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

-VIDEO ADVERTISING BUREAU MERGES WITH CINEMA ADVERTISING COUNCIL
US-based trade association The Cinema Advertising Council (CAC) will join the Video Advertising Bureau (VAB), the organisation said. VAB represents the programmers and distributors of multiscreen TV content.
The groups said that the deal, effectively a merger of operations, creates a single industry voice for America's video providers just as advertiser demand for video reaches unprecedented levels.
Status: Closed

-DENTSU AEGIS ACQUIRES MEXICAN ADVERTISING AGENCY
UK-based media and digital marketing communications company Dentsu Aegis Network has acquired Mexican advertising agency Arrechedera y Claverol, the group said.
AC will become part of creative agency mcgarrybowen, marking the agency's entry into Mexico. Arrechedera y Claverol was founded in 2007 in Mexico City by Juan Claverol and Sebastian Arrechedera with a focus on strategic planning and creative services.
Status: Closed

-BANK OF THE OZARKS WINS FDIC, ARKANSAS REGULATORY APPROVALS FOR ACQUISITION
US-based financial services firm Bank of the Ozarks, Inc. (NASDAQ: OZRK) has received regulatory approval from both the Federal Deposit Insurance Corp. and the Arkansas State Bank Department for the acquisition of Community and Southern Holdings, Inc. and its wholly-owned Community and Southern Bank subsidiary, the firm said.
OZRK said it expects approval from the Federal Reserve Bank of its merger transactions with both Community and Southern Holdings, Inc. and C1 Financial, Inc. by the end of 2Q16 and once received, all necessary approvals for the closing of both transactions will be met.
Status: Agreed

-US FEDERAL TRADE COMMISSION CLEARS AIR LIQUIDE'S USD 10.3BN ACQUISITION OF AIRGAS
The US Federal Trade Commission has cleared French industrial gas supplier Air Liquide (PAR: AI) has cleared the company's acquisition of US-based Airgas (NYSE: ARG), the company said. This satisfies the final regulatory condition to the closing of the pending acquisition.
The companies anticipate closing the acquisition on 23 May 2016. Air Liquide said that the FTC's clearance is subject to certain conditions, to be satisfied following the closing of Air Liquide's acquisition of Airgas, which Air Liquide has agreed to undertake, including the sale of certain assets. A divestiture package has been prepared and the divestiture process is well underway.
Status: Agreed

-WILLIAMS SUES TO PREVENT ENERGY TRANSFER FROM NIXING MERGER
US-based gas pipeline operator The Williams Companies, Inc. (NYSE: WMB) has filed an action in the Delaware Court of Chancery seeking a Declaratory Judgment and Injunction preventing EnergyTransfer Equity, L.P. (NYSE: ETE) from terminating or otherwise avoiding its obligations under the company's merger agreement entered into with Williams on 28 September 2015, Williams said.
Williams alleges that ETE has breached the merger agreement through a pattern of delay and obstruction designed to allow ETE to avoid its contractual commitments. Williams believes that the deal prevents ETE from doing so. ETE said that Williams' lawsuit, "... is an attempt to gain undue leverage in and undermine future discussions regarding the pending merger and will only result in further delay."
Status: Agreed

-TAKARA BIO TO BUY US GENOMICS SPECIALIST WAFERGEN BIO-SYSTEMS FOR UP TO USD 50M
Japanese biotechnology company Takara Bio Inc.'s (TSX: 4974) Takara Bio USA Holdings, Inc. unit has agreed to acquire US-based genomics technology company WaferGen Bio-systems, Inc. (NASDAQ: WGBS), the companies said.
Under the terms of the merger agreement, TBUSH will acquire WaferGen for an aggregate cash purchase price that will be based on a multiple of WaferGen's 2016 calendar revenue and capped at USD 50m, subject to the potential adjustments described below.
Status: Agreed

-CONCORDIA HEALTHCARE ACQUIRES FOUR GENERIC PRODUCT FOR GBP 21M PLUS EARNOUTS
Canadian pharmaceutical company Concordia Healthcare Corp. (NASDAQ: CXRX) (TSX: CXR) has entered into an agreement to acquire the global rights to four generic products, for the treatment of anemia, depression and urticaria, the company said.
Under the deal, Concordia will make a GBP 21m (USD 30.17m) initial payment and will pay up to GBP 7m in subsequent earn-out payments, payable in 1Q17 if certain performance and supply targets are achieved.
Status: Closed

-BEACON RAIL TO ACQUIRE EUROPEAN LOCOMOTIVE, ROLLING STOCK LESSOR ASCENDOS
UK-based rolling stock lessor Beacon Rail Leasing has agreed to acquire Luxembourg-based locomotive and rolling stock leasing company Ascendos Rail Leasing S.à r.l., Beacon said.
The completion of the transaction is subject to customary conditions, including clearance with the German competition authorities. Beacon Rail expects the transaction to be completed during 2Q16.
Status: Agreed

