Deal Pipeline
Monday 22 May 2017
The following is a list of deals covered in detail by M and A Navigator this week:

-BARINGTON/HILCO ACQUISITION CORP FUNDS 30-DAY EXTENSION OF DATE TO CLOSE DEAL
New York, US-based blank check acquisition company Barington/Hilco Acquisition Corp. (NASDAQ: BHAC) has funded an additional 30-day extension of the date by which it must complete a business combination, the company said. The company has deposited USD 84,546.73 into its trust account to fund the extension through 11 June 2017.
On 10 February 2017, the company's stockholders approved an extension of the date by which the company must complete a business combination for an aggregate of six months, to be implemented and funded by the company in 30-day increments.
Status: Agreed

-US SPECIALTY CHEMICALS FIRMS REICHHOLD, POLYNT CLOSE MERGER
US-based chemical company Reichhold and Italy-based Polynt have closed the combination of their businesses, forming a global company in the composite resins and coating industry with over USD 2.4bn in revenues, the companies said.
Black Diamond Capital Management, L.L.C. and Investindustrial are equal investors in the new group. The newly formed company will be owned equally by funds managed by Black Diamond Capital Management, L.L.C. and Investindustrial. It will become a global specialty chemicals player with significant presence both in North America and Europe.
Status: Closed

-COGENERATION EQUIPMENT MAKER TECOGEN CLOSES ACQUISITION OF AMERICAN DG ENERGY IN STOCK-FOR-STOCK DEAL
Waltham, Massachusetts-based cogeneration systems maker Tecogen Inc. (NASDAQ: TGEN) has closed the acquisition of all outstanding shares of Waltham, Massachusetts-based energy provider American DG Energy Inc. (NYSE MKT: ADGE) in a stock-for-stock merger, the company said.
This deal was announced last November. Each share of American DG common stock will be exchanged for 0.092 shares of Tecogen common stock, valuing American DG at an approximately 27% premium to the company's most recent closing share price. The combined company will retain the Tecogen Inc. name and be led by co-chief executive officers John Hatsopoulos and Benjamin Locke.
Status: Closed

-SUPERVALU CLEARS US ANTITRUST HURDLE IN USD 375M ACQUISITION OF WHOLESALE GROCERY COOPERATIVE UNIFIED GROCERS
The US Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to Minnesota, US-based grocery wholesaler Supervalu Inc's (NYSE: SVU) pending acquisition of California, US-based wholesale grocery cooperative Unified Grocers, Inc. for approximately USD 375m, the company said.
This deal was announced in April. The early termination of the waiting period under the HSR Act satisfies a closing condition for the transaction. The transaction is also subject to approval by Unified Grocers' shareholders. Unified Grocers has set 22 June 2017 for its shareholder meeting.
Status: Agreed

-REGAL ENTERTAINMENT GROUP CLOSES ACQUISITION OF 7 WARREN THEATRES, ADDING 93 SCREENS
US-based motion picture exhibitor Regal Entertainment Group has completed the acquisition of seven existing Warren Theatres in Kansas and Oklahoma, the company said.
The transaction will add a total of seven theatres with 93 screens to Regal's portfolio, including the Warren 14/IMAX in Moore, Oklahoma the 17th highest grossing theater in the United States in 2016. Regal Entertainment Group (NYSE: RGC) operates a US theatre circuit consisting of 7,262 screens in 559 theatres in 43 states along with Guam, Saipan, American Samoa and the District of Columbia as of 31 March 2017.
Status: Closed

-JOULE ASSETS CLOSES ACQUISITION OF ENERGY INFORMATION MANAGEMENT SERVICES FIRM NORTHWRITE
US-based energy management specialist Joule Assets has acquired cloud-based energy information management services firm NorthWrite, the company said.
NorthWrite serves small- and mid-sized businesses. The transaction was the first act of business completed by JouleSmart Solutions, a newly formed, fully-funded subsidiary of Joule Assets. Through JouleSmart, Joule Assets can now scale energy efficiency in SMBs, a typically unaddressed market that comprises 98% of US commercial building stock.
Status: Closed

