Deal Pipeline
Tuesday 03 May 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-MQ CLOSES USD 4.71M ACQUISITION OF SWEDISH RETAIL-CLOTHING COMPANY JOY
Sweden-based fashion retailer MQ Holding AB is acquiring the retail-clothing company Joy Shop AB from Aktiebolaget Segulah, the company said.
The purchase price, paid in cash, amounts to USD 4.71m (SEK 38.5m). The acquisition is expected to have a neutral impact on earnings for MQ's current 2015/2016 financial year. The transaction is conditional on the Swedish Competition Authority's approval and obtaining the consent of counterparties in certain material agreements to the ownership change.
Status: Closed

-IRON MOUNTAIN CLOSES USD 2BN ACQUISITION OF AUSTRAILIA'S RECALL HOLDINGS
US-based storage and information management services company Iron Mountain Inc. (NYSE: IRM) has closed its acquisition of Australian information management solutions provider Recall Holdings Ltd. (ASX: REC), the company said.
Last June, Iron Mountain agreed to buy Recall for an enterprise value of approximately AUD 3.4bn. With the acquisition, Iron Mountain acquires the entirety of Recall's global operations, including all facilities, vehicles, employees and customer assets and excluding operations to be divested in accordance with regulatory agreements in the United States, Canada and Australia.
Status: Closed

-NUVEEN INVESTMENTS CLOSES ACQUISITION OF UNIT TRUST PLATFORM FROM INCAPITAL
US-based investment services firm Nuveen Investments has closed the acquisition of Incapital's Unit Trust platform, the firm said. The transaction was previously announced on 5 January.
Nuveen Investments is an operating division of TIAA Global Asset Management. The acquisition reinforces Nuveen's focus on growing its position in the individual investor marketplace.
Status: Closed

-THOMA BRAVO CLOSES SALE OF FRENCH ASSURANCE SOFTWARE SPECIALIST INFOVISTA TO APAX PARTNERS
US-based private equity investment firm Thoma Bravo has closed the sale of French network management and performance assurance solutions provider InfoVista S.A. to Apax Partners, the firm said.
InfoVista offers service performance assurance solutions for IP-based network and application services. Thoma Bravo acquired Paris-based InfoVista in April 2012 through a complex take-private acquisition on the Euronext exchange, setting the stage for the company to accelerate its growth as a private company.
Status: Closed

-FUEL SYSTEMS SCHEDULES 31 MAY SHAREHOLDER VOTE ON WESTPORT MERGER
Shareholders of US-based Fuel Systems Solutions, Inc. (NASDAQ: FSYS) will vote on 31 May on whether to approve the company's agreed deal to be acquired by Canadian fuel systems provider Westport Innovations Inc. (TSX: WPT) (NASDAQ: WPRT), the company said.
Fuel Systems' board is urging a "for" vote from shareholders. Westport shareholders have already approved the deal. Last September, the companies agreed to merge to create a combined alternative fuel vehicle and engine company.
Status: Agreed

-COMMERCIAL BANK OF CALIFORNIA CLOSES MERGER WITH NATIONAL BANK OF CALIFORNIA
California, US-based bank holding company NCAL Bancorp (OTC: NCAL), National Bank of California and Commercial Bank of California have closed their agreement providing for the acquisition of Commercial Bank of California by NCAL Bancorp, the companies said.
The all-stock deal gives the combined entity six branches in Southern California, more than USD 750m in total assets and more than USD 650m in total deposits.
Status: Closed

-APOLLO FUNDS TO ACQUIRE US CRANE RENTAL FIRMS
Funds managed by affiliates of US-based alternative investment manager Apollo Global Management, LLC (NYSE: APO) have signed definitive agreements to acquire US-based lifting equipment provider AmQuip Crane Rental from affiliates of Clearlake Capital Group, L. P. and Maxim Crane Works from affiliates of Platinum Equity, Apollo said.
Upon the closing of these transactions, Apollo intends to combine Maxim and AmQuip, creating a lifting solutions provider operating a modern crane rental fleet comprised of more than 1,950 cranes, a set of value-added service capabilities and a broad geographic footprint across North America.
Status: Agreed

-SPRINT FORMS LIFELINE SERVICES PARTNERSHIP WITH I-WIRELESS
US-based wireless telecommunications operator Sprint (NYSE: S) has entered into an agreement with US-based vitual network operator i-wireless, LLC to strengthen its position in the wireless Lifeline services industry, the company said.
The partnership will merge Sprint's Assurance Wireless and i-wireless' Access Wireless into one entity. This entity will operate under the name i-wireless and will be led by i-wireless founder and CEO Paul McAleese. Sprint will own 70 % of the business, with i-wireless owning the remaining 30%.
Status: Agreed

