Deal Pipeline
Tuesday 12 July 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-CALIFORNIA-BASED CATHAY GENERAL BANCORP TO ACQUIRE SINOPAC BANCORP FOR USD 340M
Los Angeles, US-based bank holding company Cathay General Bancorp (NASDAQ: CATY) and Taiwan-based bank holding company Bank SinoPac Co. Ltd. have signed a stock purchase agreement for Cathay to acquire Bank Sinopac's US-based SinoPac Bancorp subsidiary for USD 340m, the companies said.
SinoPac Bancorp, through its subsidiary Far East National Bank, operates five branches in Los Angeles, one in Orange County, two in San Francisco, and one in Silicon Valley. As of March 31, 2016, SinoPac Bancorp reported, on a consolidated basis, total assets of USD 1.3bn, total loans of USD 956m, and total deposits of USD 964m.
Status: Agreed

-CALIFORNIA'S SIERRA BANCORP CLOSES USD 13.5M ACQUISITION OF COAST BANCORP
Los Angeles, US-based bank holding company Cathay General Bancorp (NASDAQ: CATY) and Taiwan-based bank holding company Bank SinoPac Co. Ltd. have signed a stock purchase agreement for Cathay to acquire Bank Sinopac's US-based SinoPac Bancorp subsidiary for USD 340m, the companies said.
SinoPac Bancorp, through its subsidiary Far East National Bank, operates five branches in Los Angeles, one in Orange County, two in San Francisco, and one in Silicon Valley. As of March 31, 2016, SinoPac Bancorp reported, on a consolidated basis, total assets of USD 1.3bn, total loans of USD 956m, and total deposits of USD 964m.
Status: Closed

-US FTC, JUSTICE DEPT CLEAR USD 1.1BN ROVI, TIVO MERGER
The Federal Trade Commission and the Antitrust Division of the Department of Justice granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act relating to the proposed acquisition of US-based entertainment technology company TiVo Inc. (NASDAQ: TIVO) by Rovi Corp. (NASDAQ: ROVI), the companies said.
This transaction remains subject to other customary closing conditions, including the approval of Rovi and TiVo stockholders. Both Rovi and TiVo continue to expect the transaction to close in 3Q16.
Status: Agreed

-ENTERPRISE MAKES FINAL PAYMENT FOR USD 2.1BN EFS MIDSTREAM ASSET ACQUISITION
US-based midstream energy company Enterprise Products Partners L.P. (NYSE: EPD) has paid the second, and final, installment of USD 1bn to acquire 100% of the membership interests in EFS Midstream LLC, the company said.
Consistent with the terms of the transaction, the payment comes within one year of the initial USD 1.15bn Enterprise paid when it closed on the purchase of EFS Midstream on 8 July 2015. At that time, Enterprise Products Partners executed definitive agreements to purchase all of the member interests in EFS Midstream LLC from affiliates of Pioneer Natural Resources Co. and Reliance Industries Ltd. for USD 2.15bn.
Status: Closed

-EUROPEAN COMMISSION CLEARS PLASTIC OMNIUM'S ACQUISITION OF FAURECIA'S EXTERIOR SYSTEMS BUSINESS
The European Commission has just authorised French plastic automotive body parts maker Plastic Omnium's (PAR: POM) acquisition of French auto parts maker Faurecia's Exterior Systems business, subject to a certain number of disposal commitments, the companies said.
These commitments represent approximately EUR 700m in revenue, half of which are composed of disposal of the French sites and a Spanish site for the bumper business, and half made up of the front-end module assembly business in Germany. In April, Plastic Omnium agreed to buy the business, in a deal with an enterprise value of around EUR 665m (USD 738.77m).
Status: Agreed

-FAIRSTEAD CAPITAL ACQUIRES HARLEM'S SAVOY PARK APARTMENT COMPLEX FOR USD 315M
US-based real estate investor and manager Fairstead Capital announced the purchase of Savoy Park Apartments in Central Harlem for USD 315m, the company said.
The purchase represents Fairstead's continued support for New York City affordable housing and the company's long-term belief in Harlem. This property was sold by an investor group that includes L+M Development Partners and Savanna. Comprised of seven, 16-story buildings, Savoy Park is 100% rent stabilized and a historical piece of New York City.
Status: Closed

