Hartford Business Journal

www.HartfordBusiness.com March 13, 2017 • Hartford Business Journal 11 To view the full list, please visit HartfordBusiness.com THE LIST Largest Connecticut mergers and acquisitions (Deals announced, pending or completed in 2016, ranked by dollar amount (1)) Rank Buyer Deal size Seller Unit sold Date announced Status (2) 1 Charter Communications Inc. Stamford, CT $60,000,000,000 Time Warner Cable Inc. New York, NY Time Warner Cable Inc. May 25, 2015 (C) 2 Praxair Inc. Danbury, CT $35,000,000,000 (3) Linde AG Munich, Germany Linde AG Dec 20, 2016 (P) 3 Frontier Communications Corp. Norwalk, CT $10,540,000,000 Verizon Communnications Inc. Whtinsville, MA Wireline operations with service to California, Florida and Texas Feb 5, 2015 (C) 4 IMS Health Holdings Inc. Danbury, CT $9,000,000,000 Quintiles Transnational Holdings Inc. Durham, NC Quintiles Transnational Holdings Inc. May 3, 2016 (C) 5 Samsung Electronics Suwon, South Korea $8,000,000,000 Harman International Industries Inc. Stamford, CT Harman International Industries Inc. Nov 14, 2016 (P) 6 Starwood Capital Group Global LLC Milestone Apartments REIT (4) Greenwich, CT $5,365,000,000 Equity Residential Hartford, CT Institutional-quality portfolio of 23,362 apartment units Oct 26, 2015 (C) 7 Henkel Rocky Hill, CT $3,600,000,000 Vestar Capital Partners Wilton, CT The Sun Products Corp. Jun 24, 2016 (C) 8 Stanley Black & Decker New Britain, CT $1,950,000,000 Newell Tools Hoboken, NJ Newell Tools Oct 12, 2016 (P) 9 Starwood Capital Group Global LLC Starwood Global Opportunity Fund X Greenwich, CT $1,900,000,000 Landmark Apartment Trust Inc. Tampa, FL Multi-family real estate investment trust Oct 22, 2015 (C) 10 Amphenol Corp. Wallingford, CT $1,280,000,000 FCI Asia Pte LTD Singapore FCI Asia Pte LTD Jun 29, 2015 (C) 11 Catalina Holdings UK LTD London, England $1,000,000,000 Hartford Financial Services Group Inc. Hartford, CT Downlands Liability Management LTD Hartford Financial Products International LTD Jul 26, 2016 (C) 12 Virtus Investment Partners Hartford, CT $513,000,000 RidgeWorth Investments Atlanta, GA RidgeWorth Investments Dec 16, 2016 (P) 13 People's United Financial Inc. Bridgeport, Connecticut $402,000,000 Suffolk Bancorp Riverhead, NY Suffolk County National Bank Jun 27, 2016 (P) 14 SS&C Technologies Holdings Windsor, CT $321,000,000 Citgroup Inc. New York, NY Alternative Investor Services Business Mar 14, 2016 (C) 15 Celldex Therapeutics Hampton, New Jersey $235,000,000 Koltan Pharmaceuticals Inc. New Haven, CT Koltan Pharmaceuticals Inc. Nov 2, 2016 (C) 16 Nassau Reinsurance Group Holdings LP New York, NY $217,200,000 The Phoenix Cos. Inc. Hartford, CT The Phoenix Cos. Inc. Sep 29, 2015 (C) 17 Hartford Financial Services Group Inc. Hartford, CT $168,000,000 Northern Homelands Co. Atlanta, GA Maxum Specialty Insurance Group Mar 16, 2016 (C) 18 Barnes Group Inc. Bristol, CT $136,000,000 Adval Tech Switzerland Molds business Sep 1, 2016 (C) 19 Genesee & Wyoming Inc. Southern Railroad Hartford, CT $126,000,000 Providence and Worcester Railroad Co. Worcester, MA Providence and Worcester Railroad Co. Aug 15, 2016 (C) 20 Prospect Medical Holdings Inc. Los Angeles, CA $105,000,000 Eastern Connecticut Health Network Manchester, CT Eastern Connecticut Health Network May 25, 2015 (C) 21 Cornerstone Real Estate Advisers Hartford, CT $93,000,000 Ares Commercial Real Estate Corp. New York, NY ACRE Capital Holdings LLC Jul 30, 2016 (P) 22 SS&C Technologies Holdings Windsor, CT $88,500,000 Conifer Financial Services San Francisco, CA Conifer Financial Services Dec 16, 2016 (C) 23 Prospect Medical Holdings Inc. Los Angeles, CA $43,300,000 Greater Waterbury Health Network Inc. Waterbury, CT Greater Waterbury Health Network Inc. Jul 20, 2015 (C) 24 Connecticut Water Co. Clinton, CT $32,000,000 Avon Water Co. (5) Avon, CT Avon Water Co. Oct 12, 2016 (P) 25 Connecticut Water Co. Clinton, CT $15,800,000 Heritage Village Water Co. Southbury, CT Heritage Village Water Co. May 11, 2016 (P) Source: Company filings and news