Deal Pipeline
Monday 11 April 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-AUSTRALIA'S 3D MEDICAL CLOSES ACQUISITION OF IMAGE MANAGEMENT SPECIALIST MACH7
Australian medtech firm 3D Medical Ltd. (ASX: 3DM) has closed its acquisition of US-based medical image management solutions provider Mach7 Technologies, the company said.
Under the terms of the agreement, 3DM issued of 459.5m shares (USD 259.75m) to the owners of Mach7 in return for 100% of the Mach7 assets and intellectual property. The merger will provide access via public capital markets for Mach7 while preserving corporate self-determination with regard to mission and product roadmap.
Status: Closed

-ALBANY INTERNATIONAL CLOSES USD 210M ACQUISITION OF HARRIS' ADVANCED COMPOSITES BUSINESS
US-based textiles and materials processing company Albany International Corp. (NYSE: AIN) has closed the acquisition of Harris Corp.'s composite aero-structures division for total consideration of USD 210m, the company said.
The total includes the assumption of a USD 23m capital lease. Harris had acquired the division through its 2015 acquisition of Exelis Inc.
Status: Closed

-GANNETT CLOSES USD 280M ACQUISITION OF JOURNAL MEDIA
US-based media company Gannett Co., Inc.'s (NYSE: GCI) has closed its acquisition of Journal Media Group, Inc. following US antitrust clearance, the companies said.
Last October, Gannett and Journal Media entered into a definitive merger agreement under which Gannett would acquire all of the outstanding common stock of Journal Media Group for approximately USD 280m, net of acquired cash, the companies said.
Status: Closed

-IBM CLOSES USD 2.6BN ACQUISITION OF CLOUD-BASED HEALTHCARE DATA, ANALYTICS PROVIDER TRUVEN
US-based IT company IBM's (NYSE: IBM) Watson Health unit has closed the acquisition of cloud-based healthcare data, analytics and insights provider Truven Health Analytics for USD 2.6bn, the company said.
Truven brings more than 8,500 clients, including US federal and state government agencies, employers, health plans, hospitals, clinicians and life sciences companies to the IBM Watson Health portfolio. With completion of the acquisition, IBM's health cloud will house one of the world's largest collections of health-related data, representing an aggregate of approximately 300 m patient lives acquired from three companies.
Status: Closed

-CENTURY EQUITY PARTNERS TO ACQUIRE MINORITY STAKE IN US INSURANCE BROKERAGE CONNER STRONG AND BUCKELEW
US-based insurance, risk management and employee benefits brokerage and consulting firm Conner Strong and Buckelew has formed a strategic alliance with US private equity firm Century Equity Partners to accelerate the firm's expansion strategy, the company said.
The alliance leverages Conner Strong's service and delivery model with Century's M/A experience and industry relationships to immediately enhance organic growth and targeted acquisition strategies.
Status: Agreed

-US HOTEL OPERATORS MARRIOTT, STARWOOD WIN SHAREHOLDER NODS FOR MERGER
Shareholders of US-based hotel operators Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels and Resorts Worldwide, Inc. (NYSE: HOT) have approved the comapanies' agreed merger deal at separate meetings, the companies said.
Both companies had renewed their requests for shareholder support follows Starwood's 1 April announcement that a consortium of potential investors, led by Anbang Insurance Group, had withdrawn its alternative proposal to acquire Starwood.
Status: Agreed

-BONA FILM GROUP COMPLETES GOING PRIVATE TRANSACTION
Chinese film distributor and vertically integrated film company Bona Film Group Ltd. (NASDAQ: BONA) has closed a merger with Mountain Tiger International Ltd. and its Mountain Tiger Ltd. subsidiary, the company said.
Under the deal, Mountain Tiger International acquired Bona Film for a cash consideration equal to USD 27.40 per ordinary share of the company or USD 13.70 per American depositary share of the company, on the basis that two American depositary shares shall represent one share. The transaction implies company's enterprise value at approximately USD 1.001bn, based on the total shares issued and outstanding (including shares represented by ADSs) on a fully diluted basis.
Status: Closed

