Deal Pipeline
Wednesday 22 June 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-HENRY SCHEIN ACQUIRES 50% STAKE IN JAPANESE DENTAL EQUIPMENT FIRM J MORITA
US-based health care products and services company Henry Schein, Inc. (NASDAQ: HSIC) has acquired a 50% stake in dental equipment and supplies maker J. Morita Corp's Japan-based One Piece Corp. subsidiary, the company said.
Henry Schein said that the partnership builds on the company's presence in Japan, which commenced nearly two years ago with an investment in Iwase Dental Supply, Inc., a full-service provider of dental consumables, implants and equipment.
Status: Closed

-UAE BANKS NATBNK OF ABU DHABI, FGB IN MERGER TALKS
UAE financial services firms National Bank of Abu Dhabi P.J.S.C. and FGB have begun discussions regarding the possibility of a merger of the two banks or a combination of the two businesses, the banks said.
Each bank has formed a working group made up of senior executive management to review the commercial potential along with any legal and structural aspects of a merger or combination. On completion of the review, the working groups will provide their recommendations to the respective board of directors of each bank.
Status: Talks

-HAMMERSON SELLS ESSEX, UK SHOPPING PARK
UK-based retail property owner, manager and developer Hammerson plc has exchanged contracts and completed the sale of Thurrock Shopping Park, Essex, to TH Real Estate for GBP 93m (USD 136.46m), the company said.
The park comprises two retail schemes with net internal area of 25,500m2and is situated next to junction 31 of the M25. Tenants include M/S, Gap, Pets at Home, Decathlon, Boots, Evans Cycles and Dunelm. Hammerson purchased the property for GBP 64m in 2012 as part of the Junction Fund Portfolio.
Status: Closed

-TAPTICA TO PAY EARNOUTS TO ACQUIRED ISRAELI SOCIAL MEDIA MARKETING FIRM AREAONE
UK-based marketing ad-technology solutions company Taptica (AIM: TAP) (formerly Marimedia) has finalised the terms of the final payment required as part of its acquisition of AreaOne, announced on 8 September 2015, the company said.
The companies originally entered into an agreement to purchase the entire issued and to be issued share capital of Israeli performance marketing technology company and accredited Facebook Marketing Partner AreaOne Ltd. for a total consideration of up to USD 17m payable in cash and shares over a two-year period.
Status: Closed

-NETHERLANDS, BASED NIBC BANK CLOSES ACQUISITION OF BROKERAGE UNIT FROM SNS BANK
Dutch financial services firms NIBC Bank N.V. has closed the acquisition of SNS Bank N.V's SNS Securities N.V. brokerage unit, the company said.
With this transaction, NIBC expands its service offering with capital market solutions, equity and fixed income brokerage, research and execution services for independent asset managers from the current activities of corporate finance and principal investments to the combined franchise.
Status: Closed

-PANASONIC ACQUIRES UK TECHNOLOGY SYSTEMS INTEGRATOR ALAN DICK COMMUNICATIONS
Japanese electronics company Panasonic's UK-based Panasonic Europe unit has acquired UK-based technology integration specialist Alan Dick Communications, the company said.
The acquisition of Alan Dick Communications (which will trade under ADComms) includes ADComms' companies IPS, AIB, and Rail Order. In July 2015, Panasonic teamed up with ADComms to provide a trackside trespass warning system for the UK railway network, using a combination of Panasonic security cameras and analytics software to alert the operator to people leaving the platform.
Status: Closed

-DIGITAL BENEFIT ADVISORS ACQUIRES HOUSTON EMPLOYEE BENEFITS FIRM
US-based employee benefits firm Digital Benefit Advisors (DBA) has acquired its second Houston-based firm, The Stevenson Group, the company said.
Principals Brian and Audrey Stevenson, along with their 16-member team will continue servicing clients of the firm which has been providing professional services for more than four decades. DBA entered the Houston market one year ago, when it acquired Warren Business Services.
Status: Closed

-MAGIC SOFTWARE AGREES TO BUY CLICKS DEVELOPMENT PLATFORM FOR USD 21M
Israel-based software platforms provider Magic Software Enterprises Ltd. (NASDAQ: MGIC) has agreed to acquire a 60% equity interest in Israel-based Clicks development platform developer Roshtov Software Industries Ltd, the company said.
The aggregate purchase price for the 60% interest is approximately USD 21m in cash and the company will have the option to acquire 100% of the equity in Roshtov. The transaction is expected to close during the third quarter, subject to anti-trust regulatory approvals and the fulfillment of certain conditions defined in the acquisition agreement.
Status: Agreed

