Deal Pipeline
Thursday 16 June 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-TECHNIP BUYS HUMMINGBORD "ETHANOL TO ETHYLENE" TECHNOLOGY FROM BP CHEMICALS
French energy industry engineering and construction company Technip (PAR: TEC) (ISIN: FR0000131708) (ADR: TKPPY) has completed the acquisition of Hummingbird ethanol to ethylene technology from BP Chemicals Ltd., the company said.
Utilising a proprietary catalyst operating under mild operating conditions, the technology converts ethanol to ethylene through dehydration. This technology is lower cost and simpler compared to first generation technologies, Technip said.
Status: Closed

-ASSA ABLOY ACQUIRES DANISH SECTIONAL DOOR MAKER NASSAU
Swedish door opening solutions company Assa Abloy (STO: ASSAB) has signed an agreement to acquire Danish overhead door supplier Nassau in Denmark, the company said.
Nassau supplies industrial overhead sectional doors. Assa Abloy said that the deal enhances its position in entrance automation, where the company's sales have grown from SEK 3bn in 2008 to SEK 18bn in 2015.
Status: Closed

-DYNEGY TO ACQUIRE ENERGY CAPITAL PARTNERS' 35% STAKE IN ATLAS JV IN USD 750M DEAL
US-based electric power company Dynegy Inc. (NYSE: DYN) plans to acquire Energy Capital Partners' 35% interest in the Atlas joint venture which the two companies formed in February 2016 to purchase ENGIE's 9,058mw US fossil portfolio, the company said. Upon completion of the ENGIE portfolio acquisition, Dynegy will own 100% of the acquired business.
Under the terms of the agreement, Dynegy will acquire ECP's stake in the JV by assuming ECP's share of the upfront equity funding at closing, then paying ECP the revised discounted floor price of USD 375m post-closing for a total transaction value of USD 750m (assuming the transaction closes on 1 October 2016).
Status: Agreed

-THE COCA-COLA CO TO REFRANCHISE SOUTHEAST US TERRRITORY TO COCA COLA BOTTLING
US-based soft drinks company The Coca-Cola Co (NYSE: KO) has inked a letter of intent to refranchise territories to the largest independent Coca-Cola bottler in the US, Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE), the company said.
The Coca-Cola Co expects to refranchise most of the Memphis, Tennessee, market unit to Charlotte, North Carolina-based Consolidated. This area includes portions of Tennessee, Mississippi and Arkansas, including Little Rock.
Status: Agreed

-TURNER VALLEY OIL AND GAS INKS LOI TO ACQUIRE FLORIDA FAST CASUAL SEAFOOD CHAIN
US-based holding company Turner Valley Oil and Gas, Inc. (OTC: TVOG) has signed its first letter of intent for the acquisition of a fast casual seafood restaurant chain based out of Southern Florida, the company said.
According to Turner Velley, the chain currently operates profitably 5 stores with over USD 1m revenues annually. Through the acquisition by Turner, new investment capital can be invested into expanding the brand significantly.
Status: Agreed

-ANNALY CAPITAL MANAGEMENT EXTENDS EXCHANGE OFFER HATTERAS FINANCIAL SHARES
US-based mortgage REITs Annaly Capital Management, Inc. (NYSE: NLY) has extended its previously announced exchange offer to purchase all of the outstanding shares of common stock of Hatteras Financial Corp. (NYSE: HTS) until 11 July 2016, the company said.
In the offer, Hatteras common stockholders may elect to receive, in exchange for each share of Hatteras common stock they hold, USD 5.55 in cash and 0.9894 shares of Annaly common stock, USD 15.85 in cash or 1.5226 shares of Annaly common stock.
Status: Agreed

-DISCOVERY MIDSTREAM, OLD IRONSIDES ENERGY TO PURSUE MIDSTREAM INFRASTRUCTURE
US-based midstream energy company Discovery Midstream Holdings LLC  has partnered with  oil and gas investment manager Old Ironsides Energy, LLC to pursue midstream infrastructure acquisition and greenfield development opportunities across North America, the companies said.
Formed in 2015, Discovery is a full-service midstream company based in Dallas whose core services include natural gas gathering, processing, treating and compression; crude oil logistics; and water logistics.
Status: Agreed