-AFFILIATES OF ANCORA ADVISORS BUY 4NET SOFTWARE
US-based 4Net Software, Inc. (OTC: FNSI) has closed a securities purchase agreement, among the company and Merlin Partners LP, Ancora Catalyst Fund LP, and Steven N. Bronson whereby the company issued and sold to the purchasers an aggregate of 370,440,680 shares of common stock for the aggregate purchase price of USD 5m, the company said.
This total including the cancellation of all indebtedness that had been loaned to the company by Steven N. Bronson to fund operating expenses.
Status: Closed

-INFRASTRUCTURE INDIA TO SELL WESTERN MP INFRASTRUCTURE AND TOLL ROADS STAKE
Mauritius-based, India-focused infrastructure fund Infrastructure India plc (LSE: IIP) has agreed to sell its interest in Indian toll road operator Western MP Infrastructure and Toll Roads Private Ltd., the company said.
WMP operates a 125 kilometre toll road in the central Indian state of Madhya Pradesh with a 25-year concession, which commenced in April 2008. IIP invested in WMP in 2008 through its wholly owned subsidiary Roads Infrastructure India which holds a 26% interest in the asset. IIP's total investment in WMP amounts to GBP 12.5m. The remaining 74% interest in WMP is owned by Essel Infra Projects Ltd.
Status: Agreed

-7DIGITAL CLOSES ACQUISITION OF BANKRUPT FRENCH DIGITAL STREAMING MUSIC FIRM SNOWITE
UK-based digital music and ratio platform 7digital Group plc (LSE: 7DIG) has closed the acquisition of the leading French digital streaming music provider Snowite SAS, the group said.
The acquisition was satisfied in full at the time of completion by the issue of 7.32m new ordinary shares of 7digital. This is worth around GBP 46.7m (USD 65.91m) at current prices. This deal was announced in January.
Status: Closed

-4D PHARMA BUYS SPANISH CONTRACT RESEARCH ORGANISATION
UK-based pharmaceutical company 4D pharma plc (AIM: DDDD) has acquired the production assets of Spanish contract research organisation Instituto Biomar, S.A., the company said.
Instituto Biomar specialises in microbial fermentation. The consideration for the acquisition is EUR 3m (USD 3.42m) which is payable on completion, and of which EUR 2m will be paid in cash, with the remaining 1 m euros being satisfied by the issue of 82,349 4D shares, at a price of GBP 9.805 (being the average mid-market price of a 4D share for the five business days immediately preceding completion of the acquisition).
Status: Closed

-ADVENT INTERNATIONAL TO ACQUIRE 14.1% STAKE IN UK FURNITURE RETAILER
Funds managed by US private equity firm Advent International Corp. have agreed to sell 30m ordinary shares in UK-based furniture retailer DFS Furniture plc (LSE: DFS) held through Advent Diamond (Luxembourg) S.à r.l. at a price of GBP 3.00 per ordinary share, raising gross proceeds of GBP 90m, the firm said.
The sale was conducted by means of an accelerated bookbuild secondary placing to institutional investors. Advent said that the shares sold represent in aggregate approximately 14.1% of the issued share capital of the company.
Status: Agreed

-ECLECTIC BAR GROUP TO ACQUIRE BRIGHTON MARINE PALACE AND PIER FOR GBP 18M
UK-based bar and nightclub operator Eclectic Bar Group plc (AIM: BAR) has entered into a conditional agreement to acquire The Brighton Marine Palace and Pier Co., which owns and operates UK seafront visitor attraction Brighton Pier, for a total cash consideration of GBP 18m (USD 25.42m), the company said.
Eclectic Bar said that Brighton Pier, which is on the on the South East coast of the UK, is profitable and cash-generative. The company proposes to fund the consideration payable under the acquisition through a conditional placing of new ordinary shares to raise gross proceeds of not less than GBP 8.5m, with the balance to be funded through new GBP13 m debt financing agreed with Barclays Bank plc.
Status: Agreed

