Deal Pipeline
Tuesday 31 May 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-CARROLS CLOSES ACQUISITION OF SIX MICHIGAN BURGER KING RESTAURANTS

US-based restaurant operator Carrols Restaurant Group, Inc. (NASDAQ: TAST) has completed the acquisition of six Burger King restaurants in the Detroit metropolitan area, the company said. Carrols is the largest Burger King franchisee in the United States with 722 restaurants as of 26 May 2016.
Status: Closed

-BMP MEDIA CLOSES DEAL TO ASSUME ASSETS OF ARTNEWS
US-based media company Brant Publications, Inc.'s BMP Media Holdings, LLC unit has taken control of all assets of Art in America, LLC; Bam Modern, LLC; Antiques, LLC; and Artnews LTD from their former parent, Poland-based art media company Artnews S.A., the company said.
Once the transaction was completed, BMP became the legal owner of the publications and will continue to operate them in the United States. Brant Publications Inc. was founded in 1984 by Peter M. Brant and is a magazine and digital publisher.
Status: Closed

-DELOITTE CORPORATE FINANCE ADVISES US HAIR CARE FIRM IN SALE TO INDIA'S GODREJ
US-based strategic and M/A advisory services firm Deloitte Corporate Finance LLC acted as the exclusive financial advisor to US-based hair care products manufacturer Strength of Nature Global LLC in its sale to Indian consumer goods company Godrej Consumer Products Ltd., the firm said.
Strength of Nature is a Savannah, Georgia-based manufacturer of multicultural hair care products for textured hair consumers.
Status: Closed

-WESTGATE RESORTS ACUIRES COCOA BEACH, FLORIDA RESORT
US-based resort developer Westgate Resorts has acquired the Wakulla Suites in Cocoa Beach, Florida, the company said.
The 120-room resort will soon undergo significant renovations and operate as a boutique-style beachside hotel and vacation ownership resort. The property will remain open throughout the renovation.
Status: Closed

-RYE PATCH TO ACQUIRE FLORIDA CANYON GOLD MINE IN NEVADA
Canadian mining company Rye Patch Gold Corp. (TSX.V: RPM) (OTCQX: RPMGF) has signed a definitive agreement to acquire 100% ownership of the Florida Canyon gold mine (with the Standard gold mine) located in Pershing County, Nevada, the company said.
The total consideration is USD 15m in cash and 20m common shares of the company payable at closing, subject to adjustment for outstanding liabilities, plus certain contingent payments. Rye Patch Gold has also signed a commitment letter for a USD 27m credit facility with Macquarie Bank Ltd. to fund the proposed redevelopment of the Florida Canyon mine.
Status: Agreed

-EUROPA OIL AND GAS TO SELL WORKING INTEREST IN WEALD BASIN PROPERTY
UK-based oil and gas exploration, development and production company Europa Oil and Gas (LSE: EOG) has signed a farm-out agreement in relation to its 40% interest in the PEDL143 licence in the Weald Basin with Union Jack Oil and Gas plc., the company said.
PEDL143 contains the conventional Holmwood prospect, which has estimated gross mean unrisked prospective resources of 5.6 mmbo in Portlandian and Corallian sandstones and a P90 P10 range of resources of 1 to 11 mmbo.
Status: Agreed

-LEGAL AND GENERAL ACQUIRES GBP 3BN ANNUITY PORTFOLIO FROM AEGON
UK-based financial services company Legal and General Group Plc has acquired a GBP 3bn annuity portfolio from Dutch insurer Aegon (NYSE: AEG), the company said.
 The transaction has been structured initially as a reinsurance contract and covers approximately 27,000 of in-payment policyholders who will remain customers of Aegon during this period. They will continue to be serviced by Aegon until the effective date of a Part VII Transfer which is subject to regulatory and court approval.
Status: Closed

-SENTERRA ENERGY INKS LOI TO ACQUIRE SINGAPORE-BASED SIM-CARD BUSINESS
UK-based oilfield services company Senterra Energy plc has signed a non-binding letter of intent to acquire the entire issued share capital of Singapore-based sim-card technology business Oasis Smart Sim PTE Ltd for new shares in Senterra, the company said.
The acquisition, if completed, would result in Senterra shareholders having around 15% of the enlarged group prior to the impact of any associated fund raising. Oasis was founded in 2010 and is a limited private company incorporated and domiciled in Singapore where it is also headquartered.
Status: Agreed

