Deal Pipeline
Monday 13 February 2017
The following is a list of deals covered in detail by M and A Navigator this week:

-BATM ADVANCED COMMUNICATIONS TO BUY ISRAELI DIAGNOSTICS LAB FOR NIS 2.75M

UK-based networking solutions and medical laboratory systems technologies provider BATM Advanced Communications Ltd. (LSE: BVC) has entered into an agreement to purchase the entire issued share capital of Israeli diagnostic laboratory Zer Laboratories Ltd. for a consideration of NIS 2.75m (USD 724,188) payable in cash.
Zer Laboratories, headquartered in Tel Aviv, Israel and established in 1976, is the largest private diagnostic laboratory in Israel for clinical tests, mainly providing prenatal screening tests for Down's Syndrome, genetic tests and additional tests performed during IVF and fertility treatments. The company's unaudited revenues for full year 2015 amounted to USD 2.4m and profit before tax was USD 27,000. The acquisition is expected to be earnings accretive in the financial year ending 31 December 2017.
Status: Agreed

-GLANBIA MAKES EUR 181M OF ACQUISITIONS IN PLANT NUTRITION, THE DIRECT TO CONSUMER CHANNEL
Irish nutrition group Glanbia plc (OTC: GLAPF) is investing approximately EUR 181m (USD 192.61m) in two acquisitions in its Glanbia Performance Nutrition segment, the company said.
On 6 January 2017, Glanbia acquired Grass Advantage LLC in the US. Amazing Grass has a portfolio of organic and non GMO brands in the plant based nutrition, "Greens" and "Super Food" categories. On 3 February 2017, Glanbia agreed to acquire "Body and Fit" in the Netherlands, a leading direct to consumer online branded business focused on performance nutrition.
Status: Closed

-HUMMINGBIRD RESOURCES TO SELL CORA GOLD TO GLENWICK
UK-based gold producer Hummingbird Resources (LSE: HUM) has agreed heads of terms with Isle-of-Man-based holding company Glenwick plc (LSE: GWIK) regarding the sale of 100% of the share capital of Cora Gold Ltd., the company said.
Cora Gold was established by Hummingbird and Kola Gold Ltd. to amalgamate certain prospective gold exploration permits held by Hummingbird in Mali together with a number of Kola's permits in Mali and Senegal.
Status: Agreed

-CREE, INFINEON NOW SKEPTICAL ABOUT WOLFSPEED SALE CLEARING US REGULATOR
US-based LEDs, lighting products and semiconductor products firm Cree, Inc. (NASDAQ: CREE) and German chipmaker Infineon Technologies AG (FSE: IFX) (OTCQX: IFNNY) are expressing pessimism over whether their agreed deal regarding Cree's Wolfspeed Power and RF division will be cleared by US regulator the Committee on Foreign Investment in the United States (CFIUS), the companies have confirmed.
Last July, the companies announced a deal under which Infineon Technologies would acquire Wolfspeed from Cree for USD 850m in cash.
Status: Agreed

-JAGUAR ANIMAL HEALTH TO MERGE WITH MINORITY OWNER NAPO PHARMACEUTICALS
US-based animal gastrointestinal products specialist Jaguar Animal Health, Inc. (NASDAQ: JAGX) has entered into a binding agreement of terms to merge with US-based Napo Pharmaceuticals, Inc., the company said.
The transaction was approved by the unanimous vote of independent and disinterested members of each of Jaguar's and Napo's board of directors. Napo will operate as a wholly-owned subsidiary of Jaguar, focused on human health.
Status: Agreed

-ANTHEM TO APPEAL US DISTRICT COURT DECISION TO ENJOIN PROPOSED USD 54.2BN MERGER
US-based health insurer Anthem, Inc. (NYSE: ANTM) will appeal a decision by the US District Court for the District of Columbia issued an order enjoining its proposed acquisition of US-based health insurer Cigna Corp. (NYSE: CI), the company said.
In July 2015, the companies announced a definitive deal under which Anthem would buy Cigna in a cash and stock transaction, with Cigna shareholders will receive USD 103.40 in cash and 0.5152 Anthem common shares for each Cigna common share.
Status: Agreed

