Deal Pipeline
Tuesday 19 April 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-REXFORD INDUSTRIAL CLOSES USD 191M ACQUISITION OF SOUTHERN CALIFORNIA INDUSTRIAL PORTFOLIO
California, US-based industrial REIT Rexford Industrial Realty, Inc. (NYSE: REXR) has closed the acquisition of a portfolio of nine industrial properties for a total purchase price of approximately USD 191m, or approximately USD 125 per square foot, exclusive of closing costs, the company said.
Rexford Industrial said it funded the acquisition with proceeds from its recent public equity issuance and the exercise of a USD 100m accordion on its USD 125m unsecured term loan.
Status: Closed

-JARDEN NOTES ELIGIBLE FOR CONVERSION POST BUYOUT
With the closing of US consumer products company Jarden Corp.'s (NYSE: JAH) acquisition by Newell Rubbermaid (NYSE: NWL), two series of Jarden's senior Subordinated convertible notes have become eligible for conversion, the company said.
Those series are Jarden's 11/2% senior subordinated convertible notes due 2019 and its 11/8% senior subordinated convertible notes due 2034.
Status: Closed

-EVENT PLANNING SOFTWARE SPECIALIST CVENT AGREES TO USD 1.65BN VISTA EQUITY BUYOUT
US-based enterprise event management company Cvent Inc. (NYSE: CVT) has entered into a definitive agreement to be acquired by affiliates of US-based private equity firm Vista Equity Partners, the company said.
Under the deal, Vista will acquire 100 % of the outstanding shares of Cvent common stock for a total value of approximately USD 1.65bn.
Status: Agreed

-ORIENTAL OCEAN SCI-TECH BUYS US MEDICAL DIAGNOSTICS FIRM AVIOQ
Chinese aquaculture and seafood processor Oriental Ocean Sci-tech Co., Ltd. has acquired US medical diagnostics firm Avioq, Inc. through a 100% purchase of shares and assumption of outstanding liabilities, the company said.
The price paid was around RMB 430m (USD 66.41m). The deal was announced in January. Founded in 2007 and incorporated in North Carolina, Avioq's current products include FDA approved HIV-1 and FDA licensed HTLV-I/II test kits.
Status: Closed

-ALPHACIPHER CLOSES ACQUISITION OF BANKRUPT VADIUM'S TECHNOLOGY PLATFORM
US-based cyber security company AlphaCipher Acquisition Corp. has closed the acquisition of the AlphaCipher Technology Platform and related assets from the Chapter 11 Bankruptcy Estate of Vadium Technology, Inc., the company said.
The company purchased the assets for an undisclosed amount of cash and stock. Concurrent with the closing of this acquisition, VTI changed its name to VTIAC Holdings, Ltd. by adopting an amendment to its articles of incorporation and the company has changed its name to Vadium Technology Corp.
Status: Closed

-50 SOUTH CAPITAL ADVISORS, AURORA INVESTMENT MANAGEMENT TERMINATE MERGER DEAL
US-based wealth manager Northern Trust's (NASDAQ: NTRS) 50 South Capital Advisors, LLC alternative investment boutique and US-based Natixis Global Asset Management's Aurora Investment Management LLC hedge fund portfolio management subsidiary have terminated an agreement under which 50 South would acquire Aurora, the companies said.
The agreement was announced in March.
Status: Terminated

-ARCAPITA CLOSES USD 100M ACQUISITION OF DUBAI LOGISTICS PARK
Bahrain-based investment management firm Arcapita has acquired a logistics park in Dubai, UAE, for a total transaction value of approximately USD 100m, the firm said.
Arcapita said that the investment comprises nine freehold plots of land in the Al Quoz Industrial Area covering an area of approximately 630,000 square feet. The logistics park is strategically located next to Al Khail Road, one of Dubai's main transport arteries.
Status: Closed

-CAIXABANK OFFERS EUR 1BN FOR REMAINING PART OF BANCO BPI
Spanish lender CaixaBank SA has made an offer to purchase the remaining part of Banco BPI SA it currently doesn't own for a price of EUR 1bn (USD 1.43bn), the company said.
The offer comes after both sides failed to reach an agreement regarding Banco's assets in Angola, and is the second takeover bid CaixaBank has made for BPI since 2015. Last year's EUR 1.1bn bid was recalled after shareholders rejected a proposal to cease voting-rights limits. Industry performance for European banking is expected to remain muted in 2016, according to a report available from Dublin-based Research and Markets, suggesting that BPI may reject this offer too.
Status: Bidding