-NEW ARGEN HOLDINGS TO SELL 1.5% STAKE IN COCA COLA HBC
UK-based private investment vehicle New Argen Holdings Ltd. plans to offer for sale up to approximately 5.4m existing ordinary shares of Swiss soft drinks bottler Coca Cola HBC AG (LSE: CCH), representing up to approximately 1.5% of the issued share capital of the company, Swiss financial services firm Credit Suisse said.
Credit Suisse Securities (Europe) Ltd. has been appointed as the sole global coordinator and sole Bookrunner in respect of the placing. New Argen Holdings Ltd. is a private investment vehicle which was established for the benefit of certain members the Leventis family.
Status: Agreed

-GOOD ENERGY GROUP SELLS 4.65MW UK SOLAR SITE
UK-based renewable electricity supplier and generator Good Energy Group plc (LSE: GOOD) has completed the sale of a 4.65mw solar site at Wrotham, near Maidstone, Kent, UK to a member of the Trina Solar Group, the company said.
The deal followed a competitive tender process and evaluation by the Good Energy board. Good Energy said that the net profit on sale received by the company for the development of the site will be between GBP 430,000 – GBP 480,000 (USD 701,596), in line with its 2016 profit expectations.
Status: Closed

-SUMMIT GERMANY INKS JV FOR BERLIN RESIDENTIAL DEVELOPMENT
German commercial property investment company Summit Germany Ltd. AIM: SMTG) has engaged in a joint venture for the development of additional residential project in Berlin, the company said.
 The JV acquired an existing building in Berlin for EUR 5.5m (USD 6.12) and plans to convert it to 60 apartments. Expected investment in the entire project is EUR18m and expected revenues from sales of apartments is EUR 23m.
Status: Agreed

-HALFORDS GROUP ACQUIRES UK ONLINE BIKE SELLER TREDZ AND WHEELIES
UK-based motoring, cycling and leisure products retailer Halfords Group plc has acquired online sale bikes and accessories sellers Tredz Ltd. and Wheelies Direct Ltd., the group said.
The acquired businesses comprise an online retailer of premium bikes and cycling parts, accessories and clothing, which trades UK-wide under the brand Tredz, and the UK's largest provider of bicycle replacement for insurance companies which trades under the brand Wheelies.
Status: Closed

-DEKELOIL PUBLIC UPS STAKE IN COTE D'IVOIRE PALM OIL JV
Cyprus-based palm oil producer DekelOil Public Ltd. (LSE: DKL) has acquired a roughly 30.5% stake in CS DekelOil Siva Ltd., the company said.
CS DekelOil Siva is the company's majority owned joint venture in the producing palm oil project at Ayenouan, Côte d'Ivoire. This transaction increases DekelOil's interest in Ayenouan to 81.5% and is earnings enhancing for shareholders.
Status: Closed

-STANLEY GIBBONS TO SELL LEASES OVER MAYFAIR, UK PROPERTY
UK-based online stamp and collectibles trading company The Stanley Gibbons Group Plc (AIM: SGI) has exchanged contracts to sell the group's leases over Ely House, Dover Street, Mayfair and another adjacent property, the group said.
The company will receive total gross consideration of GBP 2.5m (USD 3.65m), which, after costs will enable the group to reduce its indebtedness by approximately GBP 2.4m. Stanley Gibbons has also completed the sublet of a substantial part of its New York premises at 929 Madison Avenue.
Status: Agreed

-INQO INVESTMENTS BUYS STAKE IN ZAMBIAN ORGANIC HONEY PRODUCER
South African social impact investment company Inqo Investments Ltd (ISDX: INQO) has closed an investment in Zambian organic honey producer Bee Sweet Honey Ltd, the company said.
Bee Sweet Honey is a commercial producer of organic honey using a large network of small farmers in the Miombo region of Northern Zambia. It produces, supplies and leases flat-packed beehives from its factory to small farmers who hang them on trees on their land or in nearby forests providing them with a secondary source of income.
Status: Closed

-THERMO FISHER SCIENTIFIC TO ACQUIRE ELECTRON MICROSCOPY FIRM FEI FOR USD 4.2BN
US-based life science company Thermo Fisher Scientific Inc. (NYSE: TMO) has agreed to acquire electron microscopy specialist FEI Co. (NASDAQ: FEIC) for USD 107.50 per share in cash, the company said.
The transaction represents a purchase price of approximately USD 4.2bn. FEI designs, manufactures and supports high-performance electron microscopy workflows that provide images and information at micro-, nano- and picometer scales. Based in Hillsboro, Oregon, FEI has more than 3,000 employees worldwide and maintains R/D, sales and manufacturing operations primarily in Europe and the US.
Status: Agreed

-GRAHAM MEDIA TO ACQUIRE TWO US TV STATIONS FOR USD 60M
US-based Graham Holdings Co's (NYSE: GHC) Graham Media Group, Inc. subsidiary has reached an agreement with Nexstar Broadcasting Group, Inc. and Media General, Inc. to acquire two TV stations for USD 60m in cash and the assumption of certain liabilities, including pension obligations, the company said.
These include WCWJ, a CW affiliate television station in Jacksonville, Florida and WSLS, an NBC affiliate television station in Roanoke, Virginia. Graham Media Group, Inc. will continue to operate both stations under their current network affiliations.
Status: Agreed