-PROXY ADVISOR ISS RECOMMENDS "YES" VOTE FROM WILLIAMS SHAREHOLDERS ON ETE BUYOUT
Proxy advisory firm Institutional Shareholder Services is recommending that shareholder of US-based gas pipeline operator The Williams Companies, Inc. (NYSE: WMB) vote in favour of the company's agreement to be acquired by Energy Transfer Equity, L.P. (NYSE: ETE) in a USD 37.7m deal, Williams said.
Williams shareholders will vote at a special meeting scheduled for 27 June. Last September, Energy Transfer Equity and Williams agreed to a business combination transaction valued at approximately USD 37.7bn, including the assumption of debt and other liabilities, the companies said.
Status: Agreed

-QATARI BANK QNB CLOSES ACQUISITION OF TURKEY'S FINANSBANK
Doha-based Qatar National Bank S.A.Q. has closed its acquisition of a 99.81% stake in Turkish financial services firm Finansbank, the bank said. Last December, Qatar National agreed to buy Finansbank from National Bank of Greece for EUR 2.7bn (USD 3.02bn).
Finansbank is the 5th largest privately owned universal bank in Turkey by total assets, customer deposits and loans.
Status: Closed

-WESTWOOD COMPLETES ACQUISITION OF ARIZONA ENGINEERING, SURVEYING FIRM
US-based architecture, engineering, and construction company Westwood Professional Services Inc. has completed an acquisition of Tempe, AZ-based engineering and surveying firm, Site Consultants, Inc., the company said.
Westwood said that the acquisition expands its local operations and commercial and residential market presence with the addition of the well-established expertise from Site Consultants. Doing business as Site Consultants, Inc., a division of Westwood, the Site Consultants team is now serving its clients from Westwood's office in Scottsdale, Arizona.
Status: Closed

-SWEDISH E-COMMERCE GROUP QLIRO TO SELL TRETTI APPLIANCE UNIT FOR SEK 250M
Swedish e-commerce group Qliro Group AB has entered into an agreement to sell its Tretti AB subsidiary to WhiteAway for a total cash consideration of SEK 250m (USD 30.01m), corresponding to an enterprise value of approximately SEK 180m.
Tretti sells and markets household appliances. The company's product line includes stoves, refrigerators, washers, dryers, vacuum cleaners, smaller kitchen appliances, and personal hygiene products. Tretti's products can be bought through its website.
Status: Agreed

-ONTARIO SYSTEMS ACQUIRES COLUMBIA ULTIMATE BUSINESS SYSTEMS
US-based private equity firm Arlington Capital Partners's portfolio company, RCM and ARM software and solutions company Ontario Systems, has acquired Columbia Ultimate Business Systems, the firm said.
Based in Vancouver, Washington, Columbia is a provider of software and solutions to outsourced revenue cycle management and accounts receivable management firms as well as government clients. Together with Ontario, the combined company will have over 75,000 seat licenses and 800 customers, an installed base that bolsters Ontario's market-leading position as a premier provider of RCM and ARM software and related solutions.
Status: Closed

-CAVIUM TO ACQUIRE NETWORKING INFRASTRUCTURE SOLUTIONS FIRM QLOGIC IN USD 1.36BN DEAL
US-based semiconductor products company Cavium, Inc. (NASDAQ: CAVM) has entered into a definitive agreement to acquire networking infrastructure solutions provider QLogic Corp. (NASDAQ: QLGC) for approximately USD 15.50 per share, the company said.
QLogic offers high performance server and storage networking connectivity products to OEMs and channel partners, who rely on QLogic for their server and storage networking solutions. The company is headquartered in Aliso Viejo, California, with offices in Mountain View, California, India and Israel.
Status: Agreed

-PIONEER NATURAL RESOURCES TO ACQUIRE MIDLAND BASIN ACREAGE FOR USD 435M
US-based oil and gas exploration and production company Pioneer Natural Resources Company (NYSE: PXD) has signed a purchase and sale agreement with Devon Energy Corp. to acquire approximately 28,000 net acres in the Midland Basin for USD 435m, subject to normal closing adjustments, the company said.
The acreage is located in Martin, Midland, Upton, Reagan, Glasscock, Andrews, Dawson, Gaines and Howard counties.
Status: Agreed

-SAMSUNG TO ACQUIRE PUBLIC AND PRIVATE CLOUD PROVIDER JOYENT
South Korean electronics company Samsung Electronics Co., Ltd. has agreed to acquire US-based public and private cloud provider Joyent, Inc., the company said.
Samsung said that, with Joyent's cloud technology, it will now have access to its own cloud platform capable of supporting its growing lineup of mobile, Internet of Things and cloud-based software and services. The transaction remains subject to customary closing conditions.
Status: Agreed

