Notable Mergers and Acquisitions of the Day 5/6 (BAC/CFC, NITE, HRP)

May 6, 2008 9:48 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Bank of America (NYSE: BAC) spokesman says Countrywide (NYSE: CFC) takeover is 'on track' - Bloomberg
  
  
• Knight Capital Group, Inc. (Nasdaq: NITE) has agreed to acquire Libertas Holdings, LLC, a leading boutique institutional fixed income brokerage firm, for approximately $50 million in cash and $25 million of unregistered Knight stock, payable upon close.
  
  The terms of the agreement include two components valued at up to $150 million. At the close, the approximately $50 million in cash is subject to an adjustment based on actual working capital at Libertas, and $25 million of unregistered Knight stock is subject to certain contractual transfer restrictions. The agreement also includes a potential earn-out of up to $75 million of unregistered Knight stock based on future performance of Libertas in the three-year period following the close.
  
  The acquisition is expected to be cash flow positive immediately following the closing of the transaction and accretive to earnings per share in 2009. Upon the close of the acquisition, Libertas will operate as a wholly-owned operating subsidiary of Knight Capital Group.
  
  
• HRPT Properties Trust (NYSE: HRP) has entered into a series of agreements to sell 48 medical office, clinic and biotech laboratory buildings (2.2 million sq. ft.) for $565 million.
  
  As of December 31, 2007, HRP's historical investment in these properties was approximately $397 million, and its depreciated book carrying value of these properties was approximately $350 million; accordingly, HRP expects to realize capital gains of approximately $215 million as a result of these sales. HRP has owned these 48 buildings for an average of nine years.
  
  HRP's aggregate capitalization rate for these sales based on $40.0 million per year of current net operating income from the buildings is approximately 7.1%.
  
  The purchaser of these properties is Senior Housing Properties Trust (NYSE: SNH). SNH will pay an aggregate of approximately $554 million in cash at the closings and assume three mortgages on two properties which total approximately $11 million. The sales are scheduled to close in phases throughout the next 12 months.
  

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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