-ASSOCIATED BRITISH FOODS TO BUY MINORITY STAKE IN ILLOVO SUGAR
UK-based food group Associated British Foods plc has reached agreement with the board of South African sugar producer Illovo Sugar Ltd. to acquire the 48.65% interest in Illovo that it does not already own, the company said.
The agreed offer price per share is rand 25 representing a total consideration of ZAR 5.6bn (USD 369.98m) to be settled in cash. ABF acquired its majority shareholding in Illovo in 2006. Illovo is the largest sugar producer in Africa.
Status: Agreed

-COAL OF AFRICA EXTENDS OFFER PERIOD FOR ACQUISITION OF COAL MINER UNIVERSAL
Australian coal company Coal of Africa Ltd. has extended the offer period of its offer for UK coal producer Universal Coal Plc such that the closing date is now 29 April 2016, the company said.
Under the terms of the offer, eligible Universal shareholders will be entitled to receive AUD 0.20 in cash and one New CoAL Share for each Universal share, or subject to eligibility under applicable securities laws, a non-converting, secured loan note with a principal amount of AUD 0.25 per note.
Status: Agreed

-CPXI ACQUIRES DIGITAL OPINION MEASUREMENT PLATFORM SWEIGH
US-based digital media holding company CPXi has acquired New York-based digital opinion measurement technology platform Sweigh, Inc. the company said. Sweigh's digital opinion measurement technology affects how audiences interact with content. 
As part of the acquisition, Sweigh co-founder, Chris Monteleone has joined the company as executive vice president of corporate strategy and sales. Chris Monteleone is a senior media industry executive with a career that spans media, sports and entertainment. 
Status: Closed

-US INSURANCE BROKER RISK STRATEGIES BUYS HIGHER EDUCATION SPECIALIST MAGGS AND ASSOCIATES
US-based national insurance brokerage and risk management firm Risk Strategies Co has acquired New York-based brokerage Maggs and Associates, the firm said.
Maggs and Associates specialises in serving the complex insurance placement and risk mitigation needs of colleges and universities. Founded in 1987 as Maggs and Zack Business Insurance Brokerage, the firm has been run since 2003 as Maggs and Associates Business Insurance Brokers, Inc. by owner and principal, Thomas Maggs.
Status: Closed

-BENTLEY'S PET STUFF, MARCUS LEMONIS ACQUIRE THE NATURAL PET RETAIL STORE
Illinois, US-based healthy pet foods business Bentley's Pet Stuff, along with entrepreneur Marcus Lemonis have acquired Milwaukee-area pet products store The Natural Pet, Bentley's said.
Lemonis is the host of CNBC's reality series The Profit. Following the recent acquisition, plans are in place to renovate and expand the current facility over the coming months. Previous owner, Kim Hecker, opened The Natural Pet at 2532 East Oklahoma Avenue in Bay View, Wisconsin in 2003.
Status: Closed

-JLL ACQUIRES FRENCH RETAIL REAL ESTATE CONSULTANT
US-based professional services and investment management firm JLL (NYSE: JLL) has acquired French retail real estate consultant Véronique Nocquet, the firm said.
The eponymous firm, founded and managed by Véronique Nocquet, has supported both national and international retailers by providing tailored real estate services in retail in Paris and across the regions in France for the past 20 years. JLL's retail team in France now includes more than 20 professionals working across a range of services including valuation, advisory, fit-out and transactions to meet the requirements of its retailer and investor clients.
Status: Closed

-AMBASSADOR FINANCIAL GROUP ADVISES DNB FINANCIAL ON EAST RIVER BANK ACQUISITION
US-based broker-dealer Ambassador Financial Group, Inc. acted as financial adviser and provided the fairness opinion to US-based bank holding company DNB Financial Corp. in regards to its agreement to acquire East River Bank, the firm said.
On 4 April DNB Financial and East River Bank of Philadelphia announced a deal under which DNB will acquire East River in a stock and cash transaction for total consideration valued at USD 49m.
Status: Agreed

