Notable Mergers and Acquisitions of the Day 03/22: (CVG) (IHS) (ENB)/(FSLR)

• Convergys Corporation (NYSE: CVG), signed a definitive agreement to sell its Information Management (IM) business for $449 million in cash to NEC Corporation.
  
  The transaction covers all of the IM business, including its Smart Revenue Solutions for the telecommunications, cable, satellite, broadband, utilities, and logistics markets.
  
  Convergys expects the transaction to be completed by late Q212, subject to the expiration of regulatory waiting periods and other customary closing conditions. Centerview Partners LLC was the financial advisor and Wachtell, Lipton, Rosen & Katz was the legal advisor for Convergys Corporation.
  
  Convergys is confirming its expectations for continuing revenue growth and earnings improvement for the full year 2012 in its customer management business.
  
  
• IHS Inc. (NYSE: IHS), has acquired IMS Research, a leading independent provider of market research and consultancy to the global electronics industry, for approximately $46 million.
  
  IMS Research was founded in 1989 and is headquartered in Wellingborough, U.K. The company employs more than 140 people in the U.K., U.S., China, Japan, South Korea and Taiwan.
  
  
• Enbridge Inc. (NYSE: ENB) and First Solar, Inc. (Nasdaq: FSLR) announced that Enbridge has acquired a 100 per cent interest in the 50-megawatt (MW) Silver State North photovoltaic (PV) project that First Solar has developed and constructed in Clark County, Nevada, near the community of Primm.
  
  Terms of the transaction were not disclosed.
  
  First Solar will recognize revenue from Silver State North after final testing and commissioning, expected in the second quarter of 2012.
  
  
• And, of course: Dart Container Corporation and Solo Cup Company signed a Definitive Agreement under which Dart Container will acquire Solo in a transaction valued at approximately $1 billion. Both companies are in the consumer and foodservice disposable packaging business. The transaction, which is subject to regulatory approval, is expected to close by the third quarter of this year.
  
  Solo is majority-owned by the family of its founder, Leo J. Hulseman, and is also a portfolio company of Vestar Capital Partners IV, L.P. Dart Container is a privately owned company founded by William A. Dart. The integrated organization will be a private company known as Dart Container Corporation. Dart expects to continue offering products under the Solo brand — including the iconic red Solo cup.
  
  Michigan-based Dart Container Corporation and Illinois-based Solo Cup Company will continue to operate independently until government approval is secured and the transaction closes.
  
  Goldman, Sachs & Co. acted as lead financial advisor to Solo Cup Company on the transaction. Evercore Partners also advised Solo Cup Company on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Solo. Ernst & Young Corporate Finance Inc. was lead financial advisor to Dart Container Corporation and Vinson & Elkins LLP served as Dart’s legal counsel on the transaction.

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