Deal Pipeline
Tuesday 26 April 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-EUROFINS REINFORCES ITS SPECIALTY CLINICAL DIAGNOSTICS FOOTPRINT BY ACQUIRING PERKINELMER'S NTD LABORATORY SERVICES BUSINESS
Luxembourg-based bio-analytical testing company Eurofins Scientific (PAR: ERF) (EUFI.PA) has acquired US-based testing technology firm PerkinElmer, Inc.'s US prenatal screening laboratory services business PerkinElmer Labs/NTD, the company said.
Founded more than 30 years ago, NTD is a reference laboratory in the US for first and second trimester prenatal screening. It has pioneered the research and development of prenatal screening protocols and offered the first biochemical screening test for early onset preeclampsia.
Status: Closed

-GANNETT LAUNCHES USD 815M CASH BID FOR TRIBUNE PUBLISHING
US-based publishing company Gannett Co., Inc. (NYSE: GCI) is proposing to acquire all of the outstanding shares of common stock of Tribune Publishing Company (NYSE: TPUB) for USD 12.25 in cash per Tribune share, the company said.
The total value of the proposal is approximately USD 815m, including the assumption of certain Tribune liabilities, which include approximately USD 390m of debt outstanding as of 31 December 2015. Tribune Publishing's brands include 11 major daily titles, more than 60 digital properties and more than 180 verticals in major US markets.
Status: Bidding

-GLOBAL PAYMENTS CLOSES USD 4.3BN ACQUISITION OF HEARTLAND PAYMENT SYSTEMS
US-based payment technology services provider Global Payments Inc. (NYSE: GPN) has closed its acquisition of US-based Heartland Payment Systems, Inc. (NYSE: HPY), the company said.
Global Payments acquired Heartland in a cash-and-stock transaction for USD 100.00 per share, representing a transaction value of approximately USD 4.3bn. Consideration for the transaction consisted of 0.6687 shares of Global Payments stock and USD 53.28 for each share of Heartland stock at closing. Existing Global Payments' shareholders will own approximately 84% of the combined entity.
Status: Closed

-GOLDEN ENTERTAINMENT CLOSES USD 25M ACQUISITION OF MONTANA GAMING OPERATOR AMUSEMENT SERVICES
Nevada-based gaming property operator Golden Entertainment, Inc. (NASDAQ: GDEN) has closed the acquisition of the assets of Billings, Montana-based gaming operator Amusement Services, LLC for USD 25m, the company said.
Golden Entertainment funded the acquisition price through available borrowings under its revolving credit facility. Upon closing, management expects the acquisition to be immediately accretive to the company's earnings per share.
Status: Closed

-AMERICAN MIDSTREAM CLOSES ACQUISITIONS IN GULF OF MEXICO
US-based midstream energy MLP American Midstream Partners, LP (NYSE: AMID) has acquired interests in strategic Gulf of Mexico midstream infrastructure and incremental ownership in Delta House for total consideration of approximately USD 225m, the company said.
American Midstream acquired interests in the Destin natural gas pipeline and the Tri-States and Wilprise natural gas liquids pipelines, all of which are FERC-regulated pipelines that collectively serve as a primary transport system for rich-gas production from the Eastern Gulf of Mexico.
Status: Closed

-EBAY ENTERPRISES, INNOTRAC MERGE TO BECOME RADIAL
US-based e-commerce technology companies eBay Enterprise and Innotrac have joined forces to become omnichannel commerce technology and operations provider Radial, the companies said.
As the companies point out, "omnichannel" is certainly not a new term in commerce, but it is attracting more attention as brands and retailers realise that customers expect a seamless shopping experience from anywhere their mobile devices, favorite social sites, or even while browsing in brick and mortar stores.
Status: Closed