-UK CMA CLEARS JD SPORTS FASHION'S GBP 112.3M ACQUISITION OF UK RETAILER GO OUTDOORS TOPCO
The UK Competition and Markets Authority has cleared a closed deal by UK-based sports, fashion and outdoor brands retailer JD Sports Fashion Plc (LSE: JD) to acquire 100% of the issued share capital of UK-based Go Outdoors Topco Ltd, the CMA said.
This deal closed last November. In March, CMA announced that its was probing the deal. Cash consideration of GBP 112.3m (USD 139.34m) has been paid with the group also assuming net debt of approximately GBP 16m as part of the transaction.
Status: Closed

-STRATEX TO ACQUIRE AUSTRALIAN MINER CRUSADER RESOURCES
Turkey and Africa-focused, UK-based exploration and development company Stratex International plc, the (AIM: STI) has signed a non-binding heads of agreement to acquire the entire issued and to be issued share capital of Australian miner Crusader Resources Ltd. (ASX: CAS), the company said.
Crusader is a specialised mineral producer focussed on precious metals and bulk commodities in Brazil with more than 12 years of experience of operating in the country. The firm has two advanced gold projects in Brazil, Borborema and Juruena, with combined JORC-compliant resources of 2.7Moz Au, as well as the Posse Iron Ore Mine.
Status: Agreed

-ELIS MAKES SWEETENED BID TO ACQUIRE UK TEXTILE AND FACILITY SERVICES FIRM BERENDSEN
French linen and workwear rental and laundry services firm Elis SA has made a revised proposal to combine with UK-based textile maintenance services firm Berendsen plc (LSE: BRSN) to create a Pan-European group in textile and facility services, the company said.
The combined group would have a presence across Northern and Southern Europe with high-growth Latam exposure and an enhanced position in Germany. Under the deal, Elis would acquire each Berendsen ordinary share for a combination of GBP 4.40 in cash; and 0.426 new Elis ordinary shares.
Status: Bidding

-NQ MINERALS CLOSES ACQUISITION OF TASMANIAN GOLD MINE
Australia-based exploration and mining company NQ Minerals plc (NQMI: NEX) has completed the acquisition of all of the issued and outstanding shares of Keen Pacific Ltd., along with its wholly-owned subsidiaries Ivy Resources Pty Ltd and Hellyer Gold Mines Pty Ltd, the company said.
The acquisition allows NQ Minerals to wholly own the prospective Hellyer Gold Mine in Tasmania, Australia and is in line with the company's strategy of becoming a near-term revenue generating gold and base metal production company. NQ Minerals has issued 70,636,918 new ordinary shares as part of the consideration for the acquisition.
Status: Closed

-JUST EAT NOW FACES PHASE 2 'IN DEPTH' PROBE BY UK CMA OVER HUNGRYHOUSE ACQUISITION
UK-based online food delivery company Just Eat plc (LSE: JE) now faces a phase 2, or in-depth merger investigation of its acquisition of hungryhouse Holdings Ltd unless the company can address competition concerns, the UK Competition and Markets Authority said.
Earlier this month, the Competition and Markets Authority said that it would refer the deal for an in-depth investigation because of concerns that the merger could lead to worse terms for restaurants using either company. However, Just Eat was first given the chance to offer ways of addressing these concerns. Just Eat has not offered these and so the merger will now be referred for an in-depth, known as phase 2, investigation by an independent group of CMA panel members. The deadline for the final decision is 2 November 2017.
Status: Agreed

-PALINGHURST RESOURCES MAKES ALL-SHARES OFFER FOR UK GEMSTONE MINER GEMFIELDS
Channel Islands-based investment firm Pallinghurst Resources Ltd. (SJ: PGL) has made an offer for the whole of the issued and to be issued share capital of UK-based gemstone miner Gemfields plc (AIM: GEM), the firm said.
This deal excludes the 258,908,915 Gemfields shares already held by the Pallinghurst Group, representing 47.09% of Gemfields' issued share capital. Under the terms of the offer, each Gemfields shareholder will be entitled to receive 1.91 Pallinghurst shares for each Gemfields share.
Status: Bidding
-UK COMPETITION AND MARKETS AUTHORITY MAY PROBE ORIGIN UK OPERATIONS' ACQUISITION OF BUNN FERTILISER ASSETS
The UK Competition and Markets Authority is considering whether to investigate the pending acquisition of certain assets of UK-based Bunn Fertiliser Ltd. by UK-based agri-services group Origin UK Operations Ltd, the CMA said.
In March, Origin UK Operations agreed to acquire fertiliser business of Bunn Fertiliser for GBP 14.2m (USD 18.44m). Origin UK Operations, doing business as Origin Fertilisers, manufactures and distributes fertilisers to the agricultural industry in the United Kingdom. Bunn Fertiliser manufactures nitrogen fertilisers. It manufactures fertilisers for various crops, such as grassland, potato, sugar beet, forage maize, barley, oilseed rape, and wheat.
Status: Agreed