-EQT WINS AUCTION TO ACQUIRE 53,400 CORE MARCELLUS ACRES FOR USD 527M
US-based natural gas producer EQT Corp. (NYSE: EQT), through its EQT Production Co unit, has won a bankruptcy auction to acquire 53,400 core net Marcellus acres, from Stone Energy Corp. for USD 527m, the company said.
The deal includes drilling rights on 44,100 net acres in the Utica and current natural gas production of approximately 80 MMcfe per day. Pending final approval by the bankruptcy court at a hearing scheduled for 10 February 2017, the transaction is expected to close on or about 28 February 2017. EQT will finance the acquisition with cash-on-hand.
Status: Agreed

-SYMANTEC CLOSES USD 2.3BN ACQUISITION OF IDENTITY THEFT PROTECTION SPECIALIST LIFELOCK
California-based cybersecurity company Symantec Corp. (NASDAQ: SYMC) has closed the acquisition of Arizona-based identity theft protection company LifeLock, Inc. (NYSE: LOCK) for USD 24 per share or USD 2.3bn in enterprise value, the company said.
Symantec expects to finance the transaction with cash on the balance sheet and USD 750m of new debt. The company operates through two segments, Consumer Security and Enterprise Security. It was founded in 1982 and is headquartered in Mountain View, California. LifeLock provides proactive identity theft protection services for consumers and consumer risk management services for enterprises.
Status: Closed

-EMMAUS GRANTS GENEREX EXTENSION ON PAYMENT DATE FOR ACQUISITION
US-based drugmaker Emmaus Life Sciences has granted Canadian biotechnology company Generex biotechnology Corp. (OTC: GNBT) an extension of the payment date for an interim cash consideration payment in its acquisition of a controlling equity interest in Emmaus, the company said.
In January, Generex has entered into a letter of intent for the acquisition of a controlling stake in Emmaus. The total consideration is USD 225m, according to an 8-k filing the company made on 16 January. The due date for the USD 1.5m has now been extended to 16 February 2017.
Status: Agreed

-TPG CAPITAL CLOSES ACQUISITION OF US HEALTHCARE SOFTWARE FIRM MEDIWARE INFORMATION SYSTEMS
Lenexa, Kansas-based healthcare and human services software provider Mediware Information Systems, Inc., will be acquired from private equity firm Thoma Bravo by global private equity fund TPG Capital, the company said.
Mediware supplies software as a service and other software platforms for healthcare and human services providers and payors across acute, non-acute and community-based sites of care. Primary product categories include non-acute care, human and social services, blood management as well as medication management. Mediware prides itself on delivering high-quality solutions to meet the demands of complex workflows in demanding regulatory environments.
Status: Closed

-THE GORES GROUP CLOSES ACQUISITION OF TRIUMPH'S AIR REPAIR BUSINESS
US-based investment firm The Gores Group's Gores Small Capitalization Partners unit has completed the acquisition of and US-based aircraft structures and systems overhaul specialist Triumph Group, Inc.'s (NYSE: TGI) US APU MRO business: Triumph Air Repair and Triumph Engines, the company said.
The completion of transaction for the Auxiliary Power Unit Overhaul Operations of Triumph Aviation Services Asia is expected to close in March. The combined businesses have been rebranded as TurbineAero, Inc. TurbineAero is an independent aerospace component maintenance, repair, and overhaul service provider focused on APUs and related products.
Status: Closed

-HFF ARRANGES USD 108M IN JV EQUITY FOR THE ACQUISITION OF CALIFORNIA INDUSTRIAL PROPERTIES
US-based commercial real estate and capital markets services firm Holliday Fenoglio Fowler, L.P. has arranged a joint venture equity partnership and represented the partnership in the acquisition of a six-property industrial portfolio along with the recapitalisation of an additional industrial building totaling USD 108.75m and 372,100 square feet in southern and northern California, the firm said.
HFF arranged the joint venture equity partnership between Dedeaux Properties, LLC and a financial services firm and facilitated the sale of the six industrial assets to the partnership. Additionally, on behalf of Dedeaux Properties, HFF arranged the recapitalisation of a 111,260-square-foot, state-of-the-art cold storage warehouse located at 4000 Noakes Street in Commerce.
Status: Agreed

