Deal Pipeline
Wednesday 27 July 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-SEO SOLUTIONS SECURES CONTROL OF SYDNEY SEO PARTNERS
Australia-based search engine optimisation firm SEO Solutions Pty Ltd has secured control of Australia-based search engine optimisation firm Sydney SEO Partners for an undisclosed sum.
Sydney SEO Partners was founded in 2014 and experienced rapid growth, especially by acquiring clients in the health and professional services niches. SEO Solutions have significant ties with professional service providers and specialist trade related clients.
Status: Closed

-PHOENIX MARKETING INTERNATIONAL ACQUIRES FINANCIAL SERVICES RESEARCH SPECIALIST SYNERGISTICS
New York-based market research firm Phoenix Marketing International has acquired Georgia-based financial services industry research provider Synergistics Research Corp, the company said.
Since 1981, Synergistics Research Corp. has been the provider of syndicated consumer and small business marketing research intelligence for the financial services industry. The new division will operate under the brand name Phoenix Synergistics. Synergistics clients include 25 banks and thrifts, insurance companies, brokerage firms, mutual fund companies, retailers, card organisations, and other organizations in the financial services industry.
Status: Closed

-BEASLEY BROADCAST TO BUY MASSACHUSETTS RADIO STATION OPERATOR GREATER MEDIA FOR USD 240M
Florida-based radio broadcaster Beasley Broadcast Group, Inc. (NASDAQ: BBGI) has agreed to acquire all outstanding stock of Massachusetts-based radio station operator Greater Media for approximately USD 240m, subject to adjustments.
Under the terms of the agreement, Greater Media shareholders are expected to receive approximately USD 100m in cash and approximately USD 25m in shares of the company's class A common stock (at a fixed value of USD 4.61 per share). In addition, the shareholders of Greater Media will receive the net cash proceeds from the sale of its tower assets, estimated to be approximately USD 20m.
Status: Agreed

-APT SYSTEMS ACQUIRES ONLINE DERIVATIVES BROKER GLOBAL TRADER'S SOFTWARE
California-based stock trading platform creator APT Systems, Inc (OTC: APTY) has acquired South Africa-based online derivatives broker Global Trader's charting indicators and software license from electronic market trading systems developer Azur Universal Inc, the company said.
Global Trader will become part of the suite of trader tools that will provide subscribers with greater visibility into the markets when planning and executing trades.
Status: Closed

-GRIFFIN-AMERICAN HEALTHCARE REIT IV TO ACQUIRE MEDICAL OFFICE BUILDING IN PENNSYLVANIA
US-based healthcare real estate investor Griffin-American Healthcare REIT IV, Inc has agreed to acquire Pottsville, Pennsylvania-based 36,000-square-foot Pottsville Medical Office Building, the company said.
The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement. Built in 2004, Pottsville Medical Office Building is 100% leased to multiple physician practice groups.
Status: Agreed

-CONAGRA FOODS SELLS JM SWANK, SPICETEC FLAVORS AND SEASONINGS
US-based packaged food company ConAgra Foods, Inc. (NYSE: CAG) has closed the sale of its JM Swank business to Platinum Equity and the sale of its Spicetec Flavors and Seasonings business to Givaudan, the company said.
Terms of the JM Swank were not disclosed. Spicetec was sold for around USD 340m.
Status: Closed

-VERIZON BUYS YAHOO OPERATING BUSINESS FOR USD 4.83BN IN CASH
US-based broadband telecommunications company Verizon Communications Inc. (NYSE: VZ) and US-based web portal and search company Yahoo! Inc. (NASDAQ: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately USD 4.83bn in cash, the companies said.
Yahoo has a global audience of more than 1bn monthly active users, including 600m monthly active mobile users, through its search, communications and digital content products.
Status: Agreed

-BUYER WITHDRAWS OFFER FOR BAIDU'S QIYI ONLINE VIDEO PLATFORM
Chinese language Internet search provider Baidu, Inc.'s (NASDAQ: BIDU) board of directors received a letter from Robin Yanhong Li, chairman and chief executive officer of Baidu, and Yu Gong, chief executive officer of Qiyi.com, Inc., who led a consortium of potential buyers, stating that the Buyer Group would withdraw the non-binding proposal, dated February 1, 2016, to acquire all of the outstanding shares of Qiyi.com, Inc. beneficially owned by Baidu, with immediate effect, the company said.
In February, Baidu's board received a non-binding proposal from Robin Yanhong Li and Yu Gong proposing to acquire all of the outstanding shares of Qiyi beneficially owned by Baidu based on an enterprise valuation of USD 2.8bn for 100% of Qiyi on a cash-free and debt-free basis.
Status: Terminated