-BALL, REXAM AGREE TO USD 3.42BN METAL BEVERAGE CAN ASSET SALE
US-based glass jar maker Ball Corp. (NYSE: BLL) and UK-based drinks can maker Rexam plc have entered into an agreement with Ardagh Group to sell select metal beverage can assets, support locations and functions in Europe, Brazil and the United States for approximately USD 3.42bn, the companies said.
This sale is being made in order to satisfy certain regulatory requirements in connection with Ball's proposed acquisition of Rexam. Under the deal, Ball will sell seven Rexam metal beverage can manufacturing plants and one Rexam end plant in the US.
Status: Agreed

-NETDRAGON, CHERRYPICKS ACQUIRE CHERRYPICKS ALPHA
Hong Kong-based Internet community developer NetDragon Websoft Inc. and its cherrypicks mobile and O2O (online-to-offline) technology subsidiary have signed a stock purchase agreement to acquire a 100% stake in augmented reality firm cherrypicks alpha, the company said.
According to the terms of the agreement, NetDragon and cherrypicks have agreed to acquire cherrypicks alpha for a combination of USD 6m in cash and NetDragon shares, and incentive shares representing up to 24.6% of cherrypicks. In addition, NetDragon also committed to inject additional capital of up to USD 12m into cherrypicks to accelerate its business expansion.
Status: Closed

-AEROTEK RETIRES STEPHEN JAMES ASSOCIATES BRAND IN NORTH AMERICAN EXPANSION
US-based recruiting and staffing services group Aerotek, Inc. is expanding the UK-based Aston Carter brand to North America, the group said.
As a part of establishing Aston Carter in North America, Aston Carter will operate as a division of Aerotek, leveraging Aerotek's recruiting and staffing roots and presence throughout the US and Canada. Aerotek will retire the Stephen James Associates name, joining together similar business lines under one global brand.
Status: Closed

-FIRST NATIONAL BANK CLOSES ACQUISITION OF 17 PITTSBURGH-AREA FIFTH THIRD BANK BRANCHES
US-based bank holding company F.N.B. Corp.'s (NYSE: FNB) Pittsburgh, US-based First National Bank of Pennsylvania subsidiary has completed its acquisition of 17 Fifth Third Bank branch banking locations in the Pittsburgh MSA, the company said. Through this transaction, FNB said it has improved its Pittsburgh delivery channel, gaining critical mass and increasing both efficiency and access to new opportunities.
Status: Closed

-MAGNA TO ACQUIRE AUSTRIAN AUTOMOTIVE ELECTRONICS ENGINEERING BUSINESS TELEMOTIVE
Canadian automotive supplier Magna International Inc. has signed a purchase agreement to acquire Austrian automotive electronics engineering service provider Telemotive AG, the company said.
Subject to regulatory approval, the transaction is expected to close in 2Q16. Once complete, Telemotive, with its five German facilities and approximately 550 employees, will be integrated into Magna's vehicle engineering and contract manufacturing operating unit, Magna Steyr.
Status: Agreed

-WESTLAKE CHEMICAL FILES PROXY STATEMENT; SETS STAGE FOR PROXY FIGHT AT AXIALL MEETING
US-based petrochemicals and building products maker Westlake Chemical Corp. (NYSE: WLK) has filed a definitive proxy statement with the Securities and Exchange Commission and updated its investor presentation in connection with its nomination of nine independent candidates for election to Axiall's board of directors at the 2016 annual meeting of Axiall Corp. (NYSE: AXLL), the company said.
Westlake has decided to wage a proxy fight after being repeatedly rebuffed by the Axiall board.
Status: Bidding

-ING CAPITAL PROVIDES USD 148M LOAN FOR ACQUISITION, RENOVATION OF SILICON VALLEY APARTMENT COMPLEX
US-based financial services firm ING Capital LLC has provided the joint venture of Maximus Real Estate Partners and Deutsche Asset Management with a USD 148.6m senior secured term loan to acquire and renovate the Sharon Green Apartment complex in Menlo Park, California, the firm said.
The senior loan is secured by a first mortgage on the garden apartment complex. A majority of the loan will go towards the acquisition of the property, with the rest earmarked for renovations over a three year period.
Status: Agreed

