Deal Pipeline
Tuesday 05 July 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-SWEDISH REAL ESTATE FIRM BALDER, THIRD SWEDISH NATIONAL PENSION TO BUY ABERDEEN PORTFOLIO
Swedish property company Fastighets AB Balder (STO: BALDB) and the Third Swedish National Pension Funds joint company have agreed to acquire a portfolio of 21 residential properties from Aberdeen, Balder said.
The purchase price is SEK 2bn (USD 240m). The properties have a total area of 71,000 sq.m. which includes about 1,200 apartments situated in Stockholm and Öresund.
Status: Agreed

-GE CLOSES USD 485M SALE OF ASSET MANAGEMENT ARM TO STATE STREET
US-based conglomerate GE (NYSE: GE) has closed the sale of its GE Asset Management investment management arm to US-based financial services holding company State Street Corp. (NYSE: STT) for up to USD 485m, the company said.
This follows GE's previous announcement in September that it would explore opportunities to sell GEAM to another leading investment management firm.
Status: Closed

-US RACETRACK OWNER CANTERBURY PARK COMPLETES REORGANISATION
US-based conglomerate GE (NYSE: GE) has closed the sale of its GE Asset Management investment management arm to US-based financial services holding company State Street Corp. (NYSE: STT) for up to USD 485m, the company said.
This follows GE's previous announcement in September that it would explore opportunities to sell GEAM to another leading investment management firm.
Status: Closed

-UK COMPETITION AND MARKETS AUTHORITY CLEARS MOTOROLA SOLUTIONS/AIRWAVE DEAL
The United Kingdom's Competition and Markets Authority has unconditionally cleared public safety communication solutions and services provider Motorola Solutions' (NYSE: MSI) closed acquisition of UK-based Airwave Airwave, the CMA said. The announcement by the CMA concludes its investigation.
Motorola Solutions completed its acquisition of Airwave, the largest private operator of a public safety network in the world, on 19 February 2016.
Status: Closed

-CANADA'S EMERA CLOSES USD 6.5BN ACQUISITION OF US UTILITY OPERATOR TECO ENERGY
Canadian energy and services company Emera Inc. (TSX: EMA) has completed the acquisition of all outstanding shares of US-based electric and gas utility operator Teco Energy Inc. (NYSE: TE) for approximately USD 6.5bn, the company said.
The deal creates a North American energy firm with over USD 20bn of assets and more than 2.4m electric and gas customers.
Status: Closed

-AVOLON AGREES TO BUY 45 AIRCRAFT FROM GECAS
Irish aircraft leasing company Avolon will acquire a portfolio of 45 aircraft from US-based commercial aircraft and engine lessor GE Capital Aviation Services (GECAS), the company said.
The 45 aircraft, which are scheduled to deliver to Avolon in the second half of 2016, are on lease to 29 airlines in 15 countries. Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon (NYSE: AVOL) provides aircraft leasing and lease management services.
Status: Agreed

-PINNACLE CLOSES USD 201.4 MERGER WITH AVENUE FINANCIAL
Nashville, US-based bank holding company Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) has completed its acquisition of US-based Avenue Financial Holdings, Inc. (NASDAQ: AVNU), the company said.
This stock and cash transaction is currently valued at approximately USD 201.4m based on Pinnacle's 10-day average closing price through 28 January 2016, and is comprised of stock consideration of approximately 3.7m shares of PNFP common stock and USD 23.2m in cash.
Status: Closed

-TRUNK CLUB TO CLOSE GOOSE ISLAND FACILITY; INTEGRATE OPERATIONS INTO NORDSTROM'S NETWORK
US-based retailer Nordstrom and its Trunk Club personal shopping unit plan to close the Trunk Club fulfillment centre located on Goose Island in Chicago, Illinois, the companies said.
Trunk club is a service that employs stylists to assist customers in buying designer clothing via mail order. Nordstrom bought the company in 2014. With the closure, Trunk Club will integrate its operations into the Nordstrom network of fulfillment and distribution centers, located across the United States.
Status: Agreed

