Deal Pipeline
Monday 19 March 2018
The following is a list of deals covered in detail by M and A Navigator this week:

-VALASSIS ADDS FLYER DIRECT MAIL PUBLICATION TO FLORIDA-BASED PORTFOLIO

Michigan, US-based direct mail services company Valassis has added Southeast Florida, US-based direct mail publication The Flyer to expand its portfolio of offerings in the Florida market, the company said.

The Flyer is the most recent addition to Valassis' growing portfolio of local offerings. Valassis has continued to build its presence in markets across the country since it acquired Clipper Magazine and Printed Deals in late 2015.

Status: Closed



-COLLECTIUS ACQUIRES 50M NON-PERFORMING LOAN PORTFOLIO IN MALAYSIA, THAILAND

Singapore-based debt collection services company Collectius has acquired three portfolios of non-performing loans in Malaysia and Thailand from an anonymous regional partner to strengthen its position as a partner to banks and financial institutions in ASEAN, the company said.

Collectius said it acquired a total of 50m non-performing loan portfolio was purchased from a multinational financial institution. Collectius further strengthens its relationship and ties with a regional partner by acquiring three portfolios in Malaysia and Thailand.

Status: Closed



-NIPPON EXPRESS ESTABLISHES LOGISTICS PLATFORM IN APPAREL MARKET WITH ACQUISITION OF INTEREST IN TRACONF

Germany based logistics company Nippon Express Europe GmbH Co., Ltd. (TSX: 9062) has acquired the entire equity interest in Italy based apparel-related logistics service provider Traconf S.r.l., the company said.

In 2013, the company acquired Franco Vago S.p.A., a Firenze-based forwarding service provider in the apparel industry mainly focussed on high-end fashion brands, to establish a logistics platform in the apparel sector.
Status: Closed



-DESILU STUDIOS ACQUIRES INTEREST IN ISRAEL-BASED VONETIZE TO ADD E-COMMERCE, STREAMING SMART TV

California, US-based Desilu Studios, Inc. has acquired a controlling stake in Israel-based technology company Vonetize (TASE: VNTZ), focussed on major studio content streaming, distribution, protection and monetisation, the company said.

Desilu's technology arm in its Los Angeles post-production facilities will work closely with Vonetize's team to innovate and fully integrate the technology, which the studio plans to include as a driving force in many facets of its operations, from direct-to-consumer content offering, interactive experiences and digital commerce.

Status: Closed



-ATHLETICO PHYSICAL THERAPY EXPANDS MICHIGAN PRESENCE WITH ACQUISITION OF C WEAVER PHYSICAL THERAPY

Chicago, US-based orthopaedic rehabilitation services Athletico Physical Therapy has agreed to acquire Michigan, US-based outpatient rehabilitation centre C. Weaver Physical Therapy to expand Athletico's footprint in Central Michigan, the company said.

Athletico said C. Weaver Physical Therapy is a provider of physical therapy and has delivered service to the East Lansing, Michigan community for many years, and together Athletico and C. Weaver will grow together in Central Michigan.

Status: Agreed



-EQUISTONE ACQUIRES MAJORITY STAKE IN DUTCH ALUMINIUM ROOFING/SIDING MAKER BOAL

Funds managed by Germany based private equity investors Equistone Partners Europe have invested in a majority stake in Netherlands-based aluminium roofing and sidewall manufacturer Boal Group, while BOAL's founders and management team retain minority ownership, the company said.

Together with Equistone, Boal plans to further develop its leading position in the horticultural greenhouse industry through continued product innovation, geographic growth and further expansion into the poly greenhouse roofing systems market.

Status: Closed


-PARTNERS PHARMACY EXPANDS ASSISTED LIVING SERVICES WITH ACQUISITION OF PRESBYTERIAN VILLAGE NORTH PHARMACY

New Jersey, US-based pharmaceutical services provider Partners Pharmacy has acquired Texas-based healthcare provider Presbyterian Village North's onsite pharmacy, providing care and services at its faith-based CCRC in Dallas, Texas, the company said.

