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Private equity dominated the top 10 corporate M&A deals in 2022 (II)

We continue with the top 5 of the main mergers and acquisitions agreements in 2022:

5. Permira and Hellman & Friedman buy Zendesk for $10.200 billion.
In one more than a series of venture capital deals, Permira et al. picked up Zendesk after a eventful journey for the SaaS help desk company. Zendesk began the year by rejecting a $17.000 billion takeover offer. He would later try to buy SurveyMonkey, only to be rebuked by investors before agreeing to an acquisition price well below his February offer, as SaaS share prices plummeted throughout the year.

4. Thoma Bravo buys Anaplan for 10.700 billion dollars.
Thoma Bravo's third and final deal on this list was a bombshell: The venture capital firm snapped up Anaplan, a SaaS planning tool that replaces Excel, for nearly $11.000 billion. Like other companies on this list, Anaplan's share price had fallen sharply at the time of the acquisition, although Thoma paid the highest price in the last six months to seal the deal. It raised nearly $300 million before going public in 2018.

3. Vista takes over Citrix for $16.500 billion.
Vista acquired remote software company Citrix for $16.500 billion at the end of January, in the first big business deal this year. The firm was joined by its venture capital partner Evergreen Coast Capital (a subsidiary of Elliott Investment Management). Citrix was launched back in 1989, and the idea was to combine it with another Vista portfolio company, Tibco.

2. Adobe surprises with the purchase of Figma for 20.000 million dollars.
One thing that most of the companies on this list share is that they are legacies, or at least have been around for a long time, going public and coping with the vagaries of the market. Figma was a startup with a bright future, but Adobe made it an offer that was hard to refuse: double its most recent private valuation and 50 times its ARR. However, this transaction faces significant regulatory hurdles, and it is not yet clear that regulators will allow it to go ahead. It has certainly angered designers, who love the software and viewed Figma as the anti-Adobe, and even a potential Adobe killer.

1. Broadcom goes big with a $61.000 billion bid for VMware.
We figured that once Dell spun off VMware in 2021, someone would eventually call and try to take over the server virtualization company. But we don't think of Broadcom as a potential buyer. In the end, it was Broadcom that put up the cash to pair VMware with other acquired software in its portfolio, such as CA Technologies, which it acquired in 2018 for $19 billion, and the enterprise side of Semantic for $16,9 billion a year later. Like the No. 2 deal on this list, this one is also feeling the regulatory heat, though the company recently said it believes it will pass the test and VMware will become part of Broadcom in 2023.

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