Deal Pipeline
Wednesday 13 July 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-BARNES GROUP TO ACQUIRE ADVAL TECH'S MOULDS BUSINESS FOR CHF 133M
US-based aerospace and industrial manufacturing and service provider Barnes Group Inc. (NYSE: B) has entered into a definitive agreement to acquire Swiss mold-making specialist Adval Tech's molds business (FOBOHA), the company said.
FOBOHA focused on the development and manufacture of complex plastic injection molds for packaging, medical, consumer, and automotive applications. The company, which is headquartered in Haslach, Germany, operates out of three manufacturing locations in Germany, Switzerland, and China.
Status: Agreed

-CLX COMMUNICATIONS CLOSES USD 117M ACQUISITION OF MOBILE MESSAGING PROVIDER MBLOX
Swedish cloud-based communications services provider CLX Communications AB has closed the acquisition of US-based Mblox Inc. for a cash consideration of USD 117m, the company said. Mblox is one of the largest application-to-person (A2P) mobile messaging providers. It globally processed more than 7bn messages in 2015.
Both CLX and Mblox are enterprise communications service providers with a global presence and customer base, yet CLX said that the the combination is highly complementary, with CLX's strong position in Europe is complemented by Mblox's strong position in the US, UK and Australia.
Status: Closed

-AMC THEATRES TO ACQUIRE ODEON, UCI CINEMAS GROUP
US-based cinema operator AMC Theatres (NYSE: AMC) has entered into a definitive agreement to acquire the largest theatre exhibitor in Europe, London-based Odeon and UCI Cinemas Group from private equity firm Terra Firma in a transaction valued at approximately GBP 921m, the company said.
With 242 theatres and 2,236 screens, Odeon and UCI is currently the #1 theatre operator in Europe. With 90 m tickets sold annually, it is also the #1 theatre operator in the UK and Ireland, Italy and Spain; the #2 theatre operator in Austria and Portugal; and the #4 theatre operator in Germany. Odeon and UCI had approximately USD 1.156bn of revenue for the last twelve months ending March 31, 2016. The combination of AMC and Odeon and UCI will result in AMC's operation of 627 theatres and more than 7,600 screens in eight countries.
Status: Agreed

-AMC "REMAINS COMMITTED" TO USD 1.1BN CARMIKE CINEMAS ACQUISITION
US-based cinema operator AMC Theatres (NYSE: AMC) remains committed to closing its USD 1.1bn acquisition of US-based Carmike Cinemas, Inc. (NASDAQ: CKEC) despite having just agreed to buy London-based Odeon and UCI Cinemas Group, the company said.
On Tuesday, AMC entered into a definitive agreement to acquire Odeon and UCI Cinemas Group from private equity firm Terra Firma in a transaction valued at approximately GBP 921m. That same day, AMC CEO Adam Aron released a statement saying "AMC remains committed to moving forward with our plan to acquire Carmike Cinemas."
Status: Agreed

-JAZZ PHARMACEUTICALS GRABS 81.13% OF CELATOR SHARES IN TENDER OFFER
Shares representing approximately 81.13% of US-based Celator Pharmaceuticals, Inc. (NASDAQ: CPXX) outstanding shares have been tendered so far in Irish drugmaker Jazz Pharmaceuticals plc's (NASDAQ: JAZZ) tender offer to purchase all of the outstanding shares of common stock of Celator at USD 30.25per share in cash, Jazz said.
The condition to the tender offer that a majority of Celator's outstanding shares be validly tendered has now been satisfied and Jazz said it intends to complete its acquisition of Celator "promptly".
Status: Agreed

-CHINESE INTERNET VIDEO FIRM KU6 MEDIA CLOSES "GOING PRIVATE" MERGER
Chinese Internet video company Ku6 Media Co., Ltd.'s (NASDAQ: KUTV) has closed a deal under which Shanda Interactive Entertainment acquired the company in a "going private" transaction for USD 0.0108 per ordinary share, or USD 1.08 per American depositary shares (each representing 100 ordinary shares).
Based on the offer price, the proposal values the company at approximately USD 51.5m in fully enlarged equity value. The offer price represents a premium of 54% over the closing price of the company's ADSs on 29 January 2016, a premium of 42% over the average closing price of its ADSs during the last 30 trading days and a premium of 52% over the average closing price of its ADSs during the last 60 trading days.
Status: Closed

