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Top of the Morning
Cardinal Health (NYSE: CAH) has agreed to acquire the medical supply unit of Medtronic (NYSE: MDT) for $6.1 billion in cash.
- Why it's the BFD: "Cardinal Health is most known for its drug distribution business. But drug distributors are facing criticism over their role in the opioid crisis. Cardinal Health and its competitors also are expecting lower profits this year as generic drug prices temper — a general good for society. The generic drug deflation is hammering Cardinal Health, so the Medtronic deal allows the company to diversify its revenue more." ― Bob Herman, Axios
Venture Capital Deals
Private Equity Deals
• Bustle, a VC-backed content site aimed at millennial women, has acquired New York-based online publisher Elite Daily from The Daily Mail for an undisclosed amount. http://read.bi/2pJSJ91
• Post Holdings (NYSE: POST) has agreed to buy British cereal brand Weetabix from China's Bright Food Group for around $1.76 billion. https://bloom.bg/2oHYVi8
• SharkNinja, a Champlain, N.Y.-based maker of blenders and vacuum cleaners, has hired Goldman Sachs to find a buyer, according to Reuters. The deal could be valued at more than $1.5 billion, including debt. http://reut.rs/2oHJmbY
• South32 (ASX: S32) has terminated a $200 million agreement to acquire the Metropolitan coal mine in Australia from Peabody Energy (NYSE: BTU), due to what Reuters refers to as "competition concerns about supply of coal to local steel makers." http://reut.rs/2oRo9No
• Synovus Financial (NYSE: SNV) has agreed to acquire the banking operation of outdoor retailer Cabela's (NYSE: CAB), with plans to then resell the unit's credit card portfolio to Capital One Financial (NYSE: COF). Capital One had originally agreed to buy the Cabela's banking business, but that deal ran into regulatory resistance. All of this smooths the way for Bass Pro Shops to complete its takeover of the rest of Cabela's, at what is now a $5 billion price (down from $5.5b). http://reut.rs/2oGG6vZ
• Time Warner (NYSE: TWX) received FCC approval for its sale of Atlanta broadcast station WPCH to Meredith Corp. (NYSE: MDP), which is designed to help improve chances that its planned takeover by AT&T (NYSE: T) gets approved. http://bit.ly/2oHQ8yl
• Williams Partners (NYSE: WPZ) has agreed to sell its position in a unit that owns over 88% of a Louisiana olefins plant to Canada's Nova Chemicals for US$2.1 billion in cash. http://reut.rs/2pb8cT0