-ON-DEMAND MAIL SERVICES ACQUIRES INTERNATIONAL MAIL PROCESSOR REALLY COOL SOLUTIONS
US-based postal optimisation firm On-Demand Mail Services is acquiring the assets of US-based international mail processing service RCS International, Inc., the firm said.
The combined operations will be based at ODMS's headquarters in Auburn Hills, Michigan. On-Demand Mail Services offers domestic and international postal optimisation solutions to mailers worldwide.
Status: Closed

-HYSTER-YALE MAKES PROGRESS BUYING REMAINING SHARES IN ITAY'S BOLZONI
US-based equipment company Hyster-Yale Materials Handling, Inc. (NYSE: HY) has reported on its procedure to fulfill the obligation to purchase the remaining outstanding shares of Italy-basedBolzoni S.p.A. (BIT: BLZ).
In February, Hyster-Yale and the shareholders of Italian holding company Penta Holding S.p.A. (the majority shareholder of Bolzoni S.p.A.) entered into a definitive agreement whereby Hyster-Yale agreed to acquire, through an indirect wholly-owned subsidiary, 100% of Penta's outstanding shares in Bolzoni for an aggregate purchase price of EUR 53,495,837.
Status: Agreed

-WALKER AND DUNLOP SECURES USD 672M FOR STUDENT HOUSING PORTFOLIO ACQUISITION
US-based commercial real estate finance company Walker and Dunlop, Inc. (NYSE: WD) has secured USD 672m of financing for the acquisition of University Housing Communities Group, Inc. by a subsidiary of a joint venture formed by The Scion Group LLC, GIC and Canada Pension Plan Investment Board, the company said.
In January, US-based InvenTrust Properties Corp. entered into a definitive purchase agreement with UHC acquisition Sub LLC, a subsidiary of a joint venture formed between Canada Pension Plan Investment Board, GIC and Scion Communities Investors LLC under which the joint venture's subsidiary will acquire InvenTrust's student housing platform, University House Communities Group Inc.
Status: Agreed

-CAREY WATERMARK INVESTORS 2 ACQUIRES WASHINGTON, DC-AREA HOTEL LE MERIDIEN ARLINGTON
US-based lodging REIT Carey Watermark Investors 2, Inc. has acquired Washington, DC-area hotel Le Méridien Arlington, the REIT said.
The hotel is part of a mixed-use development that includes 621,000 square feet of class A office space and 136 residential units, as well as the 154-guestroom Le Méridien. Centrally located in the urban village of Rosslyn, a submarket ofArlington, VA, across the river from Georgetown, the property is in close proximity to top destinations in the Washington, DC area.
Status: Closed

-US PEST CONTROL COMPANY ROLLINS ACQUIRES UK-BASED SAFEGUARD
US-based consumer and commercial services company Rollins, Inc. (NYSE: ROL) has purchased the stock of UK-based Safeguard Pest Control and Environmental Services Ltd., the company said. Safeguard Pest Control operates in greater London and Southeastern England.
The acquisition is Rollins' first company-owned operation in the United Kingdom. Established in 1991 and headquartered in Westersham Kent, United Kingdom, Safeguard is a long established pest control company in the UK, with a history of providing pest control, bird control, and specialist services to residential and commercial customers.
Status: Closed

-CENTURYLINK ACQUIRES ACTIVE BROADBAND NETWORKS ASSETS
US-based communications, hosting, cloud and IT services company CenturyLink, Inc. (NYSE: CTL) has acquired certain strategic assets of the software-based broadband networking firm formerly known as Active Broadband Networks, the company said.
CenturyLink said that these assets will help accelerate its efforts to automate its network, move network functions into the cloud and deliver software-defined networking and network functions virtualisation services to its customers.
Status: Closed

-CLAYTON, DUBILIER AND RICE IN TALKS TO ACQUIRE FRANCE'S LARGEST FURNITURE RETAILER
US-based private investment firm Clayton, Dubilier and Rice has entered into exclusive discussions under which CD/R-managed funds would acquire French furniture retailer network BUT in a 50: 50 partnership with WM Holding, the firm said.
WM Holding is a company related to the XXXLutz Group, one of Europe's three largest furniture retailers. Subject to the information and consultation process with the competent workers' council and customary regulatory approvals, the transaction would be expected to close in the second half of 2016. 
Status: Agreed

