Tuesday, November 21, 2017
Business

Florida merger activity more than doubles over the year

RECOMMENDED READING


Florida is once again a big deal — or at least a place for big deals.

Dealmakers have closed on more than $29 billion in major mergers statewide so far this year. That's more than double the mergers and acquisitions (M&A) total of just under $14 billion from the first three quarters of 2012, according to a report released Thursday by deal tracker Mergermarket Group. The volume of deals nationally was up 23 percent over the same time.

About $19 billion in deals statewide were cemented in the third quarter alone, making it the strongest period for Florida since the third quarter of 2007, just as the Great Recession was starting to take hold.

The number of deals statewide so far this year is actually slightly down: 117 compared with 115 for the first three quarters of 2012.

Mergermarket said that was because of more large-cap acquisitions. In the previous five years, Florida posted only one deal worth more than $2 billion. This year, in contrast, there have been three such deals so far worth a combined value of $15.7 billion.

Tops among all Florida deals: Community Health Systems' $7 billion acquisition of the hospital chain run by Naples-based Health Management Associates. The mega-merger, announced in July, brought four Tampa Bay area hospitals into the fold of Tennessee-based Community Health. One of the hospitals changing hands was St. Petersburg's nonprofit Bayfront Health, which had just merged with the for-profit Health Management Associates earlier in the year.

Other top deals so far in 2013: cell tower operator American Tower Corp.'s $4.8 billion acquisition of Global Tower; Fidelity National's purchase of Lender Processing Services for $3.8 billion; Essilor International's $1.9 billion purchase of a controlling stake in Pinellas Park-based Transitions Optical from PPG Industries; and Stryker Corp.'s $1.3 billion acquisition of MAKO Surgical Corp.

Pharma, medical and biotech remained Florida's dominant sector by deal value (17 deals worth a combined $8.9 billion). However, the industrial chemicals sector was busiest based on sheer number of transactions (19 deals worth $3.2 billion).

Credit Suisse jumped 26 spots to become the state's top financial adviser, playing a role in nine deals worth $15.7 billion.

Jeff Harrington can be reached at [email protected] or (727) 893-8242.

Comments
Barricades reinforce security for holiday events on St. Petersburg’s downtown waterfront

Barricades reinforce security for holiday events on St. Petersburg’s downtown waterfront

Times Staff Writer ST. PETERSBURG — World and national tragedies are changing the city’s approach to security for special events at North Straub Park.With the approach of the holidays, concrete barricades have been erected at a section of the park’s ...
Updated: 2 hours ago
Eight women say Charlie Rose sexually harassed them - with nudity, groping and lewd calls

Eight women say Charlie Rose sexually harassed them - with nudity, groping and lewd calls

Eight women have told the Washington Post that longtime television host Charlie Rose made unwanted sexual advances toward them, including lewd phone calls, walking around naked in their presence, or groping their breasts, buttocks or genital areas.Th...
Published: 11/20/17
St. Petersburg council okays restaurant deal for Manhattan Casino

St. Petersburg council okays restaurant deal for Manhattan Casino

ST. PETERSBURG — The City Council on Monday approved a lease for the Manhattan Casino, a landmark building in the city’s historic African-American business and entertainment community.It was a controversial decision for some of the city’s black resid...
Published: 11/20/17
Tampa Electric, contractor fined $43,000 in gas leak

Tampa Electric, contractor fined $43,000 in gas leak

APOLLO BEACH — The federal Occupational Safety and Health Administration fined Tampa Electric $18,108 and gave the company two "serious" citations for its response to a gas leak at the Big Bend Power Station in May, the agency announced late Friday.T...
Published: 11/20/17
Forecast: Florida retailers expect strong holiday shopping sales

Forecast: Florida retailers expect strong holiday shopping sales

‘Tis the season for holiday shopping, and this year is expected to be particularly kind to retailers.The Florida Retail Federation’s holiday shopping forecast predicts that a combination of high consumer confidence, strong tourism numbers and a littl...
Published: 11/20/17
Up for sale? Activist investor grabs stake in Tampa’s Bloomin’ Brands

Up for sale? Activist investor grabs stake in Tampa’s Bloomin’ Brands

TAMPA — If you tread water too long in the same spot, someone might start asking why you’re not trying to swim somewhere.Tampa’s Bloomin’ Brands — parent company of such prominent restaurant chains as Outback Steakhouse, Carrabba’s Italian Grill and ...
Published: 11/20/17
Glenn Thrush, New York Times reporter, accused of sexual misbehavior

Glenn Thrush, New York Times reporter, accused of sexual misbehavior

The New York Times said Monday that it was suspending Glenn Thrush, one of its most prominent reporters, after he was accused of sexually inappropriate behavior.The move came after the website Vox published a report containing allegations that Thrus...
Published: 11/20/17
Most air travelers say taking off your shoes is okay. An etiquette expert disagrees

Most air travelers say taking off your shoes is okay. An etiquette expert disagrees

Unless you are ensconced in first class, sleeping on a plane is as intimate as dozing off in a waiting room on jury duty — everyone on the aircraft knows the decibel level of your snoring and the sad state of your socks.To gauge how passengers percei...
Published: 11/20/17

Stolen car crashes in St. Pete, leaving passenger, 15, with life threatening injuries

Two boys in a stolen car struck a dip in the roadway and crashed into a tree, leaving the 15-year-old passenger with life-threatening injuries, St. Petersburg police said.The crash occurred about 11:25 a.m. Sunday as the car sped west on 11th Avenue ...
Updated: 1 hour ago
Senator Nelson on tax reform bill: Small business will ‘get it in the neck.’

Senator Nelson on tax reform bill: Small business will ‘get it in the neck.’

TAMPA — A week ahead of the expected vote on a controversial tax reform bill, U.S. Sens. Bill Nelson and Ron Wyden, D-Ore., visited Tampa to deliver a message to small businesses: This bill will hurt you."Small businesses are the economic engine of F...
Updated: 10 hours ago