reports. Notes: the $37-billion merger of Aetna Inc. and Humana was blocked by a federal judge in Jan. 2017. Anthem's $54-billion acquisition of Cigna Corp. was blocked by a federal judge in Feb. 2017. (1) Does not include mergers and acquisitions with undisclosed financials. (2) (C) = Closed, (P) = Pending. (3) $33.9 billion euros. (4) Starwood Capital Group acquired Dallas, Texas-based Milestone Apartments REIT for $1.3 billion on Jan. 22, 2017. (5) Will continue to do business as Avon Water Co. —Compiled by Stephanie R. Meagher. understand the structures per- formance. The sensors can also be installed when bridge bear- ings are being replaced, which is a common procedure. Q: What's the potential market for your product? Will there be private industry applications for it as well? A: We are currently targeting federal and state Departments of Transportation (DOTs) as they are the owners of most highway bridges in the United States. Acceptance of new technologies in infrastructure projects can be challenging due to the conser- vative nature of the field and a hesitance to deviate from con- ventional methods. Therefore, we must convince the DOTs of the minimal risk and high reward of our technol- ogy. The knowledge that may be gained by real-time monitoring of a structure is invaluable for evaluating current designs and developing future designs. Our technology has the potential to be applied to other industries such as oil and gas and high-rise buildings, but the current focus is solely on bridges. n Q&A: McMullen XL Center to retailers, Freimuth said. "We pay today to operate a lot of that atrium space anyway, so there's an economy of us paying ourselves, if you will, and avoiding that expense," he added. Adding the amenities that build excitement is pos- sible because, despite the age of the building and the outdated electrical and mechanical systems, XL Cen- ter's structure is sound. But replacing those systems is critical because the building has not been adequately maintained, Saint said. Payoffs to the costly upgrade include not only extending the building's life and reducing operating subsidies, but attracting more sporting events and some concerts as well as generating economic value through greater activity downtown, Freimuth says. The renovation would also give the XL Center the abil- ity to potentially host an NHL hockey team like the New York Islanders, Freimuth and Saint say, though additional work and funds would be required. But without the renovation, even sporting events hosted today – mainly UConn basketball and hockey and the Hartford Wolf Pack – would continue to be ham- pered by everything from a lack of humidity control to eight giant overhead doors, one of which is malfunction- ing and has to be opened manually, Freimuth said. "Muddling through" won't cost $250 million, but it won't solve existing problems while attracting new busi- ness like the investment will, Freimuth concludes. "We'll still be spending on big-ticket items like elec- tric and people will say, 'Why?,' " he said. "For what? Or we can tackle this and buy ourselves we believe a 20-year extension on life. These buildings have a 20-year life. We're 42 years old. We've got our money back twice. Now we've got to re-up." n Largest Connecticut mergers and acquisitions (Deals announced, pending or completed in 2016, ranked by dollar amount (1)) Rank Buyer Deal size Seller Unit sold Date announced Status (2) 1 Charter Communications Inc. Stamford, CT $60,000,000,000 Time Warner Cable Inc. New York, NY Time Warner Cable Inc. May 25, 2015 (C) 2 Praxair Inc. Danbury, CT $35,000,000,000 (3) Linde AG Munich, Germany Linde AG Dec 20, 2016 (P) 3 Frontier Communications Corp. Norwalk, CT $10,540,000,000 Verizon Communnications Inc. Whtinsville, MA Wireline operations with service to California, Florida and Texas Feb 5, 2015 (C) 4 IMS Health Holdings Inc. Danbury, CT $9,000,000,000 Quintiles Transnational Holdings Inc. Durham, NC Quintiles Transnational Holdings Inc. May 3, 2016 (C) 5 Samsung Electronics Suwon, South