-SHAREHOLDERS OF US RARE DISEASE SPECIALIST BAXALTA APPROVE USD 32BN SHIRE BUYOUT
Shareholders of US-based rare disease treatment specialist Baxalta Inc. (NYSE: BXLT) have voted to approve the company's agreed deal to be acquired by Irish drugmaker Shire plc (LSE: SHP) (NASDAQ: SHPG) in a USD 32bn deal, the company said.
Under the agreement, Baxalta shareholders will receive USD 18.00 in cash and 0.1482 Shire ADS per Baxalta share. Based on Shire's closing ADS price on January 8, 2016, this implies a total current value of USD 45.57 per Baxalta share, representing an aggregate consideration of approximately USD 32bn.
Status: Agreed

-SALT LAKE COMIC CON BUYS 50% STAKE IN GAMING CONVENTION
US-based gaming convention Salt Lake Comic Con's producer Dan Farr Productions, has acquired a 50 % ownership stake in Salt Lake Gaming Con, the company said.
Salt Lake Gaming Con is one of the top ten gaming conventions in the United States, with its inaugural three-day event drawing more than 15,000 gamers. The convention features video games, board games, gaming tournaments and competitions, and a variety of other activities, making it the perfect fit for gaming fans of all interests.
Status: Closed

-NCR CLOSES FIRST PHASE OF INTERACTIVE PRINTER SOLUTIONS DIVISION SALE
US-based transaction technologies company NCR Corp. (NYSE: NCR) t has completed the first phase of the previously announced sale of its Interactive Printer Solutions division to US-based private equity firm Atlas Holdings LLC, the company said.
Going forward, IPS will operate as a stand-alone portfolio company of Atlas Holdings, and will be called Iconex. Iconex will continue to maintain a commercial relationship with NCR. The first phase of the transaction included all dedicated assets of the IPS division, including all manufacturing facilities and strategically located IPS distribution centers, and the IPS employees, worldwide, other than in the Middle East and Africa region.
Status: Closed

-PC CONNECTION ACQUIRES PHILADELPHIA IT FIRM SOFTMART
US-based IT solutions company PC Connection, Inc. (NASDAQ: PCCC) has acquired US-based IT firm Softmart, Inc. the company said. Headquartered in the Philadelphia metropolitan area, Softmart has served technology users for over 34 years.
With over 200 employees, the company provides products and services to computer users including business, government, educational, and healthcare organisations. In addition to information technology.
Status: Closed

-US MOVING COMPANY BEKINS NORTHWEST ACQUIRES CLANCY'S TRANSFER AND STORAGE
Olympia, Washington-based relocation and storage service Bekins Northwest has acquired the assets of Washington-based moving and storage company Clancy's Transfer and Storage, Inc., the company said.
The purchase will better serve the needs of Bekins Northwest's customers in Walla Walla, Washington and surrounding areas. Bekins Northwest recently purchased the assets of Kennewick Transfer and Storage in Kennewick, Washington and Sanders Transfer in Lakewood, Washington, giving the company a total of eight Washington locations, including Seattle, Lakewood, Federal Way, Olympia, Yakima, Richland, Walla Walla, and Spokane.
Status: Closed

-VALOREM CONSULTING ACQUIRES INTERACTIVE DESIGN BUSINESS IDENTITYMINE
Kansas City, Missouri-based information technology consulting firm Valorem Consulting has acquired Washington-based interactive design business and technology firm IdentityMine, the company said.
Both companies are Microsoft (NASDAQ: MSFT) HoloLens Program Partners. The acquisition of IdentityMine brings Valorem to more than 220 consulting, analytics, engineering, cloud infrastructure, and design professionals world-wide.
Status: Closed

-CITADEL TO ACQUIRE NATURAL GAS TRANSPORTATION CAPACITY FROM WPX ENERGY
Chicago, Illinois-based global investment firm Citadel has agreed to acquire a portfolio of natural gas pipeline transportation capacity through 2032 in the Western US from Oklahoma-based natural gas and petroleum exploration company WPX Energy, the company said.
The acquisition is expected to close in 3Q16 and is subject to customary closing conditions and regulatory approvals. Citadel's team includes more than 675 investment professionals, operating from offices including Chicago, New York, Greenwich, San Francisco, London, Hong Kong and Shanghai.
Status: Agreed

