Mergers & Acquisitions Deals for the Week of July 15, 2024
A roundup of notable M&A deals involving Southern California companies.
Entertainment
Professional women’s soccer in Los Angeles is putting its best foot forward. Willow Bay and Bob Iger announced an agreement to acquire a controlling stake in WFC LA INC., the entity that owns and operates the professional women’s soccer club Angel City FC. The transaction values the team at $250 million. Bay will control and serve on the club’s board of directors and represent the team on the league’s board of governors. The transaction needs league approval and could close within the next 60 days. Current team board members and owners Natalie Portman, Julie Uhrman, Alexis Ohanian and Gillian Berry will continue serving on the board of directors. The team was advised by Moelis & Co. as financial advisor and Sidley Austin as legal advisor. Allen & Company served as financial advisor to Bay and Iger while Milbank served as their legal advisor.
Life Sciences
Irvine-based Edwards Lifesciences Corp. announced that it will acquire the majority stake in Innovalve Bio Medical Ltd. for $300 million on July 15. The acquisition will be paid in cash at closing, which is expected by the end of 2024.
Innovalve will join the transcatheter mitral and tricuspid therapies product group and will bolster the company’s treatment offerings for mitral valve disease. Edwards Lifesciences first invested in the Israeli company in 2017. Innovalve was originally founded as a spin-off from Sheba Medical Center, Israel’s largest hospital, as a medical device company focused on catheter-delivered heart valve therapies.
Aerospace
Beverly Hills-based private equity firm Platinum Equity announced the acquisition of Héroux-Devtek Inc., a manufacturer of aerospace products and the world’s third-largest landing gear manufacturer. The transaction represents a 28% premium to the closing share price on July 10. The transaction values the company at $1.35 billion.
“We believe the company’s engineering prowess and emphasis on R&D have contributed to its success as a service-oriented supplier that delivers for its customers,” said Louis Samson, co-president of Platinum Equity, in a statement.