7 biggest deal reports this week: $3.6B Phillips 66-DCP Midstream deal

In one of the biggest deals announced this past week, Phillips 66 agreed to pay $3.8 billion and take an 87% stake in DCP Midstream. Here’s the full list of the most recent head-turning dispatches, as covered first on InvestingPro.

DCP Midstream (NYSE:DCP) gained more than 6% after Phillips 66 (NYSE:PSX) agreed to pay $3.8 billion in cash for all of the publicly held common units representing limited partner interests in DCP, increasing its stake in DCP to 86.8%. Phillips 66 shares gained some 2%.

Western Digital (NASDAQ:WDC) shares gained more than 17% this week following reports from Bloomberg that the company has restarted merger talks with Japan's Kioxia Holdings. While the structure of the deal remains in flux, the parties are said to be discussing merging into one publicly traded company, it was added. The two parties were in talks on a $20 billion merger in 2021 but those talks failed to reach an agreement.

World Wrestling Entertainment (NYSE:WWE) shares surged more than 16% on Friday on the announcement that Vince McMahon, the company's majority owner and former CEO, will be returning to the board and intends to undertake a review of the company’s strategic alternatives, with a goal of maximizing value for all WWE shareholders.

Benchmark analyst Mike Hickey believes that WWE is worth +$105 per share on a potential deal, but noted that there is no assurance that this process will result in a transaction.

Raytheon Technologies (NYSE:RTX) is considering a sale of a unit that makes products including flight controls, which could fetch about $1 billion, according to Bloomberg, citing people familiar with the matter.

Zimmer Biomet Holdings (NYSE:ZBH) announced that it has agreed to buy Embody, Inc., a privately held medical device company focused on soft tissue healing, for $155 million at closing and up to an additional $120 million subject to achieving future regulatory and commercial milestones over a three year period. The transaction is expected to be completed in February 2023.

Moderna (NASDAQ:MRNA) announced they have agreed to acquire OriCiro for $85 million.

Targa Resources (NYSE:TRGP) Corp. agreed to acquire Blackstone (NYSE:BX) Energy Partners’ 25% interest in Targa’s Grand Prix NGL Pipeline (Grand Prix) for $1.05 billion in cash plus customary working capital adjustments. Targa will own 100% of Grand Prix upon closing.

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