Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

M&A

April 23, 2012: 2:05 PM ET

AstraZeneca (LSE: AZN) has agreed to acquire Ardea Biosciences Inc. (Nasdaq: RDEA), a developer of small-molecule therapeutics, for approximately $1.26 billion. The $32 per share deal represents a 54% premium to last Friday's closing price. www.astrazeneca.com

The Caisse de dépôt et de placement du Québec has agreed to acquire a 30% equity stake in European mobility specialist Keolis. No financial terms were disclosed. www.lacaisse.com

Prudential PLC is considering a bid to acquire the insurance unit of Thailand-based Thanachart Bank, according to Reuters. The deal could be valued at around $500 million. www.prudential.co.uk

Tilly's, a West Coast chain of apparel and footwear retailers, has set its IPO terms to 8 million shares being offered at between $11.50 and $13.50 per share. It plans to trade on the NYSE under ticker symbol TLYS, with Goldman Sachs, BoA Merrill Lynch and Piper Jaffray serving as co-lead underwriters. The company reports $44 million in net income on $400 million in revenue for the year ending Jan. 28, 2012.www.tillys.com

Toyota Tsusho Corp. of Japan has agreed to acquire a 32.5% royalty interest in Encana Corp.'s (NYSE: ECA) coal-bed methane field in southern Alberta. The deal is valued at C$602 million, including a C$100 million upfront payment.

Vodafone has agreed to acquire listed British network operator Cable & Wireless Worldwide PLC for £1.04 billion. www.vodafone.com

Bright Food Group Co. of China is considering a £1 billion bid for British cereal maker Weetabix, according to The Sunday Times. Weetabix is currently owned by private equity firm Lion Capital.www.lioncapital.com

First Reserve Corp. is seeking to sell British subsea oil services company Acteon for around $1.6 billion, according to The Sunday Times. J.P. Morgan is managing the process. www.acteon.com

Spirent Communications PLC (LSE: SPT) has agreed to acquire Mu Dynamics, a Sunnyvale, Calif.-based provider of network service assurance solutions. The deal is valued at around $40 million in cash. Mu Dynamics has raised $24 million in VC funding, from firms like Accel Partners, Benchmark Capital, DAG Ventures and Focus Ventures. www.mudynamics.com

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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