Deal Pipeline
Tuesday 29 May 2018
The following is a list of deals covered in detail by M and A Navigator this week:

-CANADIAN CANNABIS PRODUCER NEWSTRIKE RESOURCES SELLS ENDERLEIN NURSERIES

Canadian cannabis producer Newstrike Resources Ltd. (TSX Venture: HIP) has sold all of the issued and outstanding shares of its wholly-owned subsidiary, Enderlein Nurseries Ltd., to 10673242 Canada Inc. pursuant to a share purchase agreement dated 25 May, the company said.
Under the deal, the purchaser is acquiring all of the issued and outstanding shares of Enderlein for total consideration of CDN 2.5045m (USD 1.93m), consisting of an upfront payment in the amount of CDN 1.4795m and a future payment of CDN 1.025m.
Status: Closed



-DIVERSIFIED COMMUNICATIONS ACQUIRES EXHIBITION THE RUNNING EVENT FROM FORMULA 4 MEDIA

US-based multimedia company Diversified Communications has purchased The Running Event exhibition and conference and its complementary digital magazine, Running Insight, from Formula 4 Media, LLC, the company said.
This is the company's first US acquisition of 2018. Terms of the deal were not disclosed. The Running Event is an exhibition and conference that serves the growing running and fitness market in the US.
Status: Closed



-VERMILLION ENERGY CLOSES CDN 1.23BN ACQUISITION OF SPARTAN ENERGY

Canadian oil and gas company Vermilion Energy Inc. (TSX: VET) (NYSE: VET) has closed the acquisition of Saskatchewan oil and gas producer Spartan Energy Corp, the company said. Total consideration for Spartan is approximately CDN 1.40bn, comprised of CDN 1.23bn in Vermilion shares plus the assumption of approximately CDN 175m in debt.
Under the terms of the arrangement, Vermilion has agreed to acquire all of the common shares of Spartan issued and outstanding at the effective time of the arrangement. Spartan shareholders will receive 0.1476 of a Vermilion share for each Spartan common share.
Status: Closed

-ANGLOGOLD ASHANTI INTERNATIONAL EXPLORATION ACQUIRES UNITS IN PURE GOLD MINING

South African miner AngloGold Ashanti Ltd's (NYSE: AU) AngloGold Ashanti International Exploration Holdings Ltd. subsidiary has acquired, by way of a non-brokered private placement, 12.8m units of Canadian miner Pure Gold Mining Inc. (CVE: PGM) at a price of CDN 0.62 per unit, representing an aggregate subscription price of approximately CDN 7.936m (USD 6.10m), the company said.
Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant is transferrable and entitles AngloGold International to acquire one common share of the company until May 24, 2020 at a price of CDN 0.85.
Status: Closed



-UNIVERSITY GAMES ACQUIRES GAMES MANUFACTURER THE HAYWIRE GROUP

US-based game and puzzle company University Games has acquired games manufacturer The Haywire Group, the company said. Haywire makes dozens of games including Flickin' Chicken and Pizza Party dice game.
The firm was founded in 2005 by Barbara and Michael Fisher. Since 2005, Haywire has literally gone "haywire" introducing dozens of games that are directed at helping kids develop their fine and gross motor skills, reading, early math and critical thinking skills.
Status: Closed


-LOGISTEC ACQUIRES CARGO HANDLING AND DISTRIBUTION FIRM PENSACOLA STEVEDORE

Canadian marine community and industrial services provider Logistec Corp. (TSX: LGT.B) has expanded in the US Gulf with the acquisition of Pensacola Stevedore Company, Inc., the company said. 
Pate Stevedore provides professional cargo handling and distribution services at its Florida operations. With this new addition to the Logistec family, Logistec's network grows to 61 terminals in 37 ports across North America.
Status: Closed



-CANADIAN MIDSTREAM GAS OPERATOR KEYERA ACQUIRES US LIEQUIDS TERMINAL BUSINESS

Canadian natural gas midstream business Keyera Corp.'s (TSX: KEY) Keyera Energy Inc subsidiary has entered into an agreement to acquire a logistics and liquids blending terminal located near Tulsa, Oklahoma, the company said.
The terminal receives, blends and delivers diluent, the majority of which is transported by pipeline from the Mont Belvieu area to the Chicago area and ultimately into the Alberta market.
Status: Agreed



