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

-SANDISK STOCKHOLDERS APPROVE USD 19BN MERGER WITH WESTERN DIGITAL
Shareholders of US-based flash drive specialist SanDisk Corp. (NASDAQ: SNDK) have voted to approve the company's agreed merger with US-based storage company Western Digital Corp. (NASDAQ: WDC) at a special meeting to be held on 15 March, SanDisk said.
In addition, the Western Digital stockholders have approved the proposal to issue additional shares of Western Digital common stock in order to complete the proposed acquisition of SanDisk Corp. Last October, Western Digital agreed to buy SanDisk in a deal that values the company's common stock at USD 86.50 per share or a total equity value of approximately USD 19bn.
Status: Agreed

-ENVISION HEALTHCARE TO ACQUIRE MICHIGAN PHYSICIAN GROUP FOR USD 120M
US-based Envision Healthcare Holdings, Inc. (NYSE: EVHC) has inked a definitive agreement to acquire Michigan, US-based Emergency Physicians Medical Group, the company said.
Envision expects to invest approximately USD 120m, plus contingent consideration based on EPMG's post-closing performance, to acquire EPMG. Emergency Physicians Medical Group has more than 500 clinical providers staff 37 facilities in Michigan, Illinois, Indiana, Ohio, Iowa and Delaware. EPMG is expected to contribute annualised net revenues of approximately USD 140m.
Status: Agreed

-CYRUSONE LAUNCHES COMMON STOCK OFFERING; WILL USE PROCEEDS FOR PROPERTY ACQUISITION
US-based data centre operator CyrusOne Inc. (NASDAQ: CONE) has commenced the public offering of 5.5m shares of its common stock and will use the proceeds to fund, in part, its acquisition of property in Aurora, Illinois from US-based derivatives marketplace CME Group Inc., the company said.
On Tuesday, CME announced that it had agreed to sell its suburban Chicago data centre to CyrusOne for USD 130m.
Status: Agreed

-FIBRA INN TO ACQUIRE CASA GRANDE CIUDAS JUAREZ HOTEL
Mexican real estate investment trust Deutsche Bank Mexico, S.A., Banking Institution, Trust Division F/1616 or Fibra Inn (BMV: FINN13) (ADR OTC: DFBRY) has inked binding agreement to acquire Casa Grande Ciudad Juarez, located in the state of Chihuahua, the REIT said.
The hotel currently has 145 rooms and operates in the full-service segment. Fibra's Inn corporate governance bodies approved the amount agreed to acquire up to MXN 115m (USD 6.42m) plus taxes, acquisition-related expenses and corresponding VAT expenses.
Status: Agreed

-IMMUNOGENX ACQUIRES THE ASSETS OF ALVINE PHARMACEUTICALS
US-based biopharmaceutical company ImmunogenX has completed the acquisition of the non-cash assets of US-based Alvine Pharmaceuticals, the company said.
This includes the Latiglutenase (formerly known as ALV003 and renamed IMGX-003), an orally administered mixture of two recombinant gluten-specific proteases that degrades gluten proteins into small physiologically irrelevant fragments.
Status: Closed

-DECHRA PHARMACEUTICALS TO ACQUIRE US VETERINARY DRUGMAKER PUTNEY FOR USD 200M
UK-based drugmaker Dechra Pharmaceuticals plc (LSE: DPH) has conditionally acquired the entire share capital of US-based generic companion animal pharmaceuticals developer Putney, Inc, the company said.
The total consideration payable for Putney amounts to USD 200m (GBP 139m) in cash at completion on a debt-free/cash-free basis. Putney is an independent developer of companion animal generic pharmaceuticals in the US, based in Portland, Maine, and employs approximately 60 people.
Status: Agreed

-OREXIGEN ACQUIRES US RIGHTS TO TAKEDA'S CONTRAVE
US-based drugmaker Orexigen Therapeutics, Inc. (NASDAQ: OREX) and Japan's Takeda Pharmaceutical's US unit have agreed a deal under which Orexigen will acquire the US rights to Takeda's for the Contrave weight management drug, the companies said.
Completion of the transaction is subject to the parties' receipt of clearance under the Hart-Scott-Rodino Antitrust Improvement Act. The transaction is expected to close in late March 2016 following receipt of clearance under the HSR Act. At the closing, Orexigen will pay Takeda USD 60m to acquire Contrave US rights.
Status: Agreed

