Deal Pipeline
Monday 31 July 2017
The following is a list of deals covered in detail by M and A Navigator this week:

-FORTIVE TO ACQUIRE PORTABLE GAS DETECTION EQUIPMENT PROVIDER INDUSTRIAL SCIENTIFIC
US-based industrial company Fortive Corp. (NYSE: FTV) has signed a definitive agreement to acquire US-based portable gas detection equipment and a safety-as-a-service specialist Industrial Scientific Corp., the company said.
Industrial Scientific has around 700 employees, and posted 2016 revenue of USD 156m. President and CEO Justin Mcelhattan will remain in charge of the company as president. The transaction is subject to customary conditions to closing and is expected to close before the end of 2017.
Status: Agreed

-MOODY'S RECEIVES EU REGULATORY APPROVAL FOR EUR 3BN ACQUISITION OF DUTCH BUSINESS PUBLISHER BUREAU VAN DIJK
New York, US-based credit rating, research and risk analysis firm Moody's Corp. (NYSE: MCO) has received clearance under the EU Merger Regulation from the European Commission to acquire Netherlands-based business intelligence provider Bureau van Dijk from Swedish private eqiuity firm EQT, for EUR 3bn (USD 3.52bn), the company said.
This deal was announced in May. In accordance with the terms of the transaction, Moody's expects the acquisition to be completed in August 2017. Moody's said it will fund the transaction through a combination of offshore cash and new debt financing. The acquisition is subject to regulatory approval in the European Union and is expected to close late in 3Q17.
Status: Agreed

-TRI-STATE MOTOR TRANSIT REBRANDS FOLLOWING ROADMASTER BUYOUT
US-based specialty trucking company Tri-State Motor Transit Co. has completed its transition to Tri-State, the company said. The rebrand comes after parent company US-based Roadmaster Group purchased Tri-State Motor Transit Co. in May 2016 and combined its operations with Secured Land Transport.
Tri-State specialises in the transportation of arms, ammunition, and explosives, hazardous materials and other highly sensitive cargo. The company operates over 300 power units, 1000 trailers and 500 highly trained professional over-the-road drivers dispatched from offices in Joplin, Missouri and Glendale, Arizona. 
Status: Closed

-FAROE PETROLEUM ACQUIRES FURTHER INTEREST IN UK BLANE FIELD FOR USD 5.25M
UK oil and gas company Faroe Petroleum plc (LSE: FPM) has conditionally acquired of a further 13.9935% interest in the Blane Field in the UK North Sea from JX Nippon Exploration and Production Ltd. for a total consideration of USD 5.25m, the company said.
Faroe is focused principally on exploration, appraisal and production opportunities in Norway and the UK. The company said the consideration of USD 5.25m corresponds to approximately USD5.0/boe; value synergies include greater profitability, tax efficiency and enhanced debt capacity. This deal consolidates Faroe's existing Blane position to in aggregate a 44.5% non-operated interest; high quality 420 API oil, tied-back to Ula (Faroe 20%), one of Faroe's key hubs.
Status: Agreed

-UK COMPETITION AND MARKETS AUTHORITY TO LOOK AT UNDERTAKINGS OFFER IN ORIGIN/BUNN FERTILISER TIE-UP
The UK Competition and Markets Authority will consider a proposed undertakings offer in its ongoing probe of the pending acquisition of certain assets of UK-based Bunn Fertiliser Ltd. by UK-based agri-services group Origin UK Operations Ltd, the CMA said. In March, Origin UK Operations agreed to acquire fertiliser business of Bunn Fertiliser for GBP 14.2m (USD 18.59m).
Then, in May, the CMA announced that it was considering an investigation of the deal. On 14 July 2017, the CMA announced that it is or may be the case that the above merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.
Status: Agreed

-SATELLITE SOLUTIONS TO ACQUIRE UK FIXED WIRELESS BROADBAND PROVIDER QUICKLINE COMMUNICATIONS
UK-based rural and last mile broadband communications company Satellite Solutions Worldwide Group plc (AIM: SAT) plans to acquire UK-based fixed wireless broadband provider Quickline Communications Ltd., the company said. The initial consideration for the acquisition is GBP 5m (subject to adjustment) comprising a target initial cash consideration of GBP 3m (USD 3.93m) and GBP 2m (USD 2.62m) in new SSW ordinary shares.
SSW will invest a further GBP 2m into Quickline to capture additional growth opportunities and fund working capital. The directors believe the combined business will be the only provider of both satellite and fixed wireless broadband in the UK.
Status: Agreed

