Deal Pipeline
Monday 24 July 2017
The following is a list of deals covered in detail by M and A Navigator this week:

-INTELLIGENT CLOUD RESOURCES CLOSES ACQUISITION OF FONIA "ALL ACCESS MOBILE" PLATFORM
US-based Intelligent Cloud Resources (OTC: ITLL) has closed the acquisition of the Fonia "All Access Mobile" platform perpetual license and Leagoo Smart Phones for the territory of Florida, the company said. Cloud Resources said this will be the first step in a programme to launch the product and service in multiple territories.
With legal due diligence complete, ITLL and 2440499 Ontario Inc. have finalised a definitive agreement (further to the non-Binding MOU announced by ITLL on 14 December 2016). The company has been aiming to offer cloud enabler and cloud broker services to small and medium sized organizations in Canada and plans to expand to such organisations.
Status: Closed

-US DATAWORKS SELLS BUSINESS ASSETS TO BANKERS BANCORP OF OKLAHOMA IN BK MOVE
US-based software and technology provider US Dataworks, Inc. (OTC: UDWK) has sold its business assets to a subsidiary of US-based financial services firm Bankers Bancorp of Oklahoma, Inc. as part of its Chapter 11 plan, the company said.
The company said that all customer contracts have been assigned to the subsidiary, assuring customers of uninterrupted access to the company's technology and customer service. US Dataworks was a software and technology provider serving the financial services sector prior to the sale of assets.
Status: Closed

- GOLDMINING CLOSES ACQUISITION OF 2 CANADIAN MINES IN STOCK DEAL
Canada-based mineral exploration company GoldMining Inc. (TSX Venture: GOLD) (OTCQX: GLDLF) has closed the acquisition of 100% of the Yellowknife Gold Project and nearby Big Sky Property, the company said. In May, GoldMining agreed to acquire 100% of Northwest Territories, Canada-based Yellowknife Gold Project (YGP) and Big Sky Property.
The mines are indirectly owned by Canada-based gold exploration company Tyhee N.W.T. Corp., a subsidiary of Tyhee Gold Corp. GoldMining entered into the agreement with a receiver appointed in respect of the assets and undertaking of Tyhee under the Bankruptcy and Insolvency Act.
Status: Closed

-MANAGEMENT CONCEPTS SELLS PUBLISHING DIVISION TO BERRETT-KOEHLER PUBLISHERS
US-based training and consulting solutions provider Management Concepts has sold its publishing division, Management Concepts Press, to Oakland, US-based publisher Berrett-Koehler Publishers, the company said.
Berrett-Koehler Publishers offers books on current affairs, personal growth, and business and management. The sale went into effect 1 July 2017, and enables both organisations to focus on core mission priorities.
Status: Closed

-PREMIER OILFIELD LABS ACQUIRES PETROLEUM INDUSTRY SOFTWARE AND CONSULTING FIRM NSI TECHNOLOGIES
US-based oilfield services company Premier Oilfield Laboratories, LLC has acquired US-based petroleum industry software and consulting firm NSI Technologies, LLC, the company said. NSI specialises in the design, optimisation, and execution of hydraulic fracturing treatments for operators worldwide.
The company was formed in 1984 by Dr. Ken Nolte and Dr. Michael Smith who co-developed the Nolte-Smith plot for net treating pressure analysis and the 'G' function for fracturing pressure decline analysis. These provided the first analysis tools for interpreting fracture geometry, fluid loss, and efficiency.
Status: Closed

-FIRST TEAM REAL ESTATE ACQUIRES DIAMOND BAR, CALIFORNIA AGENCY
US-based real estate agency First Team Real Estate has acquired SNS Real Estate to form the company's 26th regional office in Diamond Bar, California, the company said. According to Michael Mahon, president of First Team Real Estate, this acquisition is part of the company's ongoing efforts to amplify its presence throughout Southern California and invest in more First Team associates.
With this expansion, Elizabeth Meyers, formerly assistant branch manager for First Team Real Estate's Anaheim Hillsoffice, will assume the role as manager for First Team's Diamond Bar office.
Status: Closed