-US CASH AUTOMATION TECHNOLOGY FIRM ARCA BUYS ITALIAN MANUFACTURING PARTNERS
US-based cash automation technology company Arca has entered into purchase agreements to acquire Italy-based Mavimec S.r.l., Prosecure S.r.l. and Sumotec S.r.l., the company said.
The companies have been operating as third party resources supporting Arca's technology manufacturing facilities in Italy. Arca said that the acquisitions will improve productivity within the company by creating a singular, streamlined organisation.
Status: Closed

-GARNERO GROUP, BRAZILIAN RETAILER GRUPO COLOMBO AMEND MERGER TERMS
US-based investment vehicle Garnero Group Acquisition Company (NASDAQ: GGAC) and Brazilian apparel retailer Q1 Comercial de Roupas S.A. have entered into an amendment to the definitive investment agreement related to their previously announced proposed merger, the companies said.
The amendment was prompted in part by Grupo Colombo's entry into a financial restructuring. As announced on 10 June 2016, Grupo Colombo's restructuring plan provides capital structure equalisation and a balanced cash flow for operations going forward.
Status: Agreed

-AMERICAN LITHIUM CLOSES LITHIUM BRINE ACQUISITIONS
Canada-based exploration stage company American Lithium Corp. (TSX Venture: LI) has closed a stock exchange agreement to acquire all of the outstanding share capital of arm's-length privately-held British Columbia, Canada-based mineral exploration company 1067323 B.C. Ltd, the company said.
Lithium issued 6m common shares to acquire all of the outstanding share capital of 1067323. At the closing of the acquisition, the company's total Nevada lithium brine portfolio will increase to 20,790 acres (8,413 hectares), including 18,552 contiguous acres (7,508 hectares) in Fish Lake Valley, Esmeralda County, and 2,240 acres (907 hectares) in Washoe County.
Status: Closed

-WIRB-COPERNICUS ACQUIRES DATA AND TECHNOLOGY FROM KARMADATA
US-based clinical research solutions company WIRB-Copernicus Group has agreed to acquire a suite of proprietary applications from clinical trial database and decision support applications specialist karmadata, the company said.
Under the terms of the agreement, WCG will acquire a suite of proprietary applications designed to facilitate the management of clinical trial data, as well as an exclusive license to use karmadata's extensive global library of clinical trial investigator and site data.
Status: Closed

-GOLD'S GYM BUYS 24 HOUR FITNESS LOCATIONS IN ST. LOUIS, OKLAHOMA CITY
US-based health and fitness centre operator Gold's Gym has signed an agreement to acquire all of the 24 Hour Fitness locations throughout the St. Louis and Oklahoma City metro areas, the company said.
As part of the deal, the six 24 Hour Fitness locations will be rebranded under the Gold's Gym name, establishing the brand as the market leader in these cities with ten locations in Oklahoma City and 11 locations in St. Louis. Gold's Gym has with more than 700 locations in 38 states and 23 countries.
Status: Closed

-GOODMAN BIRTCHER CLOSES ACQUISITION OF TWO CALIFORNIA LOGISTICS SITES
Australian industrial property company Goodman Group's North American subsidiary, Goodman Birtcher, has secured a logistics portfolio spanning 130 acres across two infill sites in Santa Fe Springs and El Monte, California, the company said.
The deal is worth around USD 240m, according to the Orange County Business Journal. On expiry of the current leases, both logistics sites will provide significant redevelopment opportunities with the potential to add 1.2m square feet of new class A logistics space to the company's development pipeline in the region.
Status: Closed

-TRIAD ADVISORS ACQUIRES DUNHAM AND DIETEL WEALTH MANAGEMENT GROUP
US-based broker-dealer and investment advisor Triad Advisors, Inc. has acquired Dunham and Deitel Wealth Management Group has transitioned to Triad's broker-dealer and hybrid multi-custodial registered investment advisory platform. Dunham and Deitel brings USD 155m in commission- and fee-based advisory client assets, as of 10 May 2016.
Triad Advisors is an independent broker-dealer supporting independent hybrid financial advisory practices and registered investment advisory firms, and is a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS).
Status: Closed

-MARRIOTT'S AUTOGRAPH COLLECTION HOTELS BUYS FOUR PROPERTIES
US-based hotel company Marriott International's (NASDAQ: MAR) Autograph Collection Hotels portfolio has acquired properties in the Florida Keys, New Orleans, Michigan and The Netherlands, the company said.
Launched in 2010, Autograph Collection Hotels is in the independent hotel space and has grown from less than five hotels in 2010 to over 95 hotels currently, making it not only Marriott International's fastest growing brand. The company acquired the Saint Hotel Key West, Autograph Collection in Key West, Florida, a 36-room property.
Status: Closed