-PLAZA CENTERS CLOSES SALE OF POLISH PLOT
The closing of Dutch property developer Plaza Centers N.V. (LSE: PLAZ) (TASE: PLAZ) has closed the sale of a 1.8 hectare plot in the centre of Leszno, Poland for EUR 810,000 (USD 951,061), the company said.
This deal was announced in May. In line with the signed agreement, the purchaser had the right to withdraw from the transaction within a window of eight months which was due to end on 28 April 2017. The purchaser recently requested that the decision is postponed by two months which extends the agreement to 30 June 2017. Plaza has now signed an annex to the sale agreement which has allowed this extension to take place.
Status: Closed

-SAVILLS TO ACQUIRE SPANISH REAL ESTATE ADVISORY BUSINESS AGUIRRE NEWMAN
UK-based real estate advisory firm Savills plc (LSE: SVS) plans to acquire Spanish independent real estate advisory business Aguirre Newman S.A. for up to EUR 67m (USD 78.67m) payable in instalments over five years from completion, the company said.
The acquisition is scheduled to complete by 30th November 2017 following satisfaction of customary regulatory and closing conditions. Aguirre Newman was founded in 1988. The business employs more than 400 staff and is headquartered in Madrid, with offices in Barcelona, Malaga, Lisbon and Porto (Portugal).
Status: Agreed

-SUMMIT GERMANY TO ACQUIRE DEBT FOR EUR 19.5M
German commercial property investment company Summit Germany Ltd (LSE: SMTG) has entered into an unconditional agreement with a current lender to acquire a debt secured over company's properties for a consideration of EUR 19.5m (USD 22.90m), the company said. The remaining term of the acquired debt is approximately five years and the annual debt service costs (i.e. principal and interest) are EUR 2.9m, which will be payable to the company following the transaction.
 In order to fund the transaction, the company has entered into a loan agreement with its majority shareholder, Summit Real Estate Holdings Ltd., whereby SREH will grant an unsecured loan of EUR 19.5m to the company.
Status: Agreed

-EVENT GRAPHICS AND TRADE SHOW SOLUTIONS FIRMS MERGE TO CREATE AGSOEST
US-based exhibition and trade show services company AGSoest has been launched following the merger of Soest and Associates, Inc and The AmGraph Group, the company said. AGSoest offers full service trade show solutions, graphics and event management.
Soest and Associates, Inc has been producing trade show booths and exhibition solutions for clients like Microsoft and Walt Disney since 1987. Their former president, and now director of AGSoest, Fred Van Soest, Jr. however, has been in the industry since the 1970s. The AmGraph Group is a hybrid of a creative advertising agency combined with a premium quality print production facility.
Status: Closed

-WINDSTREAM CLOSES USD 227.5M ACQUISITION OF BUSINESS COMMUNICATIONS PROVIDER BROADVIEW NETWORKS
US-based network communications and technology solutions provider Windstream Holdings, Inc. (NASDAQ: WIN) has closed the acquisition of US-based business communications provider Broadview Networks Holdings, Inc. in an all-cash transaction valued at USD 227.5m, the company said.
This deal was announced in April. Broadview, headquartered in Rye Brook, New York, is a provider of cloud-based unified communications solutions to small and medium-sized businesses. The company offers a suite of cloud-based services under the OfficeSuite UC brand. Windstream said it plans to finance the transaction with cash reserves and available revolving credit capacity.
Status: Closed

-TRADING EMISSIONS SELLS ITALIAN SOLAR ASSETS FOR EUR 3M IN PROCEEDS
Isle of Man-based investment company Trading Emissions plc's (LSE: TRE) TEP (Solar Holdings) Ltd. subsidiary has entered into a sales and purchase agreement with a member of the Sonnedix Group in respect of the sale of its entire interest in two Italian subsidiaries, RGP Puglia 1 Srl and Florasolar Srl, the company said on Monday.
These comprise four ground-mounted solar photovoltaic plants, two located in Casamassima and one in each of the Municipality of Nardò and the Municipality of Floridia respectively, with combined capacity of approximately 5mw. The aggregate net proceeds from the sale of the Investments, after allowing for transaction and other costs, are estimated to be EUR 3m (USD 3.52m).
Status: Agreed

