Notable Mergers and Acquisitions of the Day 06/29: (BJ) (OVTI)/(TSM) (SXL)/(SUN)

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June 29, 2011 10:18 AM EDT
  • BJ's Wholesale Club, Inc. (NYSE: BJ) entered an agreement to be acquired by affiliates of Leonard Green & Partners, L.P. and funds advised by CVC Capital Partners for $51.25 per share in cash, or approximately $2.8 billion.

    The deal come at a approximately 7% premium to the closing price of BJ's shares on June 28, 2011.

    The transaction is expected to close during Q411.

    Morgan Stanley & Co. Inc. acted as financial advisor to BJ’s, and Wilmer Cutler Pickering Hale and Dorr LLP served as its legal counsel.

  • OmniVision Technologies, Inc. (Nasdaq: OVTI), has entered into an agreement with VisEra Technologies Company, Ltd., or VisEra, OmniVision's joint venture with Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM), to acquire from VisEra its wafer-level lens production operations.

    The cash consideration for the operations is $45 million. OmniVision anticipates that the parties will close the transaction in Q212.

  • Sunoco Logistics Partners L.P. (NYSE: SXL) announced today that it has reached an agreement with Sunoco, Inc. (NYSE: SUN) to purchase the Eagle Point tank farm and related assets, located in Westville, N.J., for approximately $100 million in deferred distribution units. Sunoco Logistics anticipates additional capital spending of approximately $90 million to provide for operational flexibility and to meet regulatory requirements.

    In a separate transaction, Sunoco Logistics announced that it has signed a definitive agreement to purchase a refined products terminal located in East Boston, Massachusetts from ConocoPhillips (NYSE: COP) for $56 million plus the fair market value of inventory. This transaction is expected to be financed with borrowings under Sunoco Logistics’ revolving credit facilities pending more permanent financing.

    Both transactions are subject to customary closing conditions and are expected to be completed in Q311.
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Morgan Stanley, Leonard Green & Partners, CVC Capital Partners, Notable Mergers and Acquisitions