-MYLAN CLOSES USD 950M ACQUISITION OF RENAISSANCE SPECIALTY, GENERICS BUSINESS
Dutch drugmaker Mylan N.V. (NASDAQ: MYL) (TASE: MYL) has closed the acquisition of the non-sterile, topicals-focused specialty and generics business of Renaissance Acquisition Holdings, LLC for USD 950m in cash at closing, plus additional contingent payments of up to USD 50m, the company said.
The transaction is expected to be immediately accretive to Mylan's adjusted diluted earnings per share upon closing.
Status: Closed

-INSURANCE BROKERS HIGGINBOTHAM, AMERICAP INSURANCE GROUP MERGE
US-based insurance and financial services firm Higginbotham and insurance broker AmeriCap Insurance Group, Inc. have merged their operations, the companies said.
Higginbotham is based in Fort Worth, Texas, and ranked by revenue as one of the largest independent insurance brokers of US business, and AmeriCap is an independent broker based in Dallas with offices in Hurst and Sherman and a workforce of 25.
Status: Closed

-TERUMO TO ACQUIRE MEDICAL DEVICE SPECIALIST SEQUENT FOR USD 280M
Japanese medical device maker Terumo Corp has entered into an agreement to purchase medical device maker Sequent Medical, Inc, the company said. Sequent Medical is a privately-held firm based in Aliso Viejo, California with European operations based in Bonn, Germany.
The purchase price of USD 280m will be paid at the close of the sale, with up to USD 100m to be paid based on the achievement of specific development or commercial milestones.
Status: Agreed

-US CAR RENTAL FIRM ENTERPRISE ACQUIRES VRIDE VANPOOLING BUSINESS
US-based car rental company Enterprise Holdings has acquired US-based vanpooling firm vRide, the company said.
vRide has served US commuters for almost 40 years. Enterprise Holdings purchased vRide from TPG Growth. In addition to car sharing, vanpooling and ride-matching services, Enterprise Holdings operates the Enterprise Rent-A-Car,National Car Rental and Alamo Rent A Car brands through an integrated global network of independent regional subsidiaries and franchise locations throughout more than 80 countries and territories.
Status: Closed

-SPANISH UTLITY ENDESA IN TALKS TO BUY ENEL GREEN POWER ESPANA
Spanish electric utility company Endesa, S.A. has entered into talks with Italian electricity and gas distributor Enel, S.p.A. concerning the potential acquisition of 60% of the share capital of its Spain-based Enel Green Power España, S.L. subsidiary, the company said.
The company already holds the remaining 40% of this company's capital. Endesa is active in the generation, transmission, distribution, and commercialisation of electricity in Spain, Portugal and North Africa.
Status: Talks

-SPECIALIST INVESTMENT PROPERTIES CLOSES BIRMINGHAM, UK ACQUISITION
UK-based real estate investor Specialist Investment Properties plc (LSE: SIPP) has closed its sixth property acquisition since implementing its new investment policy in early 2016, the company said.
Secta Properties Ltd., a subsidiary of SIPP, has exchanged on a property in Birmingham which is to be leased to Meadows Care Ltd. as a children's home on a 25-year inflation linked full repair and insuring lease. Completion is due to occur on 23 June 2016.
Status: Closed

-EBIX OFFERS USD 9.50/SHARE FOR INSURANCE TECHNOLOGY FIRM PATRIOT NATIONAL
US-based software and e-commerce services company Ebix, Inc. (NASDAQ: EBIX) has sent a letter to the board of insurance industry outsourced services provider Patriot National, Inc. (NYSE: PN) outlining its offer to acquire 100% of the outstanding stock of Patriot National for USD 9.50 per share, the company said.
The Ebix offer, based on 28.037m Patriot National diluted shares outstanding, represents a 37% premium to Patriot National's closing share price of USD 6.92 as of 14 June 2016. Patriot National is trading at around USD 8.75/share as of 16 June am, and has a market cap of USD 234.77m.
Status: Bidding

-APPLIED INDUSTRIAL TECHNOLOGIES ACQUIRES CANADA'S SEALS UNLIMITED
US-based industrial distributor Applied Industrial Technologies (NYSE: AIT) has acquired Canadian sealing, fastener and hose products distributor Seals Unlimited, the company said.
Founded in 1971, Seals and its team of 15 associates operate from a single location in Burlington. The company's product portfolio includes seals, o-rings, gaskets, lubricants, adhesives and sealing products.
Status: Closed