-LXI REIT CLOSES ACQUISITION OF FREEHOLD INTEREST IN UK LONG-LET SUPPORTED LIVING PORTFOLIO
UK-based property investor LXi REIT plc (LSE: LXI) has closed the acquisition of the freehold interest in a portfolio of regulated long-let supported living properties located in Greater Manchester, Lancashire and Merseyside, the company said on Monday.
The purchase price for the Portfolio is GBP 2.1m (USD 2.76m), reflecting a net initial yield of 6.0% (net of acquisition costs to the company). Each property is immediately income producing and has been let on a new 25-year lease, with no tenant break, to a specialist Registered Provider of social housing.
Status: Closed

-ELEKTRON TECHNOLOGY CLOSES GBP 0.5M SALE OF TITMAN TIP TOOLS
UK-based technology group Elektron Technology plc (AIM: EKT) has completed the sale of the shares of Titman Tip Tools Ltd. to a company owned by current and former managers for a total gross consideration of GBP 0.5m (USD .66m) cash payable on completion, the company said on Monday.
TTT is a manufacturer of router cutters and as disclosed in the Annual report was a non-core business and subject to potential sale discussions. In the year ended 31 January 2017 the business of TTT (including its wholly owned subsidiary Titman Tip Tools Gmbh) had sales of GBP 2m and 'Brand Contribution' of GBP 176,000.
Status: Closed

-TROUBLED REDX PHARMA TO SELL BTK INHIBITOR DRUG DEVELOPMENT PROGRAMME
Jason Baker and Miles Needham of FRP Advisory LLP, joint administrators of troubled UK-based drug discovery and development company Redx Pharma plc and of its Redx Oncology Ltd. subsidiary, has entered into an unconditional agreement (on behalf of the companies) for the disposal to US drugmaker Loxo Oncology, Inc. of certain patents, intellectual property, contracts for product manufacture, and physical materials relating to Redx's BTK inhibitor drug development programme for the sum of USD 40m, Redx said on Monday.
Status: Agreed

-SYLVANIA PLATINUM ACQUIRES PHOENIX PLATINUM FROM PAN AFRICAN RESOURCES FOR ZAR 89M
South African metal processor and developer Sylvania Platinum Ltd. (LSE: SLP) has entered into a conditional agreement with Pan African Resources Plc to acquire 100% of the shares in and claims against Phoenix Platinum Mining Proprietary Ltd. for a purchase price of ZAR 89m (USD 6.6m), settled in cash, the company said on Monday.
Phoenix is a PGM dump operation with an operational PGM concentrator plant and approximately 2.4mt of tailings dump resources of a similar grade and recovery potential as Sylvania's neighbouring Mooinooi dump operation. Due to the close proximity of Phoenix to Sylvania's existing operations and similar process and business model, certain synergies are expected to be achieved by the combined operations.
Status: Closed

-VIETNAM INFRASTRUCTURE SELLS LAST REMAINING ASSETS
Cayman Islands-based infrastructure investment fund Vietnam Infrastructure Ltd. (LSE: VNI) has divested 100% of its stake from its last remaining asset, the in-building cellular enhancement systems, to VIBS Pte. Ltd. (a consortium formed by JTower Inc. and the South East Asia Growth Fund) and a local investor, the company said on Monday.
Vietnam Infrastructure was established to target infrastructure and related investments within Vietnam's emerging market. The company will receive total cash proceeds of approximately USD 10.2m within the next 10 business days. The sale proceeds are at a slight premium to the unaudited net asset value of USD 9.9m as at 30 June 2017.
Status: Closed

-ZOETIS CLOSES USD 85M ACQUISITION OF IRISH ANIMAL DRUG DEVELOPER NEXVET BIOPHARMA
US-based veterinary pharmaceutical company Zoetis Inc. (NYSE: ZTS) has closed the acquisition of Irish drug developer Nexvet Biopharma plc (NASDAQ: NVET) for a purchase price of USD 6.72 per share, representing an aggregate equity valuation of approximately USD 85m, the company said on Monday.
Nexvet is an innovator in monoclonal antibody therapies for companion animals. The acquisition will strengthen Zoetis' pipeline of solutions for chronic pain management in dogs and cats, which represents an area of high-need in companion animal health. This per share consideration represents a 66% premium over Nexvet's closing price on 12 April 2017.
Status: Closed

-EVOTEC TO ACQUIRE US PHARMACEUTICAL SERVICES FIRM APTUIT FOR USD 300M
German drug discovery alliance and development partnership company Evotec AG has entered into a definitive agreement with US-based drug discovery services company Aptuit Holdings LLC under which Evotec will acquire all operational business of Aptuit for USD 300m (approx. EUR 256m), the company said on Monday.
This deal will combine the businesses and expand Evotec's role as player in integrated outsourced drug discovery and development solutions. In particular, Evotec is aiming for a value chain extension through unique solutions in integrated drug discovery and development.
Status: Agreed

