Notable Mergers and Acquisitions of the Day 01/21: NOVA, WMG, ORCC

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NOVA Hot Sheet

Overall Analyst Rating:
SELL (= Flat)

NovaMed, Inc. (Nasdaq: NOVA) announced that they have entered into an agreement whereby they will be acquired by Surgery Center Holdings, Inc. for a consideration of $13.25 per share, or total outlay of $214 million, including the assumption or repayment of approximately $105 million of indebtedness.

Surgery Partners is an affiliate of H.I.G. Capital, LLC.

Closing is expected in Q211.

Jefferies Finance LLC and THL Credit, Inc. have committed to provide debt financing for the transaction.

William Blair & Company is serving as financial advisor and DLA Piper LLP (US) is serving as legal advisor to NovaMed’s board of directors.

McDermott, Will and Emery LLP is serving as legal advisor to H.I.G. Capital and Surgery Partners.
Shares of Warner Music Group (NYSE: WMG) are up in premarket trade on a report Friday from the New York Times Dealbook that the major record label is seeking potential buyers for the company and has hired Goldman Sachs (NYSE: GS) to aid int he process.

According to the report citing an executive with knowledge of the matter, the company has decided to hire Goldman Sachs after several suitors have approached Warner Music in recent months about buying the company.

One interested suitor was the buyout firm Kohlberg Kravis Roberts, but the company has decided to begin a formal sale process, and Goldman has recently begun making sales pitches for Warner Music to media companies and financial investors.

Warner Music is the only pure music company that is publically traded, with an artist lineup including Kid Rock, Green Day and Bruno Mars.

The company was bought in 2004 for $2.6 billion in cash by a group of investors that included Edgar Bronfman Jr., Bain capital, Thomas H. Lee Partners and Providence Equity Equity Partners.
Online Resources (Nasdaq: ORCC) considering alternatives, evaluating unsolicitied expressions of interest.