M and A Navigator: Deal pipeline -29 December.
The following is a list of deals covered in detail by M and A Navigator this week:
-DDM TO CLOSE ACQUISITION OF HUNGARIAN PORTFOLIO IN FIRST HALF OF 2016
Sweden-based DDM Holding AG, a multinational investor and manager of distressed assets, has signed an agreement to acquire assets in Hungary, the company said. The portfolio of assets will be acquired by the DDM Treasury group, while the shares in the leasing company will be acquired by DDM Group AG.
DDM will make the acquisition together with a global investment manager with approximately 10bn in assets under management.
-SCHRYVER MEDICAL CLOSES TEXAS ACQUISITIONS
US-based mobile diagnostics and medical equipment rental specialist Schryver Medical Sales and Marketing, LLC has completed the acquisitions of Texas-based diagnostic healthcare services providers Community Portable X-Ray, Inc. and MetroStat Clinical Laboratory, Inc. / MetroStat Diagnostic Services, Inc., the company said. These acquisitions mark Schryver's entrance into the Texas market.
-PANDORA CLOSES USD 75M ACQUISITION OF ASSETS FROM BANKRUPT STREAMING MUSIC FIRM RDIO
US-based music streaming service Pandora (NYSE: P) has closed the acquisition of several key assets from streaming music technology firm Rdio, Pandora said. The purchase price is USD 75m in cash, subject to certain purchase price adjustments.
Pandora said the move will accelerate the company's plan to offer fans greater control over music. In addition to acquiring technology and intellectual property from Rdio, members of Rdio's team will be offered roles with Pandora, subject to close of the agreement.
-CF FILES AMENDED S-4 WITH US SEC FOR OCI COMBINATION
US-based nitrogen products maker CF Industries Holdings, Inc. (NYSE: CF) has filed with the US Securities and Exchange Commission of an amended registration statement on form S-4 containing a preliminary proxy statement/shareholder circular/prospectus in connection with the proposed combination of CF and the European, North American and Global Distribution businesses of Dutch fertiliser maker OCI N.V. (Euronext: OCI), the company said.
-COMPASS MINERALS CLOSES USD 116M ACQUISITION OF 35% STAKE IN BRAZIL'S PRODUQUIMICA
US-based mining company Compass Minerals (NYSE: CMP) has closed the purchase of a 35% stake in Brazil-based plant nutrient manufacturer ProduquA-mica Industria e Comercio S.A., the company said.
The all-cash transaction is valued at BRL 452.4m (approximately USD 116m). This agreement also includes a path to full ownership by early 2019.
-JOURNAL MEDIA GROUP SCHEDULES SHAREHOLDER MEETING FOR VOTE ON GANNETT TRANSACTION
US media company Journal Media Group, Inc. (NYSE: JMG) will hold a special meeting of its shareholders on 1 March 2016 at which shareholders will be asked to approve an agreed transaction with Gannett Co., Inc. (NYSE: GCI), the company said.
Gannett and Journal Media Group announced on 7 October 2015 that they entered into a definitive merger agreement under which Gannett will acquire all of the outstanding common stock of Journal Media Group for USD 12 per share in cash. The deal is worth approximately USD 280m.
-MITSUBISHI ELECTRIC CLOSES ACQUISITION OF MAJORITY STAKE IN ITALIAN AIR CONDIONING BUSINESS
Japanese manufacturer Mitsubishi Electric Corp. (TOKYO: 6503) has closed the purchase from Italian industrial group De'Longhi Industrial S.A. of shares representing approximately 74.97% of the share capital of DeLclima S.p.A. (BIT: DLC), an Italian company engaged in the commercial air conditioning products business, the company said.
The total purchase price in relation to this agreement has become approximately EUR 508m (per-share price of EUR 4.5271).
-NFP ACQUIRES ARIZONA, US P/C AGENCY ABSOLUTE ADVANTAGE
US-based insurance broker and consultant NFP has acquired Arizona, US-based P/C agency Absolute Advantage Insurance Services, LLC, the company said. Based in Lake Havasu City, Arizona, Absolute is a full-service P/C agency that specialises in commercial and personal line services and employee benefits.
Under a leadership of Brian Castle, the firm grew to be one of the largest P/C firms in the area.
-NAMIBIAN RESOURCES TO ACQUIRE ASSETS OF COLGOLESE OFFSHORE OIL PRODUCER
UK-based diamond miner-turned-oil company Namibian Resources (LSE: NBR) has entered into a binding agreement with the French-registered holding company, Sister Holding SAS, to acquire shares in Colgolese offshore oil company Petro Kouilou S.A., Namibian said.