-OPENTEXT RESISTS CALLS TO SWEETEN USD 103M ACQUISITION PRICE FOR COVISINT
Canadian enterprise information management specialist OpenText (NASDAQ: OTEX) (TSX: OTEX) remains fully committed to closing its planned acquisition of acquire US-based cloud applications building platform Covisint Corp. (NASDAQ: COVS) but does not intend to increase the consideration offered to Covisint shareholders, the company said.
In June, OpenText entered into a definitive agreement to acquire Covisint. On 19 July, Capital Management LLC wrote letter to Covisint's shareholders announcing its intention to vote against OpenText's acquisition of Covisint.
Status: Agreed

-POLYONE CLOSES USD 115M SALE OF DESIGNED STRUCTURES AND SOLUTIONS BUSINESS
US-based polymer materials provider PolyOne Corp. (NYSE: POL) has completed the sale of its Designed Structures and Solutions business, which includes sheet, rollstock and packaging assets, to US-based private equity firm Arsenal Capital Partners for USD 115m, the company said.
This deal was announced on 29 June. The decision to sell the business followed a strategic review. Arsenal said the business will be renamed Spartech LLC. Headquartered in Maryland Heights, Missouri, Spartech provides packaging, visual and structural sheet and rollstock materials and specialty products for the food, medical, building and construction, aerospace, automotive and other markets.
Status: Closed

-GLASS LEWIS RECOMMENDS SHAREHOLDERS VOTE AGAINST RAYONIER'S ACQUISITION OF TEMBEC
US-based proxy firm Glass Lewis and Co is recommending that shareholders of Canada-based forest products manufacturer Tembec vote against the company's agreed deal to be acquired by US-based high purity cellulose supplier Rayonier Advanced Materials Inc. (NYSE: RYAM) for around approximately USD 807m, US-based fund manager Oaktree Capital Management, L.P. said.
Funds managed by Oaktree Capital Management own 19.9% of the common stock of Tembec. Oaktree has complained that the present deal undervalues Tembec. In May, Rayonier agreed to acquire Tembec in a deal that includes the assumption of USD 487m of debt net of cash. It represents a multiple of 4.6 times LTM pro forma EBITDA after expected synergies or 6.3 times before synergies.
Status: Agreed

-LXI REIT TO ACQUIRE TRAVELODGE, BURGER KING AND LITTLE CHEF PROPERTIES IN IPSWICH, SUFFOLK
UK-based property investor LXi REIT plc (LSE: LXI) has exchanged contracts to acquire the Travelodge hotel and Burger King and Little Chef restaurants at Needham Market service station, Ipswich, Suffolk, UK, the company said.
The purchase price for the property is GBP 5m (USD 6.48m), reflecting a net initial yield of 6.12% on the asset acquisition (net of acquisition costs). LXi REIT said that the hotel and both restaurants are fully let to Travelodge Hotels Ltd., the principal trading company of the Travelodge group, the UK's largest independent hotel brand, with more than 520 hotels and over 38,000 guest bedrooms, across the UK, Ireland and Spain.
Status: Agreed

-PAYSAFE GROUP ACQUIRES MERCHANTS' CHOICE PAYMENT SOLUTIONS FOR USD 470M
UK-based payment solutions company Paysafe Group plc (LSE: PAYS)has agreed to acquire substantially all the assets of Delta Card Services Inc., the holding company for Texas, US-based payment processor Merchants' Choice Payment Solutions, the company said. MCPS is a data-focused full service payment processor for merchants and high-volume independent sales organisations in North America.
The firm delivers card processing services to approximately 60,000 merchants in 50 states and processing over USD 14bn in sales volume annually, MCPS is a provider to small and medium-sized businesses. Paysafe said the acquisition of MCPS expands its processing scale and product-set for ISOs and merchants in North America.
Status: Closed

-UK COMPETITION AND MARKETS AUTHORITY MAY PROBE BLACKBAUD'S ACQUISITION OF UK CHARITY CROWDFUNDING PLATFORM
The Competition and Markets Authority is considering whether it is or may be the case that South Carolina, US-based cloud software company serving nonprofits Blackbaud, Inc.'s (NASDAQ: BLKB) pending acquisition of UK-based charity crowdfunding platform JustGiving will result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services, the CMA said.
This deal was announced in June. Blackbaud said that JustGiving will extend its offerings for peer-to-peer fundraising. Under the purchase agreement for the transaction, Blackbaud has agreed to acquire all outstanding equity interests of JustGiving for an aggregate purchase price of BPS 95m (USD 121m), subject to certain adjustments.
Status: Agreed

