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

-BERKSHIRE HILLS TO ACQUIRE NEW JERSEY, US-BASED FIRST CHOICE BANK IN USD 111.7M DEAL
Massachusetts, US-based bank holding company Berkshire Hills Bancorp, Inc. (NYSE: BHLB) and New Jersey-based First Choice Bank have signed a definitive merger agreement under which First Choice Bank will merge into Berkshire Bank and its subsidiary, First Choice Loan Services Inc., will become a subsidiary of Berkshire Bank in an all-stock transaction valued at approximately USD 111.7m, the companies said.
Berkshire's total assets will increase to USD 8.9bn including the USD 1.1bn in acquired First Choice assets.
Status: Agreed

-IBM CLOSES ACQUISITION OF ISRAELI APPLICATIONS DEVELOPMENT VISUALISATION SPECIALIST EZSOURCE
US-based IT company IBM (NYSE: IBM) has closed its acquisition of Israel-based application discovery company EZ Legacy Ltd., the company said.
IBM said the move will help developers quickly and easily understand and change mainframe code based on data displayed on a dashboard and other visualisations. Current applications can be made up of milllions of lines of code, and to update this code can take days or weeks.
Status: Closed

-PEOPLE'S UNITED FINANCIAL TO ACQUIRE LONG ISLAND-BASED SUFFOLK BANCORP IN USD 402M DEAL
Connecticut, US-based bank holding company People's United Financial, Inc. (NASDAQ: PBCT) has signed a definitive agreement under which it will acquire Long Island, New York-based Suffolk Bancorp (NYSE: SCNB) and Suffolk County National Bank subsidiary in a 100% stock transaction valued at approximately USD 402m, the company said.
People's United Financial is the holding company for People's United Bank, N.A. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approval and the approval of Suffolk Bancorp's shareholders.
Status: Agreed

-OIL SERVICES FIRMS FMC TECHNOLOGIES, TECHNIP CLEAR US ANTITRUST HURDLE IN USD 13BN MERGER
The merger of French oil services company Technip (Euronext: TEC) and US counterpart FMC Technologies, Inc. (NYSE: FTI) has received an early decision from the United States antitrust regulators under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 concluding antitrust review of the transaction in the US under the HSR Act, the companies said.
Status: Agreed

-GENPACT AGREES TO ACQUIRE WORKFLOW PLATFORM SPECIALIST PNMSOFT
US-based business process management and services company Genpact (NYSE: G) has entered into a definitive agreement to acquire Israeli workflow, case management and work optimisation solutions provider PNMsoft, the company said.
PNMsoft complements and integrates pre-existing systems of records that typically host manual process work, and will act as a core component in Genpact's digital portfolio whose roadmap comprises close to 100 digital solution components.
Status: Agreed

-MACAU GAMING GROUP IAO KUN TO FINALISE FUNDING OF USD 101M KOREA CASINO ACQUISITION
Macau-based gaming-focused holding company Iao Kun Group Holding company Ltd. (NASDAQ: IKGH), has provided additional details on its announced acquisition of the Jeju Sun Hotel and Casino in Jeju, Korea.
Earlier this month, Iao Kun Group subsidiary Iao Kun Jeju Hotel Company Ltd. agreed with Korea-based casino Golden and Luxury Company, Ltd., South Korea-based casino operator Solaire Korea Co., Ltd., and Philippines-based holding company Bloomberry Resorts Corp. to acquire the Jeju Sun Hotel and Casino in Jeju, Korea for USD 101m (KRW 117.5bn) in cash, the company said. Jeju Sun Hotel and Casino is a five-hibiscus hotel located in Jeju City on the island of Jeju-Do in Korea.
Status: Agreed

-WILLIAMS WINS SHAREHOLDER NOD FOR ENERGY TRANSFER BUYOUT
Shareholders of US-based gas pipeline operator The Williams Companies, Inc. (NYSE: WMB) have approved the company's proposed merger with Energy Transfer Equity, L.P. (NYSE: ETE) at Williams' special meeting of stockholders on 27 June, the company said.
Last September, Energy Transfer Equity, L.P. (NYSE: ETE) and Williams agreed to a business combination transaction valued at approximately USD 37.7bn, including the assumption of debt and other liabilities, the companies said. This announcement followed the termination of a previously agreed merger agreement between WMB and Williams Partners L.P.
Status: Agreed