-MARANON CAPITAL LEADS FINANCING FOR ACQUISITION OF POTATO INGREDIENTS SUPPLIER IDAHO PACIFIC
US-based alternative investment management firm Maranon Capital, L.P. arranged and was administrative agent for a syndicate of lenders that provided unitranche financing to support the acquisition of potato-based ingredients supplier Idaho Pacific Holdings, Inc. by food and agriculture investment firm Arlon Group LLC, the firm said.
Idaho Pacific, founded in 1987, is headquartered in Ririe, Idaho, and operates production facilities in Idaho, Colorado and Prince Edward Island.
Status: Agreed

-HIS, MARKIT WIN SHAREHOLDER NODS FOR USD 13BN MERGER
Shareholders of US-based defense and industry information and analysis company IHS (NYSE: IHS) and UK-based financial data specialist Markit (NASDAQ: MRKT) have approved each of the merger-related proposals presented at the special meeting of the stockholders and special general meeting of the shareholders, respectively, held on 11 July, the companies said.
In March, the companies agreed to combine in an all-share merger, the companies said. Based on the closing prices of IHS and Markit common stock on 18 March 2016, the implied equity value of the transaction is more than USD 13bn.
Status: Agreed

-FEY TO SERVE AS OPERATING CHIEF OF MERGED SYMANTED, BLUE COAT
Michael Fey will join US-based cybersecurity firm Symantec (NASDAQ: SYMC) as president and chief operating officer upon closing of the company's acquisition of US-based web security firm Blue Coat, Inc., the company said.
Fey is an enterprise security executive with a highly technical background and more than a decade of cybersecurity experience.
Status: Agreed

-CUBE HYDRO CAROLINAS TO ACQUIRE ALCOA POWER GENERATING HYDROELECTRIC PLANTS IN NORTH CAROLINA
US-based hydropower development and operating platform Cube Hydro Partners, LLC's Cube Hydro Carolinas LLC affiliate has reached an agreement to purchase and upgrade four hydroelectric power plants located on the Yadkin River in North Carolina from US aluminium maker Alcoa Inc.'s (NYSE: AA) Alcoa Power Generating Inc. subsidiary, the company said.
The four facilities, known as High Rock, Tuckertown, Narrows and Falls, total 215mw and are expected to produce nearly 800,000mw-hours of clean electricity per year. Cube Hydro acquires and modernizes hydroelectric facilities to demonstrate the value of renewable hydropower and reduce our nation's reliance on carbon-based energy.
Status: Agreed

-AE INDUSTRIAL PARTNERS ACQUIRES TURBINE PARTS MACHINING SPECIALIST MOELLER AEROSPACE
US-based private investment firm AE Industrial Partners, LLC has acquired US-based turbine hardware machining company Moeller Mfg. Co, LLC, the firm said.
Founded in 1953, and based in Wixom, Michigan, Moeller Aerospace specialises in the precision machining of complex hot- and cold-section turbine hardware across major aerospace engine programmes. AE Industrial said that the company has a high proficiency in the machining of titanium-aluminide, low-pressure turbine blades and the manufacture of their proprietary Click-Loc and FlexThread products.
Status: Closed

-SOUTHERN POWER, TURNER BUY NORTH CAROLINA SOLAR PROJECT
US-based utility operator Southern Co's (NYSE: SO) Southern Power subsidiary and Turner Renewable Energy have acquired the companies' second solar project in North Carolina, the companies said.
They acquired the roughly 74mw Rutherford Farm facility from Cypress Creek Renewables. With more than 2,200mw of renewable generating capacity ownership, Southern Power assembled its renewable portfolio through the strategic acquisition or development of 30 solar, wind and biomass projects that are either in operation or under construction across the United States.
Status: Closed

-SPARKHOUND ACQUIRES APPLICATION DEVELOPMENT DIVISION FROM BLOOM CONSULTING
US-based business management consulting company Bloom Consulting and Project Management Group, Inc. has sold its application development division to Louisiana-based IT firm Sparkhound, LLC for an undisclosed amount as part of its growth strategy, the company said.
Sparkhound's 200-person company operates locations in Baton Rouge, Louisiana, Birmingham, Alabama, and Dallas and Houston, Texas. Bloom Consulting and Project Management Group offers strategic services to security, marketing and sales executives to help maximize their productivity and efficiency.
Status: Closed

