Deal Pipeline
Tuesday 09 February 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-US, JAPAN REGULATORS CLEAR MEIJI YASUDA FOR USD 5BN ACQUISITION OF STANCORP FINANCIAL
Japanese insurer Meiji Yasuda Life Insurance Co. has received all necessary approvals from regulatory authorities in the United States and Japan for its acquisition of US insurer StanCorp Financial Group, Inc. (NYSE: SFG), the company said.
Last July, the companies agreed a deal under which Meiji Yasuda will acquire all outstanding shares of StanCorp for USD 115 per share in cash.
Status: Agreed

-PRESTIGE BRANDS CLOSES USD 225M ACQUISITION OF ORAL CARE COMPANY DENTEK
US-based Prestige Brands Holdings, Inc. (NYSE-PBH) has closed its acquisition of DenTek Oral Care, Inc. a privately-held marketer and distributor of oral care products for USD 225m in cash, the company said.
This transaction would add pro forma revenues and adjusted EBITDA of approximately USD 60m and USD 23m, respectively on an annualised basis.
Status: Closed

-KOREAN REGULATOR CLEARS ACTIVISION BLIZZARD'S USD 5.9BN DEAL TO ACQUIRE "CANDY CRUSH" MAKER
US-based gaming company Activision Blizzard, Inc. (NASDAQ: ATVI) agreed deal to acquire "Candy Crush" game maker King Digital Entertainment plc (NYSE: KING) has received clearance from The Fair Trade Commission of the Republic of Korea, the company said.
Completion of the acquisition remains subject to the satisfaction or (if capable of waiver) waiver of the remaining conditions to the acquisition set out in the scheme circular relating to the acquisition.
Status: Agreed

-BUYER OF THOR MINING'S SPRING HILL GOLD PROJECT COMPLETES DD
The Australian buyer of UK-based Thor Mining Plc's (ASX: THR) Spring Hill Gold Project and its financier have completed due diligence, Thor said.
Thor Mining Agreed to sell the project to PC Gold Pty Ltd for AUD 3.5m, plus royalties. This deal was originally announced on 16 December 2015. As reported at the time, the agreement with PC Gold is subject to receipt by that company of an unconditional financing offer from a precious metal private equity fund based in San Francisco, USA.
Status: Agreed

-ALPHA PYRENEES TRUST CLOSES EUR 24.3M PARTIAL PORTFOLIO SALE
Channel Islands-based property investment company Alpha Pyrenees has sold its properties located at Athis Mons, Aubergenville and Aubervilliers in France totalling approximately 59,730 square metres for EUR 24.3m (USD 27.16m), the company said.
According to the company, the purchaser is an investment vehicle managed by Colony Capital, Inc. (NYSE: CLNY), a global real estate and investment management firm.
Status: Closed

-BBA AVIATION RECEIVES US REGULATORY CLEARANCE FOR LANDMARK AVIATION ACQUISITION
The US Department of Justice has now filed its antitrust lawsuit and proposed settlement for clearance under the US Hart-Scott-Rodino Act for UK-based aviation services company BBA Aviation plc's acquisition US-based fixed base operator Landmark Aviation, the company said.
As a result, completion of the Landmark acquisition is expected shortly. Last September, BBA Aviation reached agreement with affiliates of US-based investment firm The Carlyle Group to acquire Landmark Aviation for USD 2.065bn in cash.
Status: Agreed

-ELECTRA PRIVATE EQUITY SELLS UK FINE ART MATERIALS PRODUCER DALER-ROWNEY
UK-based private equity fund manager Electra Private Equity plc has sold its interest in fine art materials producer Daler-Rowney to the FILA Group, an Italian producer of writing instruments and art supplies, the firm said.
Electra has received proceeds of approximately GBP 32m (USD 46.21m), equating to an uplift of GBP 20m or 163% on the valuation of Daler-Rowney at 30 September 2015, implying an increase in NAV per share of almost 41p.
Status: Closed

-DONG ENERGY TO SELL UK NORTH SEA WIND FARM TRANSMISSION ASSETS
Danish energy group Dong Energy A/S has agreed to the sale of transmission assets at the Westermost Rough offshore wind farm to TC Westermost Rough OFTO Ltd, the company said. Westermost Rough Ltd is a wholly owned subsidiary of Dong Energy A/S, the UK Green Investment Bank plc and Marubeni Corp.
TC Westermost Rough OFTO Ltd. is the licensee entity incorporated by the consortium comprised of Transmission Capital Partners Ltd. Partnership and International Public Partnerships Ltd.
Status: Agreed

