Deal Pipeline
Friday 29 January 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-PRUDENTIAL FINANCIAL CLEARS CHILEAN REGULATORY HURDLE FOR ACQUISITION OF STAKE IN AFP HABITAT
US-based financial services firm Prudential Financial, Inc. (NYSE: PRU) has obtained the approval of the Chilean Superintendence of Pensions for its previously announced proposed acquisition of an indirect ownership interest in Administradora de Fondos de Pensiones Habitat S.A. (AFP Habitat), a provider of retirement services in Chile, the firm said.
Status: Agreed

-FLUX CARBON CLOSES ACQUISITION OF MAJORITY STAKES IN BITZIO, GREENSHIFT
US-based natural resources technology developer Flux Carbon Corp has closed a series of transactions pursuant to which it acquired majority equity stakes in Bitzio, Inc. (OTCQB: BTZO) and GreenShift Corp. (OTCQB: GERS), the company said.
The transactions additionally involved the completion by Bitzio of USD 2.9m in conventional debt financing, the acquisition by Bitzio of 80% of GreenShift, and the satisfaction and elimination by GreenShift of about USD 14m in debt.
Status: Closed

-STRATUS PROPERTIES RECEIVES USD 435M CASH BID FOR REAL ESTATE
US-based real estate company Stratus Properties Inc. (NASDAQ: STRS) has received an unsolicited proposal from Capretta Properties Inc. to acquire a significant portion of Stratus' real estate properties for USD 435m in cash, with all indebtedness to be retained by Stratus, the company said.
The proposal is subject to several contingencies, including Capretta's proposal that the closing be subject to completion of satisfactory due diligence, to be conducted only after entering into a definitive purchase agreement.
Status: Bidding

HEARTWARE, VALTECH CARDIO NIX ACQUISITION DEAL
US-based medical device maker HeartWare International, Inc. (NASDAQ: HTWR) has terminated its proposed acquisition of Israel-based valve repair and replacement technologies developer Valtech Cardio, Ltd., the company said.
Pursuant to the terms of the agreement, HeartWare will make a USD 30m loan to Valtech in the form of a convertible promissory note. Earlier this month, HeartWare said it remained committed to completing the acquisition.
Status: Terminated

-TECH AIR CLOSES RAVENA WELDING SUPPLY, HEREFORD WELDING ACQUISITIONS
Connecticut, US-based specialty gases and welding supplies distributor Tech Air has completed the acquisitions of New York-based Ravena Welding Supply and Texas-based Hereford Welding Supply, the company said.
Tech Air is owned by private equity firm CI Capital Partners and Tech Air management. Including the acquisitions of industrial gas distributors Ravena and Hereford, Tech Air has now completed 17 add-on acquisitions under CI Capital's ownership.
Status: Closed

-J.C. POWER CLOSES USD 265M ACQUISITION OF PERUVIAN POWER COMPANY
Singapore-based holding company Kenon Holdings Ltd.'s (NYSE: KEN) (TASE: KEN) subsidiary I.C. Power Ltd. has closed a deal with Actis LLP investment company Deorsa-Deocsa Holdings Ltd, to acquire 100% of a holding company that indirectly owns 90.6% and 92.7% of two operating companies that operate an electricity distribution business in Guatemala and 100% of two smaller related businesses, the company said.
I.C. Power paid a total consideration of USD 265m, using a combination of cash on hand and a USD 120m loan facility, which IC Power entered into in December 2015. Energuate's total financial debt and cash on hand as of 22 January 2016 are estimated to be approximately USD 289m and USD 68m, respectively.
Status: Closed

-TRUCK AND TRAILER PRODUCT FIRM FLEET ACQUIRES CARGO BAR MAKER SAVE-A-LOAD
Michigan, US-based truck and trailer product manufacturing and distribution company Fleet Engineers, Inc. has acquired Charlotte, North Carolina-based Save-A-Load, Inc., a manufacturer of cargo bars for tractor trailers and pick-up trucks, Fleet said.
Status: Closed

