M and A Navigator: Deal pipeline -8 January.
M2 EQUITYBITES-January 19, 2018-M and A Navigator: Deal pipeline -8 January
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The following is a list of deals covered in detail by M and A Navigator this week:
-MANUFACTURER BURTON SAW AND SUPPLY MERGES WITH SIMONDS INTERNATIONAL
US-based wood cutting tools provider Simonds International and saw manufacturer Burton Saw have merged in a transaction that will create a producer and marketer of cutting tools and related equipment for the primary wood fiber industry, the companies said.
The combined entity, Wood Fiber Holdings, Inc., will continue to operate in the United States and Canada with 12 facilities located in the major wood fiber regions of North America. All products and customers segments currently served by Burton, Simonds and B.G.R. Saws will continue uninterrupted during the integration process and thereafter. Simonds International, founded in 1832, is a supplier and marketer of cutting tools and related products to the wood, pulp, paper and tree care industries.
Status: Closed
-INOTEK PHARMACEUTICALS CLOSES MERGER WITH US GENE THERAPY COMPANY ROCKET PHARMACEUTICALS
US-based drugmaker Inotek Pharmaceuticals Corp. (NASDAQ: ITEK) has closed its merger with US-based gene therapy company Rocket Pharmaceuticals Ltd, Inotek said.
The combined company will retain the name Rocket Pharmaceuticals and will be headquartered in New York City. Inotek Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialisation of therapies for ocular diseases, including glaucoma. In July 2017, the company announced top-line results of its Phase 2 fixed-dose combination trial of trabodenoson and latanoprost for the treatment of glaucoma.
Status: Closed
-RTI SURGICAL TO ACQUIRE SPINE-FOCUSED MEDICAL DEVICE MAKER ZYGA TECHNOLOGY
US-based surgical implant company RTI Surgical, Inc. (NASDAQ: RTIX) has signed an agreement to acquire US-based spine-focused medical device maker Zyga Technology, Inc., the company said.
Zyga Technology develops and produces minimally invasive devices to treat underserved conditions of the lumbar spine. The company's primary product is the SImmetry Sacroiliac Joint Fusion System.
Status: Agreed
-LITTLEFUSE, US CHIPMAKER IXYS TO CLOSE MERGER ON 12 JANUARY
US-based circuit protection company Littelfuse, Inc. (NASDAQ: LFUS) expects to close its acquisition all of the outstanding shares of US-based chipmaker IXYS Corp. (NASDAQ: IXYS) on 12 January, the company said.
However, the closing remains subject to the conditions of the Agreement and Plan of Merger that Littelfuse and IXYS entered into on August 25, 2017, as amended, including the adoption of the merger agreement by IXYS stockholders. Last August, Littelfuse entered into a definitive agreement to acquire all of the outstanding shares of IXYS in a cash and stock transaction. The transaction represents an equity value of approximately USD 750m and enterprise value of USD 655m.
Status: Agreed
-CHASE ACQUIRES STEWART POLYMER FORMULATOR SUPERABSORBENTS, ZAPPA STEWART FOR USD 71.38M
US-based protective materials manufacturer Chase Corp. (NYSE American: CCF) has acquired US-based superabsorbent polymer formulator and solutions provider Stewart Superabsorbents, LLC, the company said. Stewart Superabsorbents has operations located in Hickory and McLeansville, North Carolina.
In the most recently completed calendar year, SSA and its recently acquired Zappa-Tec business had combined revenue in excess of USD 24m. Chase said it expects this acquisition to be immediately accretive to its earnings. The business was acquired for a purchase price of USD 71,382,000, net of cash acquired, pending any working capital adjustments and excluding acquisition-related costs.
Status: Closed
-EASTERLY ACQUISITION, JH CAPITAL SECURE USD 125M FINANCING LED BY FORTRESS
US-based asset management firm Easterly Acquisition Corp. (NASDAQ: EACQ) merger target, US-based specialty finance business, has secured USD 125m financing that should allow it to complete its merger with Easterly, the companies said.
Global credit investor Fortress Credit Corp., an affiliate of Fortress Investment Group, led a USD 125m financing to support JH Capital's acquisition of defaulted consumer receivables from a diversified group of 10 lenders. In June 2017, Easterly Acquisition announced a planned business combination with JH Capital under which it will acquire JH Capital and rename the company JH Capital Group Holdings, Inc.
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