M and A Navigator: Deal pipeline -1 March.
M2 EQUITYBITES-March 1, 2017-M and A Navigator: Deal pipeline -1 March
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The following is a list of deals covered in detail by M and A Navigator this week:
-ENTEGRA FINANCIAL CLOSES ACQUISITION OF 2 NORTHERN GEORGIA BRANCHES FROM STEARNS BANK
Franklin, North Carolina-based bank holding company Entegra Financial Corp. (NASDAQ: ENFC) subsidiary Entegra Bank has closed an agreement with US-based holding company Stearns Financial Services, Inc. subsidiary Stearns Bank, NA, to acquire its two banking branches in Jasper, Georgia, the company said.
In the deal, Entegra assumed approximately USD 150m in deposits with the option to purchase up to USD 5m in loans, and pay a deposit premium of 3.65%. Entegra Bank said it plans to hire all current employees at both branch locations and is dedicated to providing a smooth transition and high level of service to its new customers.
Status: Closed
-FAIRPOINT SCHEDULES 28 MARCH SHAREHOLDER VOTE ON USD 1.5BN CONSOLIDATED COMMUNICATIONS BUYOUT
North Carolina, US-based business and broadband communications provider FairPoint Communications, Inc. (NASDAQ: FRP) will hold a special meeting of stockholders on 28 March to approve the company's proposed merger with Illinois, US-based integrated communications provider Consolidated Communications Holdings, Inc. (NASDAQ: CNSL), the company said.
Consolidated Communications has also said it will hold a special shareholder meeting on 28 March. In a deal announced last December, Consolidated Communications agreed to acquire FairPoint Communications in an all-stock merger transaction valued at approximately USD 1.5bn, including debt. The agreement and the proposed merger have been unanimously approved by the boards of directors at both companies.
Status: Agreed
-WINDSTREAM CLOSES USD 1.1BN MERGER WITH EARTHLINK
US-based network communications and technology solutions company Windstream (NASDAQ: WIN) has completed its merger with US-based network services provider EarthLink Holdings Corp., the company said. Under the deal, EarthLink shareholders received 0.818 shares of Windstream common stock for each EarthLink share owned. The all-stock deal is worth USD 1.1bn.
Windstream expects to issue approximately 93m shares of stock valued at approximately USD 673m, based on the company's closing stock price on 4 November 2016. Upon closing of the transaction, Windstream shareholders own approximately 51% and EarthLink shareholders own approximately 49% of the combined company.
Status: Closed
-DOW JONES ACQUIRES RISKAVERTER REGULATORY COMPLIANCE PRODUCT
US-based anti-money laundering, anti-corruption and sanctions compliance data solutions provider Dow Jones Risk and Compliance has acquired regulatory compliance tool RiskAverter from US-based Compliance Strategies International, LLC, the company said.
RiskAverter's innovative solution enables companies to automate risk "scoring" so they can quickly and effectively assess third parties in relation to anti-corruption and other regulatory compliance risk areas. The RiskAverter product will be fully integrated within Dow Jones's workflow application, providing a complete third party risk solution for corporate customers.
Status: Closed
-SIRIS CAPITAL, XURA CLOSE ACQUISITION OF MITEL MOBILITY
Affiliates of US-based private equity firm Siris Capital Group, LLC and US-based digital services solutions provider Xura, Inc. have closed acquisition of the Mitel Mobility, Inc. division of Mitel Networks Corp. (NASDAQ: MITL) (TSX: MNW), the companies said.
Under the deal, Xura paid USD 385m for Mitel Mobility. This announcement follows the completion of Xura's acquisition of Ranzure Networks, Inc. on 1 February 2017, and the previously reported divestiture of Xura's non-core enterprise messaging business (Xura Secure Communications, GmbH) on 17 February 2017.
Status: Closed
-LATTICE SEMICONDUCTOR WINS SHAREHOLDER NOD FOR USD 1.3BN CANYON BRIDGE CAPITAL BUYOUT
Shareholders of US-based smart connectivity solutions provider Lattice Semiconductor Corp. (NASDAQ: LSCC) have approved the company's deal to be acquired by US-based private equity fund Canyon Bridge Capital Partners, Inc. affiliate Canyon Bridge Acquisition Company, Inc. for USD 1.3bn, inclusive of Lattice's net debt, or USD 8.30 per share in cash, the company said.
This represents a 30% premium to Lattice's last trade price on 2 November 2016, the last trading day prior to announcement. This deal was announced last November. The transaction has been unanimously approved by both companies' boards of directors and is expected to close in early 2017.
Status: Agreed
-GREEN DOT CLOSES USD 147M ACQUISITION OF PREPAID CARD, CORPORATE PAYROLL CARDS FIRM UNIRUSH
US-based prepaid card provider Green Dot Corp. (NYSE: GDOT) has closed the acquisition of US-based payment card provider UniRush, LLC, the company said. UniRush owns RushCard, an online direct-to-consumer general purpose reloadable prepaid card provider, and Rapid! PayCard, a corporate payroll card provider.
The acquisition materially expands Green Dot's scale with the addition of the RushCard and Rapid! PayCard installed customer bases, while establishing Green Dot as a formidable player in the growing corporate payroll card and wage disbursement market.
Status: Closed
-KNOT OFFSHORE PARTNERS CLOSES ACQUISITION OF SHUTTLE TANKER TORDIS KNUTSEN
UK-based shuttle tanker operator Knot Offshore Partners LP (NYSE: KNOP) has completed its acquisition of the ownership interests in the company that owns and operates the shuttle tanker Tordis Knutsen (Knot Shuttle Tankers 24 AS "Knot 24"), the partnership said.
The...
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