Notable Mergers and Acquisitions of the Day 9/29: SNR, PFE/WYE, CIR

September 29, 2009 11:20 AM EDT

• Sunair Services Corporation (AMEX: SNR) entered into a definitive merger agreement with Massey Services, Inc. pursuant to which Massey would acquire all of the outstanding common stock of Sunair in an all-cash transaction valued at $2.75 per share, which represents a premium of approximately 47% over the stock's closing price on September 25, 2009.
  
  Massey's operations would merge with Middleton Pest Control, Inc., a wholly owned subsidiary of Sunair with headquarters located in Orlando, Florida, which provides pest control and lawn care services to both residential and commercial customers. The transaction is expected to close in November subject to the approval of Sunair's shareholders, customary regulatory approvals and other closing conditions. Following the closing, Harvey L. Massey will be the Chairman and CEO of the combined companies, which will be privately held.
  
  
• Pfizer Inc (NYSE: PFE) announced that China's Ministry of Commerce has approved the company's pending acquisition of Wyeth (NYSE: WYE). The Ministry's decision includes Pfizer's commitment to divest certain animal health assets in China.
  
  "We are pleased to have achieved another significant milestone with the Ministry's approval of the pending transaction," said Jeff Kindler, Chairman and Chief Executive, Pfizer.
  
  The transaction remains subject to regulatory approval in Australia, Canada and the United States. Pfizer expects to obtain these approvals shortly and to close the transaction early in the fourth quarter 2009.
  
  
• CIRCOR International, Inc. (NYSE: CIR) today announced that it has acquired Pipeline Engineering & Supply Co. Ltd., a privately held pipeline products and solutions company based in the United Kingdom. Pipeline Engineering generated approximately $30 million in revenues during its most recent fiscal year. Excluding acquisition-related costs, the transaction is expected to be immediately accretive to earnings. Terms of the deal were not disclosed.
  
  "With the acquisition of Pipeline Engineering, CIRCOR now has one of the broadest portfolios of pipeline solutions available," said CIRCOR Chairman and Chief Executive Officer Bill Higgins. "Pipeline Engineering's products and services, when combined with our current offerings through Sagebrush Pipeline Equipment Company, will allow CIRCOR to better assist our customers in managing their pipeline assets more efficiently and safely. In addition, we have the opportunity to leverage Pipeline Engineering's customer relationships and approved suppliers' lists to other energy-related products. Geographically, Pipeline Engineering's footprint outside North America, especially in Europe, Africa and the Middle East is a great complement to Sagebrush's strength in the United States. We look forward to welcoming Pipeline Engineering's talented employees to our Energy Products Group and to CIRCOR."

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