity Partners in an all-cash transaction valued at approximately $1.64 billion, plus the assumption of approximately $130 million in net debt.

    Pursuant to the terms of the agreement, Blackboard's stockholders will receive $45.00 in cash for each share of Blackboard common stock.

    Closing is expected in Q411.

    The transaction will be financed through a combination of equity and debt. BofA Merrill Lynch, Deutsche Bank and Morgan Stanley provided debt financing commitments.

    Barclays Capital acted as financial advisor to the Board of Directors and provided a fairness opinion in connection with the transaction. Dewey & LeBoeuf LLP acted as legal advisor to the Board of Directors in connection with the transaction. Weil, Gotshal & Manges LLP served as legal counsel to Providence in connection with the transaction.

  • Word that Citigroup (NYSE: C) is in talks to sell its OneMain consumer financial services business are surfacing again.

    Citi has been trying to sell the unit, formerly known as CitiFinancial, for months. The WSJ reports, citing people familiar with the matter, that Citi has now been in exclusive talks with Centerbridge Capital Partners LLC and Leucadia National Corp. on a potential deal.

    OneMain has a book value of $2 billion and assets north of $10 billion. Citi began looking to sell the unit in January.

    Nothing besides unconfirmed sources has been leaked to support the rumor.
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Deutsche Bank, Citi, Morgan Stanley, Merrill Lynch, Bank of America, Barclays, Providence Equity Partners, Bankruptcy, Notable Mergers and Acquisitions

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