Notable Mergers and Acquisitions of the Day 05/11: (BBEP) (PLCM) (T)/(LEAP)

• After the market closed Thursday, BreitBurn Energy Partners L.P. (Nasdaq: BBEP) signed two separate agreements to acquire oil and natural gas properties located in the Permian Basin in Texas for a combined price of approximately $220 million, subject to customary closing conditions and purchase price adjustments.
  
  The acquisitions will be funded with borrowings under the Partnership’s existing bank credit facility and are expected to close within 60 days.
  
  Hal Washburn, BreitBurn's CEO, said, “...These acquisitions will expand our geographic presence to seven states, further increase our exposure to oil, and give us the opportunity to leverage the expertise of a strong operator as we build a local team. The properties are excellent MLP assets that have significant recoverable oil in place and predictable development drilling outcomes with over 160 potential drilling locations. We believe the acquisitions will be immediately accretive to distributable cash flow per unit upon closing.”
  
  
• Polycom, Inc. (Nasdaq: PLCM), announced a definitive agreement to divest its enterprise wireless voice solutions business to an affiliate of Sun Capital Partners, Inc. for gross proceeds of approximately $110 million in cash, subject to certain adjustments set forth in the agreement.
  
  The sale is expected to close within the third quarter of 2012, following the satisfaction of regulatory requirements and other customary closing conditions. Polycom’s Board of Directors has approved an increase in its current share repurchase authorization to include net proceeds of approximately $104 million from this transaction, contingent upon the sale of the enterprise wireless voice solutions business and receipt of the net proceeds from the sale.
  
  Prior to this transaction, Polycom had a share repurchase authorization of $800 million, of which approximately $78 million was remaining as of May 10, 2012. Contingent upon the close of this transaction and receipt of the net proceeds, Polycom will be increasing its total remaining authorization from approximately $78 million to approximately $182 million.
  
  
• Reuters said Leap Wireless International Inc. (Nasdaq: LEAP) and AT&T (NYSE: T) recently held M&A talks.
  
  Leap hired bankers for advice on the potential hook-up, the report said.

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