-AGCO TO LAUNCH USD 185M TENDER OFFER FOR ACQUISITION OF BRAZILIAN GRAIN HANDLING EQUIPMENT MAKER KEPLER WEBER
US-based agricultural equipment maker AGCO (NYSE: AGCO) plans to launch a tender offer for the outstanding shares of Brazilian grain storage and handling equipment manufacturer Kepler Weber S.A., a, the company said.
AGCO said it has reached a binding agreement with the two largest shareholders of Kepler Weber, Caixa de Previdência dos Funcionários do Banco do Brasil and BB - Banco de Investimento S.A., to acquire their blocks of shares totaling approximately 35% of the outstanding shares. The company plans to launch a tender offer to acquire up to all of the common shares held by the other shareholders for purpose of delisting Kepler Weber shares from the São Paulo Stock Exchange. The price of the offer will be BRL 22.00 (USD7.03) per share, valuing Kepler Weber at BRL 578.9 m (USD 185m).
Status: Agreed

-DATA STORAGE MERGES WITH IBM EQUIPMENT AND SERVICES PROVIDER ABC SERVICES
US-based business continuity and disaster recovery protection solutions company Data Storage Corp. (OTCQB: DTST) has acquired IBM equipment, infrastructure as a service, managed and professional services providers ABC Services and ABC Services II, the company said.
This deal includes the remaining 50% ownership of Secure Infrastructure and Services. Due to the acquisition, Data Storage Corp. will expand its current solutions including email archival and compliance, Recovery Cloud, Office 365, IBM DR and Cloud Servers, while leveraging ABC's network and data security, managed services and equipment.
Status: Closed

-MEAD JOHNSON NUTRITION AGREES TO USD 17.9BN RECKITT BANCKISER BUYOUT
US-based pediatric nutrition company Mead Johnson Nutrition Co (NYSE: MJN) has reached an agreement to be acquired by UK-based consumer health and hygiene group Reckitt Benckiser Group plc (LSE: RB), the company said.
As a result of this transaction, Mead Johnson will become a new division of RB with its globally-recognised Enfamil and Nutramigen brands joining RB's portfolio of leading consumer health brands. RB has agreed to pay USD 90 cash for each share of Mead Johnson common stock in a transaction valued at approximately USD 17.9bn (including net debt).
Status: Agreed

-BLACKSTONE ACQUIRES AON'S TECHNOLOGY-ENABLED BENEFITS AND HR PLATFORM
Private equity funds affiliated with US-based investment firm Blackstone (NYSE: BX) have entered into a definitive agreement to acquire UK-based insurer Aon plc's (NYSE: AON) technology-enabled benefits and human resources platform, currently part of Aon Hewitt, for cash consideration of up to USD 4.8bn, the firm said.
This total includes USD 4.3bn at closing and additional consideration of up to USD 500m based on future performance. The business is the largest benefits administration platform in the United States, and a leading services provider for cloud-based HR management systems.
Status: Closed

-US ENERGY EFFICIENCY SPECIALIST FRANKLIN ENERGY MERGES WITH GOODCENTS, RESOURCE ACTION PROGRAMES
US-based energy efficiency programme implementation firm Franklin Energy Services, LLC has merged with US-based energy efficiency firms GoodCents and Resource Action Programs to form the combined company, Franklin Energy Group, the company said.
Prior to the alliance, the three firms provided energy efficiency, demand response and education services to utilities, states and municipalities. Now, they have pooled talent and their core knowledge to develop what will be the utility industry's most substantial offering of demand side management services and solutions.
Status: Closed

-NEW ENTERPRISE STONE AND LIME CLOSES USD 46M ACQUISITION OF BERCKS PRODUCTS, EJB PAVING
US-based construction materials supplier and construction contractor New Enterprise Stone and Lime Co., Inc. has acquired the core assets of Berks Products Corp. and EJB Paving and Materials Co., the company said.
New Enterprise said the strategic acquisitions consist of two aggregate plants, two hot mix asphalt plants, four ready mixed concrete plants, and a construction supply center in Berks County, Pennsylvania. The facilities are ideally situated between NESL's existing Lehigh Valley and Lancaster locations, expanding its operating footprint and market scope into the Reading, Pennsylvania market.
Status: Closed