Petro Kouilou holds a 56% interest, via a production-sharing agreement, alongside the SociA(c)tA(c) Nationale des Petroles du Congo in a producing offshore oil asset with exploration potential, the Tilapia field, which is located offshore/onshore 30km north of the coastal city of Pointe-Noire.
-MEGGITT CLOSES USD 340M ACQUISITION OF EDAC'S COMPOSITES DIVISION
UK-based engineering company Meggitt Plc's (LSE: MGGT) USD 340m acquisition of the composites division of EDAC has now received the customary US regulatory approvals and the transaction has been completed, Meggitt said. The deal was announced on 22 September.
Meggitt said that the acquired businesses will be integrated into its polymers and composites division.
-UK IT FIRM KAINOS CLOSES GBP 2M SALE OF SPEECHSTORM
UK-based IT, consulting and software solutions provider Kainos Group plc has completed the disposal of its investment in SpeechStorm Ltd. for an initial consideration of GBP 2m (USD 2.97m), the company said.
Greeneden UK Acquisition Co. Ltd. acquired the entire share capital of SpeechStorm. SpeechStorm is a provider of self-service and mobile apps that reduce telephone call waiting time for customers and reduce call handling time in contact centres.
-HIGHCROFT INVESTMENTS UNIT TO SELL KINGSTON UPON THAMES PROPERTY
Highcroft Investments Plc's Rodenhurst Estates Ltd property owning subsidiary has agreed the sale of a freehold building in Market Place, Kingston upon Thames to a private investor, the company said.
Contracts on the sale of the freehold have been exchanged at GBP 1.125m (USD 1.67m), which is 61% in excess of the December 2014 valuation of GBP 700,000.
-BLOOMSBURY PUBLISHING TO ACQUIRE CERTAIN LEXISNEXIS, JORDAN FAMILY LAW ASSETS FROM RELX
UK-based publishing company Bloomsbury Publishing Plc (LSE: BMY) has signed a sale and purchase agreement for Bloomsbury to acquire from Relx Ltd. certain LexisNexis and Jordan family law publishing assets of Relx and Jordan Publishing Ltd. as a pre-condition of the Competition and Markets Authority approval of the purchase of the Jordan publishing business by Relx, the company said.
Bloomsbury has agreed to acquire certain LexisNexis and Jordan family law publishing assets for up to a maximum consideration of GBP 1.4m (USD 2.08m) minus deferred income which is to be determined following completion.
-FASTFORWARD INNOVATIONS TO UP STAKE IN VEMO EDUCATION
UK-based investment company FastForward Innovations Ltd. (LSE: FFWD) has signed a share purchase agreement to acquire an additional 527,059 shares of education technology company Vemo Education, Inc., the company said.
In November 2015, FastForward acquired 1m shares of Vemo representing 8.2% of Vemo issued shares (on a fully diluted basis). Including the new shares, the company's interest in Vemo's issued shares will increase to 12.5% (on a fully diluted basis).
-SCHRODER EUROPEAN REIT BUYS PARIS FREEHOLD FOR EUR 37.5M
UK-based REIT Schroder European Real Estate Investment Trust Plc has exchanged contracts for the purchase of a EUR 37.5m (USD 41.14m) freehold office property located in Boulogne-Billancourt (Paris), France at a net initial yield of 5.7%, the company said.
According to Schroder, the asset is fully income producing and has a prominent location in Boulogne-Billancourt, a densely populated and established office area in western Paris.
-HANSTEEN HOLDINGS ACQUIRES ADDITIONAL UNITS IN ASHTENNE INDUSTRIAL FUND
UK-based property investment company Hansteen (LSE: HSTN) has acquired a further 31.6m units in the Ashtenne Industrial Fund from Britel Fund Trustees Ltd. for GBP 15.4m (USD 22.86m) cash, reflecting a price per unit of 0.4869 pence.
The price represents an effective 5% discount to Hansteen's carrying value for the fund as at 30 June 2015. This acquisition represents 5.3% of the units and increases Hansteen's holding in AIF to 81.8%. Hansteen also said that AIF has sold ten properties in individual transactions for a combined GBP 20m.