-FINDLAY FAMILY GALLERIES REUNITE IN MERGER FOLLOWING 50+-YEAR SEPARATION
New York, US-based Wally Findlay Galleries has acquired the David Findlay Jr Gallery, the firm said. The galleries will operate together at 724 5th Avenue as Findlay Galleries, a return to the original name used by the Findlay family from 1870 1965.
This acquisition gives Wally Findlay Galleries expanded exposure in the market for American art, particularly the post-war period, by bringing the experience, collection, and stable of artists of David Findlay Jr Gallery into its operations.
Status: Closed

-SONY INKS DEFINITIVE AGREEMENT TO ACQUIRE REMAINING HALF OF SONY/ATV MUSIC PUBLISHING
Japanese media company Sony Corp.'s Sony Corp. of America has signed a definitive agreement with the Estate of Michael Jackson to obtain full ownership of Sony/ATV Music Publishing LLC by acquiring the 50% interest in Sony/ATV held by the estate, the company said.
In March, the parties signed a binding memorandum of understanding regarding the deal. The deal calls for total payments of 750m US dollars, which includes a lump sum payment by SCA of approximately USD 733m US dollars as well as distributions previously committed to by Sony/ATV to be paid to the estate.
Status: Agreed

-VERIZON, HEARST TO JOINTLY ACQUIRE AMERICAN POP CULTURE NETWORK COMPLEX
US-based communications company Verizon Communications Inc. (NYSE: VZ) and US-based media company Hearst have entered into an agreement to jointly acquire US-based popular culture digital network Complex in a 50/50 ownership structure, the company said. 
Rich Antoniello, Complex CEO and co-founder, will continue to lead the company. Founded by entrepreneur and chief brand officer Marc Ecko in 2002, Complex is a network of sites focused on American popular culture, including entertainment news, sneakers and hip hop music to food, fashion, sports and technology.
Status: Agreed

-CANADIAN MINERS PAN AMERICAN SILVER, MACMILLAN MINERALS TO LAUNCH MAVERIX METALS AS ROYALTY, STREAMING COMPANY
Canadian mining companies Pan American Silver Corp. (NASDAQ: PAAS) and MacMillan Minerals Inc. (TSX Venture: MMX) have entered into an agreement with Maverix Metals Inc. which when completed, will launch Maverix as a new publicly traded royalty and streaming company, the companies said.
Under the terms of the arrangement, MacMillan will acquire all of the issued and outstanding securities of Maverix. Concurrently MacMillan will purchase a package of thirteen royalties and precious metal streams from Pan American.
Status: Agreed

-CUSTODIAN REIT ACQUIRES RETAIL UNIT IN CHESTER, UK FOR GBP 2.05M
UK property investment company Custodian REIT plc (LSE: CREI) has acquired a high street retail unit in Chester, let to TSB Ltd. and Ciel (Concessions) Ltd. for GBP 2.05m (USD 2.94m), the company said. This property is located in the city centre on the pedestrianised Eastgate Street near Cath Kidston, Jack Wills, Kuoni Travel, H Samuel, Fat Face and Jaeger.
The tenants' leases expire between September 2019 and March 2020 with a total passing rent of GBP 128,000 per annum, reflecting a net initial yield of 5.87%. Custodian said that agreed purchase price of GBP 2.05m was funded from the company's existing debt facilities, resulting in net borrowings increasing to 18.8% loan to value.
Status: Closed

-MARLOWE ACQUIRES UK WATER TREATMENT SPECIALIST WCS ENVIRONMENTAL FOR GBP 2.5M
UK-based business development group Marlowe plc (LSE: MRL) has acquired UK-based water treatment, hygiene, testing and engineering services firm WCS Environmental Group Ltd. for a total enterprise value of GBP 2.5m (USD 3.58m), the company said. WCS is headquartered in Gloucestershire with around 90 employees.
The company was founded in 1987 and has a long-standing base of customers across the UK in both the private and public sectors, including leisure, retail, defence and engineering, local authorities and NHS trusts. Following the recent acquisition of Swift, a provider of fire protection and security systems services, the acquisition of WCS represents Marlowe's first step into the water treatment market.
Status: Closed

-NEWRIVER RETAIL ACQUIRES SOUTH EAST LONDON SHOPPING CENTRE, RETAIL PARK
UK-based retail REIT NewRiver Retail Ltd. (AIM: NRR) has completed the acquisition of The Broadway Shopping Centre and Broadway Square Retail Park in Bexleyheath, south east London for a total consideration of GBP 120.25m (USD 172.29m), the company said.
The price equates to a net initial yield of 6.7% and an equivalent yield of 7%, with net rental income at purchase of GBP 8.16m per anum.
Status: Closed