-CHEUNG KONG PROPERTY UNIT TO SELL GRAND LUCAYAN RESORT
A subsidiary of Hong Kong-based property company Cheung Kong Property Holdings Ltd. has engaged US-based investment banking firm HVS Capital Corp. to sell the Grand Lucayan Resort complex in the Bahamas in a sealed bid auction, HVS said.
The 409-acre resort is the largest on Grand Bahama Island and the third largest in The Bahamas. HVS said that the seller's preference is to sell the Grand Lucayan Resort complex as a single transaction. However, bids for individual assets will be considered.
Status: Agreed

-SOTHEBY'S INTERNATIONAL REALTY ADDS IDAHO FIRM TO NETWORK
US-based real estate company Sotheby's International Realty Affiliates LLC has added Group One in Boise and Eagle, Idaho to its real estate network, the company said.
Group One will now operate as Group One Sotheby's International Realty. The firm, which is owned and operated by Brad Barker and KaLinn Dishion, will serve the markets of Boise, Eagle, Meridian, Nampa and Star. 
Status: Closed

-BLACKBRIDGE CAPITAL TO INVEST USD 7.5M IN WORLDFLIX
US-based holding company WorldFlix, Inc., (OTC: WRFX) has entered into an agreement with US-based alternative investment fund Blackbridge Capital, LLC. to receive USD 7.5m, the company said.
Under the deal, Blackbridge is set to purchase up to USD 7.5m of WorldFlix common stock through a Regulation A offering, in tranches up to a USD 200,000, over an expected 12 months or less. These funds will be used to bolster the release of WorldFlix unit App Farm's triple encryption internet safety protection application, Swantry, and further the company's advantageous strategy for Drobbits; the company's cloud based game creation and distribution platform.
Status: Agreed

-MANGROVE TO LAUNCH TENDER OFFER FOR ASTA FUNDING SHARES
US-based investment manager Mangrove Partners announced plans to make a cash tender offer for up to 3m shares of common stock of US-based consumer receivables firm Asta Funding, Inc. (NASDAQ: ASFI) at a price of USD 9.00 per share, the company said.
The offer price represents a 6.13% premium over Asta's closing stock price of USD 8.48 on March 14, 2016 and a 20.32% premium over Asta's closing stock price on 2 March 2016, the day upon which Mangrove filed a Schedule 13D.
Status: Agreed

-GERMANY'S GRUNENTHAL TO ACQUIRE MEXICO OPERATIONS OF SPANISH DRUGMAKER ALMIRALL
German family-owned pharmaceutical company Grünenthal Group has entered into an agreement to acquire Spanish drugmaker Almirall's operations in Mexico, the company said.
The deal is worth EUR 30m (USD 33.24m). Grünenthal said that the acquisition is a key element of the company's strategy to strengthen the company's footprint in Latin America. Under the deal, Grünenthal will acquire 100% of the share capital of Almirall de Mexico.
Status: Agreed

-LAUREATE EDUCATION TO SELL TWO SWISS HOSPITALITY MANAGEMENT SCHOOLS TO EURAZEO FOR CHF 380M
US-based higher education network Laureate Education, Inc. and European investment company Eurazeo have signed an agreement under which Eurazeo will acquire Swiss hospitality schools Glion Institute of Higher Education and Les Roches International School of Hotel Management from Laureate Education for a total transaction value of CHF 380m (USD 383.92m), the companies said.
Glion and Les Roches are hospitality management schools. The institutions were founded in 1962 and 1954, respectively.
Status: Agreed

-GENERATIONAL EQUITY CLIENT DISC-LOCK ACQUIRED BY SHEREX FASTENING
US-based mergers and acquisitions advisor Generational Equity's client, US-based fastening systems maker Disc-Lock, Inc. has been acquired by Sherex Fastening Solutions LLC, the firm said.
Established over 30 years ago, Disc-Lock designs and manufactures highly-specialised vibration-proof fastening systems. Disc-Lock's patented fasteners are used for numerous applications in a variety of industries worldwide, contributing to its proprietary manufacturing process.
Status: Closed

-FIRST CHOICE BUSINESS BROKERS ADVISES ON USD 6.15M SALE OF NUTRITIONAL SUPPLEMENT FIRM
US-based business sales specialist First Choice Business Brokers' Los Angeles team has closed the sale of nutritional supplement company Quantum Wellness Botanical Institute, LLC, the company said.
QWBI sold at a total transaction value of USD 6.15m. Quantum Wellness Botanical Institute, LLC specialises in the marketing and sales of nutritional supplements and skincare products through direct mail, e-mail marketing, online advertising and sales, and through affiliate partnerships.
Status: Closed