-AKUMIN CLOSES ACQUISITIONS OF NON-CONTROLLING INTERESTS FOR USD 21.6M

Canadian outpatient diagnostic imaging services provider Akumin Inc.'s (TSX: AKU.U) Preferred Medical Imaging, LLC subsidiary has completed the acquisitions of all of the outstanding non-controlling interests in seven of its existing Texas-based diagnostic imaging centres, the company said.
The acquisitions relate to certain operations carried on in Austin, Fort Worth, Frisco, Grapevine/Colleyville, Irving, Plano and Round Rock.
Status: Closed


-PARTNERS GROUP TO LEAD CONSORTIUM IN ACQUISITION OF GERMAN SUB-METERING SERVICES PROVIDER TECHEM

Swiss private markets investment manager Partners Group is leading a consortium of investors in the acquisition of German heat and water sub-metering services provider Techem GmbH, the firm said.
Partners Group, which will invest on behalf of its private equity and infrastructure clients, will be joined in the acquisition by Caisse de dépôt et placement du Québec and Ontario Teachers' Pension Plan as well as Techem's management team.
Status: Agreed


-DEXKO GLOBAL TO ACQUIRE MINORITY STAKE IN DUTCH AUTOMOTIVE SUPPLIER V8-AIRSUSPENSIONS

US-based chassis technology, chassis assemblies and accessory parts manufacturer DexKo Global Inc has signed a definitive agreement to acquire a minority shareholding in Dutch air suspension manufacturer VB-Airsuspension, the company said.
This strategic partnership strengthens the core business of AL-KO Vehicle Technology. This shareholding is the next step in the development of their close relationship, DexKo said. The move will allow AL-KO Vehicle Technology to concentrate its know-how and development in the field of high-quality suspension systems for motorhomes and light commercial vehicles.
Status: Agreed

-CVENT CLOSES ACQUISITION OF QUICKMOBILE TO EXPAND MOBILE EVENT TECHNOLOGY PORTFOLIO
Virginia, US-based event management company Cvent, Inc. has closed its acquisition of Canada-based mobile event apps provider QuickMobile to broaden mobile event app capabilities, the company said.
The acquisition of QuickMobile, with its 100 employees, will broaden and deepen Cvent's onsite solution capabilities and help the company extend its reach in the marketplace through QuickMobile's extensive partner network.
Status: Closed

-MANAGEMENT-LED GROUP BUYS US TOYMAKER HASBRO'S JOY FOR ALL BRAND
A group of former Hasbro employees have launched of Ageless Innovation, LLC, a new company that will focus on developing fun and engaging products that stimulate and foster meaningful connections for older adults.
Led by Ageless Innovation's CEO Ted Fischer, the launch of the company is based on the asset purchase of 100% of the Joy for All business from Hasbro and will begin operations without business interruption. The founding Ageless Innovation team is the core group that led the innovation, incubation, launch, and growth of the Joy for All business inside of Hasbro.
Status: Closed

-DEINOVE SHAREHOLDERS APPROVE ACQUISITION OF MORPHOCHEM
Shareholders of French biotechnology company Deinove (Euronext Growth Paris: ALDEI) have approved the company's acquisition of Austrian firm Biovertis and its Morphochem subsidiary through the issuance of new shares, the company said.
Under the deal, the company acquires the entire2share capital of the Austrian company Biovertis AG, which itself owns the entire capital of the German company Morphochem AG für kombinatorische Chemie.
Status: Agreed