-SECURITY SCREENING SPECIALIST DHI GROUP SELLS SLASHDOT MEDIA
US-based technology and security clearance services specialist DHI Group, Inc. (formerly known as Dice Holdings, Inc.) (NYSE: DHX), has completed the sale of its Slashdot and SourceForge businesses to BIZX, LLC in a transaction, the company said. DHI is a provider of data, insights and employment connections through specialised services for technology and security clearance, financial services, energy, healthcare and hospitality.
Status: Closed

-BLACKSTONE CLOSES USD 8BN ACQUISITION OF LIFE SCIENCE REAL ESTATE INVESTOR BIOMED REALTY TRUST
US-based life science real estate investor BioMed Realty Trust, Inc. (NYSE: BMR) has closed its acquisition by affiliates of Blackstone Real Estate Partners VIII L.P., the company said. The total transaction value is approximately USD 8bn.
BioMed Realty invests in institutional real estate to meet the needs of the demand across the life science industry. The company owns or has interests in properties comprising approximately 18.8m rentable square feet.
Status: Closed

-OAK HILL CAPITAL PARTNERS TO ACQUIRE IN-STORE SIGN PRINTER IMAGINE
US-based private equity firm Oak Hill Capital Partners has entered into a definitive agreement to acquire US-based in-store signage and display specialist Imagine! Print Solutions from its founder, Bob Lothenbach, the company said.
Imagine! is a differentiated provider of printed in-store marketing solutions. Oak Hill is investing in partnership with Lothenbach, who will retain a significant minority ownership position, and the Imagine! management team.
Status: Agreed

-RE/MAX SUBURBAN ACQUIRES BUFFALO GROVE, ILLINOIS BROKERAGE
Chicago-based real estate brokerage RE/MAX Suburban has acquired RE/MAX Experts of Buffalo Grove, Illilnois, the company said.
The acquisition makes the Buffalo Grove office the eighth in the RE/MAX Suburban organisation. The other offices, all in Illinois, are in Arlington Heights, Glen Ellyn, Libertyville, Mt. Prospect, Schaumburg and Wheaton.
Status: Closed

-AURORA RESUGENCE CLOSES ACQUISITION OF DEFIBRILLATOR MAKER CARDIAC SCIENCE
US-based private equity firm Aurora Capital Group's Aurora Resurgence affiliate has completed the acquisition of the assets of US-based medical device maker Cardiac Science Corp., the company said. The acquisition concludes a restructuring for the specialist in the manufacturing and marketing of automated external defibrillators.
Status: Closed

-SNYDER'S-LANCE SETS MEETING DATE FOR SHAREHOLDER VOTE ON USD 1.91BN ACQUISITION OF DIAMOND FOODS
Separate meetings have been scheduled for shareholders of US-based snack food maker Snyder's-Lance, Inc. (NASDAQ: LNCE) and US-based nut and snack producer Diamond Foods, Inc. (NASDAQ: DMND) to vote on an agreed deal for Snyder's-Lance to acquire Diamond, the companies said.
Snyder's-Lance said that this move signals completion of customary reviews of the transaction by the FTC and SEC. A meeting date of 26 February 2016 is set for the vote of the stockholders of Diamond and Snyder's-Lance.
Status: Agreed

-SINCLAIR BROADCAST TO ACQUIRE TENNIS CHANNEL FOR USD 350M
US-based broadcast media company Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) has entered into a definitive agreement to purchase the stock of Tennis Channel for USD 350m, the company said.
The company will benefit, however, from over USD 200m of Tennis net operating losses which Sinclair will be able to carry forward to reduce future tax payments, the present value which Sinclair estimates to be worth approximately USD 65m.
Status: Agreed

-CRIMSON WINE GROUP ACQUIRES WALLA WALLA VALLEY PRODUCER
California, US-based Crimson Wine Group (OTCQB: CWGL) has acquired Seven Hills Winery, a Washington winery in the state's Walla Walla Valley, the company said. Over its 28-year history, Seven Hills has established a wine programme with a strong focus on both Merlot and Bordeaux-style red blends.
Crimson said that the acquisition of Seven Hills Winery provides a strategic opportunity for it to expand its portfolio to include a Walla Walla winery with a track record of producing highly-acclaimed wines.
Status: Closed

