Deal Pipeline
Thursday 23 June 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-NIELSEN COMPLETES ACQUISITION OF SPORTS MEASUREMENT SPECIALIST REPUCOM
US-based information and measurement company Nielsen (NYSE: NLSN) has completed its acquisition of sports measurement, evaluation and intelligence specialist Repucom, the company said.
Terms of the deal were not disclosed, but industry reports put the deal north of USD 100m. Nielsen's acquisition of Repucom includes all operations, data, advanced analytic IP and tools, and ongoing client work. Repucom has established various methodologies in sports measurement. Its logo recognition and media monitoring technologies measure more than 5.3m hours of content and 1.1m interviews per year.
Status: Closed

-ENVIANCE ACQUIRES ENVIRONMENTAL, HEALTH AND SAFETY MANAGEMENT SOFTWARE FIRM ACTIO
US-based environmental, health and safety management software company Enviance has acquired EH/S software provider Actio Corp., the company said.
Based in Portsmouth, New Hampshire, Actio is a cloud-based EH/S software provider that offers innovative solutions for materials and supply chain management, and is renowned for its creation of the first substance-based materials management software solution. The Actio acquisition will strengthen Enviance's ability to deliver a single, comprehensive EH/S solution. Enviance is majority-owned by Battery Ventures, a global investment firm.
Status: Closed

-NEW JERSEY HOSPITAL OPERATORS HACKENSACK HEALTH, MERIDIAN HEALTH RECEIVE MERGER APPROVAL
New Jersey, US-based hospital operators Hackensack University Health Network and Meridian Health have received final approval to form Hackensack Meridian Health, the companies said.
The two health networks first announced plans to merge in October 2014. The parties received their final approval from a state court this week and will begin functioning as one legal entity on 1 July 2016. Following regulatory approval, the newly formed organisation, which will be known as Hackensack Meridian Health, will share a corporate board comprising an equal number of trustees from each system.
Status: Agreed

-NEXT GEAR SOLUTIONS ACQUIRES RESTORATION CONTRACTOR SOFTWARE FIRM CLIENTRUNNER
US-based restoration management software developer Next Gear Solutions has signed an agreement to acquire ClientRunner, the company said.
Based in Orem, Utah, ClientRunner serves contractors focused on insurance restoration with a job management software. ClientRunner began in 2003 as a solution for a single restoration contractor looking to support his company and move away from paper, and the software was launched publicly in 2011.
Status: Closed

-ALGOLD TO FILE MAIDEN MINERAL RESOURCE ESTIMATE FOR RECENTLY-ACQUIRED MAURITANIA GOLD PROJECT
Canadian gold miner Algold Resources Ltd (ALG: TSX-V) will file the first mineral resource estimate in accordance with the Canadian Securities Administrators' National Instrument 43-101 for its recently acquired Tijirit Property in Mauritania, the company said.
The 100%-owned Tijirit project, which encompasses an area of more than 1,000 km2, is situated approximately 25 kilometers southeast of Kinross'Tasiast gold mine.
Status: Closed

-DOME EQUITIES ACQUIRES NORTH MIAMI APARTMENT COMMUNITY
US-based investment firm Dome Equities has acquired the Alta Mira apartment community in North Miami, the firm said.
This is the firm's eighth Florida property. Terms of the deal were not disclosed. Built in 2014, Alta Mira has 240 units, and is located between Downtown Miami, Fort Lauderdale and Doral, which provides access to over 58m square feet of office and industrial space. Dome's real estate portfolio totals nearly USD 1.27bn, of which 94% are apartment properties located in 20 metropolitan areas in the United States.
Status: Closed

-CALIFORNIA'S SIERRA BANCORP, COAST BANCORP RECEIVE SHAREHOLDER NODS FOR USD 13.8M MERGER
Shareholders of California, US-based bank holding company Sierra Bancorp (NASDAQ: BSRR) and Coast Bancorp (OTC: CTBP) have approved the companies' agreed deal to merge, the companies said.
In January Sierra Bancorp signed a definitive agreement to acquire Coast Bancorp of San Luis Obispo County, California. All required regulatory approvals have also been received and the transaction is expected to close on or about 8 July 2016, pending satisfaction of other customary closing conditions.
Status: Agreed