-ACTION HOTELS BUYS FREEHOLD LAND IN DUBAI MEDIA CITY
UAE-based hotel developer and operator Action Hotels plc has agreed to acquire a prime freehold plot of land located in Innovation Hub, within Dubai's Media City, from Tecom Group's Innovation Hub FZ-LLC subsidiary, the company said.
Action Hotels purchased the 5,553.5 square metre plot of land for USD 10.07m, funded through resources available to the group. This will be Action's second hotel development in Dubai.
Status: Closed

-CENTRICA SELLS 50% STAKE IN UK WIND FARMS FOR GBP 423M
UK-based utility company Centrica plc (LSE: CAN) and its 50% joint venture partner EIG Global Energy Partners have agreed a joint sale of the Glens of Foudland, Lynn and Inner Dowsing wind farms to a consortium, comprising the UK Green Investment Bank Offshore Wind Fund and funds managed by BlackRock, for an enterprise value of GBP 423m (USD 610.90m), the company said.
After repayment of debt associated with GLID and other costs, Centrica's net share of the proceeds will be approximately GBP 115m. Glens of Foudland is an onshore wind farm located in Aberdeenshire and the Lynn and Inner Dowsing offshore wind farms (194mw) are located off the coast of North East Lincolnshire.
Status: Closed

-PORTA COMMUNICATIONS ISSUES REMAINING SHARES IN REDLEAF COMMUNICATIONS ACQUISITION
UK-based communications and marketing holding company Porta Communications Plc (AIM: PTCM) has issued the remaining shares in its 2014 acquisition of communications agency Redleaf Communications from its shareholders (Emma Kane, Ian Rosenblatt and Julian Polhill), the company said.
In April of 2014, Porta acquired 51% of the issued share capital of Redleaf Communications for a consideration payable in both cash and the issue of 6,998,050 ordinary shares in Porta. The cash and stock deal was worth GBP 1.795m (USD 2.59m).
Status: Closed

-WISHBONE GOLD ACQUIRES UAE GOLD IMPORTER BLACK SAND FZE
Gibraltar-based exploration and acquisition company Wishbone Gold Plc (AIM: WSBN) has acquired Precious Metals International Ltd and its wholly owned subsidiary, Black Sand FZE in an all share transaction, the company said.
The terms of the acquisition are an initial payment of 240m ordinary shares of 0.1p each in the company with a further payment of an additional 240m ordinary shares once the annual profit after tax of the PMI Group exceeds USD 1m.
Status: Closed

-HALMA ACQUIRES US LOCATION-BASED MONITORING SPECIALIST CENTRAK FOR USD 140M
UK-based safety, health and environmental technology group Halma plc (LSE: HLMA) has acquired US-based CenTrak, Inc. from private shareholders, the company said.
CenTrak designs and manufactures sensors and proprietary communication technology that provide location data for healthcare facilities to ensure compliance with regulations and to improve patient care. The cash consideration is USD 140m (GBP 95.9m) and is adjustable, USD for USD if net assets are more or less than a pre-determined amount (the adjustment is not expected to be material).
Status: Closed

-UK PROPERTY FIRM GRAINGER SELLS GERMAN PORTFOLIO, BUSINESS FOR EUR 124M
UK-based residential property business Grainger plc (LSE: GRI) has exchanged contracts with real estate investment manager Heitman to sell its equity interest in the FRM German residential rented portfolio and in its German business platform for gross consideration of EUR 124m (USD 138.73m), the company said.
This transaction follows the sale of Grainger's German JV with Heitman at the end of last year which generated a pre-tax profit of EUR 16m (USD 17.90m).
Status: Closed

-JUST EAT BUYS TAKEWAY FOOD BUSINESSES IN FOUR COUNTRIES
UK-based Just Eat Plc (LSE: JE.), a digital marketplace for takeaway food delivery, has agreed the acquisition of four businesses from Rocket Internet and foodpanda for EUR 125m in aggregate (USD 139.85m) to be funded from existing cash resources, the company said.
The businesses acquired are online takeaway food businesses trading in Spain (La Nevera Roja), Italy (PizzaBo/hellofood Italy), Brazil (hellofood Brazil) and Mexico (hellofood Mexico).
Status: Closed