-ALLIENCE ENTERTAINMENT ACQUIRES ANCONNECT RETAIL MUSIC BUSINESS
US-based home entertainment audio and video software distributor Alliance Entertainment Holding Corp. has acquired ANconnect, LLC's ANC retail music assets and business, the company said.
This acquisition includes vendor managed inventory accounts of Walmart and Best Buy. AEC, the largest wholesale distributor of physical home entertainment audio, video and software in the United States , provides service in various disciplines including mass merchant retail and wholesale distribution, consumer direct services, vendor managed inventory systems and independent music store fulfillment.
Status: Closed

-MB AEROSPACE ACQUIRES POLISH AERO-ENGINE COATINGS UNIT FROM VAC-AERO
US aero-engine components supplier MB Aerospace has completed the acquisition of Polish engine coatings firm Vac Aero (Poland) from Canadian parent company Vac Aero International, the company said.
The business, which employs over 100 employees at two sites in Kalisz (central Poland) and Rzeszow (south-eastPoland), specialises in providing protective and performance enhancing coatings for aero-engine and industrial gas turbine components. These OEM licensed and proprietary coatings provide wear, corrosion and heat resistance properties across performance critical compressor, combustor and turbine components.
Status: Closed

-VISTEON CLOSES ACQUISITION OF AUTOMOTIVE INFOTAINMENT SOFTWARE FIRM ALLGO SYSTEMS
India-based automotive multimedia and connectivity solutions supplier AllGo Embedded Systems Pvt. Ltd has closed the sale of its automotive business to US-based automotive cockpit electronics supplier Visteon Corp., the company said.
Terms of the transaction were not disclosed. The two companies initially announced plans for the transaction on January 12. AllGoVision, the video analytics business unit of AllGo Systems, is not included in the transaction and will be spun off to operate as an independent company.
Status: Closed

-MARTINDALE PHARMA BUYS UK NICHE DRUG DEVELOPER VIRIDIAN PHARMA
UK-based international specialty pharma company Martindale Pharma has completed the acquisition of UK-based niche pharmaceutical products developer and supplier Viridian Pharma, the company said.
Financial terms were not disclosed, but Martindale said the acquisition will be immediately accretive to earnings. This acquisition is part of Martindale Pharma's strategy to expand its product portfolio and actively support further growth of its hospital-initiated medicines product range. Viridian Pharma has developed five products all of which have regulatory approval in the UK and represent first-to-market specialty hospital-prescribed medicines.
Status: Closed

-PRECISION PUNCH ACQUIRES MEASUREMENT TOOLS PROVIDER EASTERN INDUSTRIES
US-based manufacturing company Precision Punch Corp. has acquired precision measurement tools provider Eastern Industries, the company said.
This acquisition combines Precision Punch's manufacturing capability with Eastern Industries' specialised product line. Eastern Industries offers a line of standard and custom gages used to measure thickness, gaps, and spacing.
Status: Closed

-THOMSON REUTERS TO SELL IP AND SCIENCE BUSINESS TO ONEX, BARING ASIA FOR USD 3.55BN
US-based professional markets news company Thomson Reuters (TSX: TRI) (NYSE: TRI) has entered into a definitive agreement to sell its Intellectual Property and Science business to private equity funds affiliated with private equity firm Onex Corp and Asian alternative asset management firm Baring Private Equity Asia for USD 3.55bn in cash, the company said.
The sale is subject to regulatory approval and customary closing conditions, including the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in the next few months.
Status: Agreed

-AMRI CLOSES USD 358M ACQUISITION OF PHARMACEUTICAL INGREDIENTS MAKER EUTICALS
US-based contract research and manufacturing organisation Albany Molecular Research Inc. (AMRI) (NASDAQ: AMRI) has closed the acquisition of all outstanding shares of Italian pharmaceutical ingredients maker Prime European Therapeuticals S.p.A. "Euticals," in a transaction valued at approximately USD 358m (EUR 315m), the company said.
The consideration consists of shares of AMRI common stock, cash, and a seller note. Euticals is a privately-held company headquartered in Lodi, Italy, specialising in custom synthesis and the manufacture of active pharmaceutical ingredients. It operates a network of API facilities primarily in Italy, Germany, US and France.
Status: Closed