-HOUSTON AMERICAN ENERGY ACQUIRES 25% STAKE IN PERMIAN BASIN ASSETS
US-based energy company Houston American Energy Corp. (NYSE MKT: HUSA) has completed the acquisition of a 25% working interest in two lease blocks covering 717.25 acres in Reeves County, Texas, the company said.
The interest was acquired from Founders Oil and Gas III, LLC for a purchase price of USD 5,500 per net mineral acre, or a total of USD 986,000. Additional adjacent acreage is expected to be acquired in the coming weeks by Founders, with Houston American acquiring an interest in the same, to bring the total acreage position to approximately 800 gross acres.
Status: Closed

-TASER LAUNCHES ARTIFICIAL INTELLIGENCE GROUP WITH TWO ACQUISITIONS
US-based public safety technology company Taser International (NASDAQ: TASR) has closed two acquisitions to launch a new artificial intelligence group called "Axon AI," the company said. According to Taser, the acquired technologies and team of about 20 researchers and engineers will accelerate the introduction of new AI-powered capabilities for public safety.
Taser acquired Dextro, Inc, a computer-vision and deep learning system used to make the visual contents in video searchable in real time. Agencies and departments will have the ability to quickly isolate and analyze the most important seconds of footage from massive amounts of video data. This acquisition will form the technology backbone of the new Axon AI platform.
Status: Closed

-ELEV8 BRANDS ACQUIRES FLORIDA MOBILE OXYGEN BAR OPERATOR O2 BREATHE
US-based hemp seed coffee blend producer Elev8 Brands, Inc. (OTC: VATE) has entered into an acquisition agreement with US-based mobile oxygen bar operator 02 Breathe, LLC, the company said.
02 Breathe was founded by Tina Aldrich in 2010 as Orlando's first mobile oxygen bar. Since then she's expanded the business to cover many large festivals, concerts, and other events around the state of Florida. As part of the transaction Elev8 Brands, Inc. acquired all of the membership interest in 02 Breathe, LLC and Tina Aldrich has become the new marketing manager of Elev8 Brands, Inc.
Status: Closed

-HOMEADVISOR ACQUIRES CANADIAN HOME SERVICES PLATFORM HOMESTARS
US-based media and Internet company IAC (NASDAQ: IAC) HomeAdvisor home services marketplaces unit has acquired Canadian home services platform HomeStars, the company said. HomeStars connects homeowners with service providers throughout Canada.
With the acquisition of HomeStars, HomeAdvisor strengthens its North American market position position in digital marketplaces dedicated to home services. HomeStars joins HomeAdvisor platforms in Germany (MyHammer), France (Travaux.com), Netherlands (Werkspot) and Italy (Instapro) as HomeAdvisor looks to build on domestic momentum and accelerate international growth.
Status: Closed

-PREMIER OILFIELD LABORATORIES ACQUIRES ASSETS OF OKLAHOMA SUBSURFACE LABORATORY FROM CONOCOPHILLIPS
US-based oilfield services company Premier Oilfield Laboratories, LLC has acquired the assets of the ConocoPhillips Subsurface Laboratory located in Bartlesville, Oklahoma, the company said.
These assets will supplement Premier's existing operations in Houston, Aberdeen and Cairo, providing a range of specialised laboratory equipment, research scientists, and work flows to offer a larger cross-section of technical solutions to optimize production from both conventional and unconventional oil and gas reservoirs. The acquisition of the Subsurface Laboratory assets is consistent with ConocoPhillips' 2016 decision to decommission the Subsurface component of its Bartlesville labs.
Status: Closed

-AMI ENTERTAINMENT NETWORK ACQUIRES UK DIGITAL JUKEBOX MANUFACTURER NSM MUSIC GROUP
US-based music and video company AMI Entertainment Network Inc has acquired UK-based digital jukebox manufacturer NSM Music Group Ltd., the company said. NSM is a digital jukebox manufacturer and operates a digital music network serving bars, pubs and restaurants in locations in North America, the United Kingdom and Europe.
The company is headquartered in Leeds, England. NSM has been designing and manufacturing jukeboxes since 1951.
Status: Closed