-BLUE HILL DATA SERVICES ACQUIRES INSURANCE PROCESSING SYSTEMS FIRM XYBERNET
US-based insurance and debt protection software and services provider Blue Hill Data Services has acquired insurance industry software and services provider XyberNET, the company said.
XyberNET has offered insurance processing systems and services since 1979, serving the credit insurance and debt protection markets. The company's applications software and services help insurance companies run their businesses more efficiently and cost effectively.
Status: Closed

-VERIZON TO ACQUIRE CONNECTED VEHICLE TECHNOLOGY SPECIALIST TELOGIS
US-based insurance and debt protection software and services provider Blue Hill Data Services has acquired insurance industry software and services provider XyberNET, the company said.
XyberNET has offered insurance processing systems and services since 1979, serving the credit insurance and debt protection markets. The company's applications software and services help insurance companies run their businesses more efficiently and cost effectively.
Status: Agreed

-UTAH REAL ESTATE FIRM ERA BROKERS CONSOLIDATED MERGES WITH REALTY EXECUTIVES OF NEVADA
Utah, US-based real estate company ERA Brokers Consolidated has merged with Realty Executives of Nevada, the company said.
The newly combined entity will do business as ERA Brokers Consolidated, which is now comprised of 11 offices and 300 affiliated sales associates. Last year, the newly combined operations were responsible for nearly USD 1bn in sales volume and 3,400 transactions.
Status: Closed

-PENN WEST RECEIVES CANADIAN COMPETITION CLEARANCE TO CLOSE SALE OF SASKATCHEWAN ASSETS
Canadian oil and gas company Penn West Petroleum (TSX: PWT) (NYSE: PWE.BC) has received clearance from the competition authority in Canada to complete the sale of all of Penn West's Saskatchewan assets, including its Dodsland Viking area, to Teine Energy Ltd. for cash consideration of USD 975m, the company said. 
This Competition Act clearance is the only regulatory approval needed to complete the sale. Penn West also announces that the closing of the sale of its Saskatchewan assets is expected to occur on or about 24 June 2016. The completion of the sale remains subject to customary closing conditions.
Status: Agreed

-GENUINE PARTS TO ACQUIRE AUTO-CAMPING, ROCHESTER MIDLAND BUSINESS
US-based automotive replacement parts distributor Genuine Parts Company (NYSE: GPC) has entered into two definitive agreements, the company said.
The company has entered into definitive agreements to acquire Auto-Camping, Ltd. and select assets within the Janitorial and Sanitation business of Rochester Midland Corp. These two businesses combine to generate approximately USD 70m in annual revenues, and both agreements are expected to close on 1 July 2016, subject to satisfaction of customary closing conditions. Auto-Camping, with 20 locations across Canada, is a distributor of original equipment import parts in Canada.
Status: Agreed

-SOUTHWEST, US COMMUNITY BANKS AMERICAN BANK OF TEXAS, FIRST UNITED TO MERGE
Texas, US-based financial services firm American Bank of Texas is merging with First United in late 2016, the companies said.
With this merger, First United will be one of the largest community banking organisations in the Southwest with more than 85 locations and USD 5.5bn in assets in Texas and Oklahoma. American Bank of Texas was originally chartered in 1971, and has operated under the Harber family. From the Red River to the River Walk, American Bank of Texas has 32 branches throughout Texas with over USD 2.3bn in assets.
Status: Agreed

-CUSTODIAN REIT ACQUIRES UK PROPERTY PORTFOLIO FOR GBP 11.5M
UK-based property company Custodian REIT plc (LSE: CREI) has acquired a GBP 11.5m (USD 17.03m) portfolio of three properties, the company said.
Custodian said that the portfolio comprises an office on Pegasus Business Park, Castle Donington, adjacent to East Midlands Airport, an office in Cheadle, Greater Manchester and an industrial unit in Wolverhampton. The portfolio's current passing rent of GBP 0.99m reflects a net initial yield of 8.04%, with an expected reversionary yield of 9.63%.
Status: Closed