-SANNE GROUP TO ACQUIRE SOUTH AFRICA'S IDS FUND SERVICES FOR ZAR 201.6M
Jersey-based outsourced corporate and fund administration services provider Sanne Group plc (LSE: SNN) has entered into an agreement to acquire South African alternative investment fund administration business IDS Fund Services for an initial cash consideration of ZAR 201.6m (GBP 9.2m), the company said.
This deal also includes expected deferred cash consideration of ZAR 74.7m (GBP 3.4m) dependent on IDS's final audited EBITDA for the year ending 29 February 2016. Total cash consideration is, therefore, expected to be ZAR 276.3m (USD 17.19m).
Status: Agreed

-CARETECH HOLDINGS TO BUY UK PROVIDER OF BRAIN INJURY CARE PROVIDER FOR GBP 20.3M
UK-based specialist social care services provider CareTech Holdings plc (AIM: CTH) has agreed to acquire the entire issued share capital of UK-based care facility operator Oakleaf Care (Hartwell) Ltd. and all of the residential properties from which it operates, the company said.
Oakleaf is a Northampton-based specialist in the care and rehabilitation of men with acquired brain injury. The total consideration for Oakleaf is GBP 20.3m in cash (USD 28.65m), comprising an initial payment of GBP 18.3m (including GBP 11.4m for the properties) and an earn-out of GBP 2m.
Status: Agreed

-TOTALLY TO ACQUIRE UK HEALTHCARE PROVIDER PREMIER PHYSICAL IN GBP 6.75M DEAL
UK-based clinical health-coaching services specialist Totally (AIM: TLY) has conditionally agreed to acquire the entire issued share capital of UK-based healthcare services provider Premier Physical Healthcare Ltd. for a maximum consideration of GBP 6.75m (USD 9.52m), the company said.
The consideration is based on the financial performance of Premier. Premier is a provider of physical healthcare services to both public and private patients. Totally has also conditionally raised gross proceeds of GBP 6.2m from new and existing investors, via a subscription of 10m new Ordinary Shares at a price of 62p per share.
Status: Agreed

-BELGIAN COMPETITION AUTHORITY CLEARS AHOLD, DELHAIZE MERGER
Dutch grocery store operator Ahold and Belgium-based Delhaize have received approval from the Belgian Competition Authority for their intended merger, the companies said.
The companies have agreed to merge in a EUR 26.07bn (USD 29.11bn) deal. Shareholders of both firms have approved the deal. Regulatory review of the proposed merger is still underway with the US Federal Trade Commission. The BCA's approval is conditional upon the divestment of a limited number of stores in Belgium to address competition concerns raised by the regulator.
Status: Agreed

-THE CHRON ORGANIZATION TO ACQUIRE SAFETYNET SECURITY
US-based Smart Home technologies provider The Chron Organization, Inc. (OTC: USAR) has entered into an LOI to acquire Texas, US-based alarm installation and monitoring service company SafetyNet Security, Chron said.
SafetyNet's client base includes the who's who of Texas homeowners and has an eighteen year history of providing paramount customer service to luxury homes in the area. Chron said that the acquisition will allow it to accelerate its plans to enter the industry, bringing proper licensing, infrastructure and brain trust into Chron immediately. 
Status: Agreed

-FAGERHULT ACQUIRES GERMAN LIGHTING MODULE MAKER LED LINEAR FOR USD 44.26M
Swedish lighting group Fagerhult has acquired 100% of the shares of Neukirchen-Vluyn, Germany-based lighting module maker LED Linear GmbH, the company said.
Fagerhult pays USD44.26m (EUR 40m), on a cash and debt free basis, as an initial payment for 100% of the shares of LED Linear GmbH. An additional earnout of EUR21m can be paid until 2018 tied to the company performance. As part of the transaction, the joint venture partners in LED Linear USA and LED Linear India have the option to sell their shares to Fagerhult for a total value of approximately EUR 5m.
Status: Closed