-EUROFINS TO ACQUIRE US DRUG DISCOVERY SERVICES FIRM DISCOVERX
Luxembourg-based bio-analytical testing provider Eurofins Scientific (EUFI.PA) (PAR: ERF) has signed an agreement to acquire US-based drug discovery products and services provider DiscoverX, the company said on Monday.
The transaction is expected to close in the coming weeks, upon fulfillment of customary closing conditions. DiscoverX develops, manufactures, and commercialises reagents, complete cell-based assay kits, profiling and screening services as well as other disruptive solutions for the drug discovery, screening, and life science markets.
Status: Agreed

-GORES GROUP EXPANDS GEOGRAPHIC REACH THROUGH AMI ENTERTAINMENT ACQUISITION
California, US-based investment firm Gores Group's Small Capitalization Partners Investment Fund has finalised the acquisition of Michigan, US-based music entertainment firm AMI Entertainment, the company said.
Grand Rapids Business Journal reported Gores Group said its growth capital would allow the company to continue to develop innovative products while continuing to expand their geographic reach. At AMI Entertainment Network makes digital jukeboxes and video systems that deliver music, video and advertising content to 30,000+ locations in North America and Europe. The company has offices in Chicago, Philadelphia, Grand Rapids, US and the UK.
Status: Closed

-ICHOR ACQUIRES OF CAL-WELD IN DEAL VALUED AT USD 50M
California, US-based semiconductor capital equipment fluid delivery subsystems maker Ichor Holdings (NASDAQ: ICHR) has closed the acquisition of US-based industrial systems designer and fabricator Cal-Weld, Inc in a stock purchase transaction valued at USD 50m, the company said.
Ichor said it is financing the acquisition with approximately USD 20m of cash on hand and USD 30m of incremental borrowing pursuant to an amendment to Ichor's current loan facility. The incremental borrowing was arranged by Bank of America and SunTrust. The loan facility amendment provides for a USD 20m increase in the term loan facility, a USD 20m increase in borrowing capacity under the revolving credit facility and a reduction in the borrowing rate.
Status: Closed

-IRON MOUNTAIN ACQUIRES DATA CENTRE OPERATOR FORTRUST DATA CENTRE BUSINESS FOR USD 128M
Massachusetts, US-based storage and information management services firm Iron Mountain Inc. (NYSE: IRM) has agreed to acquire Colorado, US-based private data centre operator Fortrust, operated by Mag Datacenters, LLC for USD 128m, the company said.
Fortrust is a provider of multi-tenant data centre space in the Colorado/Mountain region and owns a Tier III Gold colocation data centre in the Denver, Colorado market. The transaction is expected to complete prior to the end of 3Q17. The company intends to fund the purchase with a combination of approximately USD 73.5m from a private placement of stock to the seller and USD 54.5m in cash. Iron Mountain expects earnings per share dilution of USD 0.01 to USD 0.02 in 2017 and for the acquisition to be accretive in 2019 following integration.
Status: Closed

-MOTOROLA ACQUIRES AIRBUS DS IN MOVE TO BOLSTER 911 BUSINESS
Chicago, US-based communications and services provider Motorola Solutions (NYSE: MSI) has agreed to acquire Plant Holdings, Inc., holder of command centre software provider Airbus DS Communications, from European aerospace and defence firm Airbus SE, the company said.
The acquisition of Airbus DS Communications will strengthen Motorola Solutions' software portfolio, enabling expansion into new segments in US emergency response solutions. It will create a suite of 911 solutions, including call routing, call taking, records management and dispatch, for agencies of all sizes across segments. Completion of the acquisition is expected by the end of 2017.
Status: Closed

-SAGEMCOM ACQUIRES ITALIAN GAS METERING SPECIALIST METER ITALIA
France-based broadband services provider Sagemcom Energy and Telecom SAS, a subsidiary of Sagemcom has acquired Italy based gas metering company Meter Italia S.p.A to become Sagemcom Italia S.p.A., the company said.
This acquisition represents an opportunity for the Sagemcom Group to access and actively participate in the growth of the gas metering market. Meter Italia has a portfolio of traditional and smart residential gas meter, as well as a range of industrial gas meters.
Status: Closed