-GENERATIONAL EQUITY ADVISES FLORIDA'S BUSBY CABINETS IN SALE TO PRIVATE INVESTOR
US-based mergers and acquisitions advisor Generational Equity's client, Florida, US-based Design Cabinets and Furniture Inc. dba Busby Cabinets, has been sold to a private investor, the firm said. Busby Cabinets, based in Alachua, Florida, is a manufacturer of high-end residential cabinetry and millwork. 
It specialises in new construction or remodel custom kitchen and bath cabinetry, built-in entertainment centers, theaters, libraries, hidden rooms, professional offices and much more. In addition to its headquarters in Alachua, it has other showrooms in Naples, Orlando and Tampa.
Status: Closed

-MICT COMPLETES SALE OF ENERTEC SYSTEMS AEROSPACE AND DEFENSE SUBSIDIARY
US-based rugged computer, tablet and computer-based systems manufacturer Micronet Enertec Technologies, Inc. (NASDAQ: MICT) has completed the sale of its aerospace and defense subsidiary, Enertec Systems 2001 Ltd., or Enertec, to Coolisys Technologies Inc., a subsidiary of DPW Holdings, Inc. (NYSE American: DPW), the company said.
The total effective transaction price is USD 8.7m. MICT received over USD 4.7m in cash at the closing (of which 10% will be held in escrow for up to 14 months after the closing to satisfy certain potential indemnification claims).
Status: Closed

-MADISON DEARBORN PARTNERS TO ACQUIRE SIRVA WORLDWIDE RELOCATION AND MOVING
US-based relocation and moving service provider Sirva, Inc has reached an agreement to be acquired by private equity firm Madison Dearborn Partners, the company said. Sirva, which has been owned by private equity firm Aurora Resurgence and Equity Group Investments since 2008, has 55 office locations, 620 Agent locations and 2,600+ employees operating in 170 countries.
Sirva Worldwide Relocation and Moving (SIRVA) is a partner for corporations to outsource their mobility needs, relocating and moving their executives and staff globally.
Status: Agreed

-DHI GROUP SELLS HCAREERS HOSPITALITY BUSINESS FOR AROUND USD 16.5M IN CASH
US-based online career resource and talent acquisition platform DHI Group, Inc. (NYSE: DHX) has sold its hospitality business, Hcareers, to Virgil Holdings, Inc. for approximately USD 16.5m in cash, the company said.
The transaction closed on 23 May and DHI will use the proceeds in accordance with its said capital allocation strategy, including the reduction of the balance on its revolving credit facility, support of strategic initiatives and potential return of capital to shareholders.
Status: Closed

-ELECTROCOMPONENTS TO ACQUIER INDUSTRIAL MARKETPLACE IESA FOR GBP 88M IN CASH
UK-based industrial and electronic products distributor Electrocomponents plc (LSE: ECM) has agreed to acquire UK-based value-added services marketplace IESA for cash consideration of GBP 88m (USD 117.38m), the group said.
IESA provides value-added services in three key areas: sourcing; transaction processing; inventory and stores management. Its services allow clients to improve their efficiency and consolidate their indirect procurement vendor base via a cloud-enabled proprietary marketplace solution, MyMRO.
Status: Agreed

-ROCKROSE ENERGY ACQUIRES DYAS BV FOR EUR 107M
UK-based oil and gas investor RockRose Energy plc (LSE: RRE) has signed a sale and purchase agreement to acquire the entire issued share capital of Dyas B.V., which owns the non-operated, Netherlands gas and condensate producing assets of the Dyas group of companies, for a total consideration of EUR 107m (USD 125.45m), the company said.
The Dyas group of companies is wholly owned by SHV Holdings N.V., a family-owned Dutch multinational.
Status: Closed

-NEWRIVER REIT ACQUIRES UK PUB OPERATOR HAWTHORN LEISURE FOR GBP 106.8M
UK-based real estate investment trust NewRiver REIT plc (LSE: NRR) has closed the acquisition of UK-based pub operator Hawthorn Leisure Holdings Limited from an affiliate of Avenue Capital Group for an enterprise value of GBP 106.8m (USD 142.44m), the company said.
This represents a net initial yield based on the value of the pub portfolio of 13.6% and will be satisfied using the Company's existing resources.
Status: Closed

