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Published October 24, 2007 at 4:18 PM
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The billion-dollar deals usually receive the headlines, but those deals petered off a few short months ago. Picking up the slack now are deals in the middle market that are often overlooked by other media outlets. Here's a peek at some of Wednesday's significant middle-market deals:
- Switzerland's UBS agreed to pay €275 million ($391 million) for Caisse Centrale de Réescompte, a French wealth management business, plus an additional €160 million to Commerzbank AG to boost one of its strongest units while the seller focuses on asset management in its domestic German market.
- Inverness Medical Innovations Inc. said it would acquire disease management services company Alere Medical Inc. in a cash-and-stock deal worth $302 million. "The acquisition of Alere Medical is an exciting opportunity to enter the disease management industry, a move which fits naturally with our goal of enabling individuals to take charge of their health," Inverness' chief executive Ron Zwanzinger said in a statement.
- GateHouse Media Inc. — a public media company that focuses on newspapers that offer local coverage — acquired several small-market newspapers across the U.S. from Morris Publishing Group for $115 million. "Through the deal, the company will add 14 dailies and three nondailies, as well as a printing business and related publications. GateHouse will broaden its reach in small markets in Florida, Kansas, Michigan, Missouri, Nebraska, Oklahoma, South Dakota and Tennessee," writes The Deal's Carolyn Murphy.
- Also on the middle-market radar screen for Wednesday, Lee Equity Partners LLC said that it has completed its buyout of specialty retailer Deb Shops Inc. for roughly $395 million. Under terms of the agreement struck in March, shareholders will receive $27.25 per share of the company’s common stock. Barclays Capital provided financing to help back the deal.
- Chipmaker LSI Corp. said it completed the previously announced sale of its mobility products business to Infineon Technologies AG for $450 million in cash, plus a performance-based payment of up to $50 million payable in the first quarter of 2009.
— Gerald Magpily
See Middle Market Dealwatch
See TheDeal.com's middle-market channel
See TheDeal.com: UBS buys French wealth manager
See TheDeal.com: Inverness to buy Alere for $302M
See TheDeal.com: GateHouse to buy newspapers from Morris
See TheDeal.com: Deb Shops OKs Lee Equity buyout
See TheDeal.com: Infineon to buy LSI unit
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