-CHINESE CONSORTIUM CLOSES ACQUISITION OF US DIGITAL IMAGING SPECIALIST
A consortium composed of Chinese semiconductor industry investor Hua Capital Management Co., Ltd., CITIC Capital Holdings Ltd. and Goldstone Investment Co., Ltd. announced that the Consortium has completed the acquisition of US-based digital imaging solutions developer OmniVision Technologies, Inc., the companies said.
Under the terms of the deal, stockholders of OmniVision received USD 29.75 per share in cash, or a total of approximately USD 1.9bn. As a result of the completion of the acquisition, trading of OmniVision common stock on the NASDAQ Global Select Market was halted.
Status: Closed

-NII HOLDINGS CLOSES SALE OF NEXTEL ARGENTINA
US-based mobile communications service NII Holdings, Inc. (NASDAQ: NIHD) has completed the previously announced sale of its Argentine operations transferring the remaining 51% of its ownership interest to subsidiaries of Grupo Clarin, the company said.
Grupo Clarín is the largest media company in Argentina and a company in the cable television and Internet access, printing and publishing, and broadcasting and programming markets.
Status: Closed

-BG SHAREHOLDERS APPROVE USD 70BN BUYOUT OF ROYAL DUTCH SHELL
Shareholders of UK-based oil and gas producer BG Group plc have approved the company's combination with Anglo-Dutch oil and gas major Royal Dutch Shell plc (NYSE: RDS.A) (NYSE: RDS.B), the company said.
On 8 April 2015, Shell announced a deal to buy BG in a deal worth nearly USD 70bn. BG Group plc (LSE: BG.L) is in natural gas, with a broad portfolio of business interests focused on exploration and production and liquefied natural gas.
Status: Agreed

-OMNIVERE ACQUIRES DISCOVERY AND LEGAL TECHNOLOGY CONSULTING FIRM KIERSTED
US-based OmniVere LLC, a services firm responding to data risk management challenges, has acquired electronic discovery and legal technology consulting firm Kiersted Systems LP, OmniVere said. OmniVere said that the acquisition complements and extends its discovery and consulting businesses and enhances OmniVere's geographic reach and client base.
Status: Closed

-UPSIGHT ACQUIRES MOBILE AD MEDIATION PLATFORM FUSE POWERED
US-based Upsight, an enterprise analytics and marketing automation platform for mobile apps, has acquired mobile supply-side monetisation and ad mediation platform Fuse Powered, the company said.
Upsight said that, by combining solutions, it becomes the first platform to enable end-to-end user lifecycle management to maximise lifetime value.
Status: Closed

-VERACITY MANAGEMENT GLOBAL TO ACQUIRE WATER RECYCLER SANTA FE RESOURCE
US-based Veracity Management Global, Inc. (OTC: VCMG), whose operating companies are involved in the gathering and recycling of water and the repair of water and sewer lines, has agreed to buy Santa Fe Resource Development, Inc., the company said. 
Santa Fe, through its PPV, Bravo Environmental NW and River Country Transportation subsidiaries, is a USD 20m annual revenue company involved in cleaning and disposal of waste water transportation of waste water and the repair of water and sewer lines.
Status: Agreed

-IBM PLANS TO ACQUIRE DIGITAL CREATIVE AGENCY RESOURCE/AMMIRATI
US-based IT company IBM (NYSE: IBM) plans to acquire US-based digital marketing and creative agency Resource/Ammirati, the company said.
IBM said that the deal combines the companies' strategic, creative and technology capabilities to address rising demand from businesses seeking to reinvent themselves for the digital economy and provide differentiated experiences to their customers.
Status: Agreed