-REVOLYMER AGREES TO ACQUIRE ITACONIX FOR USD 7M PLUS EARNOUTS
UK-based polymers group Revolymer (LSE: REVO) has unconditionally agreed to acquire the entire issued share capital of US-based specialty polymer firm Itaconix Corp., the company said.
Itaconix, which is based in New Hampshire, is a specialty polymer company that develops and commercialises novel polymers based on its proprietary, commercially-proven and low production cost itaconic acid polymerization technology.
Status: Agreed

-INDEPENDENT OIL AND GAS CLOSES ACQUISITION OF BLYTHE DISCOVERY
UK-based North Sea-focused oil and gas producer Independent Oil and Gas plc's (AIM: IOG.L) IOG North Sea Ltd. subsidiary has closed the acquisition from Alpha Petroleum Resources Ltd. the 50% of Blocks 48/22b and 48/23a in the Southern North Sea not already owned by the company, Independent said.
These blocks contain the Blythe gas discovery. The company signed an SPA to acquire the other 50% of the licence covering Blocks 48/22b and 48/23a in the Southern North Sea, containing the Blythe gas discovery, from Alpha for an initial consideration of GBP 1.5m (USD 2.16m) payable at completion with deferred consideration of a further USD 5m to be paid at first gas.
Status: Closed

-UK BUSINESS PROCESS OUTSOURCING FIRM CAPITA ACQUIRES TRUSTMARQUE FOR GBP 57M IN CASH
UK-based business process outsourcing company Capita plc (LSE: CPI) has acquired UK-based software resale, licensing and technology services firm Trustmarque Solutions Ltd from parent company Ardbid Ltd for a cash consideration of GBP 57m (USD 84.42m), the company said.
The award-winning technology business delivers integrated services that support UK private and public sector organisations through every step of the IT investment process, from solution development through technology provision to deployment and on-going support.
Status: Closed

-JOHN LAING GROUP SELLS UK PROJECT MANAGEMENT SERVICES ACTIVITIES TO HCP MANAGEMENT SERVICES
UK-based infrastructure company John Laing Group plc has sold the business and assets of its Project Management Services activities in the UK to UK-based HCP Management Services Ltd., the group said.
HCP Management Services is a specialist in the delivery of project management services to the UK PPP industry. Completion is expected to occur no later than the fourth quarter following receipt of a number of consents at project level.
Status: Closed

-INTERNATIONAL ENDESA TO ACQUIRE SPANISH ELECTRICITY DISTRIBUTOR ELECTRICA DEL EBRO FOR EUR 24.7M
Spanish electric utility Endesa, S.A.'s Endesa Red, S.A. subsidiary has signed a contract to acquire 100% of the share capital of Spanish electricity distributor Eléctrica del Ebro for EUR 24.7m (USD 36.58m), the company said.
This will be adjusted for the net financial position on the completion date of the transaction, which is expected in the second half of this year. The agreement is subject to approval by the Spanish competition authorities.
Status: Agreed

-EUROPEAN CLOTHING, TEXTILE SERVICES GROUP ELIS ACQUIRES SWISS STARTUP ON MY WAY
French clothing and textile services group Elis has acquired Swiss linen-cleaning solutions startup On My Way, the company said.
Elis serves customers in Europe and Latin America and specialises in the rental and maintenance of professional clothing, textile articles, hygiene and well-being appliances. On My Way provides private individuals with a linen-cleaning service, by gathering their linen in pickup points located on their everyday route (gas stations, supermarkets) as well as at their offices.
Status: Closed

-BLACKSTONE BUYS MINORITY STAKE IN MARATHON ASSET MANAGEMENT
US-based Blackstone Alternative Asset Management's Blackstone Strategic Capital Holdings Fund has acquired a passive, minority interest in US-based asset manager Marathon Asset Management, the companies said.
Based in New York, Marathon is an opportunistic global credit event-driven manager with approximately USD 12.75bn in assets under management. The firm pursues credit through a range of investments in global corporate credit, distressed and special situational credit, structured credit, emerging markets and leveraged loans.
Status: Closed

