Hospital beds in a file photo.© Lee Celano / Reuters
DEAL OF THE DAY: U.S.-based TeamHealth buys IPC Healthcare for $1.4-billion
TeamHealth Holdings, Inc., a provider of outsourced physician staffing solutions for hospitals in the United States, announced a definitive agreement to acquire IPC Healthcare Inc., a national acute hospitalist and post-acute provider organization, in an all-cash transaction for $1.4-billion (U.S.) or $80.25 per share. Full story
MERGERS AND ACQUISITIONS
Tecumseh Products Company acquired at a 155 per cent premium
Mueller Industries, Inc. and Atlas Holdings LLC have announced that they have entered into a definitive agreement to acquire Tecumseh Products Company, a manufacturer of compressors and related products in a transaction valued at approximately $123-million (U.S.), including the assumption of net debt. The offer price of $5 per share in cash reflects a 155 per cent premium based on Tecumseh's closing price of $1.96 per share on August 4, 2015. Press release
Toronto's Traffik bought by SGS International
SGS International, a print production and packaging service, announced its acquisition of Toronto-based marketing services firm, Traffik. Traffik's 90-person team of copywriters, art directors, strategists, client-service professionals and production artists will integrate into SGS immediately. The terms were not disclosed. Press release
Luminator acquires Gorba and Invertag
Luminator Technology Group has acquired Gorba/Invertag AG. LTG is a manufacturer and integrator of display and lighting technology. Gorba AG is a supplier of passenger information systems for public transportation. Invertag AG develops and produces high-quality display and input systems for the public transportation, industry and digital signage market. Terms of the acquisition was not disclosed. Press release
PRIVATE EQUITY AND VENTURE CAPITAL
Kineticor closes $80-million financing deal
Kineticor Resource Corp., a Calgary-based energy company, has closed an $80-million equity financing agreement with Harbert Power, LLC on behalf of its affiliate Harbert Power Fund V, LLC. The funds will be used to fund Kineticor's current and future projects which are in various stages of development. Press release
ANALYSIS AND INSIGHT
M&A borrowing hits fresh record
Companies are issuing debt at record rates to fund acquisitions, partly motivated by expectations of a rise in U.S. lending rates. Acquisition-related bond issuance has reached $290-billion (U.S.) for 2015, up from $106.8-billion this time last year, and the highest amount on record. Full story
IN CASE YOU MISSED IT
Onex fund makes strategic health investments Onex Corporation, a Canadian private equity firm, has announced the completion of its investment in Schumacher Group, a U.S. provider of outsourced emergency and hospital staffing services. The investment was made by Onex Partners IV, Onex's $5.7-billion (U.S.) flagship fund. Onex has also agreed to acquire Hospital Physician Partners (HPP) through a subsidiary. Full story
Tanzania deal with Twigg falls through Tanzania Minerals Corp. has provided an update with respect to its transaction with Twigg Gold Ltd. The two companies will no longer proceed with the transaction where Twigg would sell two previously discussed assets to Tanzania Minerals. The agreement (first announced October 21, 2014) is terminated effective immediately. Press release
Know of any upcoming deals we should cover? Have suggestions for making the Daily Deal Roundup more useful? E-mail us at deals@globeandmail.com.