Domestic dealflow was healthy last week as four of the top 10 deals fell in the billion-dollar range. Just as impressive was the fact that a wide cross-section of the economy that included real estate, educational publishing and the media was represented in the deals of the week tally. (See chart after the break.)
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The real estate industry was a surprisingly active sector — considering the state of its sibling, residential real estate. Last week saw three commercial real estate deals: SL Green Realty Corp.'s $1.5 billion purchase of two buildings from Citigroup Inc.; Calloway Real Estate Investment Trust's $671 million purchase of 10 big-box shopping centers from SmartCentres and Interstate Hotels & Resorts Inc.; and Harte Holdings Inc.'s acquisition of four hotels from Blackstone Group LP for $208 million.
In the educational publishing sector, Cengage Learning Inc. continued its roll-up of higher-education publishing assets on Dec. 3, striking a deal to buy the college division of Houghton Mifflin Co. for $750 million in cash. Cengage said Houghton Mifflin's
college assets would significantly expand its range of textbooks, study
guides, custom publications and digital solutions for the college
market. — Gerald Magpily
Top 10 Announced Deals with U.S. Targets*
December 3 - 7, 2007 |
Date deal announced
The Deal's coverage |
Acquirer
|
Target
|
Deal value
($mill.) |
Type of deal |
Dec. 3
|
Vivendi SA |
Activision Inc.
(52%) |
$9,800 |
Share placement |
Dec. 7
|
MacroVision Corp. |
Gemstar TV Guide International Inc. |
2,855 |
Tender offer, Stock swap |
Dec. 3
|
Agrium Inc. |
UAP Holding Corp. |
2,559 |
Tender offer |
Dec. 3
|
SL Green Realty Corp. |
Property Portfolio
(2 Downtown Manhattan Trophy Office Buildings) |
1,575 |
Privately negotiated, Acquisition of assets |
Dec. 3
|
Cengage Learning |
Houghton Mifflin Co.
(College Unit) |
750 |
Divestment, Acquisition of assets |
| Dec. 7 |
Calloway Real Estate Investment Trust |
SmartCentres
(10 new big-box shopping centers) |
671 |
Divestment, Acquisition of assets |
| Dec. 4 |
Interstate Hotels & Resorts Inc.,
Harte Holdings Inc. |
Blackstone Group LP
(4 Hotels Sheraton Frazer, Sheraton Mahwah, Latham Hotel Georgetown & Hilton Lafayette) |
208 |
Divestment, Acquisition of assets |
Dec. 6
|
SureWest Communications |
Everest Broadband Inc. |
173 |
Acquisition of assets |
| Dec. 4 |
Oracle Healthcare Acquisition Corp. |
Precision Therapeutics Inc. |
149 |
Stock swap |
Dec. 5
|
Flow International Corp. |
Omax Corp. |
135 |
Privately negotiated |
* Excludes buybacks and withdrawn deals
Source: Dealogic |
Comments
1.5 Billion building? OMG