Partners Pharmacy said it plans to expand its relationship with PVN to include ownership of the onsite pharmacy with services available to all PVN residents and staff. Partners services will continue to focus on its core values of providing care and services to the residents of PVN. With the addition of the Presbyterian Village North Pharmacy, Partners will now serve more than 6,000 residents in over 50 high-quality communities across the state of Texas from three pharmacy locations.

Status: Closed



-THERMO FISHER SCIENTIFIC ENHANCES HID PORTFOLIO WITH ACQUISITION OF INTEGENX

California, US-based biotechnology product development company Thermo Fisher Scientific Inc. has acquired DNA platform IntegenX Inc. to enhance Thermo Fisher's existing HID portfolio, the company said.

Thermo Fisher said the acquisition complements its human identification chemistries, as well as its qPCR and capillary electrophoresis systems.

Status: Closed



-XYO NETWORK ACQUIRES STARTUP GEO TO EXPAND CRYPTO-LOCATION TECH PORTFOLIO

California, US-based decentralised crypto-location provider XYO Network has acquired US-based proof-of-location startup GEO to strengthen its crypto-location tech portfolio, the company said.
XYO Network said GEO adds an additional feature set to XYO by notifying a device that an object was there with absolute certainty, and without having to communicate private data with the network. The addition of GEO to XYO Network's portfolio continues a larger commitment to facilitating an open ecosystem of GEOspatial blockchain applications.

Status: Closed



-CURVO ACQUIRES ORTHOPEDIC NEWS PUBLISHER MENDENHALL TO EXPAND SUPPLY CHAIN INTELLIGENCE

Indiana, US-based clinical spend management platform Curvo Labs, Inc. has acquired Michigan-based Mendenhall Associates, Inc. (MAI), publisher of Orthopedic Network News to expand use of clinical supply chain intelligence in US hospitals, the company said.

Orthopedic Network News is quarterly publication reporting on cost and quality issues in orthopedics. In addition to Orthopedic Network News, MAI hosts an online supply chain service for hospitals and publishes a quarterly update of cost and utilisation of orthopaedic services and owns the copyright to the GIC classification of medical devices.

Status: Closed



-D3 ACQUIRES AUTODESK DIVISION OF JVH ENGINEERING

Missouri, US-based Autodesk manufacturing and plant solutions provider D3 Technologies has acquired the Autodesk division of Michigan, US-based JVH Engineering, Inc. to operate as JVH CAD Solutions, a division of D3 Technologies, the company said.

JVH Engineering, Inc. will continue normal operations with its industrial automation business. JVH said D3 provides many Autodesk manufacturing and plant solutions for their numerous United States based clients.

Status: Closed



-AFIDENCE ACQUIRES 2 DIVISIONS OF TIMBELO TO EXPAND BUSINESS/IT SOLUTIONS OFFERINGS

Ohio, US-based IT solutions company Afidence Inc. has acquired the product procurement division and IT recruitiing division of Timbelo Inc. to expand business and IT solutions offerings, the company said.

Afidence said at the core of the acquisition is Timbelo's product procurement service which revolves around empowering clients through quality and integrity.

Status: Closed



-FRANKLIN ENERGY EXPANDS CUSTOMER ENGAGEMENT CAPABILITIES WITH ACQUISITION OF PLANETECOSYSTEMS

Wisconsin, US-based management implementation firm Franklin Energy has acquired California-based customer engagement platform PlanetEcosystems to extend customer engagement capabilities, the company said.

Franklin Energy said this acquisition allows the company to innovate and improve utility client service offerings. This acquisition allows the team to provide more value to utility clients by connecting energy efficiency, demand response and other distributed energy resources programmes through automated participation paths tailored to customers' needs and desires.

Status: Closed



-SKYVIEW CAPITAL ACQUIRES SCHOOL KIT PROVIDER SCHOOLKIDZ

California, US-based private investment firm Skyview Capital LLC has acquired Illinois, US-based educational tool kit supplier SchoolKidz.com from Massachusetts, US-based office products retailer Staples, Inc., the company said.