-SOARING PINE CAPITAL FUND ACQUIRES CHICAGO CABLE FULFILLMENT PROVIDER TECHNOLOGY SOLUTIONS
US-based investment firm Soaring Pine Capital's Soaring Pine Capital Growth Fund I has acquired US-based cable fulfillment provider Technology Solutions, Inc., the firm said.
Technology Solutions provides fulfillment and construction services to all multiple system operators (MSO's) throughout the US and currently is working in 12 states.
Status: Closed

-CALIFORNIA'S DOMAINE DE LA COTE ESTATE WINERY ACQUIRES SANDHI WINES
California winemakers Rajat Parr and Sashi Moorman, under their Domaine de la Côte estate partnership, have purchased Sandhi wines from Terroir Capital, the winemakers said.
Parr and Moorman, together with Texas-based venture capitalist Steve Webster, now own three estate wine brands, including Domaine de la Côte in the Sta. Rita Hills, Evening Land Seven Springs Estate in the Eola Amity Hills, and the premium Chardonnay-focused Sandhi Wines in Santa Barbara County.
Status: Closed

-CANADIAN REGULATORS CLEAR US HOME IMPROVEMENT RETAILER LOWE'S TO ACQUIRE RONA
US-based home improvement retailer Lowe's Companies, Inc. (NYSE: LOW) has been granted approval under the Investment Canada Act and clearance from the Competition Bureau with respect to its pending acquisition of Canadian home improvement retailer  Rona inc (TSX: RON), the company said.
Given that the transaction has previously been approved by RONA common shareholders, this announcement represents the last major milestone in the process and clears the way for final closing of the transaction.
Status: Agreed

-MYLAN TO ACQUIRE RENAISSANCE SPECIALTY, GENERICS BUSINESS FOR USD 950M
Dutch drugmaker Mylan N.V. (NASDAQ: MYL) (TASE: MYL) have agreed to acquire 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. Mylan said that the will bring it a complementary portfolio of approximately 25 branded and generic topical products, an active pipeline of approximately 25 products, and an established US sales and marketing infrastructure targeting dermatologists.
Status: Agreed

-LINGERFELT COMMONWEALTH ACQUIRES VIRGINIA, US RETAIL CENTRE FOR USD 15.55M
US-based property investor Lingerfelt CommonWealth Realty Partners, LLC has acquired Hampton Roads, Virginia retail centre Towne Place at Greenbrier, the firm said.
The centre was acquired for USD 15.55m and is 94.7% leased. Towne Place at Greenbrier, constructed in 2007, consists of 76,827 square feet located in the heart ofHampton Roads' largest retail submarket. The centre is home to a tenant base that includes more than 20 national and regional retailers such as Taste Unlimited, Jason's Deli, Chico's, Sola Salon, Jos. A. Bank, Moe's Southwest Grill, and Surf Rider Restaurant, among others.
Status: Closed

-VIGLINK ACQUIRES CONTENT MONETISATION SPECIALIST PROSPERENT
US-based online publisher network VigLink has acquired the team and technology of Denver-based content monetisation specialit Prosperent, the company said. Prosperent helps publishers create content that drives sales to online retailers.
The purchase enables VigLink to accelerate its mission to be the indispensable platform for content-driven commerce. Former Prosperent CEO Brian Lovett will be leading VigLink's new applications team.
Status: Closed

-ST DAVID'S HEALTHCARE TO ACQUIRE TEXAS HOSPITAL IN USD 275M EXPANSION
Texas, US-based hospital operator St. David's HealthCare plans to invest more than USD 275m in the region's healthcare infrastructure over the next two years, the company said.
The investments include the acquisition and equipping of a newly constructed hospital in North Austin for USD 135m, an initial USD 20m investment for the development of a new hospital in Leander, a USD 70m expansion at St. David's Medical Center and a USD 50m expansion at St. David's South Austin Medical Center.
Status: Agreed

-SPEYSIDE EQUITY ACQUIRES US IRON CASTINGS MANUFACTURER DALTON FOUNDRY
US-based private equity firm Speyside Equity, in partnership with Beckner Clevy Partners, has acquired US-based iron castings manufacturer Dalton Foundry Co from Neenah Enterprises, the firm said.
The transaction includes the main casting facility in Warsaw, Indiana and a machining facility in Stryker, Ohio. Since 1914 Dalton Foundry has been a manufacturer of complex machined grey iron castings for the industrial, HVAC, agricultural, marine and construction markets.
Status: Closed