-HANSTEEN GRABS 90.46% OF INDUSTRIAL MULTI PROPERTY TRUST SHARES
UK and Continental European property investment company Hansteen Holdings plc (LSE: HSTN) has increased the price payable in respect of the recommended cash offer made by Hansteen for the entire issued and to be issued ordinary share capital of Isle-of-Man-based closed ended investment company Industrial Multi Property Trust plc (LSE: IMPT) to 330p per IMPT share, the company said. 
On 18 May, Hansteen either held, or had received valid acceptances of its increased offer in respect of a total of 7,727,799 IMPT shares, representing approximately 91.89% of the current issued share capital of IMPT. For the purposes of satisfying the threshold required to implement the compulsory acquisition procedure, Hansteen holds 90.46% of the IMPT Shares to which the offer relates.
Status: Agreed

-GCP CLOSES USD 94M ACQUISITION OF UK WATERPROOFING, COATINGS SUPPLIER STIRLING LLOYD
Massachusetts, US-based construction chemicals, specialty building materials supplier GCP Applied Technologies Inc. (NYSE: GCP) has closed the acquisition of UK-based liquid waterproofing and coatings supplier Stirling Lloyd for USD 94m, the company said.
This deal was announced earlier this month. Stirling Lloyd generates annual net sales of approximately USD 40m. Stirling Lloyd supplies waterproofing membranes and coatings like Eliminator, Integritank, and Decseal brands, which are used for the protection of infrastructure and buildings.
Status: Closed

-DIMENSION DEVELOPMENT ACQUIRES ATLANTA MARRIOTT PROPERTY
Louisiana, US-based hospitality management company Dimension Development has added its 12th Marriott hotel property to its portfolio with the addition of the Atlanta Marriott Northwest at Galleria, the company said. The company said it expects to increase market share and profitability at the hotel as it looks forward to future acquisitions.
The hotel is Dimension's 56th hotel property, and is located across from Sun Trust Park, the new stadium of the Atlanta Braves National Baseball League team. Dimension Development Co. develops, acquires and manages full-service, all-suite and limited feature hotels.
Status: Closed

-AFFINITY ACQUIRES UNDONE CHOCOLATE TO EXPAND BRAND INTO MAINSTREAM MARKETS
Florida, US-based holding company Affinity Beverage Group, Inc. (OTC: ABVG) has completed its acquisition of Washington, DC, US-based premium chocolate maker Undone Chocolate, LLC, the company said.
The company said an area of emphasis is expansion of products into mainstream grocery, drug stores and the hospitality channel for Chocolate Undone and its other wholly owned subsidiary, Village Tea Co. Undone Chocolate said it believes Affinity Beverage Group has the right platform and resources to take its vision to the next level.
Status: Closed

-NEW YORK LAW FIRM ISEMAN, CUNNINGHAM, REISTER AND HYDE TO MERGE WITH RIVKIN RADLER
New York, US-based law firm Rivkin Radler is merging with New York, US-based law firm Iseman, Cunningham, Riester and Hyde (ICRH) to become Rivkin Radler and expand law practice to Hudson Valley and Capital District in New York, US, the companies said.
ICRH's 16 current attorneys and staff will join Rivkin Radler's 170 attorneys in a merger transaction effective July 1 2017. ICRH is a law firm in the health care arena and represents many hospitals throughout the state.
Status: Agreed

-ARKEMA'S BOSTIK ACQUIRES CMP FLOORING BUSINESS FROM US SEALANT MAKER CGM
France-based adhesives and sealants manufacturer Bostik, a subsidiary of Paris-based chemical manufacturer Arkema, has acquired the flooring business of Pennsylvania, US-based flooring manufacturer CMP Specialty Products from Ohio, US-based sealant manufacturer CGM, Inc., the company said.
Bostik said the CMP business generated USD 15m in sales in 2016, and fits with the company's strategy to expand in the growing US construction market and to offer its customers a range of solutions for the flooring market.
Status: Closed