-UK GAS METER COMPANY ENERGY ASSETS, ALLINDA FUNDS REACH TERMS ON BUYOUT
The boards of UK-based gas meter supplier Energy Assets and a newly established BidCo set up by the Alinda Fund have reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued share capital of Energy Assets, the companies said.
The Alinda Funds are controlled and managed by US-based infrastructure investor Alinda Capital Partners. Under the terms of the acquisition, Energy Assets Shareholders will be entitled to receive 685 pence in cash for each Energy Assets share held. The acquisition values the entire issued and to be issued share capital of Energy Assets at approximately GBP 198m (USD 283.69m).
Status: Agreed

-ROCKHOPPER EXPLORATION AMENDS TERMS OF EGYPT PRODUCTION, EXPLORATION ASSET ACQUISITION
UK-based oil and gas exploration and production company Rockhopper Exploration plc (AIM: RKH) has reached amended terms for the acquisition of a portfolio of non-operated production and exploration interests in Egypt from Beach Energy Ltd., the company said.
The company originally announced that it had agreed terms with Beach Energy on the acquisition in August 2015. However, due to the exercise by one of the partners of pre-emption rights on the Abu Sennan concession, as announced in September 2015, it was not possible to complete the acquisition on the original terms.
Status: Agreed

-BLANCCO TECHNOLOGY ACQUIRES 100% OF MOBILE DIAGNOSTICS SOFTWARE FIRM XCALIBER
UK-based software company Blancco Technology Group plc (LSE: BLTG) has acquired the remaining stake it does not already own in mobile diagnostics software firm Xcaliber Technologies, the company said. The group has acquired the remainder of the share capital of Xcaliber Technologies LLC and Xcaliber IP LLC, a privately owned provider of mobile diagnostics software, for a consideration of USD 5.5m. Of this total, USD 0.8m (GBP 0.5m) is an upfront cash payment funded through the group revolver facility.
Status: Closed

-UK OIL AND GAS INVESTMENTS BUYS ANGUS STAKE IN GATWICK AIRPORT-ADJACENT HORSE HILL-1
London-based investment company UK Oil and Gas Investments plc (AIM: UKOG) has acquired all of Angus Energy Holdings UK Ltd.'s remaining 7.8% interest in onshore Weald Basin licences PEDL137 and PEDL246, the company said.
With the deal, the company has significantly increased its net working interest in the Licences from 19.968% to 27.3%. For a total consideration of GBP 1.8m (USD 2.58m), the company will receive Angus' 7.8% beneficial interest in the Licences via the purchase of Angus' remaining 12% shareholding in Horse Hill Developments Ltd.
Status: Closed

-COAL OF AFRICA EXTENDS EFFECTIVE DATE OF UNIVERSAL ACQUISITION
Australian coal company Coal of Africa Ltd. (ASX: CZA) (AIM: CZA) has extended the effective date of the closing of its acquisition of UK coal producer Universal Coal Plc (ASX: UNV) until 29 April 2016, the company said.
Coal of Africa had previously extended the offer period of its offer for Universal Coal to 29 April 2016.
Status: Agreed

-TATA STEEL NAMES CEO FOR TO-BE-DIVESTED TATA STEEL UK
Indian steelmaker Tata Steel has named Bimlendra Jha, an executive committee member of Tata Steel Europe, as the chief executive officer of Tata Steel UK, the company said. Jha is currently executive chairman of Tata Steel Europe's Long Products Europe business and has successfully led the divestment process that resulted in the signing of a sale and purchase agreement with Greybull Capital on April 11.
In this new position, Jha will report to Hans Fischer, chief executive officer of Tata Steel Europe.
Status: Talks

-THE CAPITAL PARTNERSHIP TO ACQUIRE CALIFORNIA VENTURE CAPITAL, PRIVATE EQUITY FIRM
UK-based investment office and asset manager The Capital Partnership has reached an agreement to acquire 100% of the ownership of California-based venture capital and private equity investment firm Northgate Capital from Religare and certain members of Northgate's management team, TCP said.
Religare, the India-based financial services group, acquired a majority interest in Northgate in 2010. Completion of the transaction is subject to the satisfaction of certain conditions precedent, including certain regulatory approvals. Terms of the transaction were not disclosed.
Status: Agreed

-NANOANTIBIOTICS ACQUIRES LIVER DRUG DEVELOPER LAT PHARMA
US-based development stage drug developer NanoAntibiotics Inc. (OTCQB: NNAB) has acquired Chicago-based early-stage biotechnology firm LAT Pharma LLC, the company said.
LAT Pharma is developing novel medicines to treat life-threatening complications of liver cirrhosis. In an all-stock, cashless deal, NanoAntibiotics acquired LAT Pharma LLC in a triangular merger in exchange for 39.82m newly-issued shares of the company's common stock. The stock is worth around USD 6.84m.
Status: Closed