-AVONDALE ACQUIRES NASHVILLE WEALTH MANAGEMENT ADVISORY FIRM
Nashville, US-based investment banking and wealth management partnership Avondale Partners, LLC parent Avondale Group has acquired Nashville-based investment advisory and portfolio management firm The Steine and Gooch Co, the company said.
The firm was established by David Steine, Jr. and David Gooch. They and their staff of Luther McDaniel and Marisela Garcia will move their offices on June 30th to Avondale's West End location at Two American Center and operate as Avondale Advisors.
Status: Closed

-VALSPAR WINS SHAREHOLDER NOD FOR USD 11.3BN SHERWIN-WILLIAMS BUYOUT
Shareholders of US-based coatings company The Valspar Corp. (NYSE: VAL) have voted to approve the company's proposed acquisition by US-based paintmaker The Sherwin-Williams Company (NYSE: SHW) at a special meeting, the company said.
The transaction is expected to close by the end of 1Q17, and remains subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act and regulatory approvals in various other jurisdictions.
Status: Agreed

-MERCK ANIMAL HEALTH TO ACQUIRE CONTROLLING STAKE IN BRAZIL'S VALLEE
US-based drugmaker Merck's (NYSE: MRK) Merck Animal Health unit has executed an agreement to acquire a controlling interest in Brazilian animal health products producer Vallée S.A., the company said.
Under terms of the agreement, Merck Animal Health, through a subsidiary, will acquire approximately 93% of the shares of Vallée S.A. at closing, in exchange for a payment of USD 400m, based on current exchange rates.
Status: Agreed

-US UTILITY OPERATORS SOUTHERN CO, AGL RESOURCES CLOSE USD 12BN MERGER
US-based utility operators Southern Co (NYSE: SO) and AGL Resources (NYSE: GAS) have closed their merger, having received unanimous regulatory approval, the companies said.
Under the deal, AGL Resources became a new wholly owned subsidiary of Southern company in a transaction with an enterprise value of approximately USD 12bn, including a total equity value of approximately USD 8bn. For Southern company, this transaction is anticipated to be accretive to earnings per share in the first full year following the close of the transaction and to accelerate expected long-term EPS growth to 4-5%.
Status: Closed

-CORNERSTONE REAL ESTATE ADVISORS TO ACQUIRE ACRE CAPITAL HOLDINGS FOR USD 93M
US-based real estate-focused investment manager Cornerstone Real Estate Advisers has inked a definitive agreement to acquire Ares Commercial Real Estate Corp.'s (NYSE: ACRE) ACRE Capital Holdings LLC agency lending subsidiary for USD 93m, the company said.
The transaction is expected to close as early as 3Q16, pending regulatory approvals. ACRE Capital originates and services multifamily residential mortgage loans, senior housing and healthcare facility loans by utilizing programs overseen by governmental agencies and government-sponsored entities.
Status: Agreed

-AMERI100 TO BUY INDIAN SAP CONSULTING FIRM BIGTECH SOFTWARE
US-based SAP strategy consulting firm Ameri Holdings, Inc. (OTCQB: AMRH) has signed a definitive share purchase agreement for the acquisition of pure-play end-to-end SAP consulting company Bigtech Software Private Ltd., the firm said.
Bigtech specialies in SAP application management services and SAP project implementations. The company, based in Bangalore, India, further strengthens Ameri100's SAP services capabilities, offshore delivery and global presence in the Asian and Middle-Eastern markets.
Status: Agreed

-CHINESE SHIPPING FIRM SEASPAN PAYS USD 195.6M FOR TWO NEWBUILDING VESSELS, ASSOCIATED 17-YEAR CHARTERS
Chinese shipping company Seaspan Corp. (NYSE: SSW) has acquired two newbuilding 11000 TEU vessels from Greater China Intermodal Investments LLC for a total purchase price of USD 195.6m, the company said.
These vessels will commence 17-year bareboat charters with MSC Mediterranean Shipping Co S.A. upon their respective deliveries, collectively producing annual cash receipts of approximately USD 17.7m in the first full year of operation. MSC is obligated to purchase the vessels for a pre-determined amount at the end of their respective charters.
Status: Closed