-CALIBER HOME LOANS AGREES TO ACQUIRE MORTGAGE LENDER FIRST PRIORITY FINANCIAL
Texas-based residential mortgage origination and servicing company Caliber Home Loans, Inc. has agreed to acquire substantially all of the assets of Fairfield, California-based regional residential mortgage lender First Priority Financial, the company said.
The terms of the transaction were not disclosed. It is expected to close by early July 2016. The acquisition will expand Caliber's geographic footprint in the Western United States. Following the acquisition, Caliber will have a servicing portfolio of approximately USD 90bn, licenses in 50 states, and a salesforce of more than 1,000 across more than 250 retail locations throughout the United States.
Status: Agreed

-DE LA RUE SELLS CASH PROCESSING SOLUTIONS TO CPS TOPCO FOR USD 3.07M
UK-based banknote printer De La Rue plc (LSE: DLAR) (the Group) has completed the sale of the entire issued share capital of cash processing services provider Cash Processing Solutions Ltd. and related subsidiaries (CPS) to UK-based banknote production management company CPS Topco Ltd., a company owned by UK-based private equity firm Privet Capital, the company said.
Under the terms of the agreement, De La Rue received USD 3.07m (GBP2.1m) upon completion of the transaction. In addition, a deferred consideration totaling USD 2.19m (GBP 1.5m) will be payable in two equal installments on the first and second anniversaries of the transaction.
Status: Closed

-TRITAX BIG BOX REIT TO BUY NATIONAL DISTRIBUTION CENTRE FOR USD 113.7M
The board of UK-based real estate investment trust Tritax Big Box REIT plc (LSE: BBOX) has exchanged contracts to acquire a National Distribution Centre let to UK-based retailer DSG Retail Ltd (DSG), part of the UK-based electrical and telecommunications retailer Dixons Carphone plc group, for USD 113.17m (GBP 77.30m), the company said.
This property is one of two National DSG Distribution Centres located on Newlink Business Park in Newark, Nottinghamshire and forms part of DSG's principal National Distribution hub for direct store replenishment, home deliveries and returns.
Status: Agreed

-SCAPA GROUP BUYS WOUND CARE SOLUTIONS BUSINESS EUROMED FOR USD 35M
UK-based bonding products maker Scapa Group plc (AIM: SCPA) has acquired all of the issued share capital of Orangeburg, New York-based hydrocolloid wound care solutions business EuroMed, Inc, the company said.
The purchase price was USD 35m with a contingent deferred payment of up to USD 7m depending on performance in 2016. The acquisition will be funded from existing cash reserves and bank facilities in respect of which Scapa has accessed its accordion facility. As at 31 December 2015, the unaudited gross assets acquired were USD 7.4m.
Status: Closed

-PLAYTECH ACQUIRES SWEDISH GAMES STUDIO QUICKSPIN FOR UP TO USD 55.8M
UK-based software developer and licensor Playtech (LSE: PTEC) has acquired Sweden-based games studio Quickspin AB in a deal worth up to USD 55.8m, the company said.
Playtech will pay a maximum consideration of six times Quickspin's EBITDA in 2018, subject to a cap of USD 55.8m (EUR 50m). The maximum consideration of EUR 50m comprises an initial payment of EUR 24m for 100% of the shares of Quickspin on a cash free / debt free basis with the remaining maximum consideration of EUR 26m payable on an earn-out basis by reference to Quickspin's EBITDA in 2017 and 2018.
Status: Closed

-ISRAELI STARTUP HIL APPLIED MEDICAL ACQUIRES US-BASED NANOLABZ
Jerusalem, Israel-based medical technology startup HIL Applied Medical Ltd. has acquired Reno, Nevada-based laser-based proton acceleration research company Nanolabz Inc., the company said. HIL Applied Medical is developing a new class of ultra-compact, high-performance Proton Beam Therapy systems, based on high-intensity lasers and nano-engineered smart targetry.
A proton beam is a form of focused radiation used to treat solid tumors. It reduces damage to surrounding healthy tissue, thereby reducing toxicities and improving patient survival and quality of life. Proton therapy is used routinely for treating many types of cancer; it is FDA-cleared and reimbursed by both Federal and private insurers.
Status: Closed

-ELEKTRON TECHNOLOGY SELLS AGAR SCIENTIFIC TO MBO VEHICLE
UK-based manufacturer Elektron Technology plc (AIM: EKT) has sold its wholly owned subsidiary Agar Scientific Ltd. to a managed buyout vehicle vehicle financed by funds managed by UK-based venture capital firm Foresight Group, for a total gross consideration of approximately USD 3.37m (GBP 2.3m) cash, of which USD 2.93 (GBP2.0m) was received on completion and USD 0.45m (GBP 0.3m) is due subject to adjustment per the forthcoming completion accounts, the company said.
Status: Closed