-CHICAGO DIGITAL AGENCY RIGHTPOINT ACQUIRES BOSTON'S AGENCY OASIS
Chicago, US-based technology and design services company Rightpoint has acquired Boston-based Agency Oasis, the company said. The acquisition expands Rightpoint's existing presence from Chicago, Detroit and Denver to six new markets including Boston, Los Angeles, Atlanta, New York, San Francisco and Dallas. It also establishes the company as a national digital agency.
Status: Closed

-BIOTELEMETRY LAUNCHES TENDER OFFER TO ACQUIRE VIRTUALSCOPICS
US-based wireless medical technology company BioTelemetry, Inc.'s (NASDAQ: BEAT) BioTelemetry Research Acquisition Corp. subsidiary is launching a cash tender offer to purchase all outstanding common and preferred shares of US-based clinical trial imaging solutions provider VirtualScopics, Inc. (NASDAQ: VSCP), the company said.
On 25 March, BioTelemetry announced its agreement to acquire VirtualScopics. The total purchase consideration is approximately USD 15.5m.
Status: Agreed

-KOREAN-AMERICAN BANKS BBCN, WILSHIRE OUTLINE COMMUNITY COMMITMENTS FOLLOWING USD 1BN MERGER
The subsidiaries US-based bank holding companies BBCN Bancorp, Inc. (NASDAQ: BBCN) and Wilshire Bancorp, Inc. (NASDAQ: WIBC) BBCN Bancorp, Inc. (NASDAQ: BBCN) and Wilshire Bancorp, Inc. (NASDAQ: WIBC), BBCN Bank and Wilshire Bank, plan to enhance their combined community activities with the joint adoption of Community Goals and Commitments to be implemented upon completion of the merger of the two companies, the companies said.
Last December, BBCN Bancorp and Wilshire Bancorp, both Korean-American FIs, signed a definitive agreement to combine in an all-stock merger worth around USD 1bn. Following the merger completion, the combined company will continue to work with community organizations, including the California Reinvestment Coalition, the National Diversity Coalition and groups from within the African American, Latino, Korean and other Asian and Pacific Islander American communities. These groups provided input to the banks to develop the Community Goals and Commitments.
Status: Agreed

-ARES MANAGEMENT REAL ESTATE FUND ACQUIRES UK OFFICE COMPLEX
US-based asset management group Ares Management, L.P. (NYSE: ARES) has acquired Piccadilly Place, a 300,000-square-foot office and retail property in Manchester, UK through a real estate fund it manages, the company said.
Final terms of the deal were not disclosed. However, the property was listed for GBP 117m (USD 165.22m). Piccadilly Place is comprised of two adjacent mixed-use buildings, called Three and Four Piccadilly Place, as well as a three-story basement car park. Ares said that the office space is 95% let to tenants.
Status: Closed

-WOODBURY HEALTH PRODUCTS ACQUIRES ASSETS FROM ADVANCED MEDICAL GROUP
Woodbury Health Products Inc. affiliate, Wilmington Medical Supply, Inc., has acquired certain assets from US-based home urological supplies distributor Advanced Medical Group, LLC (AMG), the company said.
Woodbury is owned by funds managed by New York-based private equity firm MTS Health Investors, LLC. Founded in 2006, AMG is a national specialty distributor of medical supplies to customers with chronic medical conditions.
Status: Closed

-ACCRUENT ACQUIRES HOSPITAL SOFTWARE FIRM MAINSPRING
US-based real estate management provider Accruent has acquired US-based hospital software provider Mainspring Healthcare Solutions, the company said. In addition to its computerized maintenance management solution, Mainspring offers technology to address operational challenges across the hospital.
With its suite of mobile solutions iNeedIt, iGotIt and iTrackit Mainspring focuses beyond clinical engineering and facility management, where Accruent traditionally specialises. Mainspring will extend Accruent's suite of purpose-built healthcare solutions into hospital service departments to drive efficiencies in operations.
Status: Closed