-AMERI100 BUYS KANSES, US SAP CONSULTING FIRM VIRTUOSO
US-based SAP strategy consulting company Ameri Holdings, Inc. (OTCQB: AMRH) has acquired Kansas, US-based SAP consulting firm Virtuoso, L.L.C., the company said
Virtuoso is specialised in providing services on SAP S/4 HANA finance, enterprise mobility and cloud migration. The firm has been providing advisory services to customers since its inception in 1999.
Status: Closed

-BLACKBOARD AFFILIATES CLEAR US ANTITRUST HURDLE IN USD 260M ACQUISITION OF HIGHER ONE
The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act in the deal under which an affiliate of education technology company Blackboard will acquire US-based education payments technology provider Higher One Holdings, Inc. (NYSE: ONE) for USD 5.15 in cash per share, the company said.
Blackboard said that the expiration of the waiting period satisfies one of the conditions to the previously announced tender offer for all issued and outstanding shares of common stock of Higher One, which will expire on August 4. The all-cash sale price represents a 37.3% premium over the closing price of the Higher One Holdings shares on 29 June and an equity value of USD 260m.
Status: Agreed

-PALLETONE FORMS SUNONE LOGISTICS IN CONJUNCTION WITH TRUCKING COMPANY ACQUISITION
US-based new pallet manufacturer PalletOne has formed a new transportation subsidiary, SunOne Logistics, in conjunction with the acquisition of a trucking firm in Hazlehurst, Georgia, the company said.
SunOne Logistics will deliver PalletOne's services, technology and expertise to the current customer base of the acquired trucking firm, Dirt Movers, Inc. Eleven of PalletOne's 15 locations are located in the Southeast (Alabama, Florida, Georgia, North Carolina, Texas and Virginia).
Status: Closed

-ARCLIGHT COMMITS USD 150M TO LOGOS RESOURCES FOR SAN JUAN BASIN ACQUISITION
Private equity funds managed by US-based ArcLight Capital Partners, LLC recently closed a USD 150m commitment to back US-based oil and gas production developer Logos Resources, the firm said.
Logos Resources is a developer of oil and natural gas production assets in the San Juan Basin. The commitment represents ArcLight's second partnership with Logos, following its original investment in 2012. Concurrent with the new commitment, Logos completed the acquisition of San Juan Basin assets consisting of approximately 129,000 net acres and net production of approximately 38 MMcfepd.
Status: Closed

-NPC INTERNATIONAL ACQUIRES 39 WENDY'S RESTAURANTS IN RALEIGH-DURHAM AREA FOR USD 35.6M
Kansas-based restaurant franchisee NPC International, Inc. has completed the acquisition of 39 restaurants in the Raleigh-Durham metropolitan area from Dublin, Ohio-based fast food firm Wendy's (NASDAQ: WEN) for USD 35.6m, plus amounts for working capital, the company said.
This acquisition was completed with a subsidiary of The Wendy's Company and is part of the Wendy's system optimisation initiative to reduce company-operated restaurant ownership to approximately 5% of the total system. This acquisition was funded with available cash on hand.
Status: Closed

-MY IMPORTS USA ACQUIRES TAG BODY SPRAY BRAND FROM PROCTER AND GAMBLE
New Jersey-based health and beauty products maker My Imports USA has acquired US-based body spray brand TAG from Cincinnati, Ohio-based consumer goods company Procter and Gamble (NYSE: PG), the company said.
My Imports USA will continue to market TAG deodorants and expand the franchise to include new deodorants, antiperspirants, body sprays, body washes, hair washes, and other men's grooming products.
Status: Closed

-BROWN GIBBONS LANG SELLS US LUBRICANT MAKER WALLOVER ENTERPRISE
US-based independent investment bank Brown Gibbons Lang and Company has sold Ohio-based lubricant maker Wallover Enterprises, Inc. to UK-based lubricant company Gulf Oil International's Pennsylvania-based Houghton International Inc. metalworking fluids subsidiary of, the company said.
The specific terms of the transaction were not disclosed. Established in 1863, Wallover formulates customized and highly engineered metalworking fluids and industrial lubricants in North America.
Status: Closed

-CAREY WATERMARK INVESTORS 2 ACQUIRES SAN DIEGO MARRIOTT LA JOLLA HOTEL IN USD 130.9M DEAL
New York-based non-traded real estate investment trust Carey Watermark Investors 2 Inc. (CWI 2) has acquired San Diego Marriott La Jolla hotel, the company said.
The purchase price for the 372-room hotel was reported at USD 130.9m. Connecticut-based hospitality owner HEI Hotels and Resorts was the seller, and had undertaken a total of USD 21m of capital improvements since 2011, including a USD 17m comprehensive renovation completed in 2013.
Status: Closed