-AUDAX PRIVATE EQUITY SELLS AUTOMOTIVE REPAIR TOOLS SUPPLIER INTEGRATED SUPPLY NETWORK
US-based investment company Audax Private Equity has completed the sale of Integrated Supply Network to Los Angeles private equity firm Freeman Spogli and Co in conjunction with management and other investors, the company said.
Headquartered in Lakeland, Florida, ISN is an independent distributor of tools and equipment sold into the aftermarket automotive repair industry.
Status: Closed

-DENALI HOLDING CLOSES USD 3.25BN NOTES OFFERING; WILL FUND EMC ACQUISITION
US-based computer hardware and storage firm Dell's holding company, Denali Holding Inc., has closed a private offering of USD 3.25bn aggregate principal amount of senior notes to be issued by two of its wholly-owned subsidiaries as co-issuers, the company said.
The company said it plans to use the net proceeds from the offering of the notes as part of its financing for its previously-announced acquisition of EMC Corp.
Status: Agreed

-NEW MEXICO REGULATOR CLEARS EMERA'S USD 6.5BN ACQUISITION OF TECO ENERGY
US utility regulator the New Mexico Public Regulation Commission has cleared Canadian energy producer Emera Inc. (TSX: EMA) to acquire Florida, US-based Teco Energy, Inc. (NYSE: TE), the company said.
The companies are awaiting the filing of the NMPRC's written order. That filing will complete the final required regulatory approval and accordingly, all conditions precedent to completing the acquisition will have been fulfilled other than the customary closing conditions.
Status: Agreed

-OPEN SOURCE SOLUTIONS FIRM RED HAT TO ACQUIRE API MANAGEMENT SPECIALIST 3SCALE
US-based open source solutions provider Red Hat, Inc. (NYSE: RHT) has signed a definitive agreement to acquire application programming interface management technology provider 3scale, the company said.
Red Hat said that by adding 3scale to its existing portfolio, including Red Hat JBoss Middleware, Red Hat OpenShift and Red Hat Mobile Application Platform, the company strengthens its enablement of the API economy with simplified cloud integration and microservices-based architectures.
Status: Agreed

-CONCORD WILSHIRE ASSIGNS RIGHT TO PULTE GROUP FOR USD 25M ACQUISITION OF HILLCREST COUNTRY CLUB
US-based developer Concord Wilshire's sponsored company, Hillcrest IG, has entitled and assigned all of its rights to US homebuilder Pulte Group to acquire the Hillcrest Golf and Country Club for a total of USD 25m, the company said.
Pulte Group is a national multi-brand homebuilding company. The transaction paves the way for the revitalization of the Hillcrest Community through a new residential development.
Status: Agreed

-SWEDEN'S GRANGES APPROVED BY US COURT AS STALKING HORSE BIDDER FOR ALUMINIUM BUSINESS
Swedish industrial company Gränges AB has been approved by the US Bankruptcy Court as the "stalking horse" bidder to acquire Canadian mining and metals firm Noranda Aluminum Corp.'s downstream aluminium rolling business in the United States, the company said.
The agreement between Gränges and Noranda was announced on 14 June, 2016. An auction is currently scheduled for 7 July, 2016, with bids due on 29 June, 2016.
Status: Bidding

-CHINA NEPSTAR SETS 29 JULY SHAREHOLDER VOTE ON 'GOING PRIVATE' MERGER
Shareholders of Chinese retail drugstore chain China Nepstar Chain Drugstore Ltd. (NYSE: NPD) will vote on 29 July on the company's definitive agreement and plan of merger with China Neptunus Drugstore Holding Ltd. and Neptunus Global Ltd. the company said.
Status: Agreed