-LUXURIOUS TRAVEL TO ACQUIRE OHIO LED LIGHTING TECHNOLOGIES FIRM
US-based The Luxurious Travel Corp. (OTC: LXRT) has entered into a letter of intent to acquire all of the issued and outstanding capital stock of Ohio, US-based LED lighting technologies firm US Lighting Group, Inc., the company said.
US Lighting is a designer and manufacturer of patent-pending LED lighting technologies. As per the agreement, subject to certain terms and conditions, Luxurious Travel will acquire all of the outstanding shares of US Lighting in exchange for 24.5m restricted common shares of the company. 
Status: Agreed

-SUPER G FUNDING, BLUESQUARE RESOLUTIONS PARTNER WITH CHOSEN PAYMENTS
US-based ISO lending specialist Super G Funding, LLC and ISO portfolio investor BlueSquare Resolutions have formed an exclusive partnership to provide liquidity options to ISO's and agents and to launch a collective platform for ISO's and agents to get greater value out of their business, the firm said.
The ISO capital providers launched this platform by creating a strategic partnership with Jeff Brodsly, CEO of Chosen Payments, a Los Angeles-based First Data ISO. This strategic partnership will customise liquidity options and growth services for ISOs.
Status: Closed

-MAIN LINE EQUITY PARTNERS ACQUIRES MEASURING INSTRUMENT MAKER TENSITRON
US-based private equity firm Main Line Equity Partners has completed the acquisition of tension measuring instrumentation manufacturer Tensitron, Inc., the firm said.
The acquisition, which includes all assets of Tensitron, will provide the company with capital and human resources to achieve the next step function of growth. Tensitron was founded in 1935 by Dr. Erwin J. Saxl, a physicist. The company is in the design and manufacturing of digital, mechanical, and electronic tension measuring instrumentation.
Status: Closed

-JUICEBOX ENERGY REBRANDS AS ADARA POWER
California, US-based energy storage company JuiceBox Energy has rebranded as Adara Power, the company said. The company said that the move reflects its expanded focus on energy storage hardware, software and services.
Formed in 2013, the company has installed its 8.6kWh and 17.2kWh energy storage systems across the US with growing domestic and international demand for renewable energy sources. The Adara Energy Storage System is now available with completed installations in seven US states, including California, Nevada, New York, Maine, Hawaii, Utah and North Carolina.
Status: Closed

-QORVO TO ACQUIRE DUTCH SHORT-RANGE RF COMMUNICATION SPECIALIST GREENPEAK
US-based mobile, infrastructure and defense technology provider Qorvo, Inc. (NASDAQ: QRVO) has signed a definitive agreement to acquire Dutch ultra-low power, short range RF communication technology firm GreenPeak Technologies, the company said.
GreenPeak Technologies is a fabless semiconductor/system company with an offering of semiconductor products and software technologies for Smart Home data communications and the IoT.
Status: Agreed

-CONSOLIDATED COMMUNICATIONS TO ACQUIRE CHAMPAIGN TELEPHONE IN USD 13M DEAL
US-based broadband and business communications provider Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) has entered into a definitive agreement to acquire Illinois, US-based business communications provider Champaign Telephone Co. and its sister company, Big Broadband Services, Consolidated said.
The agreement provides for an all cash transaction valued at USD 13m. CTC began in 1984 as a small PBX provider and has grown into a regional leader in Internet, Voice, Metro Ethernet, and Hosted VoIP provider. It serves approximately 1,500 business customers over 310 fiber-lit buildings. CTC recorded fiscal 2015 revenue of approximately USD 10m, the majority of which is recurring service revenue.
Status: Agreed

-AMTRUST FINANCIAL CLOSES USD 233M ACQUISITION OF TEXAS PROPERTY/CASUALTY INSURER REPUBLIC
US-based insurance holding company AmTrust Financial Services, Inc. (NASDAQ: AFSI) has completed the purchase of Texas, US-based property and casualty firm Republic Companies, Inc. and its affiliates from Delek Group Ltd. (TASE: DLEKG), and Republic Insurance Holdings, LLC., for USD 233m, the company said.
The purchase price was a combination of USD 113m in cash at closing, approximately USD 15m of deferred payments to the sellers of the minority interests and a USD 105m, four year, 5.75% annual interest note issued by AmTrust to Delek Group Ltd as well as cash payments to be made over five years.
Status: Closed

-SUPERCOM ACQUIRES POS PLATFORM DEVELOPER POWAPOS BUSINESS
Israeli digital identity solutions company SuperCom (NASDAQ: SPCB) has acquired the business of mobile and tablet secure payment solutions developer PowaPOS, the company said.
PowaPOS offers integrated mobile and tablet-based system integrating retail and secure payment solutions into a single POS platform. The company has deployed its products in more than 20 countries all over the world, and has been integrated by more than 150 cloud-based POS software providers.
Status: Closed