Market Overview

Wall Street's M&A Chatter From September 25: T-Mobile-Sprint, Rowan Cos, Genuine Parts-Alliance Automotive Group


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, September 25, 2017.

Genuine Parts to Acquire Europe's Alliance Automotive Group for ~$2B

The Deal:

Genuine Parts Company (NYSE: GPC) and the European distributor of vehicle parts, tools and workshop equipment, Alliance Automotive Group, announced an agreement under which Genuine Parts will acquire Alliance Automotive Group from private equity funds managed by Blackstone (NYSE: BX) and AAG's co-founders for about $2 billion. Genuine Parts Board has approved the deal, which is expected to close in Q4 of 2017, subject to regulatory approvals.

Genuine Parts closed at $93.21 on Monday, up $5.23.

ABB to Acquire GE Industrial Solutions for $2.6B

The Deal:

ABB announced it will acquire GE Industrial Solutions for $2.6 billion. The deal is expected to close in H1 of 2018, subject to regulatory approvals.

ABB said it will place its previously announced share buyback program on hold.

GE closed at $25.11, up 25 cents.

T-Mobile, Sprint Seeking Merger Agreement by 3rd Week in October

The Rumor:

T-Mobile US Inc (NASDAQ: TMUS) and Sprint Corp (NYSE: S) are said to be entering the due diligence phase in all stock merger deal, according to CNBC's David Faber. Sources say Deutsche Telekom (OTC: DTEGY) would be the controlling owner with T-Mobile CEO John Leger heading the combined company. Softbank's (OTC: SFTBY) would have a say in how the company is run.

The two sides are aiming for an agreement by the third week of October, the sources said.

T-Mobile closed at $62.90, down $1.16, while Sprint closed at $7.81, down 71 cents.

Rowan Said to Be in Talks to Acquire Maersks's Drilling Business

The Rumor:

Rowan Companies PLC (NYSE: RDC) is said to be in discussions to acquire Maersks's drilling business, according to sources as reported by Bloomberg. A deal could value the assets at $4 billion, the sources said.

There may be other potential buyers for the drilling assets, according to the report.

Rowan closed at $11.99, up 58 cents.


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