-WME-IMG ACQUIRES MIXED MARTIAL ARTS ORGANISATION UFC
US-based talent and sports agency WME-IMG has acquired mixed martial arts organisation UFC, the company said. The price is USD 4bn.
WME-IMG has a portfolio of more than 800 owned, operated and/or commercially represented events. The agency said it will focus on accelerating the sport's popularity and presence around the world.
Status: Closed

-SNOW PHIPPS GROUP ACQUIRES CABLING SOLUTIONS SPECIALIST WINCHESTER
US-based private equity firm Snow Phipps Group has completed its acquisition of US-based interconnect solutions provider Winchester Electronics Corp. from Audax Private Equity, the firm said.
Headquartered in South Norwalk, Connecticut, Winchester is a provider of custom engineered interconnect solutions for high reliability applications in the military/aerospace, medical, semiconductor, data infrastructure, test and measurement, oil and gas, and other diversified end markets.
Status: Closed

-SALESFORCE COMPLETES ACQUISITION OF E-COMMERCE SPECIALIST DEMANDWARE
US-based customer relationship platform Salesforce Salesforce (NYSE: CRM) has completed its tender offer for all of the outstanding shares of common stock of enterprise cloud commerce solutions provider Demandware, Inc. (NYSE: DWRE) at a price of USD 75.00 per share, the company said.
Early in June, the companies entered into a definitive agreement under which Salesforce will acquire Demandware in a transaction worth approximately USD 2.8bn, the company said.
Status: Closed

-STRATEAN ACQUIRES DISTRIBUTED ENERGY MANAGEMENT SPECIALIST CLEANSPARK IN USD 36M DEAL
US-based downdraft gasifier developer Stratean, Inc. (OTC: SRTN) has acquired distributed energy resource management systems specialist CleanSpark in an all-equity transaction valued at approximately USD 36m, the company said
CleanSpark is a provider of engineering, software and controls for innovative distributed energy resource management systems. Stratean said that the acquisition provides it with a revenue-generating platform and significantly expands the capabilities of Stratean in the rapidly growing renewable energy sector.
Status: Closed

-JUGGERNAUT CAPITAL, KEVIN WULFF BUY ATHLETIC APPAREL BRANDS MITCHELL, NESS FROM ADIDAS
US-based private equity firm Juggernaut Capital Partners and Kevin Wulff have acquired the Mitchell and Ness assets from German athletic apparel and shoe company Adidas Group, the principals said.
Founded as a golf and tennis company in 1904, Mitchell and Ness Sporting Goods provided on-field uniforms to the Philadelphia Eagles, Athletics, and Phillies as early as 1933. The Mitchell and Ness Nostalgia company was created in the 1980's based on the idea to resurrect authentic jerseys significant to sports history.
Status: Closed

-JAPAN'S NICHI-IKO PHARMACEUTICAL TO ACQUIRE HOSPITAL SUPPLIER SAGENT FOR USD 736M
Japan-based generic drug provider Nichi-Iko Pharmaceutical Co., Ltd (TSX: 4541) and US-based pharmaceuticals provider Sagent Pharmaceuticals, Inc. (NASDAQ: SGNT) have agreed to a merger in which Nichi-Iko will acquire Sagent for a total consideration of approximately USD736m, the company said.
The acquisition is subject to the satisfaction of customary conditions, including the valid tender of a majority of the outstanding Sagent shares on a fully-diluted basis. The acquisition price represents a premium of approximately 40.3% to Sagent''s closing price of USD 15.50 per share on July 8, 2016.
Status: Agreed

-US PHYSICIAN SERVICES PROVIDER MEDNAX ACQUIRES CARDIOLOGY PRACTICE IN VIRGINIA
US-based national health solutions partner Mednax, Inc. (NYSE: MD) has acquired Fairfax, Virginia-based private physician group Pediatric Cardiology Associates (PCA), the company said.
This was a cash transaction, and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed. PCA, established in 1987, provides inpatient and outpatient cardiovascular care covering diagnosis and treatment of fetuses, infants and children, as well as adults with congenital heart disease.
Status: Closed

-JJ BURNS ACQUIRES LONG ISLAND WEALTH MANAGEMENT BOUTIQUE
New York-based wealth management expert JJ Burns and Co has acquired Syosset, New York-based financial management firm Emmes Wealth Management, the company said.
Emmes founder and CEO, Barry Goldberg, will join JJ Burns and Company as a director. Founded in 1994, JJ Burns and Company focuses on comprehensive wealth management based on an individual's unique vision and goals.
Status: Closed