-DALATA ACQUIRES HOTEL LA TOUR IN BIRMINGHAM, UK FOR GBP 31M
Irish hotel operator Dalata Hotel Group plc (LSE: DAL) has acquired the entire issued share capital of Hotel La Tour (Birmingham) Ltd. for GBP 31m (USD 40.18m) from Hotel La Tour Ltd., the group said. HLTB owns the long leasehold (effective freehold) interest of Hotel La Tour which is situated on Park Street in the centre of Birmingham.
The consideration is payable from Dalata's existing banking facilities. Hotel La Tour was newly built in 2012 and has 174 bedrooms, a restaurant, bar as well as extensive conference and meeting facilities.
Status: Closed

-DAH CHONG HONG TO ACQUIRE MERCEDES-BENZ, AUDI DEALERSHIPS IN EASTERN CHINA
Chinese trading and distribution company Dah Chong Hong Holdings Ltd. (HKSE: 1828) has agreed to acquire 80% of Chinese auto dealership operator Zhejiang Ciji, 100% of Yuyao Ciji, 100% of Ciji Xinghang and 80% of Cixi Chiao, the company said.
These are acquisitions of luxury brand dealerships in the Zhejiang province and include two existing Mercedes-Benz dealerships (in Cixi and Ninghai), three authorisations for new Mercedes-Benz dealerships (in Yuyao, Fenghau and Cixi) and one existing Audi dealership (in Cixi) for a total of RMB 920.8m (USD 136.09). Dah Chong Hong said the deal will be funded by internally-generated cash and bank loans.
Status: Agreed

-DELMAR BANCORP TO ACQUIRE NEW JERSEY'S LIBERTY BELL BANK IN USD 16M DEAL
Maryland, US-based bank holding company Delmar Bancorp (OTCQB: DBCP) and its Bank of Delmarva, Seaford, Delaware subsidiary has entered into a definitive agreement to acquire New Jersey, US-based Liberty Bell Bank (OTCQB: LBBB), the company said.
Under the agreement, each Liberty shareholder will be entitled to elect to receive either 0.2857 shares of Delmar common stock, or USD 1.70 in cash, for each share of Liberty common stock they own, provided that in the aggregate 70% of the shares of Liberty common stock must be converted into Delmar common stock and 30% of the shares of Liberty common stock must be converted into cash.
Status: Agreed

-SELECT BANCORP TO ACQUIRE CARLINA PREMIER BANK IN USD 40M STOCK DEAL
North Carolina, US-based bank holding company Select Bancorp, Inc. (NASDAQ: SLCT) and its Select Bank and Trust Co subsidiary has inked a definitive agreement to acquire Premara Financial, Inc. (OTC: PARA) and its Carolina Premier Bank subsidiary in a stock and cash transaction, the company said.
The transaction has been unanimously approved by the boards of directors of each company and is expected to close in 4Q17, subject to the approval of federal and state regulatory agencies and the receipt of required shareholder approvals. Carolina Premier Bank, a North Carolina chartered community bank, operates four banking offices, one in Charlotte and three in the South Carolina communities of Rock Hill, Blacksburg and Six Mile.
Status: Agreed

-CNRP MINING TO ACQUIRE X-SPRAYS BRAND OF PRODUCTS IN STOCK DEAL
Canadian gold mining and exploration company CNRP Mining Inc. (CSE: CND.CN) (OTC: CRPGF) has entered into non-binding letter of intent to acquire all of the issued and outstanding shares of consumer products license holder 1127466 B.C. Ltd., the company said.
1127466 B.C. holds, through a wholly owned subsidiary, a world-wide, exclusive license for X-Sprays, a brand of products administered via an oral spray delivery system. X-Sprays is comprised of scientists and product engineers who have focused their efforts in creating a product line of oral sprays to deliver medicines, nutrients and vitamins.
Status: Agreed

-HYDRO ONE TO ACQUIRE US UTILITY OPERATOR AVISTA FOR CDN 6.7BN
Canada-based electricity transmission and distribution provider Hydro One Ltd. (TSX: H) has agreed to a definitive merger to acquire Washington, US-based energy company Avista Corp. (NYSE: AVA) for CDN 6.7bn (USD 5.3bn) in an all-cash transaction, the company said.
Hydro One and Avista will create a North American regulated electricity and natural gas business with over CDN 32.2bn (USD 25.4bn) in combined assets. The transaction brings together two regulated utilities that will serve more than two m retail and industrial customers and hold assets throughout North America, including Ontario, Washington, Oregon, Idaho, Montana and Alaska.
Status: Agreed


