Notable Mergers and Acquisitions of the Day 11/14: AGO, BA, VRX

November 14, 2008 9:41 AM EST

• Assured Guaranty Ltd. (NYSE: AGO) has reached a definitive agreement with Dexia SA to purchase Financial Security Assurance Holdings Ltd. The definitive agreement provides that Assured will be fully protected against exposure to FSA’s Financial Products segment, which includes its guaranteed investment contract business.
  
  The purchase price to be paid by Assured is $722 million, consisting of $361 million in cash and 44,567,000 common shares of Assured. The purchase price is approximately 37.5% of FSA’s September 30, 2008 shareholders’ equity adjusted for the FP Segment and certain other accounting items. As part of this transaction, Assured will also be assuming $730 million of FSA’s outstanding debt. The acquisition is not subject to a financing contingency. Assured expects to finance the cash portion of the acquisition with the proceeds of a public equity offering. Assured has received a back-up commitment from funds affiliated with WL Ross & Co. LLC to fund the cash portion of the purchase price with the purchase of newly issued common shares.
  
  
• The Boeing Company (NYSE: BA) today announced an agreement to acquire Digital Receiver Technology, Inc.
  
  DRT's digital signal processing products, such as wireless receivers and transceivers, are used by U.S. intelligence customers, the Department of Defense and the Department of Homeland Security to collect signal intelligence and threat warnings. DRT has approximately 370 employees, with the majority located in Germantown.
  
  Terms of the transaction were not disclosed. Once acquired, DRT will operate within Boeing Integrated Defense Systems' Network & Space Systems unit. The transaction is anticipated to close by the end of the year.
  
  
• Valeant Pharmaceuticals International (NYSE: VRX) today announced that it has acquired DermaTech Pty Ltd, an Australian specialty pharmaceutical company focused on dermatology products marketed throughout Australia and overseas, for approximately AU$19 million, with customary adjustments for net asset value. This transaction significantly expands Valeant's Australian specialty pharmaceutical business through the acquisition of key products in both the retail and prescription brands, which complement Valeant's current product portfolio. DermaTech's current annualized net sales are approximately AU$10.5 million.

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

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