-CRAILAR FIBER TECHNOLOGIES INTERNATIONAL CLOSES ACQUISITION OF IP ASETS
Canadian bast fiber-based products producer Crailar Fiber Technologies International Inc. has closed the acquisition of the intellectual property of Crailar Technologies Inc. and Crailar Fibre Technologies Inc., as well as completion of financing to fund immediate operational and product development efforts, the company said.
The assets acquired include trademarks, trade secrets, IP and know-how related to bast fiber production from agronomics to finished products developed by Crailar Technologies Inc.
Status: Closed

-ECG MANAGEMENT CONSULTANTS BUYS KURT SALMON'S HEALTHCARE DIVISION
US-based consulting firm ECG Management Consultants has closed a purchase agreement with UK-based professional services company Management Consulting Group PLC (LSE: MMC) to acquire the healthcare division of MMC's Kurt Salmon US, Inc subsidiary, the firm said.
ECG is a portfolio company of Gryphon Investors, a San Francisco-based, middle-market private equity firm. ECG has been expanding its size and scope to better meet the needs of healthcare organisations.
Status: Closed

-MOORELAND PARTNERS ADVISES NEXTPERF ON ITS SALE TO RAKUTEN MARKETING
UK-based investment bank Mooreland Partners acted as the exclusive financial advisor to French AI marketing plaform provider Nextperf on its sale to Japanese e-commerce firm Rakuta's US-based Rakuten Marketing omnichannel marketing unit, the firm said.
Headquartered in Paris, Nextperf is a provider of retargeting solutions and artificial intelligence applied to online advertising. The company is active throughout Europe as well as in Brazil and North America, with a portfolio of nearly 1,000 clients for whom it guarantees the highest market ROI.
Status: Closed

-ZADAR VENTURES INKS MOU TO ACQUIRE AUSTRALIAN HARD ROCK LITHIUM ASSET
Canadian mining company Zadar Ventures (TSX Venture: ZAD) has potentially added an Australian hard rock prospect to its lithium portfolio through an MOU with Macarthur Minerals' (TSX Venture: MMS) Macarthur Lithium Pty subsidiary, the company said.
According to Zadar, the property is within 7km of a producing mine with a capacity of 137,000 tons per annum of lithium carbonate.
Status: Agreed

-US INSURER MASSACHUSETTS MUTUAL LIFE TO BUY METLIFE SOLUTIONS GROUP
US-based insurer MetLife's MetLife Solutions Group financial advisory unit has entered a definitive agreement for acquisition by US-based insurer Massachusetts Mutual Life Insurance Co. as part of the purchase of the MetLife Premier Client Group, the company said.
MassMutual Life Insurance has acquired MetLife's US Retail advisor force the MetLife Premier Client Groupa retail distribution operation with more than 40 local sales and advisory operations and approximately 4,000 advisors across the country. 
Status: Agreed

-US FEDERAL RESERVE CLEARS KEYCORP TO ACQUIRE FIRST NIAGARA FINANCIAL GROUP
US-based financial services firms KeyCorp (NYSE: KEY) has received regulatory approval from the Federal Reserve to complete the merger with US-based First Niagara Financial Group, Inc. (NASDAQ: FNFG), the company said.
The merger of First Niagara into KeyCorp is expected to be completed on or about 1 August 2016, pending the satisfaction of customary closing conditions. Systems and client conversion is expected during 4Q16, subject to pending regulatory approval by the OCC for the merger of First Niagara Bank into KeyBank.
Status: Agreed

-CANADIAN AUCTIONEER RITCHIE BROS CLOSES ACQUISITION OF FINANCIAL SERVICES UNIT
Canada-based industrial auctioneering company Ritchie Bros. (NYSE: RBA) (TSX: RBA) has completed its acquisition of the outstanding minority interest of Ritchie Bros. Financial Services, the company said.
Under the deal, Ritchie Bros. acquired the outstanding 49% minority interest in Ritchie Bros. Financial Services has now completed, for cash consideration of CDN 53.9m (USD 41.1m). Additional compensation may be provided to the former shareholders of the minority interest, contingent upon certain operating performance targets being achieved over the next three years. 
Status: Closed