-PLYMOUTH INDUSTRIAL REIT ACQUIRES INDIANA INDUSTRIAL PROPERTY PORTFOLIO FOR USD 26M
Boston, US-based real estate investment company Plymouth Industrial REIT, Inc. (NYSE MKT: PLYM) has acquired a 667,000 square-foot industrial property portfolio in Indiana, US, completing its first transaction since its IPO in June, 2017, the company said.
The company acquired the six-property portfolio of class A and class B buildings for a cash consideration of USD 26m at an initial yield of 9.2%. The property is currently 100% leased to Corporate Services, Inc. (CSI), the company said. Plymouth Industrial REIT said the acquisition is its initial entry into Indiana, US, which is an increasingly a preferred distribution location for the Chicago area. CSI is a logistics/fulfillment company that provides distribution and marketing/advertising support services to clients in the pharmaceutical industry.
Status: Closed

-JB HUNT TRANSPORT SERVICES TO ACQUIRE SPECIAL LOGISTICS DEDICATED FOR USD 136M
Arkansas, US-based supply chain solution provider J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT), a wholly owned subsidiary of JBHT, has agreed to acquire Texas, US-based distribution services company Special Logistics Dedicated, LLC (SLD), to expand its e-commerce delivery capabilities, the company said.
The purchase price is USD 136m with no assumption of debt. J.B. Hunt said it anticipates using its existing revolving credit facility to finance this transaction and to provide liquidity for future operations. The company doesn't expect the transaction to have a significant impact on interest expense. Preliminary valuations indicate an incremental amortisation expense between USD 7m and USD 10m annually.
Status: Agreed

-RPM ACQUIRES US FLOORING MANUFACTURER KEY RESIN
Ohio, US-based coatings maker RPM International Inc. (NYSE: RPM) has acquired Ohio, US-based polymer flooring and coating systems manufacturer Key Resin to operate within RPM's Euclid Group, a portfolio of chemical firms, the company said.
RPM said this transaction expands its Euclid Group's flooring systems product offering and market share in North America, and positions it as a player in terrazzo flooring. Key Resin has USD 25m in annual net sales. The company manufactures and markets terrazzo and resinous flooring, wall coating systems, concrete repair materials and maintenance products for industrial, institutional and commercial applications.
Status: Closed

-US TECHNOLOGY FIRMS AEC360, C4CRM MERGE TO FORM 360 VERTICAL SOLUTIONS
Two US-based technology firms, C4CRM and AEC360 have merged to form 360 Vertical Solutions (360VS), a business development and marketing solutions firm integrated with the Microsoft Dynamics platform, the companies said. 360VS incorporates the strength of both organisations and leverages the legacy relationship the two companies share.
The company said C4CRM brings law office clients, a software development team, legal consulting depth and innovative technology; AEC360 brings technology focused on architecture, engineering and construction industries to create development resources, breadth and band width, legal credibility and the relationship both companies have shared as Microsoft partners.
Status: Closed

-BULOVA TECHNOLOGIES ACQUIRES US TRUCKING FIRM BIG RED LTL TRANSPORT
Florida, US-based military vehicles, weapons and munitions manufacturer for the US Department of Defence Bulova Technologies Group, Inc. has acquired New Jersey, US-based trucking firm Big Red LTL Transport, Inc., the company said.
Bulova Technologies said this acquisition expands its transportation capabilities to serve additional regions, complementing the company's Florida presence. The company said it expects the acquisition of Big Red should increase overall sales by USD 12m annually. Bulova said its business should now increase in fiscal 2018 to well over USD 40m in sales annually.
Status: Closed

-EVENT RENTAL EXPANDS ACQUIRES 2 CLASSIC PARTY RENTAL LOCATIONS IN FLORIDA, USA
Ohio, US-based event rental supplier Event Source has purchased two Florida, US-based Panache Party Rental locations, owned by Classic Party Rentals to expand Event Sources existing Midwest, US territories, the company said.
After 10 years, the company said it go back under private ownership of JBK Group Inc., dba Event Source. Classic Party Rentals has owned the two locations since 2007. These event rental locations will join Event Source's four existing territories in the Midwest, US.
Status: Closed

