4 big deal reports: Enbridge shells out $14B for Dominion utilities
By Davit Kirakosyan
Here is your Pro Recap of 4 head-turning deal dispatches you may have missed this past week: deals at Enbridge and Dominion Energy, WestRock and Smurfit Kappa, NextGen Healthcare and Thoma Bravo, and potential sale of Alteryx.
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Enbridge (NYSE:ENB) agreed to acquire EOG, Questar, and PSNC from Dominion Energy (NYSE:D) at a combined value of $14 billion, which includes $9.4B cash and $4.6B of assumed debt, as reported in real time on InvestingPro.
The acquisitions will expand Enbridge's presence in the US utility sector, adding gas utility operations in Ohio, North Carolina, Utah, Idaho, and Wyoming. Post-acquisition, Enbridge’s gas utility business will become the largest in North America.
Following the announcement, Enbridge shares fell more than 5% in Wednesday's session.
Smurfit Kappa Group and WestRock (NYSE:WRK) confirmed reports of discussions about a possible merger to form «Smurfit WestRock.» The new company would be incorporated and domiciled in Dublin, Ireland, with the Americas operations in Atlanta, Georgia.
Post-merger, Smurfit WestRock's ordinary shares will be listed on the NYSE, with a subsequent aim to seek US equity index inclusion. Smurfit Kappa's existing premium listing on the London Stock Exchange might be replaced by a standard listing, and a delisting from Euronext Dublin is also in the cards.
Credit Suisse said the proposed deal «would have significant strategic and operational merits.»
Truist Securities reiterated its Buy rating and $40.00 price target on Alteryx (NYSE:AYX), following reports that the company is working with Qatalyst Partners to explore a potential sale.
According to the
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