-CANADIAN AUCTIONEER RITCHIE BROS BUYS MINORITY STAKE IN SEARCH ENGINE MACHINIO
Canada-based industrial auctioneering company Ritchie Bros. (NYSE: RBA) (TSX: RBA) has made a strategic investment in equipment-buying search engine Machinio Corp., the company said.
The move is part of the company's strategy of investing in equipment distribution channels. Chicago-based Machinio Corp. a global search engine for finding, buying and selling equipment. With more than 1m items listed for sale, Machinio provides equipment buyers with a database of available used machinery covering construction, farming, metal working, processing, packaging, material handling, and woodworking equipment.
Status: Closed

-LEADPAGES ACQUIRES EMAIL MARKETING AUTOMATION SOFTWARE DRIP
US-based landing page software company Leadpages has acquired email marketing automation software company Drip, the company said.
This marks the first acquisition for Leadpages. Terms of the deal were not disclosed. Drip allows users to create email campaigns, broadcasts and workflows for lead nurturing and engagement. Leadpages is a marketing software designed to help businesses collect more leads by offering ways to engage potential customers through landing pages, websites, social media, email and text messaging.
Status: Closed

-VOLEX FORMS CABLE-MAKING JV WITH TAIWAN'S JOINSOON ELECTRONICS
UK-based power cord and harness assembler Volex plc (LSE: VLX) has agreed to form a joint venture with a Taiwan-based manufacturer Joinsoon Electronics Mfg. Co. Ltd to engage in the development, manufacture and marketing of Volex-branded AC raw cables, the company said.
According to the agreement, Joinsoon and Volex will form a joint venture holding company in Taiwan with a manufacturing facility located in Guangdong, China. The joint venture will be named Volex-JEM Cable Precision (Dongguan) Co., Ltd, and expects to start production immediately on receipt of the necessary safety approvals.
Status: Agreed

-INLAND HOMES ACQUIRES REGENERATION PROJECT IN HERTFORDSHIRE, UK
UK-based brownfield regeneration specialist and housebuilder Inland Homes Plc (AIM: INL) has purchased a regeneration project in Cheshunt, Hertfordshire, the company said.
Contracts have been exchanged by a 50 / 50 joint venture with a third party on a site of approximately 13 acres, which includes the former headquarters of Tesco Plc, with the transaction completing in mid-August 2016. Situated just outside the M25 to the north of London and 27 minutes from Liverpool Street station by train, the acquisition comprises a major regeneration opportunity for Inland Homes and is fully aligned with its strategic objectives and specialist skill set.
Status: Closed

-WHITBREAD INKS GBP 84.5M SALE, LEASEBACK DEAL ON LONDON HOTEL
UK-based hotel, coffee shop and restaurant company Whitbread plc (LSE: WTB) has inked the sale and leaseback of its 389 room Hub by Premier Inn hotel in Kings Cross, London, the company said.
Whitbread said in April that it is planning to carry out sale and leaseback transactions this year with proceeds of GBP 100m to GBP 150m. As part of this, Whitbread has exchanged agreements with Legal and General for the sale and leaseback of its 389 room Hub by Premier Inn hotel in Kings Cross, due to open in 2017, in exchange for a 25 year lease agreement.
Status: Agreed

-SATELLITE SOLUTIONS ACQUIRES UK BROADBAND PROVIDER AVONLINE
UK-based rural and last-mile satellite broadband specialist Satellite Solutions Worldwide Group plc (AIM: SAT) has is acquiring UK satellite broadband provider Avonline Satellite Services Holdings Ltd. the leading for an initial consideration of GBP 10m (USD 13.28m), the company said.
The consideration is to be satisfied through existing cash resources and a new financing agreement with Business Growth Fund plc. SSW said that the deal increases its UK and global customer base to around 17,000 and around 35,000, respectively.
Status: Closed