-ARDIAN ACQUIRES EUR 300M UNICREDIT EUROPEAN INFRASTRUCTURE PORTFOLIO
New York, US-based investment company Ardian has agreed to acquire the EUR 300m portfolio of Italy-based, Pan European commercial bank UniCredit, which consists of limited partnership interests in European infrastructure private equity funds, the company said. Closing of the transaction is expected in 3Q17, and represents a large secondary infrastructure transaction, confirming Ardian's leadership in secondary infrastructure Funds of Funds.
This transaction continues Ardian's secondary funds strategy to offer liquidity to large institutions looking to rebalance their portfolios and monetise their private equity investments. In 2016, the Ardian fund of funds team totaled USD 4.8bn of secondary, infrastructure secondary and early secondary transactions worldwide.
Status: Closed

-PRODEA ACQUIRES IOT PLATFORM ARRAYENT
Texas, US-based an IoT services company for global operators Prodea Systems, Inc. has acquired California, US-based Arrayent Inc., an IoT platform for brand manufacturers, forming a carrier-grade IoT services platform, the company said.
In a corrected release dated 29 July 2017, the company said the combined company delivers a proven suite of managed IoT services with unprecedented scale, speed, and reliability. The two companies will combine teams and technologies to create an end-to-end solution for data-intensive industries that need real-time performance monitoring, data intelligence and predictive analytics.
Status: Closed

-ISQUARED CAPITAL TO ACQUIRE HUTCHISON GLOBAL COMMUNICATIONS FOR USD 1.2BN
Hong Kong-based ISQ Global Infrastructure Fund II fund of infrastructure investment manager I Squared Capital, has agreed to acquire IT service provider Hutchinson Telecommunications Hong Kong Holdings, Ltd.'s Hutchison Global Communications Investment Holding Ltd. fixed line business for approximately HKD 14.5bn (USD 1.2bn), the company said.
I Squared Capital said its investment will enable HGC to develop new solutions to meet the ever-increasing demand for high-speed information infrastructure throughout the region and beyond. HGC Group is a fixed-line operator, IT service provider and a Hong Kong's Wi-Fi service provider. HGC Group owns and runs an extensive optical-fibre network, coupled with four cross-border routes integrated with three of mainland China's tier-one telecoms operators, plus a world-class international network.
Status: Agreed

-SCHNEIDER ELECTRIC TO ACQUIRE ASCO POWER TECHNOLOGIES FOR USD 1.25BN IN CASH
Massachusetts, US-based energy management specialist Schneider Electric has agreed to acquire power source management company Asco Power Technologies in an all-cash transaction for USD 1.25bn, the company said.
Additional terms of the transaction were not disclosed. The transaction is expected to close by end-2017. Post deal closure, the ASCO business will form part of the Schneider Electric Building business (low voltage). Asco currently employs 2,000 people, mainly in North America, and operates seven manufacturing sites. ASCO's products are sold under the brands of Asco, Firetrol, Avtron, Froment.
Status: Agreed

-CHINESE DAIRY GROUPS SANYUAN, FOSUN IN TALKS TO ACQUIRE FRANCE-BASED ST-HUBERT
Through a series of transaction documents with Montagu IV FPCI and others, China-based state-owned dairy groups Beijing Sanyuan Foods Co., Ltd. and Fosun Group have proposed to acquire substantially all equity interest in France-based healthy food spreads producer St-Hubert SAS held by Brassica TopCo S.A. and PPN Management SAS, the companies said.
Sanyuan said it aims to introduce its healthy food technology of St-Hubert into China. This acquisition can bring the production technologies to China, and also strengthen Sanyuan's product capability and increase its global competitiveness.
Status: Talks

-VISTA EQUITY CLOSES USD 564M ACQUISITION OF INCENTIVE SOLUTIONS PROVIDER XACTLY
US-based private equity firm Vista Equity Partners has closed the acquisition of all outstanding shares of California, US-based cloud-based incentive solutions provider Xactly (NYSE: XTLY) in an agreement valued at USD 564m, the company said on Monday. This deal was announced in May.
Under the terms of the agreement, Xactly stockholders will receive USD 15.65 in cash per share, representing an approximately 17% premium to the closing price as of 26 May 2017 and an approximately 31% premium compared to the three-month volume weighted average price of Xactly's common stock. Xactly provides of enterprise-class, cloud-based, incentive compensation solutions for employee and sales performance management that incentivise employees and align their behaviours with company goals.
Status: Closed