-MEDICAL PROPERTIES TRUST TO ACQUIRE HOSPITALS, BEHAVIOURAL HEALTH FACILITY IN USD 1.4BN DEAL
Alabama, US-based REIT Medical Properties Trust, Inc. (NYSE: MPW) has agreed to acquire the real estate interests of ten hospitals and one behavioural health facility operated by Tennessee, US-based hospital operator IASIS Healthcare, the company said.
The deal expands Medical Properties Trust's relationship with Massachusetts, US-based hospital operator Steward Health Care System LLC, which will operate the facilities upon completion of the transaction. The USD 1.4bn real estate transaction will be immediately accretive to normalised FFO per share by approximately USD 0.10 (and to net income by USD 0.05 per share) in 2018, assuming all debt financing. MPT's interests in the hospitals to be acquired will be subject to a master lease and mortgage loan arrangements with cross default provisions and backed by a corporate guaranty.
Status: Agreed

-PHILIPS EDISON GROCERY CENTRE REIT TO ACQUIRE RE ASSETS OF PHILIPS EDISON PARTNERSHIP IN USD 1BN DEAL
Ohio, US-based REIT Phillips Edison Grocery Centre REIT I, Inc. (PECO I) has agreed to acquire Ohio, US-based real estate owner and developer Phillips Edison Ltd. Partnership's (PELP) real estate assets and third party asset management business in a stock and cash transaction valued at USD 1bn, the company said.
PELPis the sponsor and external advisor of PECO of its sponsor and external advisor. Upon the closing of the transaction, this acquisition will create an internally managed, non-traded grocery-anchored shopping centre REIT with an expected total enterprise value of approximately USD 4.0bn. The resulting enterprise will own a portfolio of 230 shopping centres in 32 states that is positioned to drive sustained growth and create value for all shareholders.
Status: Agreed

-CONCORD MEDICAL UNIT, GOUFU HUIMEIL PARTNER TO ACQUIRE SHANGHAI PROMED CANCER CENTRE
China-based Meizhong Jiahe Hospital Management Corp. Ltd. (MHM), a subsidiary of hospital management solution provider Concord Medical Services Holdings Ltd (NYSE: CCM), has partnered with China-based Guofu Huimei Investment Management Ltd. Partnership in a proposition to purchase capital and acquire China-based Shanghai ProMed Cancer Centre LLC, the company said.
The acquisition is pending necessary shareholder approval and governmental filings. MHM will hold 31.64% of the equity interest in ProMed after the completion of the acquisition. ProMed is equipped with advanced medical equipment such as linear accelerators, CTs, MRIs, Mo-target mammography, CDFI and telepathology consultation systems.
Status: Agreed

-CRANE AND HOIST DISTRIBUTOR ACE INDUSTIRES ACQUIRES MATERIAL HANDLING FIRM HENOHL/SOUTHWEST CRANE
Georgia, US-based overhead crane and hoist distributors Ace Industries, Inc. has acquired Arizona, US-based material handling solutions provider Henöhl/Southwest Crane to expand in Pacific Southwest, US, the company said.
Ace Industries said the companies are building a technical team in the market and equipping them with tools to deliver. Ace Industries is in the material handling industry with over 30,000 customers.
Status: Closed

-US HOSPITAL OPERATORS STEWARD HEALTH CARE, IASIS TO MERGE
Massachusetts, US-based hospital operator Steward Health Care LLC has agreed to acquire Tennessee, US-based healthcare services company IASIS Healthcare LLC to expand its position as a hospital operator with 36 hospitals across the US, the company said.
The deal is worth around USD 1.9bn. Medical Properties Trust, Inc. has agreed to acquire the interests of substantially all of IASIS's hospital real estate subject to long-term leases and loans with Steward. Under terms of the merger agreement, cash proceeds paid by MPT and other financing sources will be used to retire IASIS's senior secured term loans and unsecured notes.
Status: Agreed

-LINK DIGITAL ACQUIRES UK REGIONAL MARKETING AGENCY BREAD
UK-based digital marketing company Link Digital has acquired UK-based regional agency Bread to expand capabilities in UK, the company said.
The company said Bread's portfolio of clients, including Ancestry.co.uk, Ginsters, Longcroft Luxury Cat Hotel and London's Roast Restaurant are part of the acquisition and necessary to expanding link into a major regional online provider. Bread's owner, Matt Purser, will join Link Digital's management team.
Status: Closed

