Deal Pipeline
Monday 10 July 2017
The following is a list of deals covered in detail by M and A Navigator this week:

-THE LITTLE BANK CLOSES ACQUISITION OF NORTH CAROLINA'S UNION BANK AND TRUST, CHANGES NAME

North Carolina, US-based the little bank, Inc has closed its acquisition of North Carolina, US-based Union Bank and Trust Co, the company said. This deal expands the little bank's presence into Central North Carolina including the Triangle markets of Cary and Raleigh.
The little bank previously announced its plans to acquire Union Bank and Trust Co on 15 November 2016. Under the terms of the definitive agreement, the little bank agreed to change its name to Union Bank and establish its headquarters in Greenville NC effective with the merger.
Status: Closed



-GENERATIONAL CAPITAL MARKETS ADVISES COASTAL FIELD SERVICES ON SALE TO PRIMORIS SERVICES

US-based mergers and acquisitions advisor Generational Capital Markets, Inc's client, US-based oil and gas services company Coastal Field Services LP, to Primoris Services Corp., the firm said. Coastal Field Services, based in Beaumont, Texas, provides pipeline construction, integrity support, pipe and vessel coating, and insulation services for companies in the oil and gas industry along the Gulf Coast of the United States.
The company's co-owner and president Jeff Bridges will continue to manage day-to-day operations as president of Primoris Coastal Field Services, the division Coastal will operate under now. Primoris Services Corp., based in Dallas, Texas, is one of the largest publicly traded specialty construction and infrastructure companies in the United States. 
Status: Closed



-VTTI ENERGY PARTNERS SCHEDULES 13 SEPTEMBER VOTE ON MERGER WITH PARENT

UK-based petroleum terminaling partnership VTTI Energy Partners LP (NYSE: VTTI) has established a record date of 17 July 2017 and a meeting date of 13 September 13, 2017 for a special meeting of its unitholders, the company said. At the special meeting, partnership unitholders will vote on the pending merger of the partnership and parent VTTI B.V., and related matters.
In March, VTTI Energy Partners received a proposal from parent VTTI B.V. under which VTTI would acquire all publicly held common units of the partnership in exchange for USD 18.75 per common unit. VTTI B.V. is a joint venture of Dutch energy and commodities company Vitol and US-based midstream energy firm Buckeye.
Status: Agreed



-AT/T CLOSES ACQUISITION OF VYATTA NETWORK OPERATING SOFTWARE TECHNOLOGY FROM BROCADE

US-based telecommunications company AT/T (NYSE: T) has closed the acquisition of the Vyatta network operating system and associated assets of US-based networking solutions firm Brocade Communications Systems, the company said.
This platform includes the vRouter product line. This deal was announced in June. AT/T hired certain Brocade employees associated with that business. The Vyatta platform will help AT/T continue to drive its network transformation. We expect to virtualize and software-control 75% of our network by 2020. Its plan is to hit 55% by the end of 2017.
Status: Closed



-PACIFIC SPECIAL ACQUISITION SCHEDULES SHAREHOLDER VOTE ON USD 303M BORQS ACQUISITION

China-based blank check company Pacific Special Acquisition Corp. (NASDAQ: PAACU) has set a record date of 14 July 2017 for the special meeting of shareholders to approve Pacific's proposed business combination with Beijing, China-based smart connected devices provider Borqs International Holding Corp., the company said.
Upon closing under the merger agreement, Borqs will become the operating entity of the combined company. Under the terms of the merger agreement, Borqs will merge with and into a newly formed subsidiary of Pacific, with Borqs continuing as the surviving company.
Status: Agreed



-ALERE SHAREHOLDERS APPROVE AMENDED ABBOTT BUYOUT DEAL

Shareholders of US-based point of care diagnostics specialist Alere Inc. (NYSE: ALR) have voted to approve an amended merger with US-based drugmaker Abbott (NYSE: ABT), the company said. In a final count of the voting results, approximately 63m of votes cast at a special meeting voted in favour of the amended merger, representing over 72.5% of all outstanding Alere shares as of the 31 May 2017 record date. In April, the companies agreed to amend the existing terms of their agreement for Abbott's acquisition of Alere. On 1 February 2016, Abbott inked a definitive agreement to acquire Alere for USD 56 per common share at a total expected equity value of USD 5.8bn.
Status: Agreed



