Notable Mergers and Acquisitions of the Day 10/28: F, GSIC, HAL

October 28, 2009 10:25 AM EDT

• Ford Motor Company (NYSE: F) said a consortium led by Zhejiang Geely Group Holding Co. Ltd. is its preferred bidder in the ongoing discussions concerning the possible sale of Volvo Car Corporation.
  
  Ford said that while it will be engaging in more detailed and focused negotiations with Geely, no final decisions have been made.
  
  "Ford's objective in our discussions with Geely is to secure an agreement that is in the best interests of all the parties," said Lewis Booth, Ford Motor Company executive vice president and chief financial officer. "Any prospective sale would have to ensure that Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise, while enabling Ford to continue to focus on and implement our core ONE Ford strategy.
  
  
• GSI Commerce Inc. (NASDAQ: GSIC) today announced it has signed a definitive agreement to acquire Retail Convergence Inc.
  
  The transaction is valued at up to $350 million, including $180 million at closing (50 percent cash, 50 percent stock) and an earn-out of up to $170 million. To reach the maximum earn-out, RCI will need to achieve non-GAAP income from operations of $51.9 million in fiscal year 2012 (a complete description of the earn-out is contained later in this release). At the end of September 2009, RCI had cash of $7.5 million and no debt. In 2010, RCI is expected to generate at least $230.0 million of revenue, $7.0 million of income from operations and $15.0 million of non-GAAP income from operations
  
  Retail Convergence is a Boston, Mass.-based company that operates RueLaLa.com, a leader in the private sale space and SmartBargains.com, an off-price e-commerce marketplace.
  
  
• Halliburton (NYSE: HAL) announced today that it has acquired Geo-Logic Systems, LLC. Founded in 1983, Geo-Logic Systems is the leading provider of advanced structural interpretation, analysis and restoration software for complex geologic environments.
  
  Geo-Logic Systems' software validates complex geologic interpretations by determining their physical possibility using its structural restoration and balancing capabilities. The software assists in analyzing and modeling fault seal characteristics, burial histories, and determining hydrocarbon migration pathways and accumulation zones thereby enabling Halliburton's customers to construct more accurate geologic models.
  
  No financial data was released.

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