Korea $8,000,000,000 Harman International Industries Inc. Stamford, CT Harman International Industries Inc. Nov 14, 2016 (P) 6 Starwood Capital Group Global LLC Milestone Apartments REIT (4) Greenwich, CT $5,365,000,000 Equity Residential Hartford, CT Institutional-quality portfolio of 23,362 apartment units Oct 26, 2015 (C) 7 Henkel Rocky Hill, CT $3,600,000,000 Vestar Capital Partners Wilton, CT The Sun Products Corp. Jun 24, 2016 (C) 8 Stanley Black & Decker New Britain, CT $1,950,000,000 Newell Tools Hoboken, NJ Newell Tools Oct 12, 2016 (P) 9 Starwood Capital Group Global LLC Starwood Global Opportunity Fund X Greenwich, CT $1,900,000,000 Landmark Apartment Trust Inc. Tampa, FL Multi-family real estate investment trust Oct 22, 2015 (C) 10 Amphenol Corp. Wallingford, CT $1,280,000,000 FCI Asia Pte LTD Singapore FCI Asia Pte LTD Jun 29, 2015 (C) 11 Catalina Holdings UK LTD London, England $1,000,000,000 Hartford Financial Services Group Inc. Hartford, CT Downlands Liability Management LTD Hartford Financial Products International LTD Jul 26, 2016 (C) 12 Virtus Investment Partners Hartford, CT $513,000,000 RidgeWorth Investments Atlanta, GA RidgeWorth Investments Dec 16, 2016 (P) 13 People's United Financial Inc. Bridgeport, Connecticut $402,000,000 Suffolk Bancorp Riverhead, NY Suffolk County National Bank Jun 27, 2016 (P) 14 SS&C Technologies Holdings Windsor, CT $321,000,000 Citgroup Inc. New York, NY Alternative Investor Services Business Mar 14, 2016 (C) 15 Celldex Therapeutics Hampton, New Jersey $235,000,000 Koltan Pharmaceuticals Inc. New Haven, CT Koltan Pharmaceuticals Inc. Nov 2, 2016 (C) 16 Nassau Reinsurance Group Holdings LP New York, NY $217,200,000 The Phoenix Cos. Inc. Hartford, CT The Phoenix Cos. Inc. Sep 29, 2015 (C) 17 Hartford Financial Services Group Inc. Hartford, CT $168,000,000 Northern Homelands Co. Atlanta, GA Maxum Specialty Insurance Group Mar 16, 2016 (C) 18 Barnes Group Inc. Bristol, CT $136,000,000 Adval Tech Switzerland Molds business Sep 1, 2016 (C) 19 Genesee & Wyoming Inc. Southern Railroad Hartford, CT $126,000,000 Providence and Worcester Railroad Co. Worcester, MA Providence and Worcester Railroad Co. Aug 15, 2016 (C) 20 Prospect Medical Holdings Inc. Los Angeles, CA $105,000,000 Eastern Connecticut Health Network Manchester, CT Eastern Connecticut Health Network May 25, 2015 (C) 21 Cornerstone Real Estate Advisers Hartford, CT $93,000,000 Ares Commercial Real Estate Corp. New York, NY ACRE Capital Holdings LLC Jul 30, 2016 (P) 22 SS&C Technologies Holdings Windsor, CT $88,500,000 Conifer Financial Services San Francisco, CA Conifer Financial Services Dec 16, 2016 (C) 23 Prospect Medical Holdings Inc. Los Angeles, CA $43,300,000 Greater Waterbury Health Network Inc. Waterbury, CT Greater Waterbury Health Network Inc. Jul 20, 2015 (C) 24 Connecticut Water Co. Clinton, CT $32,000,000 Avon Water Co. (5) Avon, CT Avon Water Co. Oct 12, 2016 (P) 25 Connecticut Water Co. Clinton, CT $15,800,000 Heritage Village Water Co. Southbury, CT Heritage Village Water Co. May 11, 2016 (P) Source: Company filings and news reports. Notes: the $37-billion merger of Aetna Inc. and Humana was blocked by a federal judge in Jan. 2017. Anthem's $54-billion acquisition of Cigna Corp. was blocked by a federal judge in Feb. 2017. (1) Does not include mergers and acquisitions with undisclosed financials. (2) (C) = Closed, (P) = Pending. (3) $33.9 billion euros. (4) Starwood Capital Group acquired Dallas, Texas-based Milestone Apartments REIT for $1.3 billion on Jan. 22, 2017. (5) Will continue to do business as Avon Water Co. —Compiled by Stephanie R. Meagher. Largest Connecticut mergers and acquisitions (Deals announced, pending or completed in 2016, ranked by dollar amount (1)) Rank Buyer Deal size Seller Unit sold Date announced Status (2) 1 Charter Communications Inc. Stamford, CT $60,000,000,000 Time Warner Cable Inc. New York, NY Time Warner Cable Inc. May 25, 2015 (C) 2 Praxair Inc. Danbury, CT $35,000,000,000 (3) Linde AG Munich, Germany Linde AG Dec 20, 2016 (P) 3 Frontier