-Z CAPITAL PARTNERS BUYS ELECTRIC FIREPLACES AND HOME FURNISHINGS MAKER TWIN-STAR
US-based alternative investment manager Z Capital Group, L.L.C.'s .Z Capital Partners, L.L.C. private equity management arm has acquired electric fireplaces and home furnishings maker Twin-Star International, Inc., the firm said.
Headquartered in Delray Beach, Florida, Twin-Star designs, manufactures and markets a line of decorative electric fireplaces, heaters, home furnishings and consumer electronics. Twin-Star maintains a dedicated supply chain infrastructure in Southern China.
Status: Closed

-SOUTHERN KENTUCKY ENERGY CLOSES ACQUISITION OF ATMOS, PIONEER GAS WELLS
US-based energy company Southern Kentucky Energy, LLC (SOKY Energy) has completed the purchase of natural gas gathering and transmission pipelines in South Central Kentucky from Atmos Gathering Co, LLC, the company said.
SOKY Energy has also acquired over 100 producing gas wells that are connected to the pipeline network from Pioneer Oil company, Inc. of Vincennes, Indiana. These producing assets will be added to SOKY Energy's existing operations in Warren and Butler Counties, Kentucky.
Status: Closed

-BOYD GAMING TO ACQUIRE LAS VEGAS ASSETS OF CANNERY CASINO RESORTS FOR USD 230M
US-based casino operator Boyd Gaming Corp. (NYSE: BYD) has entered into a definitive agreement to acquire the Las Vegas assets of Cannery Casino Resorts, LLC, for total cash consideration of USD 230m.
Under terms of the agreement, Boyd Gaming will acquire Cannery Casino Hotel, located in North Las Vegas, and Eastside Cannery Casino and Hotel, located adjacent to Sam's Town Hotel and Gambling Hall on Boulder Highway in the eastern part of the Las Vegas Valley.
Status: Agreed

-BUSINESS GROWTH FUND PROVIDES GBP 2M ACQUISITION FINANCING TO SATELLITE SOLUTIONS WORLDWIDE
UK-based communications company Satellite Solutions Worldwide Group plc (AIM: SAT) has agreed a GBP 2m unsecured loan note with UK-based business finance organisation Business Growth Fund, the company said.
Satellite Solutions specialises in rural and last-mile satellite broadband. BGF has capital of up to GBP 2.5bn and is backed by five of the UK's main banking groups, including Barclays, HSBC, Lloyds, RBS and Standard Chartered.
Status: Closed

-K3 BUSINESS TECHNOLOGY ACQUIRES DANISH SOFTWARE/HARDWARE PROVIDER RETAIL SUPPORT
UK-based software, hosting and managed services company K3 Business Technology has conditionaly agreed to purchase Danish retail software/hardware solution provider Retail Support International ApS (known as DdD Retail on a cash free/debt free basis for up to EUR 10m (around USD 11.33m), the company said.
The price will include initial cash consideration of EUR 8.9m (around GBP 7.0m) and deferred cash consideration of up to EUR 1.1m (around GBP 0.9m) based upon agreed post acquisition performance targets.
Status: Closed

-EMPIRIC STUDENT PROPERTY ACQUIRES MANCHESTER SCHEME FOR GBP 29.5M
UK-based student housing group Empiric Student Property plc (LSE: ESP) has acquired the long leasehold (999 years from March 2007) of a 561 bed scheme in Manchester for GBP 29.5m (USD 43.13m) from MCR Property Group, the company said.
Victoria Point, Manchester was constructed in 2009 by the vendor as a private residential scheme comprising apartments and duplexes across six separate blocks of accommodation on a 3.5 acre site. The property has been let entirely to students since it was built and is located in the Victoria Park area of Manchester, a popular student area convenient for The University of Manchester, Manchester Metropolitan University and the Royal Northern College of Music.
Status: Closed