-NORTH CAROLINA'S FIRST BANCORP TO ACQUIRE CAROLINA BANK HOLDINGS IN USD 97.3M DEAL
North Carolina, US-based bank holding company First Bancorp (NASDAQ: FBNC) has signed a definitive merger agreement under which it will acquire Carolina Bank Holdings, Inc. (NASDAQ: CLBH) in a cash and stock transaction with a total current value of approximately USD 97.3m, or USD 19.26 per share, the company said.
First Bancorp is the parent company of First Bank, while Carolina Bank Holdings is the parent company of Carolina Bank.
Status: Agreed

-DENMARK'S AMBU TO ACQUIRE ISRAELI MEDICAL DEVICE MAKER ET VIEW MEDICAL IN USD 16M DEAL
North Carolina, US-based bank holding company First Bancorp (NASDAQ: FBNC) has signed a definitive merger agreement under which it will acquire Carolina Bank Holdings, Inc. (NASDAQ: CLBH) in a cash and stock transaction with a total current value of approximately USD 97.3m, or USD 19.26 per share, the company said.
First Bancorp is the parent company of First Bank, while Carolina Bank Holdings is the parent company of Carolina Bank.
Status: Agreed

-SWEDEN'S CATELLA RECEIVES EUR 17.9M FOLLOWING VISA'S ACQUISITION OF EUROPEAN ARM
Swedish Financial services firm Catella Bank S.A. will, through its membership of Visa Europe, receive part of the consideration for US-based payment company Visa's (NYSE: V) acquisition of its European arm, Visa Europe, the bank said.
This week, Visa closed the acquisition of Visa Europe in a transaction worth of up to EUR 21.2bn (USD 23.37bn). Catella has received an upfront settlement of approximately EUR 17.9m (USD 20.19m) as well as preferred stock in Visa Inc. worth an estimated approximately EUR 5.9m (USD 6.66m).
Status: Closed

-FORTIVE SETS EQUITY INVESTOR MEETINGS FOR UPCOMING SPIN-OFF FROM DANAHER
US-based professional instrumentation and industrial technologies company Fortive Corp. (NYSE: FTV.WI) will begin making presentations to the equity investment community in preparation for its planned 2 July 2016 spin-off from US-based science and technology firm Danaher Corp. (NYSE: DHR), the company said.
Fortive will be a diversified industrial growth company comprised of Professional Instrumentation and Industrial Technologies businesses that are recognized leaders in attractive markets. With 2015 revenues of USD 6.2bn, Fortive's brands hold positions in field instrumentation, transportation, sensing, product realisation, automation and specialty, and franchise distribution.
Status: Agreed

-WALKER AND DUNLOP CLOSES USD 45M ACQUISITION OF USD 3.8BN HUD SERVICING PORTFOLIO
US-based commercial real estate finance company Walker and Dunlop, Inc. (NYSE: WD) has closed the purchase of the commercial mortgage servicing rights associated with a USD 3.8bn servicing portfolio from Oppenheimer Holdings Inc.'s (NYSE: OPY) Oppenheimer Multifamily Housing and Healthcare Finance, Inc. subsidiary, the company said.
The portfolio is comprised of over 480 multifamily and healthcare loans insured by the US Department of Housing and Urban Development. This acquisition makes Walker and Dunlop the largest HUD Multifamily/Healthcare servicer in the US.
Status: Closed

-US DRUGMAKER IMPAX TO ACQUIRE GENERIC PRODUCTS FROM TEVA
US-based specialty pharmaceutical company Impax Laboratories, Inc. (NASDAQ: IPXL) has signed definitive agreements with Israeli generic drug specialist Teva Pharmaceutical Industries Ltd. and affiliates of Irish drugmaker Allergan plc for the acquisition of a broad portfolio of generic products for an aggregate purchase price of USD 586m, the company said.
The deal includes solid oral, inhalable, injectable and topical dosage forms and the return to Impax of its rights to its pending abbreviated new drug application for the generic equivalent to ADHD drug Concerta (methylphenidate hydrochloride) for an aggregate purchase price of USD 586m.
Status: Agreed