-REVENUE CYCLE MANAGEMENT COMPANIES MEDASSETS, PRECYSE AND EQUATION CLOSE MERGER
US-based revenue cycle management companies MedAssets, Precyse and Equation have combined into a single enterprise called nThrive, the companies said.
The newly named organisation offers technology, consulting, services, analytics and education to provide a patient-to-payment solution for the healthcare industry. nThrive, an independent patient-to-payment solutions organisation, offers a range of competencies that coordinate financial and clinical care to revitalise healthcare business operations.
Status: Closed

-JAZZ PHARMACEUTICAL CLEARS US ANTITRUST HURDLE IN USD 1.5BN ACQUISITION OF ONCOLOGY SPECIALIST CELATOR
The waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired with respect to Irish drugmaker Jazz Pharmaceuticals plc's (NASDAQ: JAZZ) proposed acquisition of US-based Celator Pharmaceuticals, Inc. (NASDAQ: CPXX) for USD 30.25 per share in cash, or approximately USD 1.5bn, the company said.
As previously reported, on 31 May Jazz Pharmaceuticals and Celator entered into a definitive merger agreement under which Jazz Pharmaceuticals has commenced a tender offer for all of the outstanding shares of Celator at USD 30.25 per share in cash, representing total consideration of approximately USD 1.5 bn.
Status: Agreed

-CHINESE ADVERTISING PLATFORM AIRMEDIA AMENDS "GOING PRIVATE" TRANSACTION
Chinese out-of-home advertising platform operator AirMedia Group Inc. (NASDAQ: AMCN) has amended a September 2015 agreement and plan of merger by and among the company, AirMedia Holdings Ltd. and its AirMedia Merger Co Ltd. subsidiary, the company said.
Under the terms of the merger agreement, either the company or AirMedia Holdings could terminate the deal if the merger contemplated by the agreement has not been completed by the date of 28 June 2016.
Status: Agreed

-EUROPEAN UNION CLEARS MERGER OF US HOTEL OPERATORS MARRIOTT STARWOOD; DEAL TO CLOSE IN JULY
US-based hotel operators Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels and Resorts Worldwide (NYSE: HOT) have received unconditional clearance from the European Union for Marriott to acquire Starwood in a merger transaction.
The closing of the proposed merger is subject to obtaining additional antitrust clearances, including in China, and satisfying other customary closing conditions that are in the merger agreement. European Union clearance represents satisfaction of a major closing condition to the proposed merger.
Status: Agreed

-CODE GREEN APPAREL CLOSES ASSET ACQUISITION OF TEXAS-BASED 10STAR
US-based uniforms and corporate logo apparel company Code Green Apparel Corp. (OTC: CGAC) has closed an asset purchase agreement resulting in the company acquiring the assets of the Texas, US-based corporate apparel sales and marketing organisation 10Star Apparel, the company said.
Code Green had previously signaled its intention to acquire 10Star Apparel after both parties signed an LOI earlier this year. The company said it plans to operate 10Star as a wholly owned division of the company and to develop and market apparel products under both the Code Green and 10Star banners.
Status: Closed

-AMERICAN SECURITIES BUYS HUMAN, ANIMAL NUTRITION COMPANY MILK SPECIALTIES
US-based human and animal nutrition company Milk Specialties Global's management team has partnered with an affiliate of US private equity firm American Securities LLC to acquire the company from Kainos Capital, the company said.
Kainos acquired Milk Specialties in 2011. Founded in 1949, Milk Specialties' Human Nutrition unitis a manufacturer of whey and milk protein ingredients used primarily in the sports nutrition and function food end-markets.
Status: Closed

-COHORT ACQUIRES CONTROLLING STAKE IN PORTUGUESE DEFENCE BUSINESS
UK-based technology group Cohort has closed its acquisition of Portuguese defence contractor Empresa de Investigação e Desenvolvimento de Electrónica, S.A., the group said.
Under the deal, Cohort paid a cash consideration of EUR 19m (USD 20.62m). The consideration was funded from Cohort's existing cash resources augmented by a new syndicated debt facility.
Status: Closed