-DALATA TO ACQUIRE FREEHOLD INTEREST OF MALDRON HOTEL PORTLAOISE/MIDWAY FOODCOURT FOR EUR 6.8M
Ireland-based hotel operator Dalata Hotel Group plc (LSE: DAL) has partnered with receivers to acquire freehold interest of Maldron Hotel Porlaoise and adjacent Midway Foodcourt, with a sub-sale agreement in place to sell the food court to a third party, the company said.
The net cost of the transaction to Dalata is EUR 6.8m, payable in cash. The transaction is expected to be complete in May 2017. Dalata said the transaction to secure the freehold of Maldron Hotel in Portlaoise is consistent with its strategy of buying out the freehold interests of those leased properties with future unpredictable rent reviews. The company holds a long leasehold on the hotel until 2036. The company incurred a rental charge of EUR 0.57m in 2016 in relation to the hotel.
Status: Agreed

-EXOVA ACQUIRES AUSTRALIAN FIRE SAFETY ENGINEERING CONSULTANCY DEFIRE
UK-based testing and calibration services company Exova Group plc has acquired Australia-based fire safety engineering consultancy Defire Holdings Pty Ltd. to expand fire safety solutions, the company said.
The company said the provision of fire safety consultancy is a key component of the fire, building products and certification sector's strategy of offering an integrated suite of services that includes testing, certification and inspection. Exova operates 136 laboratories and offices in 33 countries and employs around 4,200 people throughout Europe, the Americas, the Middle East, Asia/Asia Pacific and Africa.
Status: Closed

-HICKTON HOLDINGS TO ACQUIRE UK BUILDING CONTROL SERVICES FIRM BRCS
UK-based Hickton Holdings Ltd., a subsidiary of CEPS, has agreed to acquire 100% of the issued share capital of building control services provider BRCS Ltd. to Improve construction standards across the UK, the company said.
The acquisition is made with a maximum aggregate consideration of GBP 1.3m (USD 1.69m). The initial consideration is GBP 608,375 with the balance of the consideration payable over the next two years, dependent on financial performance over the period. This acquisition will be funded from Hickton's existing cash resources. No equity investment from CEPS will be required to undertake the transaction, which was completed on 18th May 2017.
Status: Agreed

-GRESHAM HOUSE PROPOSES ACQUISITION OF ENERGY INFRASTRUCTURE ASSET MANAGER HAZEL CAPITAL
UK-based investment manager Gresham House's (AIM: GHE) real assets division has agreed to a proposed acquisition of UK-based energy infrastructure asset manager Hazel Capital LLC, pending due diligence, the company said.
Gresham House has been granted a period of exclusivity until 31 December 2017 to finalise its due diligence and the terms of the proposed acquisition. The acquisition is intended to be funded using shares issued at a premium to the current share price, plus a deferred earn out in cash and shares.
Status: Agreed

-PRO MACH ACQUIRES ITALIAN LABELING SOLUTIONS FIRM P.E. LABELLERS
Ohio, US-based Integrated packaging solutions leader Pro Mach, Inc. has acquired Italy based labeling solutions provider PE Labellers SpA to expand Pro Mach's decorative labeling capabilities, the company said.
All global subsidiaries and management teams of P.E. Labellers join the Pro Mach team. P.E. Labellers Bruno Negri, co-founder and chairman of the board and Nicola Schinelli, vice chairman of P.E. Labellers, will continue to lead the P.E. Labellers team, spanning over 400 employees across the world.
Status: Closed

-WOHLER TECHNIK ACQUIRES US DIAGNOSTIC TOOLS MAKER RETROTEC
Germany based measuring instruments manufacturer Wöhler Technik GmbH has acquired Washington, US-based diagnostic tools manufacturer Retrotec Inc. to form Wohler Retrotec, Inc., the company said.
The company said product lines of both companies include Blower Door Systems and leakage testers, which will complement each other. Air tightness and enclosure integrity will play a significant role in the future because of the increasing demands on energy efficiency, increasing the requirements regarding the measurement technology. Wohler Retrotec, Inc. will fortify the technological lead of the brands Retrotec and Wöhler and both brands will continue to exist independently.
Status: Closed

