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.

Canadian Storage Partners ULC to buy InStorage REIT for $63 million

Columbia, Mo.-based Canadian Trading Partners ULC, a subsidiary of privately held TKG-StorageMart Group, is a property owner, developer and operator. It launched an offer to acquire the 80.43 percent stake of the Toronto-based InStorage REIT, a real investment trust fund, that it doesn’t own for $3.21 cash, a premium of 123.2 percent.
Seller financial advisor: Brookfield Financial; RBC Capital Markets
Bidder financial advisor: Banc of America Securities; BMO Capital Markets
Seller legal advisor: McCarthy Tetrault
Bidder legal advisor: Davies Ward Phillips & Vineberg; Van Matre, Harrison, Volkert, and Hollis

Ener1 Inc. to buy an 83-percent stake in Enertech International Inc. $55 million

New York City-based Ener1, which develops lithium batteries for hybrid vehicles and fuel cells for various applications, agreed to acquire the stake in Enertech, a privately held Seoul-based lithium-ion battery cell producer, in a deal in which Ener1will issue 5 million new common shares and 2.56 million warrants with a two-year maturity, and exercisable into shares of Ener1 stock at a strike price of $7.50 per warrant and $600,000 in cash.
Seller financial advisor: Not available
Bidder financial advisor: Internal
Seller legal advisor: Not available
Bidder legal advisor: Mazzeo Song

source: mergermarket


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