The BFD: Third time ≠ charm
The London Stock Exchange said that it is unlikely to receive regulatory approval for its merger with Deutsche Boerse, due to European antitrust requirements that LSE sell electronic fixed-income trading platform MTS. That likely means that the proposed $31 billion deal is dead.
Why it's the BFD: This merger would have combined stock exchanges in the UK, Germany and Italy, plus many of Europe's largest clearinghouses. But now it appears that the deal is dead, which also scuttles a €510 million sale by LSE of LCH Clearnet's French arm to Euronext (which was contingent on LSE/DB going through). This had been the third time that the two exchanges have tried to tie the knot since 2000.
Bottom line: "When the London Stock Exchange trumpeted its merger with Deutsche Boerse last year, the chairman, Donald Brydon, was remarkably relaxed about the Brexit vote. He and his German counterparts said the deal would go ahead regardless of the outcome. What they didn't know was that it would eventually fall foul of another aspect of the single market - Brussels' control of competition laws." ― Dominic O'Connell
• Alteryx Inc., an Irvine, Calif.-based provider of data blending and analytics solutions, has filed for a $75 million IPO. It plans to trade on the NYSE under ticker symbol AYX, with Goldman Sachs and J.P. Morgan serving as lead underwriters. The company reports a $24 million net loss in 2016 on around $85 million in revenue. Shareholders include Insight Venture Partners (27% pre-IPO stake), Sapphire Ventures (13%), Thomson Reuters (13%), Toba Capital (6%) and Iconiq Capital (5.6%). http://bit.ly/2lKk5wg
• Gardner Denver, a Milwaukee-based maker of industrial machinery, is prepping an IPO that could value the company at between $6 billion and $7 billion (including debt), according to Reuters. KKR bought Gardner Denver in 2013 for $3.9 billion. http://reut.rs/2mkyZLg
• J . Jill, a Quincy, Mass.-based women's apparel retailer acquired less than two years ago by TowerBrook Capital Partners, has set its IPO terms to 11.67 million shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $656 million, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol JILL, with BofA Merrill Lynch serving as lead underwriter. http://bit.ly/2lHGXuy
• Presidio, a New York-based IT services provider owned by Apollo Global Management, has set its IPO terms to 16.67 million shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $1.33 billion, were it to price in the middle of its range. The company will trade on the Nasdaq under ticker symbol PSDO, with J.P. Morgan and Citigroup serving as lead underwriters. www.presidio.com
• Bain Capital has sold a 17% stake in Australian accounting software company MYOB (ASX: MYO) for around US$273 million. It still holds a 40% position. http://bit.ly/2lfOtLH
• Terra Firma Capital Partners has hired Barclays and KeyBanc to find a buyer for EverPower Wind Holdings, a Pittsburgh-based wind energy business that could be valued at around $1.5 billion (including debt), according to the WSJ. http://on.wsj.com/2lRT4Ih
• 8X8 (Nasdaq: EGHT), a San Jose, Calif.-based provider of business communications technology, has hired Morgan Stanley to find it a buyer, according to Reuters. The company has a market cap just south of $1.5 billion. http://reut.rs/2l1o4px
• DWS (ASX: DWS) has agreed to acquire rival Australian IT services group SMS Management & Technology (ASX: SMX) for approximately A$124 million. http://bit.ly/2mkFT33
• ESI Group (Paris: ESI) has acquired Scilab, a Norway-based provider of open source software for analytical numerical solutions. No financial terms were disclosed. www.scilabtech.com
• F.N.B. Corp. (NYSE: FNB) has received Federal Reserve approval for its $1.4 billion purchase of Raleigh, N.C.-based commercial bank Yadkin Financial (NYSE: YDKN). http://reut.rs/2loWKO6
• Pfeiffer Vacuum, a listed German maker of vacuum pumps, is asking shareholders to reject a $1 billion takeover offer from rival Busch. http://reut.rs/2l36eCK