-PORTER NOVELLI ACQUIRES US PR AND MARKETING FIRM CONE COMMUNICATIONS
US-based public relations and marketing agency Cone Communications has agreed to be acquired by US-based public relations agency Porter Novelli, the firm said. Cone said the move allows it to expand the international of its CSR strategy and thought leadership services by leveraging Porter Novelli's 90 offices around the globe.
It provides Cone with access to a deeper talent of agency resources within the 60 countries Porter Novelli operates. Cone will remain an independent brand within the Porter Novelli network, and continue as a specialty agency within the Omnicom Public Relations Group.
Status: Closed

-TPG CAPITAL CLOSES ACQUISITION OF US HEALTHCARE SOFTWARE FIRM MEDIWARE INFORMATION SYSTEMS
US-based private equity fund TPG Capital has closed the acquisition of Lenexa, Kansas-based healthcare and human services software provider Mediware Information Systems, Inc from private equity firm Thoma Bravo
Lenexa, Kansas-based healthcare and human services software provider Mediware Information Systems, Inc., will be acquired from private equity firm Thoma Bravo by global private equity fund TPG Capital, the company said.
Status: Closed

-ASSOCIATED ASPHALT TO ACQUIRE SELLER AXEON MARKETING
US-based liquid asphalt reseller Associated Asphalt has agreed to acquire US-based asphalt seller Axeon Marketing, the company said. Associated Asphalt is a portfolio company of ArcLight Capital Partners
Axeon Marketing, a subsidiary of Axeon Specialty Products, markets liquid asphalts and polymer modified asphalts through 13 terminals along the East Coast from Florida to New York. Associated Asphalt, founded in 1948 and headquartered in Roanoke, Virginia, is a liquid asphalt resellers serving the Mid-Atlantic and Southeast.
Status: Agreed

-FEDERAL REALTY INVESTMENT TRUST ACQUIRES CALIFORNIA SHOPPING CENTRE FOR USD 29.5M CASH
US-based REIT Federal Realty Investment Trust (NYSE: FRT) has acquired Pasadena, California-based shopping centre Hastings Ranch Plaza, the company said. Hastings Ranch Plaza is a 274,000 square foot shopping centre.
The Trust acquired the leasehold interest in the shopping center for USD 29.5m cash. Hastings Ranch Plaza enjoys immediate access to Interstate 210 at the Rosemead-Michillinda exit and is within walking distance of the Sierra Madre Station on the Metro Gold Line. According to FRT, Hastings Ranch Plaza is currently 100% occupied. The property is anchored by Sears, Marshalls, HomeGoods and CVS.
Status: Closed

-LAYNE CHRISTENSEN TO SELL ITS HEAVY CIVIL BUSINESS FOR USD 10.1M
US-based water management, construction and drilling company Layne Christensen Co (NASDAQ: LAYN) has signed a definitive agreement to sell substantially all of its Heavy Civil business to a newly-formed entity owned by private investors, the company said.
These investors include members of the current Heavy Civil senior management team. The sale is the culmination of an extensive process to divest the business. This transaction, which is expected to close in approximately 90 days, is subject to certain customary terms and closing conditions. The sale price for the Heavy Civil business is approximately USD 10.1m, consisting of at least USD 6.4m in cash, with the remainder consisting of Layne common stock currently owned by the investors.
Status: Agreed

-WESTERN GAS PARTNERS ACQUIRES WILLIAMS STAKE IN DELAWARE BASIN GATHERING SYSTEM
US-based MLP Western Gas Partners, LP (NYSE: WES) has entered into an agreement with US-based gas pipeline operator Williams Partners L.P. whereby WES will acquire WPZ's 50% non-operated interest in the assets of Delaware Basin JV Gathering LLC in exchange for WES's 33.75% non-operated interest in two natural gas gathering systems located in northern Pennsylvania and USD 155m in cash, the company said.
WES currently holds a 50% interest in, and operates, DBJV's assets, which consist of a 577-mile natural gas gathering system serving Anadarko and third party producers in Loving, Ward, Winkler and Reeves Counties, Texas. For the nine months ended 30 September 2016, the DBJV Interest generated USD 16.6m in net income and USD 26.3m in Adjusted EBITDA1.
Status: Closed