M&A; Watch: Carphone, Best Buy, Sara Lee, American Dental partners, JLL, Camac, Avana, Cadan, Mining Group
Monday, November 07, 2021 1:52 PM

Some noticeable merger and acquisition activities for today are discussed below.

Best Buy Buys Carphone’s Stake for $1.3 bln in mobile JV

Best Buy Co. (NYSE: BBY) announced that it will buy out Carphone Warehouse’s (LON: CPW) stake in the mobile joint venture for $1.34 billion or 838 million pounds. The deal will be financed by the company’s domestic and international cash positions and will be accretive to the company’s earnings from FY 2013 by 24-27 cents a share. Terms also call for Best Buy to pay CPW 5 million pounds each year for up to five years in exchange for ongoing management consulting services. Big Buy also announced to close down 11 big box pilot stores in U.K. The company will bear $250 to $270 million in restructuring charges.

Sara Lee mulling $159 mln Eurodough offer

Food company Sara Lee Corp. (NYSE: SLE) said on Monday it is in talks with France's Sagard Private Equity Partners to sell its EuroDough European chilled dough business for about $159 million, days after it announced plans to split into two. Should the current process in France lead to a divestiture, Sara Lee said it expects to receive more than $1 billion in proceeds from its North American and European bakery assets.

American Dental to be acquired by JLL Partners for $19/shr

American Dental Partners Inc. (Nasdaq: ADPI) announced that it will be acquired by private equity firm JLL Partners Inc. for $19.0 per share in cash. The deal represents   a premium of 83 percent to the closing share price as on November 4, 2011. The deal is valued at approximately $398 million, including $81 million in outstanding debt.

U.S.-based CAMAC Energy to acquire Avana Petroleum

Camac Energy Inc. (AMEX: CAK) announced agreement to purchase Avana Petroleum Ltd., for$15 million. The deal will involve payment of Camac common stock in three tranches: $10 million on completion of the deal, $2.5 million after six months of the deal and $2.5 million after twelve months of the deal.

Mining Group to acquire interest in Cadan’s Comval project

Cadan Resources Corp. (TSXV: CXD.V) announced today that it has signed a binding Heads of agreement with the Mining Group ltd, which may acquire 80 percent in Cormval copper-gold project for located in Compostella Valley, Philippines. Under the provisions of the deal, Cadan group will retain a 20 percent interest for free till the Mining Group has not incurred an expenditure of  $48 million on the project.