-INDEPENDENT OIL AND GAS CLOSES ACQUISITION OF NORTH SEA DISCOVERY
UK-based, North Sea focused oil and gas company Independent Oil and Gas plc (AIM: IOG.L) has acquired 50% of licence P1609, which contains the Skipper discovery, the company said.
IOG now owns 100% of the licence and is the licence operator. A consideration of USD 3m will be payable at Field Development Plan approval stage and a further USD 15m will be payable shortly after first oil. IOG is an oil and gas company with established assets focused on the UK North Sea.
-STRATEX INTERNATIONAL SELLS OKSUT ROYALTY FOR USD 4.5M
UK-based exploration and development company Stratex International Plc (LSE: STI) has sold its 1% net smelter return royalty for the A-ksA1/4t gold project in Turkey to former joint-venture partner Centerra Gold Inc. (TSX: CG) for USD 4.5m, the company said.
The current valuation of the royalty is USD 5.1m (Net Present Value at 10% discount) before transaction costs, based on a gold price of USD 1,100, to former joint-venture partner Centerra, which now holds 100% of the project. Stratex will receive a net sum of USD 4.5m cash, free of all fees and taxes.
-TRACSIS SELLS AUSTRALIAN DATA CAPTURE OPERATION
UK-based Tracsis plc, a provider of software and technology led products and services for the traffic and transportation industry, has disposed of Tracsis Traffic Data Pty Ltd. its data capture operation in Australia, to Martin Prowse, the managing director of that company as part of a management buy-out, Tracsis said.
Tracsis said that the disposal aligns with the group's strategy to maintain strength in its core markets and operate in high value, niche markets.
-AURORA RUSSIA TO SELL MINORITY STAKE IN UNISTREAM COMMERCIAL BANK
Channel Islands-based venture capital firm Aurora Russia Ltd. (LSE: AURR) has entered into sale arrangements relating to its one residual investment, a minority interest in Unistream Commercial Bank, the company said.
The company expects total proceeds of 4.975m in cash. It is intended that the sale process will be completed by no later than 31 December 2015.
-ASIAN GROWTH PROPERTIES CLOSES SALE OF HONG KONG LAND
Hong Kong-based property investor Asian Growth Properties Ltd. (LSE: AGP) has completed the disposal of land in Hong Kong, the company said.
On 30 September 2015 the AGP Group agreed to sell development land held by the AGP Group at Fo Tan, to Centralcon Investment Holding (Hong Kong) Co Ltd. The company received gross consideration of HKD 1.4bn (USD 176.28m).
-TRI-STAR RESOURCES TO SELL CANADIAN GOLD PROPERTY
UK-based mineral exploration company Tri-Star Resources Plc (LSE: TSTR) has reached agreement with Globex Mining Enterprises Inc. (TSE: GMX) for the sale of Tri-Star's interests in the Devil's Pike gold discovery in New Brunswick, Canada (also known as Golden Pike), the company said.
The deal comprises 119 of the 124 claims owned by Tri-Star comprising the Devil's Pike claim group. Tri-Star said that the five excluded claims cover the Bond Road antimony target and are being retained by the company.
-GLOBALWORTH REAL ESTATE INVESTMENTS CLOSES BUCHAREST ACQUISITION
Guernsey-based real estate investment company Globalworth Real Estate Investments Ltd. (AIM: GWI) has closed the previously announced acquisition of Green Court Building B in Bucharest, the company said.
The transaction was effected through the acquisition of 100% of the shares of SPC Gamma Property Development company s.r.l., the company owning the asset, for a consideration paid to Skanska of circa EUR 45m (USD 49.18m).
-NORWEGIAN CONSTRUCTION FIRM VEIDEKKE ACQUIRES TORE LOKKE
Norwegian construction and property development company Veidekke EntreprenAr AS has entered into a final agreement to acquire 80% of the shares of civil engineering contractor Tore LAkke AS in A...fjord at Fosen in SAr-TrAndelag, the company said.
The purchase price is NOK 68m (USD 7.81m). Veidekke EntreprenAr said the deal strengthens its competitive ability, particularly in the transport and hydropower development sectors.
-THUNDERMIN RESOURCES WINS SHAREHOLDER NOD FOR RAMBLER METALS AND MINING MERGER
Shareholders of Canadian mining company Thundermin Resource Inc. (TSX Venture: THR) have approved the company's merger with UK-based mining firm Rambler Metals and Mining Plc (TSX Venture: RAB) (AIM: RMM), the company said.
This deal was announced on 12 November. The merger will take place by way of an amalgamation with a subsidiary of Rambler. The amalgamation is expected to close on or before 31 December 2015.