-TISSUE REGENIX TO INCREASE US MARKET PRESENCE WITH ACQUISITION OF CELLRIGHT TECHNOLOGIES
UK-based regenerative medical devices company Tissue Regenix has proposed the acquisition of Texas, US-based regenerative medicine company CellRight Technologies, to expand regenerative medicine capabilities and expand Tissue Regenix's market presence in the US, the company said.
Consideration will be up to USD 30m. This deal would combine complementary technology and product platforms of both companies, accelerating growth and penetration into key US markets. The combined group would have a complementary product offering with CellRight Technologies' existing orthopedic portfolio, based on human-derived bone graft products, and Tissue Regenix's soft tissue products based on its patented decellularisation dCELL Technology (dCELL).
Status: Agreed

-SIEMENS HEALTHINEERS TO ACQUIRE ALERE SUBSIDIARY EPOCAL TO EXPAND BLOOD GAS SOLUTIONS
German technology company Siemens' US-based Siemens Healthineers managed healthcare business has agreed to acquire drugmaker Alere, Inc.'s Epocal Inc blood diagnostic systems subsidiary, the company said. Financial details of the transaction are not being disclosed. The transaction is subject to the completion of Abbott's acquisition of Alere, as well as antitrust approvals and other customary closing conditions.
Siemens Healthineers said the acquisition complements its existing offerings in the point-of-care diagnostics space, with a view to provide a full range of blood gas solutions. Epocal Inc. develops and provides point-of-care blood diagnostic systems for healthcare enterprises, including the epoc blood analysis system, a handheld, wireless testing solution.
Status: Agreed

-HOSPITAL OPERATOR HCA TO ACQUIRE FLORIDA-BASED HIGHLANDS REGIONAL MEDICAL CENTER
Tennessee, US-based healthcare services operator HCA Healthcare (NYSE: HCA) has agreed to acquire Community Health Systems, Inc.'s Florida, US-based Highlands Regional Medical Center, adding the 126-bed hospital to HCA's East Florida division, the company said.
The transaction, which is subject to regulatory approvals and other closing conditions, is expected to close in the fall of 2017. HCA said the expected addition of Highlands Regional will enable the healthcare operator to care for more people and complement its existing facilities in the region.
Status: Agreed

-BASALT INFRASTRUCTURE PARTNERS WITH DCO ENERGY IN DETROIT RENEWABLE ENERGY ACQUISITION
New York and London-based infrastructure equity investment fund Basalt Infrastructure Partners II LP has partnered with New Jersey, US-based energy development firm DCO Energy to acquire Michigan, US-based energy system Detroit Renewable Energy LLC (DRE), the companies said.
Detroit Renewable Energy is an integrated system comprised of Detroit Thermal, Detroit Renewable Power and Hamtramck Energy Services. Basalt said the acquisition of DRE continues its strategy of investing in high quality, core infrastructure assets in the utility, energy, and transport sectors. The company said it plans to maintain DRE's headquarters and local management team.
Status: Closed

-DOUGLAS EMMETT REIT ACQUIRES BEVERLY HILLS, CALIFORNIA OFFICE PROPERTY FOR USD 177M
California, US-based office and multifamily property owner REIT Douglas Emmett, Inc. (NYSE: DEI) has acquired a 171,000 square-foot California, US-based class A office property to be held by an existing consolidated joint venture with institutional investors, including Qatar-based Qatar Investment Authority (QIA), the company said.
The 85%-leased Beverly Hills, California property was acquired for USD 177m. A portion of the purchase price was provided by a USD 77.5m secured, non-recourse interest-only loan to the joint venture that matures July 2019 and bears interest at Libor plus 1.55%. Douglas Emmett provided 20% of the equity capital and manages the joint venture. This acquisition increases Douglas Emmett's ownership share of the Beverly Hills class A office market to over 25%.
Status: Closed

-DIMENSION DEVELOPMENT ACQUIRES WESTIN CRYSTAL CITY HOTEL IN VIRGINIA, USA
Louisiana, US-based hospitality management company Dimension Development has acquired the 220-room, Virginia, US-based Westin Crystal City hotel, the company said.
This becomes the Dimension portfolio's first Westin property and its 58th hotel overall. Dimension Development has added 14 properties to its portfolio in the last two years. Dimension said Westin Crystal City has a strong position in the market, and using this combination and Dimension's approach to luxury hotels will help drive results for owners.
Status: Closed