-DIVERSIS CAPITAL ACQUIRES US DRUG DISTRIBUTOR CALIGOR RX
Los Angeles, California-based private equity firm Diversis Capital, LLC has acquired the majority of the assets of US-based drug distributor Caligor Rx, Inc., the company said. Diversis plans to invest heavily in Caligor to enhance its sales and marketing, logistics capabilities, distribution infrastructure and service offerings.
These investments will include a new warehouse in Dartford, UK. Slated to open in late 2016, the warehouse will have about five times more space than the current UK facility.
Status: Closed

-TELEDYNE TO ACQUIRE CANADIAN GEOSPATIAL SOFTWARE FIRM CARIS
US-based industrial conglomerate Teledyne Technologies Inc. (NYSE: TDY), through a subsidiary, has agreed to acquire the Canada-based geospatial software developer CARIS business and its international affiliates, the company said.
Terms of the transaction were not disclosed. The closing of the transaction, which is subject to customary conditions, is anticipated to occur in 2Q16. CARIS, headquartered in Fredericton, New Brunswick, develops geospatial software designed for the hydrographic and marine community.
Status: Agreed

-AURORA DIAGNOSTICS BUYS FLORIDA PATHOLOGY PRACTICE
US-based industrial conglomerate Teledyne Technologies Inc. (NYSE: TDY), through a subsidiary, has agreed to acquire the Canada-based geospatial software developer CARIS business and its international affiliates, the company said.
The closing of the transaction, which is subject to customary conditions, is anticipated to occur in 2Q16. CARIS, headquartered in Fredericton, New Brunswick, develops geospatial software designed for the hydrographic and marine community.
Status: Closed

-DAVITA PLANS ACQUISITION OF COLORADO SPRINGS-BASED PHYSICIAN GROUP
US-based independent medical group DaVita HealthCare Partners (NYSE: DVA) has agreed to acquire Colorado Springs, Colorado-based physician group Mountain View Medical Group, the company said.
The transaction is expected to close in July 2016, subject to negotiation of a final definitive agreement with Mountain View Medical Group, their shareholders' approval of the transaction, regulatory approvals, completion of due diligence and other customary closing conditions. Under the proposal, Mountain View Medical Group would join the company's HealthCare Partners division.
Status: Agreed

-IMPARK ACQUIRES CHATTANOOGA, SEATTLE PARKING OPERATORS
US-based parking operator Imperial Parking Corp. has completed the acquisition of Chattanooga, Tennessee-based parking management company Republic Parking System and Seattle, Washington-based parking operator Republic Parking Northwest, based in Seattle, the company said.
Founded in 1966 by prominent business leader and philanthropist, James C. Berry, Republic grew to be a significant provider of parking management services in the United States with over 770 locations and 2,500 employees.
Status: Closed

-WOOD GROUP ACQUIRES ENERGY INDUSTRY SOFTWARE FIRM INGENIOUS
US-based energy services provider Wood Group has acquired US-based energy industry proprietary software provider technology company Ingenious Inc. from its executive leadership team, the company said.
The acquisition provides a manufacturing operations management systems capability that builds upon and diversifies the capabilities of Wood Group Mustang's automation and control business, within which it will operate. Ingenious's software products consist of remote performance monitoring, production planning and scheduling, and training, including e-learning and training simulators for the process industries.
Status: Closed

-CROWN CASTLE ACQUIRES WIRELESS TOWER OPERATOR TDC FOR USD 461M
US wireless carrier infrastructure provider Crown Castle International Corp. (NYSE: CCI) has acquired US-based communications tower company Tower Development Corp. from Boston, Massachusetts-based private equity firm Berkshire Partners for approximately USD 461m in cash, the company said.
TDC, a portfolio company of Berkshire Partners, owns and operates 336 towers in the US and Puerto Rico with an average tenancy of two tenants per tower. The transaction is expected to contribute approximately USD 25m to USD 27m to site rental gross margin in the first full year of Crown Castle's ownership and be immediately accretive to Adjusted Funds from Operations per share.
Status: Closed