-BRITISH LAND SELLS DEBENHAMS FLAGSHIP STORE ON LONDON'S OXFORD STREET
UK-based real estate company British Land plc (LSE: BLND) has exchanged contracts for the sale of 334-348 Oxford Street, London to a private investor for GBP 400m (USD 531.06m), the company said.
The asset is a seven storey building located near Bond Street Underground Station in London's core West End shopping district. The building is let in its entirety to Debenhams until 2039. In addition, British Land has exchanged on GBP 99m of further Retail disposals since 31 March 2016, including GBP79 m of superstores, 3.1% ahead of March valuations.
Status: Closed

-PETRA DIAMONDS, KIMBERLEY EKAPA MINING FORM JV
South African diamond mining companies Petra Diamonds (LSE: PDL) and Ekapa Mining Ltd have entered into a joint venture agreement, which combines the respective operations, owned and operated by the joint venture partners in the Kimberley area, into an unincorporated joint venture named the Kimberley Ekapa Mining joint venture, the companies said.
The respective operations comprise Petra's Kimberley Underground mines (via its subsidiary Crown Resources Ltd); Ekapa Mining's tailings operations (via its subsidiaries Super Stone Mining Ltd ("Super Stone Mining"), and Kimberley Miners Forum Ltd); and Kimberley Mines tailings operations (via Ekapa Minerals Ltd owned 50.1% Ekapa Mining and 49.9% Petra).
Status: Agreed

-CELL MEDICA ACQUIRES SWISS DRUGMAKER DELENEX THERAPEUTICS
UK-based cancer and viral therapeutics developer Cell Medica has acquired Switzerland-based clinical stage biopharmaceutical company Delenex Therapeutics AG, the company said.
The acquisition will enable Cell Medica to accelerate the development of gene-modified immune cell products with enhanced potency for the treatment of cancer. Delenex was founded in September 2009 as a spin-off from ESBATech. The Delenex scientific team and laboratory facilities will be re-named Cell Medica Switzerland AG.
Status: Closed

-FLAGSHIP VENTURES MERGES EVELO BIOSCIENCES, EPIVA BIOSCIENCES TO FORM IMMUNO-MICROBIOME PLATFORM
Massachusetts-based venture capital firm Flagship Ventures has merged its portfolio US-based therapeutics research companies Evelo Biosciences and Epiva Biosciences to create an immuno-microbiome company to develop therapeutics for cancer, autoimmune and inflammatory diseases, the company said.
The new entity will keep the name Evelo Biosciences.Flagship has financed the company with about USD 40m to date and plans to make additional investments to support its rapid growth.
Status: Closed

-FARO ACQUIRES CANADIAN 3D METROLOGY SOFTWARE FIRM BUILDIT
Florida-based 3D measurement and imaging solutions company Faro (NASDAQ: FARO) has acquired Canada-based 3D metrology software solutions company BuildIT Software and Solutions Ltd., the company said.
Located in Montreal, Canada, BuildIT's software is used daily on the production lines of aerospace and defense manufacturers. Its software is hardware independent, giving customers the flexibility to utilize different hardware offerings to maximize productivity and efficiency.
Status: Closed

-HEALTH MEDIA NETWORK ACQUIRES RIGHTS TO PETCARE TV
US-based digital point of care media company Health Media Network has acquired the rights to US-based development stage company PetCARE Television Network, LLC, from US-based veterinary waiting room network Saddle Ranch Media, Inc. (OTC: SRMX), the company said.
PetCARE TV's digital point of care network reaches pet owners with informative and entertaining pet education in the waiting areas of veterinarian waiting rooms nationwide. Launched in 2007, Health Media Network, provides education and health content in physician waiting rooms through a platform of 30 specialty health networks.
Status: Closed

-US IT SOLUTIONS FIRM SPERIDIAN ACQUIRES TECHNOLOGY CONSULTANT INGENUITY
US-based information technology solutions provider Speridian Technologies has invested in US-based technology consulting company Ingenuity Consulting Partners, Inc., to become a member of Speridian Group of Companies, the company said.
Founded in 2002, Ingenuity Consulting identifies and implements IT solutions, with expertise in software development and application integration specifically with customer facing web and mobile applications. This acquisition will enhance the midwest regional presence of Speridian.
Status: Closed