-AVITA MEDICAL CLOSES USD 2.47M SALE OF RESPIRATORY BUSINESS
UK-based regenerative medicine company Avita Medical Ltd. (ASX: AVH), (OTCQX: AVMXY) has completed the sale of its respiratory business to Medical Developments International Ltd. (ASX: MVP) for USD 2.47m, the company said.
Avita Medical's respiratory business included two products, Breath-A-Tech and Funhaler, which are both asthma spacers aimed at optimizing the use of medicinal puffers. The products are marketed in pharmacies throughout Australia.
Status: Closed

-ASIAN GROWTH PROPERTIES IN TALKS TO SELL DAH SING FINANCIAL CENTRE IN HONG KONG
Hong Kong-based China property development and investment company Asian Growth Properties Ltd. (AIM: AGP) is currently negotiating with an independent third party with regard to the sale of one of its investment properties in Hong Kong, the Dah Sing Financial Centre, the company said.
As of the date of this announcement, no binding agreement has been entered into by the company regarding the potential sale. The company is advising shareholders and potential investors to exercise caution when dealing in the shares of the company.
Status: Talks

-GAWK CLOSES ACQUISITION OF US TELECOMMUNICATIONS CARRIER CONNEXUM
US-based cloud communications specialist Gawk Inc. (OTC: GAWK) has acquired Connexum LLC bringing its annual revenue up from USD 2m to just under USD 6m, the company said.
The company filed its quarterly report with the Securities and Exchange Commission on December 17, 2015, in which Gawk reported that year to date revenue was significantly higher, up 1089%, for the first nine months of 2015, over the same period in 2014.
Status: Closed

-MOSAIK ACQUIRES FRENCH CROWDSOURCED COVERAGE MAPPING SERVICE SENSORLY
US-based mobile communications services provider Mosaik has acquired French crowdsourced coverage mapping service Sensorly, the company said.
Sensorly leverages crowdsourced data collected from a dedicated and growing community of users spanning over 85 countries and 500 wireless networks worldwide that provide consumers and network providers a real-world view of wireless network quality of experience. It instantly determines how cellular (4G, 3G or 2G) and Wi-Fi networks are performing by collecting coverage and network performance data from Android and iOS mobile applications.
Status: Closed

-NETAPP CLOSES USD 870M ACQUISITION OF DATA CENTRE FLASH STORAGE SYSTEMS DEVELOPER SOLIDFIRE
US-based computer storage and data management company NetApp, Inc. (NASDAQ: NTAP) has closed its acquisition of SolidFire, a developer of all-flash storage systems for data centres, for USD 870m in cash, the company said.
Founded in 2010, SolidFire offers all-flash storage systems built for a data centres where simple scaling, set-and-forget management, assured performance and multi-tenancy, and cloud economic models are driving new market growth.
Status: Closed

-CISCO PLANS TO ACQUIRE JASPER TECHNOLOGIES IN USD 1.4BN DEAL
US-based IT company Cisco (NASDAQ: CSCO) plans to acquire Jasper Technologies, Inc., a privately held company based in Santa Clara that offers a cloud-based IoT service platform to help enterprises and service providers launch, manage and monetize IoT services on a global scale, the company said.
Under the terms of the agreement, Cisco will pay USD 1.4bn in cash and assumed equity awards, plus additional retention based incentives.
Status: Agreed

-DATA CENTRE SOFTWARE FIRM NLYTE ACQUIRES FIELDVIEW SOLUTIONS
US-based data centre service management solution provider Nlyte Software has acquired FieldView Solutions, a real-time event correlation, alarming and analytics provider to the data centre industry, the company said.
Status: Closed

-ASSUREDPARTNERS ACQUIRES NEW JERSEY INSURANCE AGENCY
US-based insurance broker AssuredPartners, Inc. has acquired Suydam Insurance Agency of Somerset, New Jersey, the company said. The agency has provided business and personal insurance coverage to clients in the greater New Jersey area since its founding in 1879.
The Suydam team of eight will continue operations in Somerset under a leadership of Robin Suydam and Ryck Suydam.
Status: Closed