-CONTROL POINT ASSOCIATES ACQUIRES CALIFORNIA SURVEY, PHOTOGRAMMETRY GROUP
US-based surveying company Control Point Associates, Inc. has acquired certain assets and key staff of US-based surveying group Tri-State Survey and Photogrammetry from California-based engineering consulting service Stantec Consulting Services, Inc., the company said.
Ray Tobia will continue to lead the Tri-State Survey and Photogrammetry group at Control Point Associates, Inc.
Status: Closed

-BRUKER ACQUIRES SOFTWARE ASSETS YINGSHENG TECHNOLOGY
US-based diagnostic solutions provider Bruker Corp. (NASDAQ: BRKR) has acquired the assets of Australia-based software developer Yingsheng Technology Pty Ltd. relating to the third generation Advanced Mineral Identification and Characterization System (AMICS) software package, and respective IP for advanced minerals identification and characterisation, the company said.
The financial details of the asset purchase agreement were not disclosed.
Status: Closed

-PERRIGO AGREES TO SELL VITAMINS, MINERALS AND SUPPLEMENTS BUSINESS TO IVC
Ireland-based pharmaceuticals company Perrigo Company plc (NYSE: PRGO) has reached agreement to sell its US vitamins, minerals and supplements business to US-based vitamin supplement producer International Vitamin Corp., the company said.
The transaction is subject to customary closing conditions and is expected to close by early August.
Status: Agreed

-DELOITTE ACQUIRES ASSET MANAGEMENT CONSULTANCY CASEY QUIRK
New York-based financial advisory firm Deloitte LLP has acquired substantially all the assets of Connecticut-based asset management industry strategy consultancy Casey, Quirk and Associates LLC, the company said.
The Casey Quirk partners and existing team will transition to Deloitte and will now operate under the Casey Quirk by Deloitte brand.
Status: Closed

-WASHINGTON, US ACCOUNTING FIRM MOSS ADAMS MERGES WITH TEXAS FIRM
Washington-based accounting services company Moss Adams LLP has agreed to combine with Dallas, Texas–based firm CF Accountants and Consultants, the company said.
Effective June 30, 2016, the combination will increase the firm's capabilities to serve the financial services industry, especially broker-dealers and hedge funds, as well as real estate clients and high net worth individuals. Established in 1956, CF Accountants and Consultants provides audit, tax, accounting, business valuation and business advisory services to clients in a range of industries, including real estate, construction and financial services.
Status: Agreed

-ITELLIGENCE ACQUIRES GERMAN SAP SERVICES SPECIALIST BIT.GROUP
Germany-based SAP software solutions provider itelligence AG has acquired Bautzen-based BIT.Group Gmbh, the company said.
With this acquisition, itelligence shows its focus on cloud and SAP managed services. BIT.Group, established in 2004, has about 380 employees, and offers extensive SAP services, focusing on SAP application management, technology services, application lifecycle management and cloud services.
Status: Closed

-DELPHI BEHAVIORAL HEALTH GROUP ACQUIRES NEW TREATMENT CENTRES IN FLORIDA, CALIFORNIA
Florida-based addiction and detox treatment programme provider Delphi Behavioral Health Group has added new treatment centers to its current roster, the company said.
The centers include Ocean Breeze Recovery, Arete Detox, Pathway to Hope, California Highlands, Recovery Grove, Community Rehab, and Elevate Recovery Center, which are located throughout Southern Florida and California.
Status: Closed

-CHINA'S TENCENT TO ACQUIRE MAJORITY STAKE IN FINNISH GAME DEVELOPER SUPERCELL
A consortium established by China-based Internet company Tencent Holdings Ltd. (SEHK:00700) has agreed to acquire a majority stake in Finland-based mobile game developer Supercell from SoftBank Group Corp. (TSX: 9984) in a deal worth around USD 8.6bn, the companies said.
Following the transaction, Supercell will be owned by the consortium and by Supercell's employees. Supercell will retain its independent operations, the headquarters will remain in Helsinki, Finland and its existing team will continue to run all operations of the company.
Status: Agreed