-COMSCORE-RENTRAK WIN SHAREHOLDER NOD FOR USD 732M TIE-UP
Shareholders of US-based media measurement firms comScore, Inc. (NASDAQ: SCOR) and Rentrak Corp. (NASDAQ: RENT) have approved the companies' proposed merger in separate votes, the companies said.
This merger was approved by the boards of directors of both companies, and comScore and Rentrak expect the deal to close in January 2016. On 29 September, 2015, comScore and Rentrak entered into a definitive agreement to merge in an all-stock, tax-free transaction.
Status: Agreed

-PATRIOT NATIONAL ACQUIRES WHOLSALE BROKERAGE MID ATLANTIC INSURANCE SERVICES
US-based insurance technology and outsourcing solutions provider Patriot National, Inc. (NYSE: PN) has acquired Mid Atlantic Insurance Services, a wholesale brokerage firm and programme administrator, the company said.
Mid Atlantic offers a range of commercial property and casualty insurance lines. In addition to new property and casualty products, the acquisition brings to Patriot National 12 new carrier relationships and 1,100 new retail agencies.
Status: Closed

-SCIO HEALTH ANALYTICS ACQUIRES RIVAL CLEAR VISION
US-based healthcare analytics company SCIO Health Analytics has acquired Clear Vision Information Systems of Westlake Village, California, the company said.
Clear Vision are the creators of an analytics solution and services suite that provides risk adjustment and quality metric strategies for health plans and providers.
Status: Closed

-ALPHEON ACQUIRES HEALTHCARE DIGITAL TECHNOLOGY COMPANY EVEO
US-based social commerce company Alpheon Corp. has acquired digital technology firm Eveo, the company said. For more than 16 years, Eveo has helped pioneer digital platforms in the healthcare space, including ShoutMD, Alpheon's social commerce platform.
ShoutMD allows board certified physician specialists to share insights, collaborate on new ideas and purchase lifestyle healthcare products with the click of a button under a broad affinity program.
Status: Closed

-US MORTGAGE FIRM WALTER INVESTMENT ACQUIRES RCS ASSETS
US-based mortgage banking firm Walter Investment Management Corp. (NYSE: WAC) has completed the acquisition of certain assets from American Capital Mortgage Investment Corp's Residential Credit Solutions, Inc. subsidiary of., the firm said. Walter Investment is making the deal through its wholly owned subsidiary Ditech Financial LLC.
Status: Closed

-CENTERPOINT ENERGY TO ACQUIRE CONTINUUM ENERGY'S RETAIL ENERGY SERVICES BUSINESS
US-based utility operator CenterPoint Energy, Inc.'s (NYSE: CNP) US-based energy company CenterPoint Energy Services, Inc. subsidiary has agreed to acquire Continuum Energy, LLC's Continuum Energy Services, LLC unit, including its Lakeshore Energy Services, LLC subsidiary, the companies said.
This acquisition also includes the natural gas wholesale assets of Continuum Energy Services, LLC. The aggregate purchase price for the acquisition is USD 77.5m plus working capital, subject to customary post-closing purchase price adjustments.
Status: Agreed

-US RETAILER MEN'S WEARHOUSE TO IMPLEMENT HOLDING COMPANY STRUCTURE
US-based menswear retailer The Men's Wearhouse (NYSE: MW) will implement a holding company structure effective 31 January, the company said.
The new holding company is Tailored Brands, Inc., a Texascorporation. As a result of this event, Men's Wearhouse shareholders will become shareholders of the new Texas holding company on a one-for-one basis, automatically holding the same number of shares and same ownership percentage in Tailored Brands as they held in Men's Wearhouse immediately prior to implementation.
Status: Agreed

-RIO TINTO TO SELL MOUNT PLEASANT COAL ASSETS FOR USD 224M PLUS ROYALTIES
British-Australian metals and mining company Rio Tinto (NYSE: RIO) has reached a binding agreement for the sale of its Mount Pleasant thermal coal assets to Mach Energy Australia Pty Ltd for USD 224m plus royalties, the company said.
With the recently announced binding agreement for the sale of Rio Tinto's interest in the neighbouring Bengalla coal joint venture, this amounts to USD 830m of agreed sales.
Status: Agreed