-LINDSAY GOLDBERG AGREES TO ACQUIRE AUSTRIAN MANUFACTURER SCHUR FLEXIBLES
New York-based private investment firm Lindsay Goldberg has agreed to acquire Europe-based flexible packaging products manufacturer Schur Flexibles Group, the company said.
The transaction is subject to customary closing conditions and is expected to close in 3Q16. Following the transaction, CEO and co-owner Jakob A. Mosser, who has led the company over the last five years, will continue to lead Schur Flexibles.
Status: Agreed

-BOSTON ADVISORS ACQUIRES INVESTMENT ADVISOR WEYLAND CAPITAL MANAGEMENT
Massachusetts-based boutique investment management firm Boston Advisors, LLC has entered into an agreement to acquire the assets of Portsmouth, New Hampshire investment advisory firm Weyland Capital Management, the company said.
Weyland manages USD 175m of multi-asset portfolios for approximately 130 clients nationwide. These clients will join Boston Advisors' Private Advisory Group, which serves affluent clients with customised, sophisticated and institutional-caliber investment programs.
Status: Closed

-FIRST SOUTH BANK BUYS USD 84.6M GSE MORTGAGE SERVICING RIGHTS PORTFOLIO
North Carolina-based bank First South Bank has purchased mortgage servicing rights to 452 US mortgages with an unpaid principal balance of approximately USD 84.6m, the company said.
These loans are backed by Freddie Mac and Fannie Mae. The purchase is subject to customary approval from the two investor agencies. This purchase brings the bank's total value of MSRs to USD 2.8m and brings the total balance of mortgage loans serviced for others to approximately USD 376.9m.
Status: Closed

-RANIR ACQUIRES REMBRANDT BRAND PORTFOLIO OF ORAL CARE PRODUCTS FROM JNJ
Grand Rapids, Michigan-based oral and personal healthcare products maker Ranir, LLC has acquired the Rembrandt teeth whitening brand from US-based skin and health care products maker Johnson and Johnson Consumer Inc, the company said.
The deal includes all intellectual property and rights to the Rembrandt brand. Rembrandt developed the original whitening toothpaste and later expanded its product offerings within the dental whitening category.
Status: Closed

-SMITH MICRO ACQUIRES PORTUGUESE MOBILE APP STUDIO IMOBILEMAGIC
US-based software solutions company Smith Micro Software (NASDAQ: SMSI) has added a next-generation family safety mobile platform to its portfolio with the acquisition of Portugal-based mobile app-focused studio company iMobileMagic, the company said.
iMobileMagic offers consumer applications on smartphones, tablets and wearables to ensure the safety and protection of children, elderly, and other family members who require extra care. With the acquisition, Smith Micro gains new mobile operator customers in Europe and Asia, as well as a team of mobile software developers in Braga, Portugal.
Status: Closed

-SMITH AND WESSON TO ACQUIRE LASER SIGHT MAKER CRIMSON TRACE FOR USD 95M
US-based firearms maker Smith and Wesson Holding Corp. (NASDAQ: SWHC) has agreed to acquire Wilsonville, Oregon-based laser sighting systems maker Crimson Trace Corp. for USD 95m, subject to certain adjustments, utilising cash on hand, the company said.
Smith and Wesson will purchase all of the outstanding stock of Crimson Trace from Crimson Trace Holdings, LLC, and it expects the transaction to close in three to six weeks. Crimson Trace has been a supplier of laser sighting systems for Smith and Wesson. It offers more than 225 products. It operates from a 50,000 square foot, leased facility where it engineers and manufactures its products.
Status: Agreed

-MASTERCARD ACQUIRES UK KEY PAYMENTS TECHNOLOGY SPECIALIST VOCALINK
New York-based transaction processing company MasterCard Inc. (NYSE: MA) has agreed to acquire 92.4% of London, England-based key payments technology platforms provider VocaLink Holdings Ltd. for about USD 920m (GBP 700m), the company said.
VocaLink's existing shareholders have the potential for an earn-out of up to an additional USD 220m (GBP 169m), if performance targets are met. This transaction is subject to regulatory approval and other customary closing conditions. Under the agreement, a majority of VocaLink's shareholders will retain 7.6% ownership for at least three years.
Status: Closed

-GRAND RIVER DEVELOPMENT TO BUILD USD 1.1BN TAIPEI SKY TOWER
Taiwan-based asset management company Grand River Development Ltd. plans to build Taipei-based redevelopment Taipei Sky Tower, the company said.
Grand River Development said that the building will be a 54-story tower more than 260 meters in height and comprised of approximately one million square feet in combined floor area. The building is planned to consist of a retail podium, luxury hotel, lifestyle hotel and a theater house.
Status: Agreed

