M&A; Activity Around The Globe: HPQ, Autonomy Corp., S, CLWR, CMCSA, TWI, IVD Acquisition Corp., Immucor
Friday, August 19, 2021 11:38 AM

As U.S. stocks trade mixed on U.S. recession fears, several M&A activities took place around the world. Some notable M&A activities are discussed here.

Hewlett-Packard to Acquire Autonomy for $11 Billion

Hewlett-Packard Co. (NYSE: HPQ) said it has agreed to acquire Autonomy Corp. for $11 billion (£7.09 billion) to expand its lineup of business software products as it lowers its profile in consumer electronics. The announcement comes with other dramatic moves by the company, which will reshape HP. The shake-up will sharpen HP's focus on selling products and services to businesses and government agencies, instead of making gadgets for consumers. Under the terms of the agreement, shareholders of Autonomy Corp. will receive £25.50 per share in cash, which represents a 64 percent premium to the closing price of £15.58 on August 17, 2011. The acquisition of Autonomy is expected to significantly expand HP’s offerings in the market for enterprise information software. Autonomy’s leading IDOL platform combined with HP’s strength in enterprise software, services and infrastructure will enable the combined business to deliver a next-generation information platform, analytical applications and performance optimization solutions. The directors of HP expect the acquisition to be accretive to non-GAAP earnings per share for HP stockholders in the first full year following completion. With 2,700 employees, Autonomy will continue to be run by CEO Mike Lynch after the deal closes. The deal is expected to close by the end of this year. HPQ was trading lower by 20.91 percent to $23.34 on Friday.

Sprint in Talks to Acquire Clearwire Corp.: Report

The U.S.' third-biggest wireless operator, Sprint Nextel Corp. (NYSE: S,) is said to be in talks with Comcast and other cable companies to acquire full control of Clearwire Corp. (Nasdaq: CLWR) to help complete its LTE network, Bloomberg reported citing people familiar with the talks. Comcast Corp. (Nasdaq: CMCSA) and Time Warner Cable Inc. (NYSE: TWI) are already investors in Clearwire and, along with Bright House Networks LLC, are discussing ways to provide funding so it can build out its high-speed wireless network, the report said. Under one scenario being discussed, Sprint would use the money to buy the equity in Clearwire it doesn’t own. Talks are preliminary and no deal is imminent, the report said. The size and timing of the investment in Sprint haven’t yet been determined, the people said. The discussions involve various scenarios, including a Clearwire buyout or an investment in the company through Sprint, the people said. Shares of Sprint were trading lower by 0.14 percent to $3.49, while Clearwire shares jumped 38.53 percent to $3.20, after the news on Friday.

IVD Acquisition Corp. Successfully Completes Acquisition of Immucor

IVD Acquisition Corp., an affiliate of TPG Capital, said Friday that it has completed the acquisition of Immucor Inc. (Nasdaq: BLUD) for $27.00 per share in cash, or $1.939 billion. "The successful closing of this transaction is a significant accomplishment for Immucor," said Joshua H. Levine, president and chief executive officer of Immucor. "Through this partnership with TPG, we will have additional opportunities to create value, expand our global footprint and develop innovative products that improve the practice of transfusion medicine." On July 5, 2011, IVD Acquisition announced that it entered into a definitive agreement to acquire Immucor Inc. Today, IVD Acquisition Corporation was merged with and into the company with the company surviving the merger, in accordance with the merger agreement. As a result of the completion of the merger, Immucor’s common stock will cease to be traded on The NASDAQ Global Select Market.