-UK FUNERAL COMPANY DIGNITY CLOSES ACQUISITION OF THREE CREMATORIA
UK-based funeral related services provider Dignity plc has closed the acquisition of three freehold crematoria locations from Funeral Services Ltd., the company said.
The deal was announced on 31 May 2016. At that time, the company signed a conditional sale and purchase agreement to acquire five crematoria currently operated by Funeral Services Limited (trading as Co-op Funeralcare) for total consideration of GBP 43m (USD 57.52m), to be satisfied in cash upon completion.
Status: Closed

-SHEPHERD NEAME CLOSES ACQUISITION OF SEVEN UK PUBS
UK-based brewer, pub and hotel operator Shepherd Neame Ltd. has completed its discussions with Enterprise Inns plc which has resulted in the purchase of seven freehold pubs in Kent, Sussex and Surrey, England, the company said.
The purchase of an eighth Enterprise Inns pub is expected to complete "in due course". All the pubs will continue to operate under their current lease, and during the past fortnight, representatives from Shepherd Neame have met with the licensees to discuss transitional arrangements and future investment plans.
Status: Closed

-GREENCOAT UK WIND TO ACQUIRE SCREGGAGH WIND FARM FOR AROUND GBP 27M
UK-based renewable infrastructure fund Greencoat UKW Wind plc (LSE: UKW) has entered into an agreement to acquire Screggagh Wind Farm for a total consideration of around GBP 27m (USD 36.12m), the company said.
The acquisition, which is expected to complete on 30 June 2016, will include the prepayment of existing project finance indebtedness and will be funded by UKW's revolving credit facility (GBP 20m) and UKW's cash resources (around GBP 7m). Screggagh Wind Farm is located in County Tyrone, Northern Ireland and has a capacity of 20mw and a forecast net load factor of 28.2%. Screggagh was commissioned in May 2011 and receives 1 ROC per MWh.
Status: Agreed

-UK COMMERCIAL PROPERTY TRUST CLOSES SUNBURY-ON THAMES PROPERTY SALE
Guernsey based, UK focused commercial property investment company UK Commercial Property Trust Ltd. (LSE: UKCM) has completed the sale of Dolphin House, an office in Sunbury-on-Thames, the company said.
UK Commercial Property also completed the sale, earlier in the month, of 6 Arlington Street, in London's St James's. The sales were completed in two separate transactions for a total consideration of GBP 45.6m (USD 61m), which together represented an aggregate 14% premium to 31 March 2016 market value.
Status: Closed

-COAL OF AFRICA OFFER FOR UNIVERSAL TO REMAIN OPEN
Australian coal company Coal of Africa Ltd.'s (ASX: CZA) (AIM: CZA) offer for UK coal producer Universal Coal Plc (ASX: UNV) will remain open until 15 July, the company said.
It was announced on 17 June 2016 that CoAL had extended the offer period until 15 July 2016. On 7 June 2016 the parties announced that pursuant to a deed of variation, CoAL and Universal had agreed to amend the terms of the co-operation agreement entered into in connection with the offer such that the date by which the effective date must have occurred be extended until 24 June 2016.
Status: Agreed

-PLAZA CENTERS SELLS POLAND RESIDENTIAL PLOT FOR EUR 2.4M
Dutch property developer and investor Plaza Centers N.V. (LSE: PLAZ) has signed an agreement for the sale of a 20,700 sqm plot of land in Lodz, Poland, to a residential developer, for EUR 2.4m (USD 2.66m), the company said. The conditional agreement will be followed by a transfer agreement which is expected to be signed by the end of August 2016.
Located in Lodz city centre, the plot represents 63% of a wider 33,000 sqm site. 26% of the site was previously sold in two separate transactions completed in 2015 and 2016 for a total value of EUR 1.2m.
Status: Closed

-VIRGINIA, USA-BASED TOWNEBANK COMPLETES USD 229M MERGER WITH MONARCH
Virginia, US-based bank holding company TowneBank (NASDAQ: TOWN) has closed its acquisition of Monarch Financial Holdings, Inc. (NASDAQ: MNRK), the company said.
Last December, the companies signed a definitive merger agreement under which TowneBank will acquire Monarch creating a USD 7.3bn bank serving Hampton Roads, Richmond and Northeastern North Carolina, the companies said.
Status: Closed