S&P Global Market Intelligence provides a wrap-up of U.S. companies' media and communications deal announcements and completions from Nov. 27 to Dec. 1.
* Information technology service provider ConvergeOne Inc. agreed to merge with special purpose acquisition company Forum Merger Corp. The transaction will allow ConvergeOne to become a Nasdaq-listed public company, with an expected initial enterprise value of roughly $1.2 billion. Once the transaction is closed, Forum will change its name to ConvergeOne. Clearlake Capital Group LP, ConvergeOne's current private equity sponsor, will remain the largest shareholder in the combined firm. The transaction is expected to close in the first quarter of 2018, pending shareholder approval.
* ARRIS International plc closed the acquisition of the Ruckus Wireless Inc. and ICX Switch business from Broadcom Ltd. Former Ruckus Wireless COO Dan Rabinovitsj will head the new ARRIS Enterprise Networks business segment. Ruckus Networks, an ARRIS company, will operate as a dedicated business under Enterprise Networks, the company said Dec. 1. The business will focus on the delivery of high-performance wireless and wired network infrastructure.
* Time Inc. is selling Sunset, a print and digital lifestyle brand focused on the American West, to Los Angeles-based private equity firm Regent LP, led by investor Michael Reinstein, the companies said Nov. 30. The deal announcement came days after Meredith Corp. said it planned to buy Time Inc. in an all-cash deal valued at $2.8 billion. On a Nov. 27 conference call discussing Meredith's plan to buy Time Inc., Meredith President and COO Thomas Harty said the company would allow Time to continue pursuing deals for assets already up for sale, including Sunset, Time Inc. UK, Golf and Essence.
* New York-based diversified holding company HC2 Holdings Inc. subsidiary HC2 Network Inc. acquired Spanish-language broadcast network Azteca America from affiliates of TV Azteca, S.A.B. de C.V. and signed an agreement with Northstar Media LLC to acquire 19 TV stations that carry Azteca America's programming in the United States. The Azteca America acquisition closed Nov. 29. The agreement with Northstar Media is subject to approval by the Federal Communications Commission, as well as other customary closing conditions. The Azteca transaction includes professional staff across the U.S. involved in programming, marketing, advertising sales, finance and operations, as well as a multiyear programming and services agreement that provides HC2 with access to TV Azteca's current programming and library in Mexico. The Northstar transaction includes two full-power stations, eight Class A stations and eight low-power television stations, along with a channel share agreement for the full-power license of KEMO-TV in San Francisco.
* Proofpoint Inc entered into a definitive agreement to acquire browser isolation solutions provider, Weblife.io for $60 million. The deal is expected to close in the fourth quarter. The transaction is not expected to have any material impact on billings, revenue, net income or free cash flow for both the fourth quarter and full year 2018.
* Marlin Equity Partners LLC agreed to buy all of the outstanding shares of Bazaarvoice Inc., a provider of consumer-generated content, advertising and personalization solutions, for $5.50 per share in cash. The transaction is expected to close in the first quarter of calendar 2018. Bazaarvoice will maintain its headquarters in Austin, Texas. The closing of the transaction is subject to customary closing conditions, including regulatory approvals and the affirmative vote by a majority of the votes cast by the holders of Bazaarvoice common stock at a to-be-scheduled special meeting of stockholders, the company said Nov. 27.
* Thoma Bravo LLC struck an agreement to acquire Barracuda Networks Inc. for $1.6 billion. Barracuda shareholders will receive $27.55 in cash for each share of Barracuda common stock they hold. Upon the close of the transaction, Barracuda will operate as a privately held company. The proposed transaction is expected to close before Barracuda's fiscal year-end of Feb. 28, 2018, and is subject to approval by Barracuda's shareholders and regulatory authorities.
* Consolidated Communications Holdings Inc. agreed to sell its Virginia properties, Peoples Mutual Telephone Co. and Peoples Mutual Long Distance Co., to RiverStreet Management Services LLC. The buyer, RiverStreet Management Services, does business as RiverStreet Networks, a subsidiary of Wilkes Communications. The agreement is an all-cash transaction valued at about $21 million, subject to certain contractual adjustments. The closing is subject to customary regulatory approvals, expected to be completed in the first quarter of 2018.
* Zayo Group Holdings Inc. agreed to buy Spread Networks for $127 million in cash. Spread Networks is a privately owned telecommunications provider that owns and operates an 825-mile, high-fiber count long haul route connecting New York and Chicago. The acquisition will provide Zayo's customers with low latency and direct fiber route between the two cities and additional physical path diversity, the company said Nov. 27. The all-cash transaction is expected to be funded with cash on hand and debt and is expected to close in the first calendar quarter of 2018, subject to customary closing conditions.
