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Notable Mergers and Acquisitions of the Day 06/05: (SMLP) (SAP) (XRX)
June, 06th 2013

Summit Midstream Partners, LP (NYSE: SMLP) today announced two separate acquisitions of unrelated natural gas gathering systems totaling $460 million in the Bakken and Marcellus shale plays. The transactions will be financed under SMLP's recently upsized $600 million revolving credit facility and the issuance of $150 million of common units and general partner interests in SMLP to wholly-owned subsidiaries of Summit Midstream Partners, LLC ("Summit Investments"). SMLP expects these transactions to be immediately accretive to distributable cash flow on a per unit basis. Bison Midstream, LLC ("Bison") is engaged in associated natural gas gathering in Mountrail and Burke counties in North Dakota. The Bison system consists of 300 miles of low-pressure and high-pressure gas gathering pipelines and six compressor stations with 5,950 horsepower of compression. Total throughput capacity on the system is in the process of being expanded from approximately 20 million cubic feet per day ("MMcf/d") to 30 MMcf/d with the installation of new compression which is expected to be completed by the end of 2013. Volume throughput on the Bison system is underpinned by minimum volume commitments from its anchor customers which represent, on average, approximately 80% of projected annual revenue over the next several years. SMLP closed and funded the $250 million drop down acquisition

Summit Midstream Partners, LP (NYSE: SMLP) today announced two separate acquisitions of unrelated natural gas gathering systems totaling $460 million in the Bakken and Marcellus shale plays. The transactions will be financed under SMLP's recently upsized $600 million revolving credit facility and the issuance of $150 million of common units and general partner interests in SMLP to wholly-owned subsidiaries of Summit Midstream Partners, LLC ("Summit Investments"). SMLP expects these transactions to be immediately accretive to distributable cash flow on a per unit basis.

Bison Midstream, LLC ("Bison") is engaged in associated natural gas gathering in Mountrail and Burke counties in North Dakota. The Bison system consists of 300 miles of low-pressure and high-pressure gas gathering pipelines and six compressor stations with 5,950 horsepower of compression. Total throughput capacity on the system is in the process of being expanded from approximately 20 million cubic feet per day ("MMcf/d") to 30 MMcf/d with the installation of new compression which is expected to be completed by the end of 2013. Volume throughput on the Bison system is underpinned by minimum volume commitments from its anchor customers which represent, on average, approximately 80% of projected annual revenue over the next several years.

SMLP closed and funded the $250 million drop down acquisition of Bison, an indirect, wholly-owned subsidiary of Summit Investments, with $200 million of cash drawn under SMLP's revolving creditfacility and $50 million of common units and general partner interests in SMLP issued to wholly-owned subsidiaries of Summit Investments at a price of $31.53 per unit. This price represents the five day volume weighted average price ("VWAP") of SMLP units as of the market close on June 3, 2013.

* SAP AG (NYSE: SAP) and hybris announced that SAP plans to acquire hybris, a rapidly growing and widely recognized leader in e-commerce technology. The acquisition positions SAP to deliver the next-generation e-commerce platform, with the choice of on-premise or cloud deployment, as enterprises around the world seek to optimize the customer experience for businesses and consumers across an ever-growing number of delivery channels, devices and touch points. The combination of industry-leading enterprise solutions from SAP with the agile omni-channel commerce solutions of hybris will provide enterprises with the enhanced data and tools necessary to optimize margins and customer loyalty. With a holistic view of the customer relationship, SAP® solutions help enterprises manage the full spectrum of customer engagement — across sales, service, marketing and commerce — while maintaining understanding and intimacy through social channels.

Today's consumers and businesses demand a seamless brand and shopping experience across all channels. Estimated at a total value of US$37 billion by industry analysts, the e-commerce technology market is experiencing rapid growth as businesses adapt to changing customer behaviors that seamlessly cross Web, mobile, store, contact center and other points of engagement. Big data, cloud and social technologies only heighten demand for innovative commerce solutions needed for managing consistent customer engagement. Growing at more than twice the rate of the retail industry, e-commerce is increasingly recognized as a critical capability in identifying, winning and growing profitable customer relationships.