Following Staples' acquisition of SchoolKidz.com 10 years ago, the company emerged as a provider of school supply kits as well as an innovator in providing kits to non-profit organisations. With financial and operational support from Skvyiew, Schoolkidz.com will continue to build on its position as a market leader.

Status: Closed



-TERRADATUM ACQUIRES VSCREEN, ONHOLDUSA TO EXPAND REAL ESTATE MARKETING SERVICES

Kansas, US-based real estate market analytics firm Terradatum has acquired media content companies VScreen, located in Florida, and OnHoldUSA, located in Indiana from Florida, US-based holding company Schweickart, Inc., the company said.

Terradatum and VScreen have shared a long-standing technology and data partnership since 2011. Terradatum said the analytics that Terradatum provides through BrokerMetrics and its other services, are content that elevates a brokerage's ability to better execute its business strategy.

Status: Closed



-STHEALTH CAPITAL PARTNERS SHIFTS FOCUS TO HEALTHCARE WITH ACQUISITION OF FCIC ADVISORS

Australia-based specialist investment manager StHealth Capital Partners LLC has acquired New York, US-based investment advisors First Capital Master Advisor, LLC (FCMA), the company said.

First Capital Master Advisor, LLC owns FCIC Advisors LLC, the investment advisor to New York-based business development company (BDC) First Capital Investment Corp. (FCIC).

Status: Closed



-EPAM EXPANDS DIGITAL/SERVICE DESIGN OFFERINGS WITH ACQUISITION OF CONTINUUM

Pennsylvania, US-based software engineering and IT consulting services provider EPAM Systems, Inc. (NYSE: EPAM) has acquired Boston, US-based design firm Continuum to acquisition strengthen EPAM's innovation consulting capabilities, the company said.

EPAM said the acquisition enhances existing digital and service design practices by introducing a human-centred approach to physical design and product development.

Status: Closed



-ALITHYA, EDGEWATER TO MERGE TO FORM DIGITAL TECH TRANSFORMACTION PROVIDER NEW ALITHYA

Canada-based Alithya Group Inc. and Massachusetts, US-based Edgewater Technology, Inc. (NASDAQ: EDGW) have entered into an arrangement agreement to combine to create New Alithya, a North American digital technology transformation organisation, the company said.
Under the terms of the agreement, Alithya shareholders and Edgewater shareholders will each exchange all of their respective outstanding shares for shares in a newly formed holding company, of which Alithya and Edgewater will be wholly owned subsidiaries.

Status: Agreed



-FORTRESS GLOBAL ACQUIRES CANADIAN CHEMICAL CONVERSION COMPANY S2G BIOCHEMICALS

Canada-based dissolving pulp producer Fortress Global Enterprises Inc. (TSX: FGE) (OTCQX: FTPLF) has signed a share purchase agreement to acquire all issued and outstanding common shares of Canada-based chemical conversion company S2G Biochemicals Inc. for CDN 2.5m (USD 1.91m), the company said.

The CDN 2.5m purchase price is payable by the issuance of 666,652 common shares of the company at a deemed price of CDN 3.75 per Fortress Global share. Closing of the SPA is expected to occur on or before May 31, 2018.

Status: Agreed



-EXPERIAN TO ACQUIRE UK FINANCIAL TECHNOLOGY BUSINESS CLEARSCORE FOR GBP 275M

Ireland-based global information services company Experian has agreed to acquire UK-based financial technology business ClearScore for GPB 275m (USD 385m), the company said. The purchase price has additional earn out potential contingent on achieving future financial performance.

This transaction is subject to regulatory approval by the Competition and Markets Authority and the Financial Conduct Authority, as well as other customary closing conditions, and will be funded from Experian's existing committed bank facilities.