-GOLDENPORT HOLDINGS SELLS THREE CONTAINER VESSELS
Greek shipping company Goldenport Holdings Inc. (LSE: GPRT) has completed the sale of the 1996-built container vessel 'Fortunate', 1992-built container vessel 'Gitte' and 1992-built container vessel 'Brilliant' to companies 100%-owned by Goldenport Containerships Inc., the company said.
This deal was closed pursuant to an EGM resolution dated 23 November 2015. The vessels' delivery to the new owners took place on 21 December 2015. As a result of the transaction, the cash position of the company has been increased by USD 976,000 and its outstanding debt has been reduced by USD 9.424m.
-NETAPP TO ACQUIRE DATA CENTRE FLASH STORAGE SYSTEMS DEVELOPER SOLIDFIRE
US-based computer storage and data management company NetApp, Inc. (NASDAQ: NTAP) has entered into a definitive agreement to acquire SolidFire, a developer of all-flash storage systems for data centres, for USD 870m in cash, the company said.
Founded in 2010, SolidFire offers all-flash storage systems built for a data centres where simple scaling, set-and-forget management, assured performance and multi-tenancy, and cloud economic models are driving new market growth.
-MOMENTUM TELECOM CLOSES USD 28.7M ALTEVA ACQUISITION
US-based telecommunications company Momentum Telecom, Inc. has completed its merger with Philadelphia, US-based Alteva, Inc., the company said. Under the deal, shareholders of Alteva received USD 4.70 per common share, or around USD 28.7m. The new combined company will have over 400 employees.
-CISCO CLOSES USD 452.5M ACQUISITION OF SECURITY SPECIALIST LANCOPE
US-based IT company Cisco (NASDAQ: CSCO) has completed the acquisition of US-based cyber security firm Lancope, Inc., the company said.
Under the terms of the agreement Cisco paid USD 452.5m in cash and assumed equity awards, plus additional retention based incentives for Lancope employees who join Cisco. Lancope, based in Georgia, provides network behaviour analytics, network visibility, and security intelligence to protect enterprises against advanced threats, Cisco said.
-UNIQUE HOME SOLUTIONS ACQUIRES ASSETS OF LARMCO
US-based home remodeling company Unique Home Solutions has acquired the assets of Larmco of Cleveland and Columbus, Ohio, the company said.
Founded in Indianapolis in 1983, in Indiana, Unique expanded into the Cleveland and Akron markets in the beginning of 2014.
-LANDMARK INFRASTRUCTURE PARTNERS ACQUIRES SITES IN 12 STATES FROM ITS SPONSOR
US-based real property MPL Landmark Infrastructure Partners LP (NASDAQ: LMRK) has acquired 41 tenant sites located in 12 states from its sponsor, Landmark Dividend LLC for total consideration of USD 24.2m, the company said. This acquisition is expected to be immediately accretive to the partnership's distributable cash flow.
-HEICO UNIT TO ACQUIRE ROBERTSON FUEL SYSTEMS FOR USD 255M
US-based technology company Heico Corp.'s (NYSE: HEI.A) and (NYSE: HEI) Electronic Technologies Group has entered into an agreement to acquire Robertson Fuel Systems, LLC from affiliates of American Securities LLC for USD 255m in cash, the company said.
The transaction is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The parties anticipate the acquisition will be completed within 60 days.
-CANTABIO PHARMACEUTICALS COMPLETES REVERSE MERGER WITH GARDEDAM THERAPEUTICS
US-based drugmaker Cantabio Pharmaceuticals, Inc. (OTCQB: CTBO) has completed its reverse merger with Gardedam Therapeutics, Inc., the company said.
Cantabio will have an exclusive focus on the discovery and development of Gardedam's drug pipeline for neurodegenerative diseases such as Parkinson's disease and Alzheimer's Disease.
-HEALTHCARE TECHNOLOGY FIRM ABILITY NETWORK ACQUIRES OCS HOMECARE DIVISION FROM NATIONAL RESEARCH
US-based healthcare technology company Ability Network has acquired the OCS HomeCare and Hospice analytics division from National Research Corp. (NASDAQ: NRCIA) and (NASDAQ: NRCIB), the company said.
Ability acquired the OCS analytics software services that offer clinical outcomes improvement, hospitalization insights, and quality assurance benchmarking and reporting.
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|Publication:||M & A Navigator|
|Date:||Dec 29, 2015|
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