Notable Mergers and Acquisitions of the Day 06/22: (ARCP) (HNR) (NAV)

June 22, 2012 10:09 AM EDT
  • American Realty Capital Properties, Inc., (Nasdaq: ARCP) approved the acquisition of an additional property the fee-simple interest in the Reckitt Benckiser French's Mustard office building located in Chester, NJ.

    The contract purchase price of the Reckitt Benckiser€“ French's Mustard office building is approximately $10.0 million, exclusive of closing costs, or at an anticipated capitalization rate of 9.2% (based on annualized net operating income and purchase price). The Reckitt Benckiser French's Mustard office building contains approximately 32,000 rentable square feet and is 100% leased to Reckitt Benckiser Plc., a British multinational consumer goods company headquartered in Slough, United Kingdom that carries an investment grade credit rating as determined by major credit rating agencies. The net lease has a 10-year term, with approximately six years remaining. The annualized rental income for the property will be approximately $920,000, or approximately $28.75 per rentable square foot.

  • After the market closed Thursday, Harvest Natural Resources, Inc. (NYSE: HNR) wholly-owned subsidiary, HNR Energia B.V., signed a definitive Share Purchase Agreement (SPA) with PT Pertamina (Persero), the national oil company of Indonesia (the Buyer), to sell all of the Company's interests in Venezuela for $725.0 million in an all-cash transaction. Net proceeds from the sale are estimated to be approximately $525.0 million after deductions for transaction related costs and taxes.

    The Buyer will purchase Harvest's 32 percent interest in Petrodelta, S.A. by purchasing HNR Energia B.V.'s 80 percent interest in Harvest-Vinccler Dutch Holding B.V. The effective date of the transaction is January 1, 2012.

    The closing of the transaction is subject to, among other things, approval by the Government of the Bolivarian Republic of Venezuela, the Government of Indonesia in its capacity as the Buyer's sole shareholder and a majority of the Company's stockholders. If all of the conditions to closing are not satisfied or not waived on or before March 21, 2013, either the Buyer or Harvest may terminate the SPA. The Boards of Directors of Harvest and Pertamina have each approved the transaction.

  • Navistar (NYSE: NAV) was said to be in talks with investment bankers Thursday. For a little more color on a potential M&A deal, click here.
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