Status: Agreed



-LUNDBECK ACQUIRES PREXTON THERAPEUTICS IN EUR 905M DEAL

Danish drugmaker H. Lundbeck A/S has acquired Dutch drug developer Prexton Therapeutics B.V. from European life science venture capital firm Forbion for a total consideration of EUR 905m (USD 1.1bn), the company said.
Prexton is a biopharmaceutical company founded in 2012 by Francois Conquet and M-Ventures, the corporate venture arm of Merck. The company applies a new scientific approach that fully integrates molecular, behavioral and chemistry technologies to address Parkinson's disease and other brain disorders. Prexton is based in Oss (The Netherlands) and in Geneva (Switzerland). Other major investors include Forbion, Seroba Life Sciences, Sunstone Capital and Ysios Capital.
Status: Closed



-SYNGENTA CLOSES SALE OF REMEDY ASSETS IN THE EEA IN RELATION TO THE CHEMCHINA ACQUISITION

Switzerland-based seeds and pesticides producer Syngenta and Adama Agricultural Solutions Ltd have closed a deal with Australia's Nufarm Ltd. and sold a portfolio of crop protection products for an agreed transaction value of USD 490m, Syngenta said.
Syngenta has merged with Chinese state-owned chemical makerChina National Chemical Corp. (ChemChina). The combined portfolio of products being divested includes off-patent crop protection formulations in the herbicides, fungicides, insecticides and other categories in the EEA. No physical assets (apart from inventory) or personnel will be transferred as part of the transaction.
Status: Closed



-PINNACLE CLOSES USD 200M ACQUISITION OF FIVE RIVERS CATTLE FEEDING

Affiliates of New York, US-based investment firm Pinnacle Asset Management, L.P. has closed the acquisition of the Colorado, US-based cattle feeding operation Five Rivers Cattle Feeding cattle feeding assets and farms from Colorado-based global food company JBS USA for approximately USD 200m, the company said.
JBS said the sale of the Five Rivers Cattle Feeding assets and farms will allow JBS USA to deploy working capital more efficiently and focus on the company's core food and value-added products businesses. Pinnacle said the acquisition continues Pinnacle's path of investment and development of its diversified, global, physical commodity platform, of which livestock is a critical sector.
Status: Closed



-VIAVI CLOSES ACQUISITION OF COBHAM AVCOMM AND WIRELESS TEST AND MEASUREMENT BUSINESS

California, US-based Viavi Solutions, Inc. (NASDAQ: VIAV) has closed the acquisition of the test and management business of Cobham plc (LSE: COB) for USD 455m, the company said. The transaction will be conducted as a cash transaction subject to certain customary adjustments. The acquisition is expected to close during the second half of Viavi's fiscal year 2018.
This transaction is expected to be meaningfully accretive to Viavi's free cash flow and non-GAAP earnings per share and monetise net operating losses. The transaction strengthens Viavi's competitive position in 5G deployment and diversifies the company into military, public safety and avionics test markets.
Status: Closed



-QUALCOMM AGAIN EXTENDS CASH TENDER OFFER FOR ALL OUTSTANDING SHARES OF NXP

US-based Qualcomm Inc.'s (NASDAQ: QCOM) Qualcomm River Holdings B.V., an indirect Dutch subsidiary has extended the offering period of its cash tender offer to purchase all of the outstanding common shares of Dutch chipmaker NXP Semiconductors N.V. (NASDAQ: NXPI), the company said.
The tender offer is being made pursuant to a purchase agreement, dated as of October 27, 2016, by and between Qualcomm River Holdings B.V. and NXP, as amended. The tender offer is now scheduled to expire on 23 March, unless extended or earlier terminated, in either case pursuant to the terms of the purchase agreement.
Status: Agreed



