Notable Mergers and Acquisitions of the Day 04/12: (CAT) (MMS) (CO)
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- Caterpillar Inc. (NYSE: CAT) reached an agreement with WesTrac Pty Limited, a wholly owned subsidiary of Seven Group Holdings Limited, to acquire from Caterpillar the distribution and support business formerly operated by Bucyrus in Western Australia, Australian Capital Territory and New South Wales. The transaction is valued at approximately USD $400 million.
Following completion of the acquisition, approximately 430 former Bucyrus employees and contractors are expected to transition to WesTrac. Subject to customary closing conditions, it is anticipated that the transaction will close by June 30, 2012.
- China Cord Blood Corporation (NYSE: CO) and Kohlberg Kravis Roberts & Co. L.P. (NYSE: KKR) entered into agreements under which KKR China Growth Fund L.P., a China focused investment fund managed by KKR, is expected to invest $65 million into CCBC, the largest cord blood banking operator in China, to support its further business expansion and to capitalize on China’s fast growing healthcare services industry.
- MAXIMUS (NYSE: MMS) signed a definitive agreement to acquire Policy Studies Inc. (PSI), a government health and human services provider. The acquisition is expected to strengthen MAXIMUS’ leadership in the administration of health and human services programs across the United States. The acquisition is expected to close on April 30, 2012 and is subject to certain closing conditions.
The all-cash transaction is valued at approximately $67 million. Policy Studies Inc. had revenue of approximately $137 million for the year ended December 31, 2011. Excluding acquisition-related and one-time charges, MAXIMUS expects the acquisition to be slightly accretive for the remainder of its fiscal 2012 year and fully accretive in fiscal 2013.
Morgan Stanley & Co. advised Policy Studies Inc. on the transaction.
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