-CHINESE ONLINE DATING PLATFORM OPERATOR JIAYUAN CLOSES USD 250M BUYOUT
Chinese online dating platform operator Jiayuan.com International Ltd. (NASDAQ: DATE) has closed an agreement and plan of merger with LoveWorld Inc. and its FutureWorld Inc. subsidiary, the company said.
Under the deal, LoveWorld acquired the company for cash consideration equal to USD 5.04 per ordinary share of the company and USD 7.56 per American depositary share of the company each two ADSs representing three shares. The deal is worth around USD 250m.
Status: Closed

-DIASORIN CLOSES USD 300M ACUISITION OF QUEST DIAGNOSTICS BUSINESS
Italian in vitro diagnostics company DiaSorin S.p.A. has closed a transaction to acquire the Focus Diagnostics' immunodiagnostic and molecular diagnostic products business from US-based Quest Diagnostics (NYSE: DGX), the company said.
Under the deal, DiaSorin paid Quest Diagnostics USD 300m in cash for all the tangible and intangible assets of Focus used by the latter to develop, manufacture and distribute its molecular diagnostic products and its traditional immunoassay ELISA products, including among other relevant intellectual property, contracts and customer list.
Status: Closed

-ALPHA RETURNS GROUP MAKES PROGRESS ON RB SECURITIES SALE
UK investing company Alpha Returns Group (AIM: ARGP) has made further progress in its disposal by its 70% owned joint venture vehicle Riche Bright Group Ltd. of RB Securities, the company said.
Last November, Alpha Returns said it had agreed the conditional sale by its 70% owned Hong Kong joint-venture investment vehicle Riche Bright Group Ltd. of RB Securities, the company said. Consideration, payable in cash, comprises HKD 11m (USD 1.42) plus net assets.
Status: Agreed

-SCHRODER REAL ESTATE COMPLETES FOUR DISPOSALS FOR GBP 12.86M
UK-focussed REIT Schroder Real Estate Investment Trust Ltd. (LSE: SREI) has completed four disposals for a combined price of GBP 12.86m (USD 18.47m) reflecting an average net initial yield of 3.4%, the trust said.
The combined price was in line with the last reported valuation as at 31 December 2015 but reflected an uplift of GBP 2m or 18.5% compared with the previous year end valuation as at 31 March 2015. Schroder sold 3 6 Abbeygate Street in Bath.
Status: Closed

-UK COMPETITION AND MARKETS AUTHORITY MAY PROBLE ARRIVA RAIL NORTH'S ACQUISITION OF THE NORTHERN RAIL PASSENGER FRANCHISE
UK antitrust regulator the Competition and Markets Authority has decided that it is or may be the case that the completed acquisition by Arriva Rail North Ltd. of The Northern Rail Passenger Franchise may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom, the CMA said.
Arriva, one of Europe's largest transport operators was awarded the Northern rail franchise by the UK Department for Transport. The company said its winning bid is based on ambitious plans to drive improvements and transform rail travel in the North of England through a GBP 1bn investment programme.
Status: Closed

-IGAS ENERGY SELLS INTEREST IN INDONESIAN COALBED METHANE PLAY SANGATTA WEST
UK-based oil and gas producer IGas (AIM: IGAS) has made an application to the London Stock Exchange for an additional listing of 1,767,220 ordinary shares of 10 pence each to trade on the AIM market of London Stock Exchange, the company said.
These shares are being listed in connection with the disposal of the company's interest in Indonesia-based Sangatta West CBM Inc under a share transfer agreement with Ephindo International CBM Holding Inc. Ephindo is buying IGas' remaining 24% interest in Sangatta West, a coalbed methane (CBM) production-sharing contract.
Status: Closed

-NOSTRA TERRA OIL AND GAS TO UNDERTAKE CAPITAL REORGANISATION
UK-based oil and gas exploration and production company Nostra Terra Oil and Gas Co Plc (AIM: NTOG) has launched a capital reorganisation of its share capital, the company said.
Nostra Terra has a portfolio of assets in the USA and Egypt. The board of the company said it believes that the current market for oil and gas assets presents a rare opportunity. After a prolonged period of low prices, the board considers the time is right to reposition Nostra Terra to take advantage of these conditions.
Status: Talks

-SPEYSIDE EQUITY ACQUIRES CANADA'S OPTA MINERALS
US-based industrial business-focused investment firm Speyside Equity has acquired Canada-based industrial mineral process solutions provider Opta Minerals Inc (TSX: OPM), the company said. The acquisition was approved by the selling shareholders on March 31, 2016 and closed in April.
Opta Minerals is a vertically integrated provider of custom process solutions and industrial mineral products used primarily in the steel, foundry, loose abrasive cleaning, water-jet cutting and municipal water filtration industries.
Status: Closed