-GAZIT GLOBE COMPLETES SALE OF 2% STAKE IN US SHOPPING CENTRE OPERATOR REGENCY CENTERS
A subsidiary of Israeli real estate company Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT) has sold 3.5m shares of common stock of Regency Centers Corporation (NYSE: REG), representing approximately 2% of the outstanding share capital of Regency, for approximately USD 57.07 per share and total consideration of approximately USD 200m (NIS 713m), the company said.
Following the sale and in addition to a sale on 17 May 2018 of approximately 1.7m Regency shares, for approximately USD 55.96 per share, and total consideration (together with the sale on 23 May 2018) of approximately USD 295 m (NIS 1.05bn), the company holds approximately 8.2m shares of Regency common stock, representing approximately 4.8% of the outstanding share capital and voting power of Regency.
Status: Closed

-NCC GROUP SELLS SOFTWARE TESTING BUSINESS TO QUALITEST GROUP
UK-based cyber security and risk mitigation company NCC Group plc (LSE: NCC) has sold its Software Testing business to QualiTest Group, a portfolio company of US-based private equity firm Marlin Equity Partners, the group said.
The group has completed the sale of the Software Testing business to QualiTest Group for immediate cash consideration of GBP 3.6m (USD 4.80m) on a cash and debt free basis (subject to any final post-completion adjustments to working capital).
Status: Closed

-YOUGOV ACQUIRES SPORTS RESEARCH AGENCY SMG INSIGHT
UK-based market research and data analytics group YouGov plc (LSE: YOU) has agreed to acquire sports research agency SMG Insight Limited, the group said. During 2010, YouGov formed a strategic research partnership with SMG Insight to support the agency's growth and the company has since held a 20% stake in the business.
YouGov will acquire the remaining 80% stake, following completion of this transaction. SMG Insight specialises in media measurement and sponsorship evaluation in the sports sector.
Status: Agreed

-VELTYCO GROUP ACQUIRES CUSTOMER DATABASE FOR EUR 4M
UK-based gaming industry online marketing and operating company Veltyco Group plc (AIM: VLTY) has entered into an agreement with Altair Entertainment N.V. to acquire the entire issued share capital of Marsovia Holding Ltd., the company said.
The acquisition is the first step in the group seeking to launch a new regulated brand, active in the online trading sector. Marsovia, holds a database of approximately 43,500 customers, of which approximately 26,000 are considered to be active, in the online trading sector.
Status: Agreed

-FANDANGO HOLDINGS TO ACQUIRE CORPORATE COMMERCIAL COLLECTIONS AND VATBRIDGE
UK-based investment holding company Fandango Holdings plc (LSE: FHP) has signed a non-binding letter of intent to acquire the entire issued share capital of Corporate Commercial Collections Ltd. and Vatbridge Ltd. in exchange for the issue and allotment of 908.378m new ordinary shares in the company, in addition to other consideration, the company said.
The potential targets operate in the factoring and finance service sector. This acquisition, if completed, would result in Fandango shareholders having a minority interest in the enlarged group.
Status: Agreed

-BIOQUELL SELLS DEFENCE BUSINESS
UK-based life sciences, pharmaceutical and healthcare products and services provider Bioquell plc (LSE: BQE) has sold its MDH Defence business, the company said. Under the terms of the disposal, MDH is being sold for an initial consideration of GBP 0.4m (USD .53m), with a further contingent payment of up to GBP 0.6m due if MDH is successful in winning a specific contract for which it is presently bidding within the next 12 months.
Bioquell will complete a partly fulfilled defence contract which will generate revenue and margin of approximately GBP 0.7m and GBP 0.2m respectively during the second half of 2018.
Status: Closed

-COMPETITION AND MARKETS AUTHORITY INVITES COMMENTS ON UNDERTAKINGS IN BREEDON/TARMAC TRADING MERGER
The UK Competition and Markets Authority (CMA) has opened a consultation on undertakings proposed by UK-based building materials company Tarmac Trading Limited (Tarmac) to address competition concerns over its acquisition of certain assets of UK-based construction materials group Breedon (LSE: BREE), the CMA said.
On 26 April 2018, the CMA announced that it would refer the acquisition for an in-depth investigation unless Tarmac offered acceptable undertakings to address the CMA's concerns. To address the CMA's concerns, Tarmac has offered not to acquire Breedon's ready-mix concrete plants in each of the local areas in which competition concerns were identified.
Status: Agreed