Upon completion of the transaction, expected in the third quarter of 2013 and subject to regulatory approval and other closing conditions, hybris will operate as an independent business unit and will retain its existing management team led by Ludi and Thoma.

* Xerox (NYSE: XRX) is acquiring LearnSomething, Inc., the leading provider of custom e-learning solutions and consumer education for the food, drug and healthcare industries.

The acquisition broadens the services Xerox offers to these industries, providing retail companies with Web-based information programs that meet the regulatory, operational, continuing education and internal training needs of their diverse and widely-distributed workforces.

Based in Tallahassee, Fla., LearnSomething currently delivers industry information and educational programs to 85 percent of all U.S. retail pharmacy chains, reaching more than 110,000 retail pharmacists. Food and drug retailers use the company’s e-learning platform, Learner Community™, to complete regulatory compliance courses.

In addition, retail industry associations depend on the Learner Community platform to create and market e-learning products and continuing education services to members.

Upon closing of the transaction, LearnSomething will go to market as “LearnSomething, A Xerox Company” and the company’s 50 employees will continue to be led by Roden.

To keep up on all the Mergers & Acquisitions data in real-time, go to our M&A Insider page.

of Bison, an indirect, wholly-owned subsidiary of Summit Investments, with $200 million of cash drawn under SMLP's revolving creditfacility and $50 million of common units and general partner interests in SMLP issued to wholly-owned subsidiaries of Summit Investments at a price of $31.53 per unit. This price represents the five day volume weighted average price ("VWAP") of SMLP units as of the market close on June 3, 2013. * SAP AG (NYSE: SAP) and hybris announced that SAP plans to acquire hybris, a rapidly growing and widely recognized leader in e-commerce technology. The acquisition positions SAP to deliver the next-generation e-commerce platform, with the choice of on-premise or cloud deployment, as enterprises around the world seek to optimize the customer experience for businesses and consumers across an ever-growing number of delivery channels, devices and touch points. The combination of industry-leading enterprise solutions from SAP with the agile omni-channel commerce solutions of hybris will provide enterprises with the enhanced data and tools necessary to optimize margins and customer loyalty. With a holistic view of the customer relationship, SAP® solutions help enterprises manage the full spectrum of customer engagement — across sales, service, marketing and commerce — while maintaining understanding and intimacy through social channels. Today's consumers and businesses demand a seamless brand and shopping experience across all channels. Estimated at a total value of US$37 billion by industry analysts, the e-commerce technology market is experiencing rapid growth as businesses adapt to changing customer behaviors that seamlessly cross Web, mobile, store, contact center and other points of engagement. Big data, cloud and social technologies only heighten demand for innovative commerce solutions needed for managing consistent customer engagement. Growing at more than twice the rate of the retail industry, e-commerce is increasingly recognized as a critical capability in identifying, winning and growing profitable customer relationships. Upon completion of the transaction, expected in the third quarter of 2013 and subject to regulatory approval and other closing conditions, hybris will operate as an independent business unit and will retain its existing management team led by Ludi and Thoma. * Xerox (NYSE: XRX) is acquiring LearnSomething, Inc., the leading provider of custom e-learning solutions and consumer education for the food, drug and healthcare industries. The acquisition broadens the services Xerox offers to these industries, providing retail companies with Web-based information programs that meet the regulatory, operational, continuing education and internal training needs of their diverse and widely-distributed workforces. Based in Tallahassee, Fla., LearnSomething currently delivers industry information and educational programs to 85 percent of all U.S. retail pharmacy chains, reaching more than 110,000 retail pharmacists. Food and drug retailers use the company’s e-learning platform, Learner Community™, to complete regulatory compliance courses. In addition, retail industry associations depend on the Learner Community platform to create and market e-learning products and continuing education services to members. Upon closing of the transaction, LearnSomething will go to market as “LearnSomething, A Xerox Company” and the company’s 50 employees will continue to be led by Roden. To keep up on all the Mergers & Acquisitions data in real-time, go to our M&A Insider page.

 
 
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