-CERBERUS CAPITAL MANAGEMENT TO ACQUIRE VACATION PROPERTY OWNERSHIP FIRM BUSHKILL
New York, US-based private equity firm Cerberus Capital Management, L.P. affiliate has acquired Pennsylvania, US-based vacation property ownership company Bushkill Group, a subsidiary of Canada-based vacation home operator Resorts Group, Inc., the company said.
The transaction includes Bushkill's Pocono Mountains resort, The Villas at Tree Tops and Fairway, located in Pennsylvania, US. Cerberus senior operating executive Rick Budd, Senior Operating Executive, has president and CEO of Bushkill. The firm said it plans to invest in Bushkill's infrastructure and future expansion, adding additional locations.
Status: Agreed

-EVOLVE IP ACQUIRES US CLOUD COMPUTING FIRM AZZARON
Pennsylvania, US-based cloud services firm Evolve IP has acquired Arizona, US-based cloud computing solutions provider Azzaron, Inc. to strengthen presence in Southwest US, the company said.
The company said Azzaron is its 10th acquisition, which is part of the company's strategy to further penetrate veterinary, construction and legal vertical markets. Azzaron provides cloud computing solutions including desktop as a service, infrastructure as a service and a secure, compliant file sharing and collaboration service.
Status: Closed

-YOUNG LIVING ESSENTIAL OILS ACQUIRES US WELLNESS COMPANY LIFE MATTERS
Utah, US-based essential oil manufacturer Young Living Essential Oils has acquired Idaho, US-based wellness company Life Matters expand influence in global wellness movement, the company said.
Young Living acquired Life Matters in a non-cash transaction. Additional details of the transaction were not disclosed. Life Matters owners and network marketing leaders in the direct selling industry Richard Bliss Brooke and Kimmy Brooke will join forces with Young Living.
Status: Closed

-MOBILITYWORKS TO ACQUIRE TEXAS, US VAN RETAILER ALAMO MOBILITY
Ohio, US-based wheelchair accessible van retailer MobilityWorks has agreed to purchase Texas, US-based van retailer Alamo Mobility to increase presence in Texas with the addition of Alamo's two retail locations, the company said.
The company said the following the acquisition, MobilityWorks will have 69 consumer locations in 24 states. Alamo Mobility is focused on helping people with disabilities be more independent and able to travel in a vehicle that meets their individual needs.
Status: Agreed

-QUANTUM ENERGY AFFILIATE TO ACQUIRE MARCELLUS MIDSTREAM FROM NOBLE ENERGY IN USD 765M DEAL
A portfolio company of Texas, US based private equity firm Quantum Energy Partners has agreed to acquire Marcellus Midstream from Texas, US-based oil and natural gas exploration Noble Energy, Inc. (NYSE: NBL) following Noble's agreement to divest the holding company that owns a 50% interest in CONE Gathering, LLC and 21.7m common and subordinated limited partnership units, the company said.
The acquisition is made for a total cash consideration of USD 76m. Closing of the transaction is anticipated in 3Q17, subject to customary closing conditions and adjustments.
Status: Agreed

-B RILEY FINANCIAL TO ACQUIRE US INVESTMENT FIRM WUNDERLICH SECURITIES IN USD 67M DEAL
California, US-based financial services company B. Riley Financial, Inc. (NASDAQ: RILY) has agreed to acquire Tennessee, US-based investment firm Wunderlich Securities to strengthen Riley's small-cap investment banking and brokerage platform, the company said.
The transaction is valued at USD 67m, including USD 36m in cash, 1.9m shares of B. Riley Financial common stock, and warrants to purchase 0.82 m shares of B. Riley common stock. The transaction is expected to close in June 2017. B. Riley said the acquisition broadens its institutional and retail client base, along with distribution capabilities by adding over 200 financial advisors and USD 10bn in assets under administration and 37,000 active wealth management accounts.
Status: Agreed

-ASPEN GROUP TO ACQUIRE CALIFORNIA FOR-PROFIT EDUCATOR UNITED STATES U IN USD 9M DEAL
Colorado, US-based post-secondary education company Aspen Group, Inc. (OTCQB: ASPU) has agreed to acquire California, US-based regionally accredited for-profit educational institution United States University, to provide college degrees at affordable rates with zero interest in lieu of financial aid, the organisation said.
The acquisition was made for a total consideration of USD 9m, payable with USD 4.5m in Aspen Group common stock (based on the USD 3.74 per share price as of the signing of the letter of intent), USD 2.5m in cash at closing and the remaining USD 2m in the form of an 8% convertible note that matures over a two-year period after the closing.
Status: Agreed