-SPACEFLIGHT INDUSTRIES ACQUIRES LOCATION INTELLIGENCE SPECIALIST OPENWHERE
US-based space company Spaceflight Industries has acquired Herndon, Virginia-based location intelligence specialist OpenWhere, Inc., the company said. Spaceflight said that OpenWhere's cloud-based M2M processing and analytic solutions will enhance and execute on its BlackSky geospatial data platform for satellite imagery.
Spaceflight also secured USD 18m of series B financing led by technology growth investor Mithril Capital Management of San Francisco, in a round that is expected to raise up to USD 25m. Previous investors in Spaceflight Industries, including RRE Venture Capital, Vulcan Capital and Razor's Edge Ventures, all reinvested in the round, bringing the company's total funding to USD 53.5m.
Status: Closed

-OSI SYSTEMS TO ACQUIRE CARGO INSPECTION TECHNOLOGY SPECIALIST AMERICAN SCIENCE AND ENGINEERING
US-based specialised electronic systems and components company OSI Systems, Inc. (NASDAQ: OSIS) has signed a definitive agreement to acquire cargo, parcel, and personnel inspection systems firm American Science and Engineering, Inc. (NASDAQ: ASEI) for USD 37.00 per share in cash, the company said.
The deal is worth around USD 187m, net of USD 82m of AS/E cash and cash equivalents as of 31 March 2016. This transaction has been unanimously approved by the OSI Systems and AS/E Boards of directors. Closing is anticipated during OSI Systems' fiscal second quarter ending 31 December 2016, is subject to the approval of AS/E's shareholders, antitrust approval, and other customary closing conditions.
Status: Agreed

-MIDDLE MARKET GROWTH PROGRAM FUNDS CLEARLAKE CAPITAL'S ACQUISITION OF VISION SOLUTIONS
US-based finance company The Middle Market Growth Program, which is jointly managed by Antares Capital and LStar Capital, has closed a USD 262m senior secured unitranche credit facility to support the acquisition of Vision Solutions, Inc. by US private investment firm Clearlake Capital Group, L.P., the fund said.
Vision Solutions is a provider of software solutions designed to protect data, minimize downtime and maximize resources for the modern data center as enterprises migrate to the cloud.
Status: Closed

-ALTICE CLOSES USD 17.7BN ACQUISITION OF US-BASED CABLE OPERATOR CABLEVISION
European telecommunications and Internet company Altice has completed the acquisition of New York, US-based communications service provider Cablevision Systems Corp., the company said.
Cablevision together with Suddenlink will form Altice USA, the #4 cable operator in the US, which serves more than 4.6m Optimum and Suddenlink customers across 20 states. Altice entered into a definitive agreement to acquire Cablevision on 16 September 2015. Cablevision shareholders previously approved the transaction by written consent.
Status: Closed

-PARAMIT ACQUIRES SILICON VALLEY PRODUCT DEVELOPMENT FIRM LATHROP ENGINEERING
California-based medical device maker Paramit has acquired California-based instrumentation product developer Lathrop Engineering, the company said. By integrating Paramit and Lathrop processes, the company expects to decrease its average time-to-market from 24 months to 18 to 20 months.
Paramit said that Lathrop's approach to product development will allow its customers to control their product vision throughout the development process and to own the design when completed.
Status: Closed

-PHILIPS ACQUIRES DIGITAL PATHOLOGY SOFTWARE FIRM PATHXL
The Netherlands-based technology company Royal Philips (NYSE: PHG) (AEX: PHIA) has acquired Northern Ireland-based digital pathology image analysis provider PathXL, the company said.
Philips is in the digitisation of pathology, a growing area in healthcare, as pathology labs are under pressure to improve throughput and efficiency, enhance quality and to deliver new diagnostic tests for precision medicine.
Status: Closed

-SCHWEIGER DERMATOLOGY ACQUIRES LONG ISLAND PRACTICE
New York-based medical and cosmetic dermatology facility Schweiger Dermatology Group has completed the acquisition of Long Island, New York-based dermatologist Frank Demento, M.D.'s Long Island dermatology practice in Garden City, New York, the company said.
Demento is a Long Island dermatologist and expert on aging of the skin, sun protection, acne and cutaneous signs of internal disease. Schweiger Dermatology Group provides dermatology services in the New York City area. The company currently owns and operates over 20 locations throughout Manhattan, Brooklyn, Queens, Long Island, Westchester County, Rockland County, and New Jersey.
Status: Closed

