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Market Update

Apache Sell LNG projects; PetSmart and Riverbed Going Private


Author: Mukesh Buch
ticker.com
Last Update: 12:31 PM ET December 15 2014

12:05 PM New York Apache agreed to sell its stake in its two LNG projects to Woodside Petroleum for $2.8 billion. Emerson Electric agreed to sell power transmission unit for $1.4 billion. PetSmart agreed to be acquired by a consortium for $8.7 billion. Thoma Bravo plans to acquire Riverbed for $3.6 billion.

Tollbooth Index slipped 0.5% or 51.73 to 9,749.50.

Earnings Review

Apache Corporation (APA) gained 18 cents to $56.62 after the oil, and gas producer agreed to sell its stake in its two LNG projects, Wheatstone LNG and Kitimat LNG to Australia-based to Woodside Petroleum Limited for about $2.75 billion.

The transaction is expected to close in the first-quarter of 2015.

BGC Partners, Inc (BGCP) slid 2 cents to $8.48 after the brokerage company agreed to acquire the U.K. assets of RP Martin Group Ltd. for an undisclosed amount and also acquire its Swedish and Dutch assets in next year.

BGC expects the transaction to be immediately accretive.

Carbonite Inc (CARB) increased 1.2% or 17 cents to $13.84 after the cloud backup solution provider agreed to acquire Germany-based email archiving solutions provider MailStore.

The acquisition is expected to close in the fourth-quarter of 2014.

Emerson Electric Co (EMR) fell 17 cents to $58.27 after the diversified technology company agreed to sell-off its power transmission unit for $1.44 billion to electric motors maker Regal Beloit Corp.

The transaction is expected to close in the first-quarter of next year.

PetSmart, Inc (PETM) climbed 4.2% or $3.24 to $80.91 after the pet products provider entered into a definitive agreement to be acquired by a consortium led by BC Partners, Inc. at a price of $83 per share in cash, represented a premium of 39% or for $8.7 billion.

The transaction is expected to close in the first-half of 2015.

Thoma Bravo LLC, the private equity firm and Canada-based Teachers'' Pension Plan plans to acquire Riverbed Technology Inc, the network equipment maker in a deal valued at about $3.6 billion.

Under the terms, stockholders of Riverbed will receive $21 per share in cash.

United Insurance Holdings Corp (NDA) rose 3 cents to $19.99 after the insurance company plans to consolidate with two wholly-owned subsidiaries, Family Security Insurance Co and Family Security Underwriters LLC.

The transaction is expected to close on or before end of January 2015.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc