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ACG New York Women of Leadership - Entrepreneur Series
Barbara Bradley Baekgaard, founder of Vera Bradley (Nasdaq: VRA), is the latest in a series of entrepreneurs highlighted at ACG New York Women of Leadership events. Photo credit: Robert Blumenfeld

Watercooler

GTCR, Hormel, the Riverside Co-CEOs and Others Win M&A Mid-Market Awards
Amid a slow and challenging year for dealmaking, the winners of Mergers & Acquisitions’ 7th Annual M&A Mid-Market Awards outpaced the competition to grow, innovate and lead the middle market

Roundtable

Financial Services Companies Heat Up M&A Market
Speakers from Flexpoint Ford, Genstar Capital, Baird Capital, Madison Capital Funding and Katten Muchin Rosenman discuss the various factors playing a role in M&A activity within the financial services space

Expert's Corner

Pursuing Pharma Manufacturing
The fragmented pharmaceutical manufacturing industry provides plenty of opportunities for private equity investors, says JLL Partners founder Paul Levy

Today's Transactions:
Hitachi Grabs Nuclear Fuel Storage Co. for $45M

The target, Nac International, provides transportation services for radioactive material and consulting services to governments

Hitz Holdings USA will pay $45 million for Nac International Inc., a company that specializes in technology for interim storage of nuclear fuel.

Norcross, Ga.-based Nac has been owned by Usec Inc. (NYSE: USU), a company that supplies enriched uranium fuel, since 2004. Usec paid $16 million for the business. The target also provides transportation services for radioactive material, and nuclear industry and government consulting services. Usec is selling Nac to focus on its core uranium enrichment business.

Hitz is a subsidiary of Hitachi Zosen Corp., which has a standing business relationship with Nac as a fabricator of dry cask storage and transportation systems in Japan. Hitachi engineers and manufactures environmental systems, industrial plants, machinery, equipment and disaster prevention systems.

“In the aftermath of events at Fukushima, there is a greater focus on spent fuel storage. Hitachi Zosen has been actively involved in NAC activities through fabrication work and is well positioned to further develop market opportunities for NAC’s innovative systems,” says John Welch, president and chief executive of Usec.

The deal was announced late Jan. 24 and is subject to approval from the Committee on Foreign Investments in the U.S.

Lazard served as Usec’s financial adviser, while Skadden Arps Slate Meagher & Flom LLP served as legal counsel. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. and Bank of Tokyo-Mitsubishi UFJ LTd. acted as Hitachi’s financial advisers. Kelley Drye & Warren LLP and City-Yuwa Partners were Hitachi’s legal counsel.

 

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