-NUANCE COMMUNICATIONS TO ACQUIRE CUSTOMER ENGAGEMENT SOLUTIONS FIRM
US-based voice and language solutions provider Nuance Communications, Inc. (NASDAQ: NUAN) has agreed to acquire California-based digital customer service and engagement solutions provider TouchCommerce, the company said.
Total consideration is USD 215m. At closing, Nuance will pay USD 110m in cash and USD 85m in a combination of cash and Nuance common stock determined by Nuance, and the remaining USD 20m will be paid at the conclusion of an indemnity period.
Status: Agreed

-WAYPOINT RESIDENTIAL ACQUIRES OKLAHOMA CITY APARTMENT PROPERTY
US-based real estate investment manager Waypoint Residential has acquired Oklahoma City, Oklahoma-based 276-unit apartment property The Residence at North Penn, the company said.
Waypoint's closed transactions and current investment pipeline totals approximately 54 transactions and more than USD 1.6bn. Founded in 2011, Waypoint Residential specializes in apartment properties in select metropolitan areas of the Sunbelt and Midwestern regions of the United States.
Status: Closed

-OSRAM TO ACQUIRE AUTOMOTIVE LED MAKER NOVITA TECHNOLOGIES
Munich, Germany-based lighting manufacturer Osram has agreed to acquire Hendersonville Tennessee-based automotive LED maker Novità Technologies, the company said. Both parties have agreed not to divulge any financial details of the transaction, which is planned to be completed by October 2016.
The acquisition will immediately be margin-accretive in the Specialty Lighting segment. Novità Technologies has 100 employees and ships mainly to headlight and tail light manufacturers in the United States.
Status: Agreed

-THE HILB GROUP ACQUIRES VIRGINIA-BASED NPB INSURANCE SERVICES FROM NEW PEOPLES BANK
US-based insurance company Hilb Group LLC has Acquired Virginia-based insurance agency NPB Insurance Services, Inc. from Virginia-based New Peoples Bank, Inc, the company said.
The transaction became effective July 1, 2016. As a part of the deal, current customers of NPB Insurance Service, Inc. will be serviced by THG. New Peoples Bank will refer future insurance needs of its banking customers to THG's operations based in Abingdon, Virginia.
Status: Closed

-CONTANGO OIL AND GAS TO BUY UNDEVELOPED TEXAS ACREAGE FOR UP TO USD 25M
Houston, Texas-based independent energy company Contango Oil and Gas Company (NYSE MKT: MCF) has agreed with a private oil and gas company to purchase one-half of seller's interests in approximately 12,100 gross undeveloped acres (~5,000 net acres) for up to USD 25m in the Southern Delaware Basin of Texas, the company said.
The purchase price is comprised of USD 10m in cash at initial closing and USD 10m in carried well costs expected to be paid over the next 14 months. Certain additional contingent payments upon success would increase total consideration to USD 25m. The purchase is subject to finalization of title due diligence and customary closing conditions and adjustments with an initial closing expected later this month.
Status: Agreed

-QUERCUS, SWISS LIFE ASSET MANAGERS ACQUIRE 2 PHOTOVOLTAIC PLANTS IN ITALY
Luxembourg-based renewable energy plant investor Quercus Assets Selection and Europe-based asset manager Swiss Life Asset Managers have acquired two ground-mounted solar PV plants with a capacity of 6.5mw and 0.77mw respectively, located in the Molise Region, Italy, the companies said.
The transaction was carried out and completed by Quercus and Swiss Life joint venture company Italy-based solar PV investment firm Azienda Solare Italiana S.p.A. With these additions, ASI's portfolio consists of eleven plants totalling 84.4mw and a combined annual production of 140 GWh.
Status: Closed

-SOCIETE GENERALE ACQUIRES STAKE IN FRENCH MOBILE BANKING SPECIALIST FINTECH TAGPAY
France-based financial services provider Societe Generale Group has acquired a stake in the share capital of French mobile digital banking specialist TagPay, the company said. TagPay is currently being rolled out in several of the group's African subsidiaries.
These include a mobile recovery solution implemented by Manko in Senegal, merchant payments in Ivory Coast tested at Shell service stations, as well as mobile banking projects in several countries in Sub-Saharan Africa.
Status: Closed

-PSP INVESTMENTS, ONTARIO TEACHERS' TO ACQUIRE SANTANDER'S STAKE IN CUBICO SUSTAINABLE INVESTMENTS
Canada-based pension fund management firm Public Sector Pension Investment Board (PSP Investments) and Canada-based privately owned pension fund Ontario Teachers' Pension Plan will acquire, in equal proportions, Banco Santander, S.A.'s indirect interest in UK-based renewable energy and water infrastructure company Cubico Sustainable Investments Ltd., the companies said.
The closing of the transaction is subject to customary closing conditions. If consummated, PSP Investments and Ontario Teachers' will remain the sole ultimate shareholders of Cubico, on a 50-50 basis.
Status: Agreed