-MOVIE AD NETWORK NATIONAL CINEMEDIA CLOSES ACQUISITION OF FANTASY MOVIE LEAGUE
Colorado, US-based movie advertising network National CineMedia (NCM) has closed the acquisition of box office predictions game Fantasy Movie League to combine fantasy sports with entertainment and movies, the company said on Monday.
Fantasy Movie League will be featured in NCM's new Noovie cinema pre-show and digital channels. NCM's pre-show is currently seen by 750m moviegoers a year according to Nielsen on over 20,500 screens in over 1,600 theaters nationwide including AMC, Cinemark, Regal Entertainment Group and over 45 other leading theater circuits.
Status: Closed

-PETSKY PRUNIER ADVISES REAL ESTATE CRM PLATFORM REAL GEEKS ON SALE TO FNF GROUP
US-based investment bank Petsky Prunier advised US-based CRM management platform for real estate providers Real Geeks LLC on its sale to Florida, US-based title insurance company Fidelity National Financial, Inc. (NYSE: FNF), the firm said.
FNF said Real Geeks complements its existing Commissions, Inc. (CINC) business. While CINC focuses on elite real estate teams, Real Geeks focuses on elite single agents at a lower price point. The company said it believes the combined capabilities of Real Geeks and CINC will allow it to provide valuable technology solutions to a larger universe of real estate customers.
Status: Closed

-AFFILIATES OF KSL CAPITAL PARTNERS, HENRY CROWN CLOSE ACQUISITIONS OF MOUTAIN RESORT OPERATORS
A new joint venture formed by affiliates of US-based private equity firm KSL Capital Partners, LLC and Henry Crown and Co has closed the acquisition of US-based mountain resort operators Intrawest Resorts Holdings, Inc. (NYSE: SNOW) and Mammoth Resorts, the firm said.
Through these transactions, Squaw Valley Ski Holdings, previously owned by affiliates of KSL, Intrawest and Mammoth Resorts are now combined as one company. This new entity boasts 12 four-season mountain resorts with approximately 6m skier visits, 20,000 skiable acres and significant land available for real estate development, as well as Canadian Mountain Holidays, the world's leading heli-ski operator, plus comprehensive aviation and real estate businesses.
Status: Closed

-SCANSOURCE CLOSES ACQUISITION OF POS PORTAL PAYMENT SERVICES PROVIDER FOR USD 144.9M IN CASH
South Carolina, US-based technology company ScanSource, Inc. (NASDAQ: SCSC) has closed the acquisition of California, US-based payment devices and service provider POS Portal to expand capabilities and market reach across increased payments channels, the company said.
Under the agreement, the all-cash transaction includes an initial purchase price of approximately USD 144.9m, plus an earn-out payment up to USD 13.2m to be made on 30 November 2017. For the first full year after closing, POS Portal net sales are estimated to total approximately USD 110m with an estimated EBITDA margin in the low teens. The acquisition is expected to be accretive to earnings per share in the first year after acquisition, excluding one-time acquisition costs.
Status: Closed

-GRUBHUB TO ACQUIRE ASSETS IN 27 ORDERUP FOOD DELIVERY MARKETS FROM GROUPON UNDER NEW PACT
US-based mobile and online marketplace Groupon (NASDAQ: GRPN) and US-based online food delivery company Grubhub (NYSE: GRUB) announced a strategic partnership to bring food delivery to Groupon customers throughout the United States, the companies said.
As part of the deal, Groupon and Grubhub have entered into a commercial agreement that will allow Groupon to provide users with the ability to order food delivery from Grubhub's 55,000 restaurant partners via the Groupon platform and is expected to enable people to redeem Groupon deals when they order Grubhub delivery via Groupon. In addition to the commercial agreement, Grubhub is acquiring certain assets in 27 company-owned OrderUp food delivery markets from Groupon.
Status: Agreed

-LINCOLN ELECTRIC CLOSES EUR 115M ACQUISITION OF AIR LIQUIDE WELDING
US-based welding equipment and supplies company Lincoln Electric Holdings, Inc., (NASDAQ: LECO) has closed an agreement with French industrial gas firm Air Liquide to acquire its Air Liquide Welding subsidiary, the company said.
This deal was announced in April. Lincoln Electric said the complementary business would enhance its global specialty consumables portfolio and extend its channel reach for equipment systems and Harris Product Group solutions in Europe. The definitive agreement reflects a EUR 115m (USD 136.05m) purchase price for the Air Liquide Welding business, valued at approximately 7x Adjusted EBITDA (full year 2016).
Status: Closed