-BRUIN SPORTS CAPITAL ACQUIRES UK SPORTS BROADCAST SERVICES FIRM DELTATRE
US-based media, sports, marketing and branded lifestyle company Bruin Sports Capital has acquired UK-based sports media services firm deltatre, the company said.
Deltatre clients include global sports leaders UEFA, FIFA, the English Premiere League, ATP, BBC, BT Sport and Fox. The company provides a range of digital and broadcast solutions, including end-to-end OTT platforms, for the world's largest sport events, influential federations, media partners and brands.
Status: Closed

-HOUSTON ENERGY FIRM HARVEST NATURAL RESOURCES TO SELL VENEZUELA INTERESTS
US-based energy company Harvest Natural Resources, Inc. (NYSE: HNR) and its HNR Energia B.V. subsidiary have entered into a share purchase agreement with private investment firm CT Energy Holding SRL to sell all of its interest in Venezuela, the company said.

Under the terms of the deal, CT Energy will acquire HNR Energia's 51% interest in Harvest-Vinccler Dutch Holding B.V., a Netherlands company, through which all of Harvest's Venezuelan interests are owned, and CT Energy or an affiliate will deliver to Harvest USD 80m in cash, subject to certain adjustments, and a USD 12m six-month 11% note payable by CT Energy or such affiliate.
Status: Agreed

-INTEROIL RECEIVES COMPETING, UNSOLICITED TAKEOVER BID
Singapore-based oil and gas business InterOil Corp. (NYSE: IOC) has received from a third party an unsolicited, conditional, non-binding proposal to acquire 100% of the outstanding common shares of InterOil, the company said.
This is a competing offer to the company's agreed deal to be acquired by Papua New Guinea oil and gas exploration and development firm Oil Search (ASX: OSH). The non-binding proposal is subject to a number of conditions, including (among others) satisfactory completion of due diligence.
Status: Agreed

-LIONSGATE TO ACQUIRE STARZ IN USD 4.4BN CASH AND SHARES DEAL
US-based media content producer Lionsgate (NYSE: LGF) has agreed to buy US-based media and entertainment company Starz (NASDAQ: STRZA) for a combination of cash and stock totaling USD 4.4bn, the company said.
The combined company will encompass: a 16,000-title film and television library, including 87 original series on 42 US networks; a feature film business that has generated over USD 7bn at the global box office over the past four years.
Status: Agreed

-CONSOLIDATED PRECISION PRODUCTS BUYS POLISH CASTING FACILITIES FROM PRATT AND WHITNEY
US-based sand castings manufacturer Consolidated Precision Products Corp. has completed its acquisition of two casting facilities from jet engine maker Pratt and Whitney Canada 's Pratt and Whitney Rzeszów S.A. unit
Pratt and Whitney is a subsidiary of US-based United Technologies Corp. The two casting facilities, located in Rzeszow, Poland, specialise in aerospace engine components, with enhanced technology for manufacturing and cost-efficient processes.
Status: Closed

-BIOX, WORLD ENERGY COOPERATE TO ACQUIRE US BIODIESEL FACILITY IN USD 20M JV
Canada-based renewable energy company Biox Corp.(TSX: BX) has formed a 50/50 joint venture with Boston, Massachusetts-based advanced biofuels supplier World Energy to acquire and operate a 90m US gallon (341m litre) biodiesel production facility in Houston, Texas, the company said.
The plant acquisition is scheduled to close by the end of June. Each company has committed USD 10m to the World Energy Biox Biofuels joint venture.
Status: Agreed

-HIGHTOWER, JM EGAN WEALTH ADVISORS MERGE TO FORM EGAN GROUP AT HIGHTOWER
New York-based web-based leasing management platform HighTower has merged with New York-based registered investment advisor J.M. Egan Wealth Advisors, the company said.
The team manages approximately USD 300m under a leadership of John Egan, managing director. Moving forward, the team will be known as The Egan Group at HighTower, and will move its New York city office into HighTower's New York headquarters. Its Madison and Sea Girt, New Jersey offices will continue to operate in their current locations.
Status: Closed