-MEDICAL PROPERTIES TRUST CLOSES MERGER OF US HOSPITAL OPERATOR CAPELLA HEALTH WITH REGIONALCARE
US-based REIT Medical Properties Trust, Inc. (NYSE: MPW) and its affiliates have closed agreements with Apollo Global Management, LLC (NYSE: APO) affiliate RegionalCare Hospital Partners, Inc. under which MPT's investment in the operations of Capella Healthcare, Inc. was merged with RegionalCare to create one of the largest healthcare operating companies in the United States, the company said.
Under the terms of the definitive agreements, MPT received approximately USD 390m for its equity investment and loans made as part of MPT's August 2015 transactions with Capella.
Status: Closed

-DELL, EMC TO NAME COMBINED COMPANY AS "DELL TECHNOLOGIES"
The combined business of US-based PC maker Dell Inc. and US-based storage company EMC Corp. (NYSE: EMC) will be called Dell Technologies upon the close of their merger, the companies said.
Dell Technologies will include the brands, companies and capabilities reflected across the current Dell and EMC portfolios. It will comprise the combined enterprise infrastructure businesses of Dell and EMC, the PC business and affiliated businesses including VMware, SecureWorks, Pivotal, Virtustream and RSA.
Status: Agreed

-HALLMARK CLOSES ACQUISITION OF CROWN MEDIA, TAKES COMPANY PRIVATE
US greeting card company Hallmark Cards, Inc. has acquired all of US cable network owner Crown Media Holdings, Inc.'s outstanding common stock and has taken Crown Media private, the company said.
The company is a majority stakeholder in Crown Media Holdings, Inc., which owns and operates cable television's Hallmark Channel and Hallmark Movies and Mysteries. Under the deal, Hallmark paid USD 5.05 a share for the shares of Crown Media that it does not already own. The deal is worth around USD 175m.
Status: Closed

-EQT TO ACQUIRE 62,500 CORE MARCELLUS ACRES FROM STATOIL FOR USD 407M
US-based energy company EQT Corp. (NYSE: EQT) has signed a definitive agreement to acquire 62,500 net acres, and current natural gas production of 50 MMcfe per day from Statoil USA Onshore Properties, Inc. (Statoil) for USD 407m, the company said.
The transaction is expected to close on or about 8 July 2016. Primarily located in Wetzel, Tyler, and Harrison Counties of West Virginia, the acquisition adds a sizeable amount of acreage within EQT's core development area and complements the company's adjacent operations in Wetzel County, West Virginia.
Status: Agreed

-MEDICAL DEVICE COMPANY DEXCOM ACQUIRES GERMANY, SWITZERLAND AND AUSTRIA DISTRIBUTOR
US-based diabetes management device company Dexcom, Inc. (NASDAQ: DXCM) has entered into a definitive agreement to acquire distributor Nintamed, the company said.
Nintamed has presence in Germany, Switzerland and Austria. The firm has served as Dexcom's exclusive distributor in these countries for six years.
Status: Closed

-HURON CLOSES ACQUISITION OF ADI STRATEGIES' US ASSETS; DEAL ON DUBAI, INDIA ASSETS PENDING
US-based business consulting services firm Huron Consulting Group (NASDAQ: HURN) has completed its acquisition of the US assets of ADI Strategies, Inc., the firm said.
This is the first of two related transactions that will create a larger Oracle application and analytics practices and allow the combined businesses to deliver the latest advisory and technology consulting services to a broader client base. On 26 April 2016, Huron announced that it is also in the process of acquiring the international assets of ADI Strategies in Dubai and India.
Status: Closed

-RAYONIER ACQUIRES TIMBERLAND IN PACIFIC NORTHWEST FOR USD 263M
US-based timberland REIT Rayonier Inc. (NYSE: RYN) has completed two separate transactions to enhance its Pacific Northwest timberland portfolio, the company said.
The transactions include the acquisition of approximately 61,000 acres of timberlands in Oregon and Washington, and the disposition of approximately 55,000 acres comprised of predominantly pre-merchantable timber in Washington.
Status: Closed