-VINALAND LIMITED SELLS STAKE IN PROJECT RESORT AND SPA
Cayman Islands-based investment vehicle VinaLand Limited (LSE: VNL) has divested its entire stake in Project Romana Resort and Spa, located in Binh Thuan province, Vietnam, the group said. The project, acquired by VNL in 2008, is an operating hotel with 96 keys.
VNL has disposed of its entire stake in the Project at a total valuation 12.5% above the 31 March 2018 unaudited net asset value and 15.1% above the unaudited net asset value at the time of VNL's extraordinary meeting in November 2016, both figures include adjustments for additional investments up to the date of exit.
Status: Closed

-VTB TO SELL INSURANCE BUSINESS TO SOGAZ
Russian financial services company VTB Group (MCX: VTBGR) has agreed the sale of 100% stake in VTB Insurance to Russian insurer SOGAZ Insurance Group, the company said. In addition to monetary consideration VTB Group will receive a 10% stake in the united company that will operate under SOGAZ brand.
VTB said this is a unique transaction in terms of scale and the impact it will have on the Russian financial market. The merger of two leading insurers will result in the emergence of Russia's largest insurance company in history with high financial sustainability as well as the most balanced insurance portfolio on the market. The merged company will have the unique expertise across all the insurance segments.
Status: Agreed

-GREEN REIT SELLS WESTEND RETAIL PARK, DUBLIN
Irish property investor Green REIT plc (OTC: GREEF) has exchanged contracts for the sale of Westend Retail Park in Blanchardstown, Dublin 15, to a DWS real estate fund, the company said. The cash consideration of EUR 147.7m (USD 173.01m) is broadly in line with the most recent valuation of the property of EUR 147.1m at 31 December 2017.
The sale is expected to complete by the end of June 2018. Westend Retail Park comprises 21,437 square metres (230,742 square feet) of retail space and 6,619 square metres (71,249 square feet) of office space, and was acquired by the company in October 2014.
Status: Agreed

-GLOBALWORTH REAL ESTATE INVESTMENTS ACQUIRES POLISH OFFICE PROPERTY
Globalworth Real Estate Investments Ltd. Is acquiring the recently completed West Link office property in Wroclaw, by Globalworth Poland, the company said. West Link is an office building located to the west of the city centre and is well situated on Wroclaw's key communication arteries.
It offers 14,400 sqm gross leasable area and occupancy of 100%, with an annual contracted rental income of EUR 2.5m and a weighted average lease length in excess of six years. The main tenant is Nokia Solutions and Network, which is also the main tenant at GPRE's West Gate, an adjacent high-quality office property which comprises a further 16,600 sqm.
Status: Agreed

-BUILDING ENGINES COMPLETES ACQUISITION OF FACILITIES SOFTWARE PROVIDER AWAREMANAGER
US-based property management solutions provider Building Engines has closed the acquisition of commercial facilities and organisations software provider AwareManager, the company said.
AwareManager provides software for commercial facilities and organisations including the World Trade Center complex and 55 Water Street, Manhattan's largest office building. The acquisition accelerates future innovation from both firms to create the industry's most comprehensive entity for solving CRE's operational challenges today and into the future.
Status: Closed

-MICROCHIP TECHNOLOGY CLEARS TAIWAN ANTITRUST HURDLE, WINS MICROSEMI SHAREHOLDER NOD FOR ACQUISITION
Arizona, US-based microcontroller provider Microchip Technology Inc. (NASDAQ:MCHP) has obtained antitrust clearance from the Taiwan Fair Trade Commission in connection with its pending acquisition of Microsemi Corporation (NASDAQ:MSCC), the company said.
Additionally, Microchip announced that the shareholders of Microsemi overwhelmingly approved the merger with 99.5% of the Microsemi shares that voted being in favour of the merger.  
Status: Agreed