-SPIRE CAPITAL SELLS RAINBOW EARLY EDUCATION TO QUAD-C MANAGEMENT
New York-based private equity firm Spire Capital Partners has closed on the sale of Michigan-based early education services provider Rainbow Early Education Holding, LLC to Virginia-based private equity firm Quad-C Management, the company said.
Spire initially partnered with Patrick Fenton, Rainbow's Founder and CEO, in 2010 to invest in a platform providing a differentiated early education experience for children. The company opened or acquired 91 schools during the six-year partnership, more than tripling the school count while growing revenue by over 400%.
Status: Closed

-HALVIK ACQUIRES SCIENCE SUPPORT PROVIDER SP SYSTEMS
US-based software and management solutions provider Halvik has acquired US-based science support provider SP Systems, becoming an Alliant Small Business prime contract holder in the process, the company said.
Headquartered in Greenbelt, Maryland, and founded in 1999, SP Systems provides scientific research, engineering, data analysis, near real-time satellite data processing, algorithm development, and instrumentation to support knowledge advancement across the federal government.
Status: Closed

-REAL ESTATE BROKERAGE NRT ACQUIRES BOSTON'S THE COLLABORATIVE COMPANIES
US-based real estate brokerage NRT LLC's New England operation has acquired the assets of residential real estate marketing firm The Collaborative Companies in Boston, the company said.
The newly acquired operation will continue to conduct business as The Collaborative Companies. With 30 employees, the single-office The Collaborative Companies specialises in developing and implementing sales and marketing programmes for large-scale, vertical urban and suburban development projects throughout Greater Boston.
Status: Closed

-NEUBERGER BERMAN'S CYAL CAPITAL PARTNERS BUYS MINORITY STAKE IN TECH INVESTOR SILVER LAKE
US-based technology investing firm Silver Lake has received a minority investment from Neuberger Berman's Dyal Capital Partners private equity unit of, the company said.
Dyal acquired a passive, non-voting interest of less than 10% in Silver Lake in an all primary transaction, the proceeds of which will be used by Silver Lake for new growth initiatives and to extend the strength of its global investing capabilities. Silver Lake claims more than USD 24bn in combined assets under management and committed capital.
Status: Closed

-COSTAIN ACQUIRES TRAFFIC MONITORING SOLUTIONS PROVIDER SSL FOR USD 22.55M
London, England-based engineering solutions provider Costain (LSE: COST) has completed the acquisition of UK-based technology-based traffic monitoring solutions provider SSL, the company said.
SSL has been acquired for a total cash consideration of USD 22.55m (GBP 17m) on a debt free / cash free and normalised working capital basis and the consideration has been funded from Costain's existing cash and debt facilities.
Status: Closed

-CALEDONIA INVESTMENTS AGREES TO ACQUIRE UK PUB, DRINKS BUSINESS THE LIBERATION GROUP
UK-based self-managed investment trust Caledonia Investments plc (LSE: CLDN) has agreed to acquire UK-based pub, restaurant, and drinks business The Liberation Group Ltd. from UK-based investment firm Legal and General Capital's LGV Capital investment arm in a transaction which values Liberation at USD 156.51m (GBP 118m) the company said.
On completion, which is subject to the approval of the Channel Islands Competition and Regulatory Authorities, Caledonia will invest USD 93.62m (GBP 70.6m) in cash to acquire a 98% equity stake, with Liberation's management team subscribing a further USD 1.86m (GBP 1.4m).
Status: Agreed

-JAYWING ACQUIRES AUSTRALIAN SEARCH MARKETING AGENCY MASSIVE
UK-based data science application agency Jaywing plc (AIM: JWNG) has acquired Sydney, Australia-based search marketing agency Massive Group Pty, the company said.
Jaywing has acquired 75% of Digital Massive's issued share capital for an initial cash payment of USD 1.56m (AUD 2m), plus an earn out consideration of up to USD 1.56m (AUD 2m), which will be payable in three installments over the next two years, subject to the future performance of Digital Massive.
Status: Agreed