-QUANTA SERVICES ACQUIRES TEXAS, US CONTRACTING FIRM STRONGHOLD IN USD 450M DEAL
Texas, US-based oilfield services company Quanta Services, Inc. (NYSE: PWR) has finalised the acquisition of Texas, US-based contracting services company Stronghold, Ltd. and Stronghold Specialty, Ltd., which serve downstream and midstream energy markets, the company said.
The transaction consideration consists of an upfront payment of approximately USD 450m, comprised of USD 360m in cash and 2.7m shares of Quanta Services common stock valued at approximately USD 90m, with a cash and stock earn out that could provide maximum additional consideration of USD 100m if cumulative three-year EBITDA targets are achieved.
Status: Closed

-INDIA'S PERSISTENT SYSTEMS ACQUIRES GERMAN SALESFORCE PLATINUM CONSULTING PARTNER PARX
India-based software developer Persistent Systems has acquired Germany based PARX, a DACH market Salesforce certified Platinum partner in Germany, Austria and Switzerland, as part of Persistent's global expansion and efforts to strengthen its position in Europe, the company said.
Persistent said PARX's focus on born-in-the-cloud platforms and technologies with no footprint in legacy technologies or services deepens its salesforce expertise, further strengthening global capabilities to deliver digital transformation for customers.
Status: Closed

-ENTRAVISION TO ACQUIRE 2 OTA BROADCASTING STATIONS FOR USD 21M
California, US-based media company Entravision Communications Corp. (NYSE: EVC), which serves Latino audiences and communities, has agreed to acquire NBC affiliate KMIR-TV, and MyNetworkTV affiliate KPSE-LD, two California-based stations from OTA Broadcasting, LLC for USD 21m, the company said.
The transaction, which includes anticipated synergies, represents a purchase price multiple of less than 6.5 times expected blended 2016-2017 pro forma broadcast cash flow, and is expected to be immediately free cash flow accretive and is expected to be funded on a tax efficient basis with proceeds from the FCC broadcast incentive auction and treated as a like-kind exchange.
Status: Agreed

-LEGAL SOFTWARE BRANDS TRAILWORKS, NEEDLES COMPLETE MERGER
Two case management software companies in the legal field, Florida-based TrialWorks and Maryland, US-based Needles, Inc., managed by New York, US-based investment holding company Ridge Road Capital Partners, have finalised a merger to accelerate product innovation, the company said.
The combination of TrialWorks and Needles will leverage the resources of both companies, as well as Ridge Road's development partnerships to expand products and preserve each brand's software, service and senior management teams. TrialWorks said research suggests over half of US law firms do not use case management software, giving the market the potential for significant growth.
Status: Closed

-KENON CONSIDERS SALE OF PERUVIAN GENERATION FIRM IC POWER
Singapore-based holding company Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) has received offers from interested parties that are considering the acquisition of some or all of the Latin American and Caribbean businesses of Peru-based power generation company I.C. Power Ltd., a wholly owned subsidiary of Kenon, the company said.
Kenon said it in discussions with such parties with a view to negotiating a transaction that would maximise value for Kenon's shareholders.
Status: Bidding

-REXFORD INDUSTRIAL ACQUIRES 6-BUILDING RANCHO PACIFICA INDUSTRIAL PARK FOR USD 210.5
California, US-based REIT Rexford Industrial Realty, Inc. has acquired California, US-based Rancho Pacifica Industrial Park, a six multi-tenant building industrial park, for USD 201.5m, the company said.
The company said the acquisition was funded with its line of credit and the issuance of USD 125m aggregate principal amount of new senior guaranteed notes, the net proceeds which were used to fund a portion of the purchase price Separately, the company recently launched a new at-the-market stock offering program (ATM) with total capacity of USD 150m, having utilised the previous USD 125m ATM program.
Status: Closed

-PEOPLE'S UNITED BANK TO ACQUIRE EQUIPMENT FINANCER LEAF COMMERCIAL CAPITAL
Connecticut, US-based People's United Bank, N.A., a subsidiary of financial services company People's United Financial, Inc. (NASDAQ: PBCT), has agreed to acquire Pennsylvania, US-based commercial equipment finance company LEAF Commercial Capital, Inc., the company said.
Under the terms of the agreement, People's United will acquire approximately USD 730m of net investment in leases and loans and retain approximately USD 250m of securitisations. Remaining LEAF borrowings are expected to be repaid at close and the acquisition will be immediately accretive to People's United earnings.
Status: Agreed