M and A Navigator: Deal pipeline -22 January.
M2 EQUITYBITES-January 22, 2018-M and A Navigator: Deal pipeline -22 January
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The following is a list of deals covered in detail by M and A Navigator this week:
-CONDOR HOSPITALITY TRUST CLOSES ACQUISITION OF THE TOWNEPLACE SUITES AUSTIN NORTH TECH RIDGE
US-based hotel-focused real estate investment trust Condor Hospitality Trust, Inc. (NYSE American: CDOR) has closed the purchase of the 122-room TownePlace Suites located in the North Tech Ridge submarket of Austin, Texas, the company said.
The hotel was purchased for USD 19.75m and will continue to be managed by Aimbridge Hospitality. Condor Hospitality Trust is a self-administered real estate investment trust incorporated in the state of Maryland that specialises in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited-service hotels.
Status: Closed
-COLONY NORTHSTAR, NORTHSTAR REAL ESTATE INCOME TRUST AND NORTHSTAR REAL ESTATE INCOME II WIN SHAREHOLDER NODS TO MERGE
Shareholders of US-based real estate investment management firm Colony NorthStar, Inc (NYSE: CLNS) and affiliates NorthStar Real Estate Income Trust, Inc., a public, non-traded REIT, and NorthStar Real Estate Income II, Inc., a public, non-traded REIT have approved a definitive tri-party agreement under which a select portfolio of Colony NorthStar assets and liabilities will combine with NorthStar I and NorthStar II in an all-stock combination transaction to create a leading commercial real estate credit REIT with approximately USD 5.5bn in assets and USD 3.4bn in equity value, the firm said.
Status: Agreed
-STRAYER EDUCATION WINS SHAREHOLDER NOD FOR CAPELLA EDUCATION MERGER
Shareholders of Virginia, US-based regionally accredited educational institution Strayer Education, Inc. (NASDAQ: STRA) have approved the company's agreement to merge with Minnesota, US-based educational services company Capella Education Company (NASDAQ: CPLA) in a merger of equals in an all-stock transaction, the company said.
In a separate meeting, shareholders of Capella Education also approved the deal. Pursuant to the terms of the merger agreement, Capella shareholders will receive 0.875 Strayer shares for each Capella share, which represents a premium of approximately 22% to the closing price of Capella shares on Friday, October 27, 2017, the last trading day prior to announcement.
Status: Agreed
-IMPAX ASSET MANAGEMENT CLOSES ACQUISITION OF US-BASED PAX WORLD MANAGEMENT
UK-based investment management group Impax Asset Management Group plc (AIM: IPX) has closed the acquisition of 100% of US-based investment manager Pax World Management LLC, the company said.
This deal was announced last September. Pax, which was founded in 1971, is a specialist in the field of sustainable investing in the United States. Based in Portsmouth, New Hampshire, Pax manages eleven mutual funds and, as at 31 August 2017, had assets under management of USD 4.496bn.
Status: Closed
-LIBERTY MUTUAL INSURANCE TO SELL LIFE ASSURANCE BUSINESS TO LINCOLN FINANCIAL
US-based insurer Liberty Mutual entered into a definitive agreement to sell Liberty Life Assurance Company of Boston to Lincoln Financial Group for approximately USD 3.3bn, the company said.
Liberty Life Assurance provides group disability, group life, individual life and annuity products. The companies expect to complete the transaction in 2Q18, pending regulatory approvals and other customary closing conditions. In order to enhance its ability to meet the changing needs of consumer and commercial customers, Liberty Mutual will realign into two major P and C businesses, Global Risk Solutions and Global Retail Markets.
Status: Agreed
-CHESAPEAKE EYE CARE FORMS MID-ATLANTIC OPTHALMOLOGY PRACTICE MANAGEMENT PLATFORM
Maryland, US-based Chesapeake Eye Care Company, LLC has formed One Vision Eye Partners to establish a medical and surgical ophthalmology platform in the Mid-Atlantic region, the company said. One Vision is seeking to acquire high-quality ophthalmology practices within its surrounding geographies and to recruit top-performing doctors to join the platform.
Led by its two founding physicians, nationally recognised eye surgeons Dr. Maria Scott and Dr. Mark Whitten, One Vision has a proven track record of delivering industry-leading patient outcomes. By adding new practices and physicians to its network, the company will expand patients' access to high quality clinical eye care.
Status: Closed
-BROADCOM RECEIVES SECOND REQUEST FROM FTC UNDER HSR ACT FOR PROPOSED ACQUISITION OF QUALCOMM
Singapore-based semiconductor device supplier Broadcom Ltd. (NASDAQ: AVGO) has received a request for additional information and documentary material from the Federal Trade Commission in connection with Broadcom's proposed acquisition of US-based chipmaker Qualcomm Inc. (NASDAQ: QCOM), the company said.
The Second Request was expected as a normal part of the regulatory approval process. Second Requests are common in similar transactions, and this signifies that Broadcom is moving into the next stage of the US antitrust...
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