-PRG REAL ESTATE ACQUIRES VIRGINIA, US MULTIFAMILY COMMUNITY
US-based multifamily real estate investment and management firm PRG Real Estate has acquired The Timbers Apartments, located in Richmond, Virginia, the firm said. The Timbers is a 240-unit garden-style apartment community located in the Old Bon Air neighborhood of Richmond, just ten minutes from downtown.
PRG said that The Timbers will undergo a substantial USD 1.7m capital improvement plan which will transform the interior of the property and the community amenities.
Status: Closed

-DIRECTSCALE BUYS COMMISSIONS PLATFORM PILLARS
US-based DirectScale, a cloud-based software platform built to serve the direct and social selling industry, has has completed the acquisition and integration of genealogy and commissions solution Pillars Intl, the company said.
DirectScale said that the integration of Pillars makes it the first company in the industry to offer fully integrated genealogy and commissions, distributor portal, back office, e-commerce, and NetSuite enterprise business automation capabilities in one optimal solution for direct selling companies of any size.
Status: Closed

-VIVONICS SELLS ARTIFICIAL LUNG TECHNOLOGY
US-based medical technologies developer Vivonics, Inc. has sold its Artificial Lung technology to United Therapeutics Corp's Lung biotechnology PBC subsidiary, the company said.
Vivonics' development of the Artificial Lung technology was supported by the National Heart, Lung and Blood Institute of the National Institutes of Health under grant number 6R44HL091593-04. Several members of Vivonics' Artificial Lung development team have joined Lung biotechnology to continue development of the technology.
Status: Closed

-ANGELMD INVESTS IN FOOTBALL HELMET TECHNOLOGY DEVELOPER
An investor syndicate from US-based investment platform angelMD's network has completed an USD 8m Seed round in US football helmet company VICIS, the firm said.
VICIS was founded by a pediatric neurosurgeon and engineer from the University of Washington along with a life sciences industry executive who together have reimagined the form and function of the football helmet. The early stage company has a deep bench of engineering talent and they have aggressively built a patent portfolio to strengthen their market leadership.
Status: Closed

-HOOKER FURNITURE CLOSES USD 100M HOME MERIDIAN INTERNATIONAL ACQUISITION
US-based furniture company Hooker Furniture Corp. (NASDAQ: HOFT), together with its Bradington-Young and Sam Moore subsidiaries, has completed the acquisition of the business of furniture maker Home Meridian International, the company said.
The companies entered into a definitive agreement earlier this year for Hooker to acquire substantially all of the assets and certain liabilities of HMI for approximately USD 100m, comprised of USD 85m in cash and USD 15m of newly-issued HOFT stock.
Status: Closed

-KIWA BIO-TECH PRODUCTS CLOSES ACQUISITION OF CHINESE FERTILISER MAKER HONG KONG BAINA
US-based Kiwa Bio-Tech Products Group Corp. (OTCBB: KWBT) has closed an agreement with Hong Kong Baina Group Co., Ltd. to acquire Baina Hong Kong and its Oriental Baina Co. Ltd. subsidiary company in Beijing, China, the company said.
Kiwa Bio-Tech said it is making the move in order to expand its bio-fertiliser production base and build Kiwa standardised ecologically-safe agricultural industry chain in China and also utilise the special trade and tax preferential favorable policies such as "Closer Economic Partnership Arrangement" between China and Hong Kong.
Status: Closed

-WOLTERS KLUWER TO ACQUIRE TRIAD PROFESSIONAL SERVICES
Dutch information services and publishing company Wolters Kluwer's Governance, Risk and Compliance business has signed an agreement to acquire substantially all of the assets of US legal and compliance products and services provider Triad Professional Services, LLC, the company said.
Triad, which will become part of the CT Corp. suite of products and services, is based in Alpharetta, Georgia and has less than 15 employees.
Status: Agreed

-NATIONAL GAS AND ELECTRIC TO ACQUIRE RETAIL ENERGY COMPANIES
US-based competitive power company National Gas and Electric, LLC has entered into agreements for the purchase of retail energy companies with over 500,000 of combined residential customer equivalents, the company said.
Contingent upon closing, along with previous acquisitions entered last year, NG/E said it could house over 600,000 RCEs that are within a similar geographic footprint to its affiliate, Spark Energy, Inc. NG/E intends to fund these acquisitions with a combination of the sale of a portion of Spark common stock held by NG/E's parent and the leveraging of the parent's balance sheet.
Status: Agreed