Bain Capital has agreed to sell buy Dutch coatings company SigmaKalon Group to PPG Industries (NYSE: PPG) for approximately €2.2 billion, including assumed debt. The company was acquired by Bain in 2003. Sales have increased from approximately €1.7 billion in 2003 to approximately €2 billion in 2006.
Blackstreet Capital Partners has sold PJCOMN Acquisition Corp., owner and operator of 82 Papa John’s pizza restaurants in Colorado and Minnesota, to Essential Pizza Inc. No financial terms were disclosed.
Canadian Pacific Railway Ltd. has completed its acquisition of Dakota Minnesota and Eastern Railroad Corp. (DME), a portfolio company of Lombard Investments. The deal is valued at up to $2.48 billion, including a $1.48 billion up-front cash payment and another $1 billion in payments contingent on the development of a major rail line linking the DM&E to the Wyoming Powder River Basin coal deposits. Lombard led a $34 million buyout of DME back in 1986.
Conduit Capital Partners has sold its 81.83 percent stake in Termotasajero, a 155 MW pulverized coal power plant in Colombia, for $173 million. Buyers included a Chilean investment fund, Colombian pension funds and a Colombian investment bank.
Electronic Arts Inc. (Nasdaq: ERTS) has agreed to acquire gaming companies BioWare Corp. and Pandemic Studios from Elevation Partners, for up to $620 million in cash. EA also will issue up to $155 million in equity to certain BioWare and Pandemic employees. Elevation acquired BioWare and Pandemic in 2005 for “more than $300 million,” and put them under a holding company umbrella called VG Holding Corp. EA chief executive John Riccitiello recused himself from negotiating terms of the deal, since he is a former partner with Elevation.
Freedom Communications Inc. has sold WLNE-TV, an ABC network affiliate serving the Providence, R.I. and New Bedford, Mass. markets, to Global Broadcasting. No financial terms were disclosed. Freedom Communications is an Irvine, Calif.-based media conglomerate backed by The Blackstone Group and Providence Equity Partners.
GE Healthcare has agreed to acquire Dynamic Imaging, an Allendale, N.J.-based provider of Web-based image and information management. Sellers include Capital Resource Partners. No financial terms were disclosed.
MidOcean Partners has completed its sale of Palace Entertainment to Parque Reunidos for $330 million in cash. The deal also included the assumption of an unspecified amount of debt. Palace Entertainment is a Newport Beach, Calif.–based owner and operator of water parks and family entertainment centers.
Summit Partners has agreed to sell Dutch enterprise security software vendor SafeBoot NV to McAfee Inc. (NYSE: MFE) for $350 million in cash. Summit acquired a majority stake in SafeBoot two years ago from ABN Amro Capital for $47 million. The sale is expected to close later this quarter.
Westgate Group has agreed to sell Cardinal Brands Inc. to R.R. Donnelley & Sons Co. (NYSE: RRD) for $130 million in cash. Cardinal is a Lawrence, Kansas-based maker of business forms, accordion files, loose-leaf binders and craft product organizers.