-RENTAL HOUSING FIRM GREYSTAR ACQUIRES 2 LOS ANGELES PROPERTIES FOR USD 178M
US-based rental housing properties management company Greystar Real Estate Partners, LLC subsidiary Greystar Equity Partners IX, L.P. (GEP IX) has acquired, through separate unrelated transactions, two Los Angeles multifamily properties comprising 374 units for an aggregate purchase price of USD 178m, the company said.
In the first transaction, Greystar acquired Gardens at Wilshire Center, a 195-unit multifamily community located at 3675 Wilshire Blvd in Koreatown. In the second transaction, Greystar acquired Villas at Rancho Palos Verdes, a 215-unit multifamily community located at 6600 Beachview Drive in Ranchos Palos Verdes.
Status: Closed

-CANADIAN RETAILER PET VALU MERGES WITH US-BASED PET SUPERMARKET
Canada-based pet food and supplies chain Pet Valu and US-based pet care supplies business Pet Supermarket have merged to create a pet specialty retailer and small format, neighborhood, pet specialty retailer, the companies said.
The combined business is named Pet Retail Brands. Terms of the agreement were not disclosed. With over 930 stores, Pet Retail Brands will have an extensive retail footprint with stores from the East Coast to the West Coast and from Miami to Vancouver.
Status: Closed

-CONSTRUCTION EQUIPMENT DEALER HUGG AND HALLL ACQUIRES RPM SERVICES AND RENTALS
US-based industrial and construction equipment provider Hugg and Hall Equipment Company has acquired US-based independent equipment rental company RPM Services and Rentals, LLC, the company said.
The acquisition will increase Hugg and Hall Equipment's Louisiana footprint to 12 stores and position the company to capitalise on favourable industry and regional trends. Headquartered in Houma, Louisiana, RPM Services and Rentals has additional locations in Broussard and Baton Rouge, Louisiana.
Status: Closed

-DIGITAL BENEFIT ADVISORS ACQUIRES ATLANTA-AREA AGENCY USBC
US-based employee benefits firm Digital Benefit Advisors has acquired USBC, LLC of Alpharetta, Georgia, opening the company's second DBA office in metro Atlanta, the company said.
Principals Joe Leigner and Jeff Thomas, along with their team of five professionals, have joined DBA. Digital Benefit Advisors is a national alliance of local market experts who offer advanced solutions and expanded services to help companies meet their strategic business objectives.
Status: Closed

-UNIT4 ACQUIRES GERMAN PERFORMANCE MANAGEMENT, BUSINESS INTELLIGENCE SOFTWARE FIRM PREVERO
The Netherlands-based enterprise software provider Unit4 has acquired Germany-based corporate performance management and business intelligence solutions provider prevero, the company said.
The acquisition is subject to final merger clearance. Headquartered in Munich, prevero is a privately held company with customers in 30 countries. It provides solutions for planning, budgeting, forecasting, data analysis, dashboarding and reporting to support the sustainable improvement of decision-making and control for companies of all sizes.
Status: Agreed

-LIFELOGGER ACQUIRES KEY ASSETS OF PHOTO, VIDEO SHARING PLATFORM PIXORIAL
US-based media-sharing software developer LifeLogger Technologies Corp (OTCQB: LOGG) has completed the acquisition of key assets of Englewood, Colorado-based personal photo and video sharing platform Pixorial, Inc., the company said.
As part of the terms of the amended and resaid asset purchase agreement, LifeLogger has acquired certain assets of Pixorial, such as the registered trademark "What's Your Story?" and the 620,000-customer list. LifeLogger will issue 2,600,200 shares of its unregistered common stock to the existing shareholders and certain creditors of Pixorial.
Status: Closed

-DALLAS ASSET MANAGER ORIX USA ACQUIRES BOSTON FINANCIAL INVESTMENT MANAGEMENT
Dallas, Texas-based capital solutions provider Orix USA has acquired Boston, Massachusetts-based real estate management firm Boston Financial Investment Management LP, the company said.
Boston Financial will be a new separate subsidiary of Orix USA. Orix USA has a team of more than 600 employees spanning 20 offices across the US and Brazil to offer investment capital and asset management services to clients in the corporate, real estate, municipal and energy sectors, while holding USD 6bn of assets and managing an additional USD 29bn.
Status: Closed