Deals: A Peep from Private Equity

In our M&A Roundup for the week ended Oct. 19, three of the five largest involve private buyers, as capital markets slump keeps cutting into overall transactions.

Advent International Corp. and Doc@Post to buy the transaction processing activities in France of Experian Plc for $274 million

Boston-based private equity firm Advent and Paris-based document processing company Doc@Post agreed to acquire the s-based transaction processing activities of Experian, a Dublin-based information services company. The transaction is expected to close before the end of the year 2008.
Seller financial advisor: UBS
Bidder financial advisor: Hawkpoint Partners; Rothschild
Seller legal advisor: Linklaters
Bidder legal advisor: Latham & Watkins

GlaxoSmithKline plc to buy the Egyptian mature products business of Bristol Myers Squibb Co. for $210 million

Middlesex, UK-based healthcare group GlaxoSmithKline agreed to acquire the Egyptian pharmaceutical and mature products business of New York City-based Bristol Myers Squibb, a biopharmaceutical company and related health care products company in a transaction expected to close by the end of October.
Seller financial advisor: Citigroup
Bidder financial advisor: Not Disclosed
Seller legal advisor: DLA Piper
Bidder legal advisor: Cleary Gottlieb Steen & Hamilton; Slaughter & May

Electro Scientific Industries Inc. to buy Zygo Corp. for $199 million

Portland, Ore.-based Electro Scientific, a developer and supplier of photonics microengineering products and laser systems, agreed to acquire Middlefield, Conn.-based Zygo, which makes optical systems and components. The $10.30-a-share calls for Zygo holders to get 1.0233 shares of Electro shares for each Zygo share in a tax-free transaction. After completion, Electro Scientific will issue approximately 18.1 million shares on a diluted basis, and Zygo will own 40 percent of the combined company. The transaction is expected to be completed in the first quarter of 2009.
Seller financial advisor: Goldman Sachs
Bidder financial advisor: Needham & Company
Seller legal advisor: Stoel Rives
Bidder legal advisor: Fulbright & Jaworski

Mercury Casualty Co. to buy Auto Insurance Specialists from Aon Corp. for $155 million

Brea, Calif.-based Mercury, the auto insurance subsidiary of Los Angeles-based Mercury General Corp., agreed to acquire private, Chicago-based Auto Insurance Specialists from Chicago-baed Aon, which provides insurance and risk management, human capital consulting, and insurance underwriting products, in a transaction expected to close in the first quarter of 2009.
Seller financial advisor: Aon Corporation
Bidder financial advisor: Internal
Seller legal advisor: Sidley Austin
Bidder legal advisor: Latham & Watkins

Taylor Made Golf Company Inc. to buy Ashworth Inc. for $74 million

Carlsbad, Calif.-based TaylorMade, a subsidiary of the adidas Group, agreed to acquire Carlsbad-based Ashworth, a retailer of golf apparel for $1.90 a share, while assuming about $46.34 million of Ashworth debt. With the offer valuing outstanding share capital at $28.02 million, the price represents a premium of 9.83 percent. The acquisition is expected to close in the fourth quarter.
Seller financial advisor: Kurt Salmon Associates Inc
Bidder financial advisor: Barclays Bank Plc
Seller legal advisor: Gibson Dunn & Crutcher
Bidder legal advisor: Sheppard, Mullin, Richter & Hampton


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