-EMPIRIC STUDENT PROPERTY ACQUIRES REVCAP STAKE IN JV ASSET
UK-based student housing group Empiric Student Property plc (LSE: ESP) has acquired the 50% share in Empiric (Southampton) Ltd. previously owned by an investment fund affiliated with Revcap Advisors Ltd., the group said.
As a result, the group now owns 100% of the interest in Brunswick House in Southampton. In July 2014, the group entered into the 50: 50 joint venture arrangement with Revcap to redevelop Brunswick House.
Status: Closed

-ARRICANO REAL ESTATE TO ACQUIRE RUSSIAN PROPERTY MANAGER GREEN CITY
Ukraine-based shopping centre operator Arricano Real Estate plc (AIM: ARO) has agreed to acquire Russian property manager Green City LLC from Retail Real Estate SA for a nominal consideration in cash of USD 1,560, the company said.
Currently, Arricano owns and operates five completed shopping centres comprising c.147,800 sqm of gross leasable area, and land for a further three sites currently under development. The company said that the Green City acquisition will facilitate more efficient management of the company's property located in Crimea.
Status: Agreed

-HANSTEEN HOLDINGS ACQUIRES GBP 5.6M OF ASHTENNE INDUSTRIAL FUND UNITS
UK property investment company Hansteen Holdings plc (LSE: HSTN) has acquired a further 12.4m units in the Ashtenne Industrial Fund from Nortrust Nominees Ltd. for GBP 5.6m (USD 8.19m) cash, reflecting a price per unit of 45.49 pence, the company said.
This acquisition represents 2.1% of the units in issue and increases Hansteen's holding in AIF to 85.6%. AIF owns some 11.3m sq ft of multi-let industrial properties in the UK. At 31 December 2015, the portfolio consisted of 2,935 units at 227 individual estates, with an annual rent roll of GBP 34.7m and vacancy of 12.0%. The gross asset value of the properties was GBP 436.4m.
Status: Closed

-KULCZYK INVESTMENTS TO SELL 1.5% STAKE IN SABMILLER
Luxembourg-based investment company Kulczyk Investments S.A. plans to offer for sale up to approximately 24m existing ordinary shares of SABMiller plc (LSE: SAB) representing approximately 1.5% of the issued share capital of the British-South African brewer, KI said.
The placing will take place via an accelerated bookbuild. Credit Suisse Securities (Europe) Ltd. has been appointed as sole Global Coordinator and sole Bookrunner in respect of the placing.
Status: Agreed

-CORE-MARK TO ACQUIRE CONVENIENCE DIVISION OF PINE STATE TRADING FOR AROUND USD 112M
US-based convenience retail industry supplier Core-Mark Holding Co, Inc. (NASDAQ: CORE) has signed a definitive asset purchase agreement to acquire substantially all of the assets of US-based convenience and beverage products distributor Pine State Trading's Pine State Convenience division, the company said. 
The transaction is structured as an all-cash asset acquisition. Core-Mark estimates the purchase price to be approximately USD 112m, predicated on the value of certain assets to be determined at closing. No debt or significant liabilities are being assumed in the transaction. 
Status: Agreed

-OCEAN RIG UDW ACQUIRES ULTRA DEEPWATER DRILLSHIP FOR USD 65M
A subsidiary of Greek offshore deepwater drilling services provider Ocean Rig UDW Inc. (NASDAQ: ORIG) has acquired the 6th generation ultra deepwater drillship Cerrado, being sold through an auction, for a purchase price of USD 65m, the company said.
This deal will be funded with available cash on hand. The drillship was built at Samsung Heavy Industries in 2011 to similar design specifications as the company's existing 6th generation drillships built at Samsung, and will be renamed the Ocean Rig Paros upon its delivery to Ocean Rig.
Status: Closed

-ELTEL ACQUIRES PLATFORM FOR EXPANSION OF SMART METERING IN GERMANY
Sweden-based power distribution business Eltel (STO: ELTEL) has signed a contract to acquire Germany-based electricity and gas metering company U-SERV GmbH, the company said. The acquisition is expected to be closed during May and will expand Eltel's footprint to cover the German market.
U-SERV has net sales of approximately EUR 9m and approximately 50 persons with permanent employment and an ability to mobilise more than 1,000 employees when needed. The product offering of U-SERV comprises national electrical meter read-outs, customer self-readings, replacements and gas adjustments.
Status: Closed

