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Microsoft acquires cybersecurity firm; RCN, Wave Broadband to merge

S&P Global Market Intelligence provides a wrap-up of U.S. media and communications deal announcements and completions from May 22 to May 26.

* Rackspace Hosting Inc. signed an agreement to acquire application management company TriCore Solutions. The deal, expected to close in June, will allow Rackspace to provide expertise and support for various applications that companies use to manage functions such as manufacturing, logistics, procurement, supply chain management, customer service, HR and financial operations, the company said in a May 25 press release. TriCore CEO Mark Clayman and other key members of the company's management team will join Rackspace as part of the acquisition.

* Microsoft Corp. is buying cybersecurity company Hexadite for $100 million, Reuters reported May 24, citing Israeli financial news website Calcalist. Headquartered in Boston, Hexadite offers technology to automate responses to cyberattacks. Hexadite has a research and development center in Israel, according to the report. Investors in Hexadite include Hewlett Packard Ventures, and venture capital firms TenEleven and YL Ventures.

* TPG Capital, the global private equity platform of alternative asset firm TPG, agreed to buy Wave Broadband LLC in a deal worth about $2.37 billion. Following the deal completion, TPG will combine Wave Broadband with RCN Telecom Services LLC, creating the sixth-largest cable operator in the U.S., according to a May 22 news release. The transaction is expected to close in the second half of 2017, subject to customary closing conditions, including regulatory approvals. Currently owned by Oak Hill Capital Partners, Wave management and GI Partners, Wave is a regional broadband fiber company offering a full suite of high-speed data, video, and voice services to residential and business customers.

* MacAndrews & Forbes Inc. unit Harland Clarke Holdings Corp. completed its planned acquisition of RetailMeNot Inc. Harland Clarke acquired all outstanding shares of RetailMeNot series 1 common stock for $11.60 per share in cash. Following the completion of the deal, RetailMeNot is now a privately held company and its series 1 common shares will no longer be listed on the Nasdaq or any other public market. As of May 22, 43,835,500 shares had been validly tendered and not properly withdrawn, representing about 90.16% of the outstanding shares, according to a Form 8-K filed May 23. Pursuant to the merger deal, each option and performance-based option exercisable for shares, both vested and unvested, that was outstanding and unexercised as of immediately before 11:59 p.m. ET, May 22, was canceled and converted into the right to receive an amount in cash payable within five business days. Any company option for which the exercise per share was equal to or greater than the offer price was canceled and terminated without any cash payment being made in respect thereof. Moreover, a prorated portion of each company restricted stock unit and performance-based restricted stock unit held by RetailMeNot employees was converted into a cash-based award in an amount equal to the product of the offer price and the number of shares underlying the prorated portion of such RSU immediately before 11:59 p.m. ET, so that the aggregate value of all such cash-based awards equaled $30 million.