-STEPSTONE ACQUIRES HEDGE FUND SOLUTIONS FIRM SWISS CAPITAL ALTERNATIVE INVESTMENTS
US-based markets advisory firm StepStone Group LP will acquire Switzerland-based debt and hedge fund solutions provider Swiss Capital Alternative Investments AG, the company said.
Completion of the consolidation will follow customary regulatory approvals and is expected to close before year end 2016. Swiss Capital is an international alternative asset manager with more than USD5bn of assets under management offering customized solutions across a variety of platforms to institutional investors, primarily in Switzerland, Germany and Austria.
Status: Closed

-CLEARLAKE CAPITAL TO ACQUIRE DATA PROTECTION FIRM VISION SOLUTIONS
US-based private investment firm Clearlake Capital Group, L.P. and its affiliates have agreed to acquire US-based data protection provider Vision Solutions, Inc. from private equity investment firm Thoma Bravo, LLC, the company said.
Antares Capital is providing a fully underwritten facility to help finance the transaction, and will be acting as administrative agent. Headquartered in Irvine, California, Vision Solutions provides software solutions that protect data, minimize downtime and maximise resources for the modern data centre as enterprises migrate to the cloud.
Status: Agreed

-DOMOTZ BUYS NETWORK SCANNING APP FING
US-, UK-, and Italy-based remote tech support systems provider Domotz has acquired UK-based network scanning app Fing, the company said.
Since launching in 2011, the Fing app enables users to scan a network and see all connected devices, evaluate security levels, detect intruders and resolve network issues. It has been downloaded more than 12m times and has 6mactive users who perform over 600,000 network scans a day. The Fing team will join Domotz and together they will continue working on the existing Fing app as well as new and never before seen monitoring systems for home and professional users.
Status: Closed

-NFP ACQUIRES INSURANCE BROKERAGE LINKFIELD CORPORATE SOLUTIONS
New York-based insurance broker NFP has acquired UK-based P/C brokerage firm Linkfield Corporate Solutions Ltd, the company said.
Founded in 2005, Linkfield has commercial and personal lines capabilities and a specialization in commercial motor fleet insurance. NFP will bolster its international value proposition as a result of the acquisition by enhancing its P/C consulting capabilities and providing further access to UK commercial P and C markets.
Status: Closed

-US PACKAGING FIRM AMCOR RIGID PLASTICS ACQUIRES CANADA'S PLASTIC MOULDERS
Ann Arbor, Michigan-based rigid plastic packaging provider Amcor Rigid Plastics has purchased Toronto, Canada-based custom precision molding company Plastic Moulders Ltd., the company said.
Amcor Rigid Plastics paid CDN 38m (USD 30m) for the company. Plastic Moulders specialises in providing design, engineering, molding and assembly services for consumer packaged goods customers in the health, beauty, food, pharmaceutical and industrial markets.
Status: Closed

-INDIEGOGO ACQUIRES SAN FRANCISCO PRE-ORDERS PLATFORM CELERY
US-based crowdfunding platform Indiegogo has agreed to partner with and acquire assets of San Francisco, California-based pre-orders platform company Celery, the company said.
Celery will remain a stand-alone business, with its CEO, Chris Tsai, leading the strategic integration with Indiegogo. As part of the transaction, creators on Celery will be able to grow their community and reach new audiences via InDemand, Indiegogo's pre-order tool. Indiegogo's crowdfunding and marketplace offerings, combined with Celery's pre-order and commerce platform, will provide entrepreneurs an end-to-end solution for launching and supporting projects, and the best tools to raise funds, take pre-orders, and continue selling.
Status: Closed

-NEW YORK AMERICAN WATER ACQUIRES BEAVER DAM LAKE WATER
New York-based investor-owned water company New York American Water has agreed to buy the New Windsor, New York-based water company Beaver Dam Lake Water Company, the company said.
The water system acquisition agreement has been forwarded to the New York State Public Service Commission and other regulatory agencies for approval. New York American Water will provide the system's 155 customer accounts located in the towns of Cornwall and New Windsor with water service.
Status: Closed

-SOLAERO TECHNOLOGIES ACQUIRES AEROSPACE STRUCTURES FIRM VANGUARD SPACE TECHNOLOGIES
US-based satellite solar power and structural solutions provider SolAero Technologies Corp. has acquired San Diego, California-based aerospace structural products and assemblies provider Vanguard Space Technologies, Inc., the company said.
Vanguard is being sold by Maryland-based private investment firm Enlightenment Capital. Vanguard has a proven history of delivering satellite structural components and assemblies for commercial, defense, and civil satellites to customers around the world.
Status: Closed