-PLATINUM EQUITY OFFERS TO BUY LIFESCAN BUSINESS FROM JOHNSON AND JOHNSON FOR USD 2.1BN

US-based medical devices, pharmaceutical and consumer packaged goods manufacturing company Johnson and Johnson (NYSE: JNJ) has received a binding offer from private investment firm Platinum Equity to acquire its LifeScan business for approximately USD 2.1bn, the company said.
LifeScan is in blood glucose monitoring products with 2017 net revenue of approximately USD 1.5bn. The Johnson and Johnson Family of Companies will continue to serve those impacted by diabetes through innovative products, services and solutions from its Medical Device, Pharmaceuticals, and Consumer businesses.
Status: Bidding



-BILL BARRETT WINS SHAREHOLDER NOD FOR USD 649M BUSINESS COMBINATION WITH FIFTH CREEK ENERGY

Shareholders of US-based oil and gas company Bill Barrett Corp. (NYSE: BBG) have approved the company's planned business combination with US-based oil and gas company Fifth Creek Energy Co, LLC, a portfolio company of US-based private equity firm NGP, in a transaction valued at approximately USD 649m, the company said.
With the receipt of the required stockholder approval, the transaction is expected to close 19 March 2018. The transaction creates an exploitation and production company exclusively focused on oil-weighted rural areas in the Denver-Julesburg Basin.
Status: Agreed



-CNX CLOSES SALE OF WEST VIRGINIA WET GAS GATHERING SYSTEM TO CNX MIDSTREAM PARTNERS FOR USD 265M

US-based natural gas producer CNX Resources Corp. (NYSE: CNX) and CNX Midstream Partners LP (NYSE: CNXM) have closed a deal under which CNX sold its 95% interest in the Shirley-Pennsboro gathering system to CNXM for total cash consideration of USD 265m, the companies said.
The Shirley-Pennsboro System gathers and transports gas in the core wet gas region of the Marcellus Shale in West Virginia across Doddridge, Tyler, Ritchie, and Pleasant counties and currently has approximately 180m cubic feet equivalent per day of flowing production.
Status: Closed



-MARVELL TECHNOLOGY SHAREHOLDERS APPROVE ISSUANCE OF SHARES IN CONNECTION WITH ACQUISITION OF CAVIUM

Shareholders of US-based digital storage specialist Marvell Technology Group Ltd. (NASDAQ: MRVL) have approved the issuance of Marvell common shares in connection with the company's pending acquisition of California, US -based infrastructure solutions provider Cavium, Inc. (NASDAQ: CAVM), the company said.
In November 2017, Marvell announced it had agreed to acquire all outstanding shares of Cavium, Inc. for USD 40 per share in cash and 2.1757 Marvell common shares for each Cavium share. The exchange ratio was based on a purchase price of USD 80 per share, which represents a transaction value of approximately USD 6bn. Cavium shareholders are expected to own approximately 25% of the combined company on a pro forma basis.
Status: Agreed



-HYDRO ONE AND AVISTA REACH SETTLEMENT IN PRINCIPLE IN WASHINGTON MERGER CASE

Canada-based electricity transmission and distribution provider Hydro One Ltd. (TSX: H) and and Washington, US-based energy company Avista Corp. (NYSE: AVA) have reached a significant milestone in the regulatory approval process of the proposed merger, the companies said.
Notification of a settlement in principle with various parties has been filed with the Washington Utilities and Transportation Commission. The parties intend to file a settlement agreement with the WUTC on or before 27 March 2018. The settlement in principle is subject to the review and approval of the WUTC. This deal was announced in July. The transaction is expected to close in the second half of 2018, pending regulatory approval.
Status: Agreed



-AVOCET MINING SELLS WEGA MINING SUBSIDIARY

UK-based, West Africa focused gold miner Avocet Mining plc (LSE: AVM) has sold one of its subsidiary companies, the wholly-owned Norwegian entity Wega Mining AS and certain intercompany receivables of the company's group to Natholmen AS for a total consideration of USD 400,000 in cash, the company said.
Signing and completion of the disposal have taken place simultaneously: Avocet has received the cash proceeds. Discussions between the company and its secured creditor, Manchester Securities Corp. regarding the restructuring of its overdue loans to the company of in total 29.2m are continuing.
Status: Closed