-VAPRWEAR ACQUIRES US APPAREL MAKER MILE HIGH HOODIES
Colorado-based "technology concealment" clothing designer Vaprwear Gear, LLC has purchased Denver-based apparel maker Mile High Hoodies, LLC, the company said.
Steve Suttman is the company's new majority owner and CEO. The company will consist of product lines VAPRgear, VAPRcare, and VAPRsafe, each aimed at a specific consumer segment. Vaprwear Gear is an apparel line designed for technology concealment. The technology includes a vape and hood hose system that has been integrated into the garment or hoodie. This product line offers a range of apparel options that allow for discreet use of the integrated hose apparatus.
Status: Closed

-CAMLIN FINE SCIENCES BUYS MEXICAN SPECIALTY CHEMICALS FIRM DRESEN QUIMICA
Indian specialty chemicals maker Camlin Fine Sciences, Ltd Mexico-based food and feed antioxidant blends subsidiary CFS Antioxidantes de Mexico, SA de CV has acquired a majority stake in Mexico-based specialty chemicals maker Dresen Quimica, S.A.P.I. de C.V., the company said.
Established in 1987 and headquartered in Mexico City, Dresen manufactures and distributes a portfolio of specialty chemicals products, such as antioxidant blends, bactericides and mold inhibitors. These products are used by animal nutrition and pet food manufacturers. In addition, products are used in the aqua culture and rendering industries.
Status: Closed

-NERDWALLET ACQUIRES RETIREMENT PLANNING STARTUP ABOUTLIFE
San Francisco, California-based financial guidance company NerdWallet has acquired San Francisco-based retirement planning startup aboutLife, the company said.
All aboutLife employees will join NerdWallet. NerdWallet offers consumers advice on use of credit cards, insurance, loans or investing.
Status: Closed

-HURON CAPITAL'S XLERATE GROUP ACQUIRES TEXAS AUCTION FIRM EPI-EL PASO
Detroit, Michigan-based private equity firm Huron Capital Partners LLC portfolio company, auction and remarketing company XLerate Group, has acquired El Paso, Texas-based auction company EPI-El Paso, the firm said.
The deal marks the third add-on acquisition for XLerate in partnership with Huron Capital, and its second add-on in 2016. EPI commenced operations in 2011 as part of the McConkey Auction Group. EPI holds financial institution, fleet/lease and dealer consignment sales every Wednesday at its El Paso, Texas facility.
Status: Closed

-FRENCH INVESTMENT FIRM WENDEL BUYS INTO SOUTH AFRICAN SHOPPING MALL OPERATOR
French investment firm Wendel (PAR: MF) has signed an agreement to acquire 40% of the capital of Africa-based property company SGI Africa, alongside Africa- and France-based brands distributor CFAO Group, the firm said.
Provided certain customary conditions are met, Wendel will make an initial investment in SGI Africa of around USD 27.8m (EUR 25m), which will be finalised in the coming weeks. Wendel will gradually invest, through Oranje-Nassau Développement, up to EUR 120m in SGI Africa over the next few years.
Status: Agreed

-US RETAILER GYMBOREE TO SELL PLAY AND MUSIC BUSINESS FOR USD 127.5M IN CASH
US-based children's apparel retailer The Gymboree Corp. has agreed to sell its early childhood development business, Gymboree Play and Music, to Singapore-based education and entertainment sector company Zeavon Holding, the company said.
Pursuant to the terms of the transaction, Gymboree will receive USD 127.5m in cash proceeds from Zeavon, approximately USD 80m net of estimated taxes. The closing of the transaction is expected to occur by mid-July, and is subject to certain closing conditions and post-closing purchase price adjustments.
Status: Agreed

-VERMILLION ENERGY ACQUIRES GERMAN PRODUCTION ASSETS FOR USD 47.9M
Canada-based crude oil and natural gas company Vermilion Energy Inc. (TSX: VET) (NYSE: VET) has agreed to acquire interests in several production and exploration assets from Germany-based integrated exploration and production company Engie E /P Deutschland GmbH, for total consideration of USD 47.9m (EUR 33m), the company said.
The acquisition has an effective date of January 1, 2016 and is anticipated to close in late 4Q16, subject to customary closing adjustments. Vermilion will fund the acquisition through existing credit facilities.
Status: Agreed