-AUDAX PRIVATE EQUITY SELLS FILTRATION COMPANY NEPTUNE-BENSON
New York-based medical and cosmetic dermatology facility Schweiger Dermatology Group has completed the acquisition of Long Island, New York-based dermatologist Frank Demento, M.D.'s Long Island dermatology practice in Garden City, New York, the company said.
Demento is a Long Island dermatologist and expert on aging of the skin, sun protection, acne and cutaneous signs of internal disease.
Schweiger Dermatology Group provides dermatology services in the New York City area. The company currently owns and operates over 20 locations throughout Manhattan, Brooklyn, Queens, Long Island, Westchester County, Rockland County, and New Jersey.
Status: Closed

-SCANTRON ACQUIRES NEBRASKA IT FIRM P/L TECHNOLOGY
US-based print services and IT provider Scantron Corp. has acquired US-based managed IT services provider P/L Technology, Inc., the company said.
P/L Technology's capabilities complement the more than 40 years of IT solutions expertise currently offered by Harland Technology Services while providing additional scale to meet the ever-changing technology needs of clients.
Status: Closed

-KUBER FINANCIAL ACQUIRES MOBILE SAAS PLATFORM MOBILEND
US-based data and analytics provider Kuber Financial, LLC has acquired mobile SaaS platform Mobilend, Inc., the company said.
Kuber Financial said it will integrate Mobilend's mobile SaaS lending platform to its existing technology to offer a seamless customer-centric experience for tech-enabled consumers.
Status: Closed

-MISSOURI AMERICAN WATER ACQUIRES WOODLAND MANOR WATER SYSTEM
Missouri-based water utility Missouri American Water has closed on its acquisition of Branson, Missouri-based Woodland Manor water system, the company said.
This system serving approximately 170 customers was previously operated by Woodland Manor LLC. The acquisition of the Woodland Manor water system was approved by the Missouri Public Service Commission (MoPSC) on 3 May 2016.
Status: Closed

-AXACTOR ACQUIRES ITALIAN DEBT COLLECTOR CS UNION FOR EUR 9.9M
Italy-based debt collection company Axactor AB (OSE: AXAO) (OSE: NMGO) has acquired Italy-based debt collection company CS Union, the company said.
CS Union provides independent debt purchase/debt collection, with EUR 1bn under management. Banca Sistema will continue as a 10% shareholder of the new entity and will provide attractive financing as part of the strategic partnership.
Status: Closed

-SAVARA PHARMACEUTICALS ACQUIRES DANISH INHALATION THERAPIES SPECIALIST SERENDEX
US-based specialty pharmaceutical company Savara Pharmaceuticals has acquired the assets of Danish inhalation therapies provider Serendex Pharmaceuticals, the company said.
Savara Pharmaceuticals focuses on innovative drugs for the treatment of serious and life-threatening rare respiratory diseases. Established in 2008 in Copenhagen, Denmark, Serendex Pharmaceuticals has focused on developing novel inhalation therapies for the treatment of patients with rare respiratory conditions.
Status: Closed

-ZEEL ACQUIRES SPA APPOINTMENT MESSAGING SERVICE MESSAGENOW
New York-based on-location massage provide Zeel has acquired California-based massage provider MassageNow from parent company New York-based services search engine Locality, the company said.
MassageNow, which partners with high-end spas to fulfill last-minute spa massage appointments, launched in 2014. The acquisition allows Zeel to increase its market share in New York City and San Francisco, while growing its Zeel Spa offering.
Status: Closed

-AVENUE FINANCIAL WINS SHAREHOLDER NOD FOR USD 201.4M PINNACLE FINANCIAL BUYOUT
Shareholders of US-based bank holding company Avenue Financial Holdings, Inc. (NASDAQ: AVNU) have approved the company's agreed deal to be acquired by US-based Pinnacle Financial Partners, Inc. (NASDAQ: PNFP), the company said.
In May, the companies received approvals from both the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corp.
Status: Agreed
-CHINA'S XINGYE COPPER TO FULLY ACQUIRE INTERNET, MOBILE GAMING DEVELOPER
Chinese copper plates and strips producer Xingye Copper International Group Ltd. has conditionally agreed to acquire the entire issued share capital of Chinese Internet and mobile gaming products development company Hefei Zhangyue Network Technology Co., Ltd. for around HKD 186m (USD 23.98m), the company said.
This will be satisfied as to HKD 116m in cash; and as to approximately HKD 70m by issuance of consideration shares at an issue price of HKD 0.9 per consideration share, that is approximately 8.75% of the issued share capital of the company as enlarged by the allotment and issue of the consideration shares.
Status: Agreed