-AMERICAS' SAP USERS' GROUP ACQUIRES EVENTFUL
US-based business resources group Americas' SAP Users' Group has acquired Syracuse, New York-based business-to-business company The Eventful Group's North American assets, the company said. ASUG and Eventful offer many of the most popular and most effective large gatherings within the SAP community.
The acquisition applies to Eventful's US operations. No personnel changes are expected, and all contacts with ASUG and Eventful remain the same for the SAP community.
Status: Closed

-W.P. CARETY BUYS INDUSTRIAL PORTFOLIO FOR USD 217M
US-based net lease REIT W. P. Carey Inc. (NYSE: WPC) has acquired a 4.0 meter square foot, 49-property industrial portfolio located in the US and Canada for an aggregate purchase price of approximately USD 217m, the company said.
The properties are leased to wholly owned subsidiaries of US-based construction firm Forterra Building Products for a period of 20 years and are guaranteed by Forterra. Forterra was represented on the transaction by Brian Scott and Andrew Sandquist of CBRE.
Status: Closed

-ENTERTAINMENT GAMING ASIA'S DOLPHIN RFID UNIT TO SELL ASSETS FOR USD 5.9M
Hong Kong-based electronic gaming company Entertainment Gaming Asia Inc. (NASDAQ: EGT) Dolphin Products, Ltd RFID distribution subsidiary has agreed to sell its assets to Las Vegas-based casino table equipment makers Gaming Partners International Corp. (NASDAQ: GPIC) for approximately USD 5.9m, the company said.
Under the terms of the letter of intent, the price is subject to physical inventory counts at closing. GPIC will acquire the assets of Dolphin including fixed assets, raw materials and inventory and intellectual property.
Status: Agreed

-STRATALUX ACQUIRES DIGITAL MEDICA SOFTWARE FIRM TOJO
California-based AWS managed services provider Stratalux has acquired the AWS software division of US-based digital media solutions company Tojo Media, the company said. Tojo Media is a digital media solutions company, led by Joseph Hunt, that specialises in building software for media and entertainment clients to be used in the Amazon AWS public cloud.
Through the acquisition, Stratalux has brought on Joseph Hunt as VP of Engineering and gained Charter Communications as a major client. Hunt currently advises Charter on architectural decisions regarding Amazon Web Services.
Status: Closed

-B.P. MARSH SELLS STAKE IN UK SALES, TRANSFER SERVICES FIRM BROUCOUR BACK TO FOUNDER
UK-based early stage financial services provider B.P. Marsh and Partners Plc (AIM: BPM) has sold its 49% stake in UK-based sales and transfer services company The Broucour Group Ltd. to Broucour's founder and managing director Rupert Cattell for consideration of up to USD 494,000 (GBP 341,000) which equates to the company's most recent published valuation, the company said.
The outstanding loan (GBP 330,000) will likewise be repaid in full. Broucour has two wholly owned subsidiaries, Turner Butler Ltd. and Owner Sellers Ltd., who act as agents for sellers of SME's in the sub-GBP 3m bracket.
Status: Closed

-CRYPTOSOFT ACQUIRES DEVICE AUTHORITY VIA SHARE EXCHANGE
UK-based encryption services company Cryptosoft Ltd. has acquired the entire share capital of Fremont, California-based authentication software specialists Device Authority Inc., the company said. The acquisition is by way of a share for share exchange, and will be financed by the issue of new "A" shares in Cryptosoft.
In addition, an existing shareholder of Device Authority, San Francisco based venture capitalist Alsop Louie Partners is investing USD 500,000 alongside a GBP 1m investment by UK-based investment company Tern plc to fund business development, valuing the combined entity at GBP 13.6m post-new money.
Status: Closed