-VCA CLOSES USD 344M ACQUISITION OF COMPANION ANIMAL PRACTICES NORTH AMERICA
US-based animal healthcare company VCA Inc. (NASDAQ: WOOF) closed its acquisition of an 80% ownership interest in Companion Animal Practices, North America (CAPNA) for USD 344m, the company said.
CAPNA, located in Las Vegas, Nevada operates a network of 56 free standing animal hospitals. VCA anticipates that CAPNA will have annual 2016 revenues of approximately USD 200m and that it will be accretive to non-GAAP diluted earnings per share.
Status: Closed

-NEW MEDIA CLOSES USD 18M ACQUISITION OF JOURNAL MULTIMEDIA
US-based local print and online media publisher New Media Investment Group Inc. (NYSE: NEWM) has completed the previously announced acquisition of Journal Multimedia using cash on the balance sheet, the company said.
Journal Multimedia, a multi-title publisher of business journals, trade and consumer magazines, digital products, and a research and events division, was acquired for USD 18m, or at the mid-point of the company's acquisition range of 3.5x to 4.5x the seller's LTM As Adjusted EBITDA.
Status: Closed

-NORTHERN TRUST CLOSES ACQUISITION OF INSTITUTIONAL BROKERAGE AVIATE GLOBAL
US-based asset manager Northern Trust has closed its acquisition of UK-based institutional equity brokerage firm Aviate Global LLP, the company said.
Northern Trust announced its intention to acquire Aviate on 2 December 2015. The new business will be integrated into Northern Trust's existing brokerage business, Northern Trust Securities.
Status: Closed

-KUDELSKI GROUP ACQUIRES US NETWORK SECURITY FIRM MILESTONE SYSTEMS
Swiss digital security and convergent media solutions company The Kudelski Group (SIX: KUD.S) has acquired US-based cyber and network security solutions provider Milestone Systems, Inc., the company said.
Kudelski said that the move expands its focus on cybersecurity solutions and provides a springboard for further growth.
Status: Closed

-NORWEGIAN ENERGY FIRMS BONHEUR, GANGER ROLF TO CLOSE MERGER ON 6 MAY
Norwegian shipping and energy group Bonheur ASA and wind farm operator Ganger Rolf ASA (OSE: GRO) have selected 6 May as the effective date of their merger, the companies said.
Bonheur, currently controlling 62.66 % of the shares in Ganger Rolf, will be the surviving entity in the merger and maintain its listing on the Oslo Stock Exchange. Ganger Rolf shareholders to receive 0.8174 Bonheur shares for every one share in Ganger Rolf representing 23.95 % ownership of the combined company on a fully diluted basis.
Status: Agreed

-HUSQVARNA GROUP ACQUIRES US-BASED DIAMOND TOOL SUPPLY
Swedish outdoor power products maker Husqvarna Group's (STO: HUSQ) Construction division has acquired US-based tool manufacturer Diamond Tool Supply Inc., the group said.
Diamond Tool, which is based in Michigan, is a producer of polishing and grinding diamond tools for concrete, stone and terrazzo. The acquisition will add sales of around USD 5.8m (approximately SEK 47m), mainly in the US, to Husqvarna Group's Construction division, based on the full-year 2015 accounts.
Status: Closed

-COUCHE-TARD CLOSES ACQUISITION OF SHELL'S RETAIL BUSINESS IN DENMARK
Canadian convenience store operator Alimentation Couche-Tard Inc. (TSX: ATD.A) has closed its deal to acquire A/S Dansk Shell's downstream retail business in Denmark, the company said.
Shell's Danish Retail business comprises 315 sites, of which 225 are full-service stations, 75 are unmanned automated fuel stations and 15 are truck stops. Of the 315 sites, 140 are owned by Shell, 115 are leased from third parties and 60 are dealer-owned.
Status: Closed

-ACCO BRANDS CLOSES USD 103M BUYOUT OF AUSTRALIAN JV PELIKAN ARTLINE
US-based business, academic and consumer products maker Acco Brands Corp. (NYSE: ACCO) has closed an agreement to acquire the remaining 50% of Pelikan Artline Pty Ltd., its joint-venture company serving the Australia and New Zealand markets, the company said.
The cash purchase price was around USD 103m. Pelikan Artline is a distributor of academic, consumer and business products in Australia and New Zealand, and its brands include Artline, Celco, Esselte, Jastek, Maped, Northfork, PaperPro, Rapid, Spirax, Stabilo, Texta, and Xtamper, among others.
Status: Closed