-BEZANT RESOURCES ACQUIRES COLOMBIAN MINER LEEWARD ISLANDS EXPLORATION
UK-based mining company Bezant Resources Plc (AIM: BZT) has now acquired 100% of the share capital of Leeward Islands Exploration LLC, the company said. Leeward holds options over, in aggregate, 2,750ha of near-surface, alluvial, platinum and gold mining and exploration licences located in the Choco Department of Colombia
The area in which the Project Licences are located has been historically mined with near surface dredges. Consideration comprises USD 1m cash and 37,306,137 new ordinary shares in Bezant. 
Status: Closed

-BRITISH POLYTHENE INDUSTRIES SELLS CHINA SUBSIDIARY
UK-based packaging company British Polythene Industries plc has signed an agreement to sell its PRC subsidiary BPI China (formerly Xinhui Alida) to Amcor (China) Investment Co., Ltd, a subsidiary of Australian packaging group Amcor, the company said.
The disposal is subject to the approval of the PRC authorities and is expected to complete in 2Q16. Consideration, payable in US dollars, including an amount for working capital, is estimated to be approximately GBP 9.4m (USD 13.39m), with an estimated GBP 6.4m (USD 9.11m) upon completion.
Status: Closed

-IRISH HOTEL OPERATOR DALATA TO ACQUIRE LEASEHOLDS OF FOUR HOTELS FOR EUR 40M
Irish hotel operator Dalata Hotel Group plc has conditionally agreed to acquire the leasehold interest of four hotels for an enterprise value of EUR 40m (USD 43.33m), the group said.
The hotels are the Gibson Hotel Dublin, the Croydon Park Hotel in Croydon, the Clarion Hotel Cork and the Clarion Hotel Limerick. The leasehold interest comprises of operating leases with an average term of 18 years outstanding. As part of the transaction, the group will also take over the management of the Clarion Liffey Valley Hotel, Dublin under a short term management contract. 
Status: Agreed

-JOHN LIANG INFRASTRUCTURE FUND CLOSES ACQUISITION OF BARCELONA METRO PROJECT STAKE
UK-based infrastructure investment company John Laing Infrastructure Fund Ltd. has completed the acquisition for a 40% stake in the Barcelona Line 9 Section II metro project, the company said.
This deal that was initially announced in December 2015. The consideration of the acquisition was the Euro equivalent of approximately GBP 85m (USD 121.12m) and was funded through JLIF's existing cash resources and revolving credit facility.
Status: Closed

-CUSTODIAN REIT SELLS MANCHESTER OFFICE FOR GBP 1.35M
UK-based property investment company Custodian REIT (LSE: CREI) has sold a 7,333 sq ft purpose-built office on Madison Place Business Park, Manchester for GBP 1.35m, the company said. Custodian said that the price is GBP 0.15m ahead of the 30 September 2015 valuation. Prior to marketing, the lease term with Central Manchester University Hospitals NHS Foundation Trust was extended from four years to ten years.
Status: Closed

-IPSA GROUP TO SELL SOUTH AFRICAN COGENERATION FOR GBP 1.866M
UK-based IPSA Group plc (AIM: IPSA), a developer, owner and operator of power generation capacity in South Africa, has agreed to sell Blazeway Engineering Ltd. to Sloane Corp. Ltd., the company said.
The deal is subject to the satisfaction of conditions precedent including the approval of the transaction by the company's shareholders. Blazeway is the UK holding company, which owns Newcastle Cogeneration Proprietary Ltd. the company's operating subsidiary in South Africa.
Status: Agreed

-REDCENTRIC ACQUIRES LONDON DATACENTRE OPERATOR CITY LIFELINE FOR GBP 4.8M
UK IT managed services provider Redcentric plc (AIM: RCN) has acquired City Lifeline Ltd. for a total consideration of GBP 4.8m (USD 6.84m) in cash, the company said. City Lifeline owns and operates a connected datacentre in London, and has been trading for over 20 years.
Its site in Tech City provides a location from which its customers operate business critical infrastructure. In the year to 31 December 2015 City Lifeline generated revenue of GBP 3.5m, all recurring, and EBITDA of GBP 0.6m.
Status: Closed