-VALIRX SELLS FINISH TRAC TECHNOLOGY FOR USD 0.887M
UK-based cancer therapy developer ValiRx Plc (AIM: VAL) has sold the use of rights for its Finnish-based TRAC Technology for USD 887,000 (EUR 800,000), the company said.
ValiRx has sold its subsidiary, ValiRx (Finland) Oy, the company holding the TRAC technology, to German biotechnology firm Sovicell Science for Life GmbH, for a cash consideration of USD 887,000 (EUR 800,000), according to a payment schedule, while retaining a license to use TRAC Technology in its therapeutic development.
Status: Closed

-RENTOKIL ACQUIRES US PEST CONTROL, TURF PRODUCTS DISTRIBUTOR RESIDEX FOR USD 30M
UK-based business services group Rentokil Initial plc (LSE: RTO) has acquired US-based pest control and turf products distribution business Residex LLC for USD30m, the company said.
The acquisition increases the scale of the company's existing pest and turf products business, which more than doubles in size. Rentokil Initial operates in more than 60 countries. The company offers route-based services including Pest Control, Hygiene and Workwear through teams of local experts.
Status: Closed

-OSCAR WORLD EDUCATION ACQUIRES AEC'S MALVERN HOUSE IRELAND SUBSIDIARY
UK-based education holding company AEC Education plc (LSE: AEC) has disposed of one of its 55%-owned Irish Subsidiary, English language programmes provider Malvern House Ireland Ltd., to education investment company Oscar World Education Ltd., Ireland, the company said.
The consideration for the disposal is USD 0.62m (GBP 560,000) payable in cash on completion. Oscar World Education will also sign a franchise agreement for one year enabling it to use the Malvern House brand name on payment of a royalty of 2.5% of tuition fee revenue per year.
Status: Closed

-GOOCH AND HOUSEGO BUYS UK VEHICLE SIGHTS SPECIALIST KENT PERISCOPES, US ELECTRO-OPTICAL FIRM ALFALIGHT
UK-based optical components and systems maker Gooch and Housego plc (AIM: GHH) has acquired UK-based vehicle sights company Kent Periscopes Ltd and Madison, Wisconsin-based electro-optic systems maker Alfalight Inc, the company said.
G/H paid USD 1.3m, in cash, funded from existing cash and debt facilities at completion for Alfalight and up to USD 12.57m (GBP 9.5m) for Kent.
Status: Closed

-CHYRONHEGO ACQUIRES US DIGITAL CONTENT MANAGEMENT SYSTEMS DEVELOPER SOUND AND VIDEO CREATIONS
US-based broadcast and sports industries services provider ChyronHego has acquired Nashville, Tennessee-based digital content management systems developer Sound and Video Creations Inc., the company said.
Sound and Video Creations is known for its ClickEffects family of products for live A/V entertainment production. For more than 20 years, ClickEffects solutions been used in digital A/V content delivery at high-profile live sports and entertainment events, as well as hundreds of colleges and universities.
Status: Closed

-ENDONOVO THERAPEUTICS AGREES TO ACQUIRE ELECTROCEUTICALS DEVELOPER RIO GRANDE NEUROSCIENCES
US-based bioelectronic device and medicine developer Endonovo Therapeutics, Inc. (OTCQB: ENDV) has executed a binding letter of intent to acquire Santa Fe, New Mexico-based electroceuticals developer Rio Grande Neurosciences, Inc., the company said.
The LOI is binding, but subject to the execution of a definitive purchase agreement, shareholder approvals from both companies and Endonovo raising additional capital. The parties expect to sign a definitive agreement within the third quarter ending 30 September, 2016 and close at the same time or shortly thereafter.
Status: Agreed

-ELECTROLUX AGREES TO BUY WINE CABINET SUPPLIER VINTEC
Sweden-based household appliance maker Electrolux (STO: ELUX-B) has agreed to acquire wine cabinet supplier Vintec, the company said.
The acquisition includes Vintec Club, which has grown rapidly to about 10,000 members since it was established three years ago. Vintec supplies a range of freestanding and integrated climate-controlled wine cabinets under the Vintec and Transtherm brands throughout the Asia Pacific region.
Status: Agreed