Communications Corp. Norwalk, CT $10,540,000,000 Verizon Communnications Inc. Whtinsville, MA Wireline operations with service to California, Florida and Texas Feb 5, 2015 (C) 4 IMS Health Holdings Inc. Danbury, CT $9,000,000,000 Quintiles Transnational Holdings Inc. Durham, NC Quintiles Transnational Holdings Inc. May 3, 2016 (C) 5 Samsung Electronics Suwon, South Korea $8,000,000,000 Harman International Industries Inc. Stamford, CT Harman International Industries Inc. Nov 14, 2016 (P) 6 Starwood Capital Group Global LLC Milestone Apartments REIT (4) Greenwich, CT $5,365,000,000 Equity Residential Hartford, CT Institutional-quality portfolio of 23,362 apartment units Oct 26, 2015 (C) 7 Henkel Rocky Hill, CT $3,600,000,000 Vestar Capital Partners Wilton, CT The Sun Products Corp. Jun 24, 2016 (C) 8 Stanley Black & Decker New Britain, CT $1,950,000,000 Newell Tools Hoboken, NJ Newell Tools Oct 12, 2016 (P) 9 Starwood Capital Group Global LLC Starwood Global Opportunity Fund X Greenwich, CT $1,900,000,000 Landmark Apartment Trust Inc. Tampa, FL Multi-family real estate investment trust Oct 22, 2015 (C) 10 Amphenol Corp. Wallingford, CT $1,280,000,000 FCI Asia Pte LTD Singapore FCI Asia Pte LTD Jun 29, 2015 (C) 11 Catalina Holdings UK LTD London, England $1,000,000,000 Hartford Financial Services Group Inc. Hartford, CT Downlands Liability Management LTD Hartford Financial Products International LTD Jul 26, 2016 (C) 12 Virtus Investment Partners Hartford, CT $513,000,000 RidgeWorth Investments Atlanta, GA RidgeWorth Investments Dec 16, 2016 (P) 13 People's United Financial Inc. Bridgeport, Connecticut $402,000,000 Suffolk Bancorp Riverhead, NY Suffolk County National Bank Jun 27, 2016 (P) 14 SS&C Technologies Holdings Windsor, CT $321,000,000 Citgroup Inc. New York, NY Alternative Investor Services Business Mar 14, 2016 (C) 15 Celldex Therapeutics Hampton, New Jersey $235,000,000 Koltan Pharmaceuticals Inc. New Haven, CT Koltan Pharmaceuticals Inc. Nov 2, 2016 (C) 16 Nassau Reinsurance Group Holdings LP New York, NY $217,200,000 The Phoenix Cos. Inc. Hartford, CT The Phoenix Cos. Inc. Sep 29, 2015 (C) 17 Hartford Financial Services Group Inc. Hartford, CT $168,000,000 Northern Homelands Co. Atlanta, GA Maxum Specialty Insurance Group Mar 16, 2016 (C) 18 Barnes Group Inc. Bristol, CT $136,000,000 Adval Tech Switzerland Molds business Sep 1, 2016 (C) 19 Genesee & Wyoming Inc. Southern Railroad Hartford, CT $126,000,000 Providence and Worcester Railroad Co. Worcester, MA Providence and Worcester Railroad Co. Aug 15, 2016 (C) 20 Prospect Medical Holdings Inc. Los Angeles, CA $105,000,000 Eastern Connecticut Health Network Manchester, CT Eastern Connecticut Health Network May 25, 2015 (C) 21 Cornerstone Real Estate Advisers Hartford, CT $93,000,000 Ares Commercial Real Estate Corp. New York, NY ACRE Capital Holdings LLC Jul 30, 2016 (P) 22 SS&C Technologies Holdings Windsor, CT $88,500,000 Conifer Financial Services San Francisco, CA Conifer Financial Services Dec 16, 2016 (C) 23 Prospect Medical Holdings Inc. Los Angeles, CA $43,300,000 Greater Waterbury Health Network Inc. Waterbury, CT Greater Waterbury Health Network Inc. Jul 20, 2015 (C) 24 Connecticut Water Co. Clinton, CT $32,000,000 Avon Water Co. (5) Avon, CT Avon Water Co. Oct 12, 2016 (P) 25 Connecticut Water Co. Clinton, CT $15,800,000 Heritage Village Water Co. Southbury, CT Heritage Village Water Co. May 11, 2016 (P) Source: Company filings and news reports. Notes: the $37-billion merger of Aetna Inc. and Humana was blocked by a federal judge in Jan. 2017. Anthem's $54-billion acquisition of Cigna Corp. was blocked by a federal judge in Feb. 2017. (1) Does not include mergers and acquisitions with undisclosed financials. (2) (C) = Closed, (P) = Pending. (3) $33.9 billion euros. (4) Starwood Capital Group acquired Dallas, Texas-based Milestone Apartments REIT for $1.3 billion on Jan. 22, 2017. (5) Will continue to do business as Avon Water Co. —Compiled by Stephanie R. Meagher.

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