-PREFERRED APARTMENT COMMUNITIES BUYS SIX US SHOPPING CENTRES FOR USD 68.7M
US-based REIT Preferred Apartment Communities, Inc. (NYSE: APTS) has acquired six grocery-anchored retail shopping centres in the southeastern US for an aggregate purchase price of approximately USD 68.7m, the company said.
The centres have an aggregate of approximately 535,000 rentable square feet and are located in three US states including Georgia, South Carolina and Alabama. PAC acquired these assets through its wholly-owned subsidiary New Market Properties, LLC.
Status: Closed

-CANADIAN COMMUNICATIONS FIRM BCE TO ACQUIRE MANITOBA TELECOM SERVICES IN CDN 3.9BN DEAL
Canadian communications company BCE Inc. (TSX: BCE) (NYSE: BCE) will acquire all of the issued and outstanding common shares of Manitoba Telecom Services Inc. (TSX: MBT) in a transaction valued at approximately CDN 3.9bn (USD 3.07bn), the company said.
Bell plans to invest USD 1bn in capital over five years after the transaction closes to expand its broadband networks and services throughout Manitoba. This expansion will include Gigabit Fibe Internet availability, delivering Internet speeds on average up to 20 times faster than those currently offered to MTS customers, within 12 months after the transaction closes.
Status: Agreed

-WEYERHAEUSER TO SELL CELLULOSE FIBERS PULP MILLS TO INTERNATIONAL PAPER FOR USD 2.2BN
US-based timberland owner and paper manufacturer Weyerhaeuser Company (NYSE: WY) has agreed to sell its Cellulose Fibers pulp mills to US-based International Paper for USD 2.2bn in cash, the company said.
Weyerhaeuser said it expects to use a substantial portion of the estimated USD 1.6bn after-tax proceeds for repayment of term loans issued in conjunction with the company's previously announced USD 2.5bn share repurchase programme.
Status: Agreed

-FLORIDA'S POWER FINANCIAL CREDIT UNION TO ACQUIRE RYDER SYSTEM FCU
Florida, US-based credit union Power Financial Credit Union has agreed to acquire Ryder System Federal Credit Union, the company said.
Ryder System FCU serves employees and family members of US truck rental firm Ryder System, Inc. Power Financial is a community credit union serving residents of Broward, Hillsborough, Martin, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas and Sarasota Counties in Florida.
Status: Agreed

-VIMEO ACQUIRES OTT SUBSCRIPTION VIDEO PLATFORM VHX
US-based media and Internet company IAC's (NASDAQ: IAC) Vimeo operating business has acquired over-the-top subscription video channel platform VHX, the company said.
Vimeo said the acquisition strengthens its marketplace for consumers to access programming direct from creators worldwide. With the addition of VHX, Vimeo now offers a streaming ecosystem for individual creators, niche programmers and major media partners to offer subscription video on demand channels.
Status: Closed

-UNIQUE FABRICATING ACQUIRES CANADIAN MANUFACTURER INTASCO IN CDN 26.5M DEAL
US-based automotive and industrial appliance foam, rubber, and plastic components maker Unique Fabricating, Inc. (NYSE MKT: UFAB) has acquired the business and substantially all of the assets of Canadian precision die cut solutions maker Intasco Corp. and purchased 100% of the outstanding capital stock of its Intasco USA, Inc. unit, the company said.
Intasco provides specialised adhesive products to the automotive and manufacturing industries, primarily in the United States and Canada.
Status: Closed

-MANNING AND NAPIER CLOSES ACQUISITION OF 75% STAKE IN SEATTLE INVESTMENT MANAGER
US-based Manning and Napier, Inc. (NYSE: MN) has closed the acquisition of a majority interest in Seattle, Washington-based active investment management firm Rainier Investment Management, LLC, the company said.
Under the terms of the transaction, key professionals at Rainier will maintain a 25% ownership stake in Rainier, with Manning and Napier owning the remaining 75%. The transaction is structured with an initial upfront cash payment funded through the company's available cash position, with additional payments based on Rainier achieving certain financial targets over a four-year period.
Status: Closed

-ELONG SETS 30 MAY SHAREHOLDER VOTE ON USD 661M 'GOING PRIVATE' TRANSACTION
Chinese mobile and online travel service provider eLong, Inc. (NASDAQ: LONG) has scheduled a general meeting for 30 May for a shareholder vote on the company's definitive agreement and plan of merger with its parent, China E-dragon Holdings Ltd. and its China E-dragon Mergersub Ltd. subsidiary, under which China E-dragon will acquire eLong, the company said.
Status: Agreed