-SECURE PROPERTY DEVELOPMENT SELLS LAND IN KIEV, UKRAINE

South Eastern European-focused property and investment company Secure Property Development and Investment plc (AIM: SPDI) has agreed the conditional sale of its Kiyanovski land asset in central Kiev, in Ukraine to Ukrainian developer Riverside Developments, the company said.
Secure Property said the price is to be finally determined at closing but will be in excess of USD 3m (which reflects approximately the valuation at the year end accounts). As part of a pre-sale and purchase agreement signed by both parties, Riverside will pay SPDI a non-refundable deposit of USD 100,000 in exchange for being granted a period of four months during which it will seek to obtain a construction permit to develop Kiyanovski.
Status: Agreed



-OBTALA ACQUIRES LAND AT MAGOLE FARMS OPERATION

African focused agricultural and forestry company Obtala Ltd. (AIM: OBT) has entered into an agreement to acquire, via a newly incorporated 49% joint venture, the underlying 195Ha agricultural land at its Magole Farms operation, currently leased to Obtala's 75% owned subsidiary Montara Continental Ltd., the company said.
It is intended that the newly acquired land will be subject to a new lease giving Montara Continental an increased effective 94.9% profit share in the agricultural operation at Magole Farms. In a separate transaction, the joint venture that operates the 1,200Ha Wami Farms has been renegotiated, increasing Montara Continental's equity and profit share from 70% to 90%.
Status: Agreed



-PREMIER TECHNICAL ACQUIRES LIGHTNING PROTECTION AND STEEPLEJACK FIRM BROOKE EDGELEY

UK-based niche specialist services provider Premier Technical Services Group plc has acquired Manchester, UK-based lightning protection and steeplejack firm Brooke Edgeley (Industrial Chimneys) Ltd for a day one cash consideration of GBP 14m, the company said.
The company also announces its intention to conduct a non-pre-emptive cash placing to raise gross proceeds of GBP 15m to fund the acquisition and associated costs. Deferred consideration of GBP 6m is also payable over the next three years in equal instalments, with two- thirds of the payments in cash or shares at PTSG's discretion and one third in cash. Established in 1957, BEST is a privately-owned market company in lightning protection, specialist earthing, surge protection and steeplejack services.
Status: Closed



-DATATEC ACQUIRES A MAJORITY STAKE IN SOUTH AMERICAN CLOUD COMPUTING FIRM

South African information and communication technology group Datatec Ltd.'s (JSE: DTC) Logicalis Group Ltd. subsidiary has acquired a 51% stake in South American OpenStack cloud computing specialist NubeliU, the company said.
The acquisition is part of Logicalis' strategy to position itself as a cloud integrator, and strengthens its commitment to the opensource community, in particular with OpenStack, which is essential for large SDx (Software Defined everything) and cloud computing projects. NubeliU was founded in January 2015 by the team that deployed the first production clouds in OpenStack which is seen as one of the foundations for the industry's future infrastructure.
Status: Closed



-SIRIUS REAL ESTATE CLOSES ACQUISITION OF TWO PROPERTIES IN GERMANY

Guernsey-based, Germany-focused business park operator Sirius Real Estate Ltd (LSE: SRN) has closed the acquisition of two properties for a combined total acquisition cost of EUR 24.5m (USD 27.90m), the company said.
On 1 July 2017, the group completed the acquisition of Berlin-Mahlsdorf II. The property is a mixed used building, in a commercial area 15 km east of the centre of Berlin and adjacent to an existing Sirius site in Berlin-Mahlsdorf. The site offers 12,826 square metres of gross lettable space, of which 68% is office space, 18% is retail space and 14% is warehouse space. The building is currently 62.2% occupied, is let to 19 tenants producing an annual income of EUR0.5 m and has a remaining weighted average lease term of 6.1 years.
Status: Closed



-SPIRAX-SARCO ENGINEERING CLOSES USD 415M ACQUISITION OF HEATING, TEMPERATURE MANAGEMENT SPECIALIST CHROMALOX

UK-based steam technology specialist Spirax-Sarco Engineering plc (LSE: SPX) has closed the acquisition of US-based heating and temperature management products provider Chromalox, Inc. from Irving Place Capital for USD 415m, the company said.
Chromalox is an established provider of electrical products, systems and solutions for industrial process heating and temperature management that Spirax-Sarco has been following since 2008. It serves a range of end markets with approximately 70% of sales being addressed via its direct salesforce, with the remainder going through distributors.
Status: Closed