-MSDI, ROCKLAND IT SOLUTIONS AND SOURCE SUPPORT SERVICES MERGE TO FORM CONGRUITY
Massachusetts-based data storage companies MSDI, Rockland IT Solutions and Source Support Services have merged to form Congruity, the companies said.
Todd Gresham, the current CEO of Source, will be CEO of Congruity, and the rest of Congruity's senior management team will be comprised of existing executives from the three companies. Congruity's operations will be based in Lawrenceville, Ga., Pembroke, Mass. and Fall River, Mass.
Status: Closed

-CIVITAS SOLUTIONS ACQUIRES FIVE US ADULT DAY HEALTH SERVICES CENTRES
Massachusetts-based health service provider Civitas Solutions, Inc. (NYSE: CIVI) has expanded its platform of adult day health services to the state of Maryland with the acquisition of five ADH centres, the company said. Each of the five centres acquired provide person-centered day services to elders, including medication management and nutritional and nursing support.
Two of the five centres are located in the city of Baltimore, while the other three operate within a 30-mile radius of the city.
Status: Closed

-VIKING MERGERS AND ACQUISITIONS SELLS P. SAYLOR FENCING
North Carolina-based fence building and installation company P. Saylor Fencing was officially sold to new owners Tim and Stacy Foley through a deal facilitated by Charlotte, North Carolina-based business brokers Viking Mergers and Acquisitions in March 2016, Viking said.
P. Saylor Fencing was founded more than 16 years ago. The new owners of P. Saylor Fencing, Tim and Stacy Foley, come from a background in corporate America.
Status: Closed

-IWIN TO ACQUIRE CASUAL GAMING SITE GAMEZEBO
US-based cross-platform game publisher iWin, Inc. has acquired casual gaming site gamezebo.com, the company said. Launched in 2006, Gamezebo established itself as a place for all things related to casual games, including reviews, walkthroughs, strategy guides, user forums, and industry news.
Today, Gamezebo attracts and informs over 1.2 million monthly unique users and releases well over 150 articles each month.
Status: Agreed

-EMPLOYEES BUY CRYSTAL, OSCILLATOR MAKER BOMAR CRYSTAL FROM FOUNDER
US-based custom crystal and oscillator maker Bomar Crystal employees have bought the company from its founder Robert Citron, the company said. The new company Bomar EXO, LLC / Bomar Crystal is headed up by long time employee Ermina Lirio as the general manager and David Miskov continuing his role as its chief technology officer.
Founded in 1963, Bomar Crystal offers full customization of fixed-frequency oscillators, crystals, OCXO, VCXO, TCXO and other quartz-based timing products.
Status: Closed

-PAYONEER ACQUIRES SILICON VALLEY B2B PAYMENTS COMPANY
US-based online payments company Payoneer has completed its acquisition of Silicon Valley-based B2B payments provider Armor Payments, the company said. The acquisition combines the security of payments provided by Armor Payments with Payoneer's multi-currency cross-border payment capabilities.
Armor Payments acts as a third-party intermediary between buyers and sellers, holding funds in secure escrow accounts until both parties are satisfied that the delivery of goods or services has been executed.
Status: Closed

-RESTORED DIGITAL SOLUTIONS ACQUIRES US PRINTER REPAIR FIRM
US-based document and printing provider Restored Digital Solutions recently acquired US-based printer specialists A1 Printer Repair, the company said.
A1 Printer Repair provides printer repairs and supplies from desktop laser to wide format printers. Restored Digital 's brands now also includes an e-commerce branch offering parts and supplies.
Status: Closed

-OPTIMUS OUTCOME ACQUIRES DIGITAL HEALTH STARTUP AUTISM ACUMEN
US-based autism services company Optimus Outcome has acquired digital health startup Autism Acumen, the company said. Autism Acumen's aim is making patient video medically meaningful to advance the diagnosis and treatment of neurological disorders.
In connection with the acquisition, Jessica Owens and Fred Cohen, M.D., D.Phil., partner and managing director of TPG Biotech and a board member of Acumen, will join Optimus Outcome as advisors.
Status: Closed

-ARTHUR J. GALLAGHER ACQUIRES OKLAHOMA INSURANCE BROKER
US-based insurance brokerage Arthur J. Gallagher and Co. (NYSE: AJG) has acquired Miami, Oklahoma-based insurance broker Bomford, Couch and Wilson, the company said.
Established in 1904, Bomford, Couch and Wilson is a retail insurance broker providing commercial property/casualty, risk management consulting, employee benefits and personal lines insurance services to small and middle-market clients throughout the four corners area of Oklahoma, Kansas, Missouri and Arkansas.
Status: Closed