Term Sheet

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

M&A

October 23, 2012: 9:57 AM ET

Ally Financial has agreed to sell its Canadian auto finance and deposit business to Royal Bank of Canada for approximately $1.4 billion.

American Industrial Partners has sold Micro-Poise Measurement Systems, a Streetsboro, Ohio–based provider of test and measurement solutions for the tire market, to AMETEK Inc. (NYSE: AME). No financial terms were disclosed, except that Micro-Poise will generate around $125 million in 2012 revenue. www.ametek.com

Pfizer Inc. (NYSE: PFE) has agreed to acquire NextWave Pharmaceuticals, a Cupertino, Calif.-based drug developer focused on ADHD and related CNS disorders. The deal is valued at upwards of $680 million, including a $255 million up-front payment and up to $425 million in milestone-based earnouts. NextWave has raised over $45 million in VC funding from Aisling Capital, Bay City Capital, Beacon Bioventures, Kearny Venture Partners, Panorama Capital, Perseus, Sofinnova Ventures and Vivo Ventures. www.nextwavepharma.com
C&C, a listed Irish beverage group whose brands include Magners hard cider, has agreed to acquire Vermont Hard Cider, maker of Woodchuck cider, for $305 million. www.gmbeverage.com

Experian (LSE: EXPN) has agreed to acquire the 29.6% stake it does not already own in Brazilian credit data provider Serasa for approximately $1.5 billion. www.serasa.com.br

Target Corp. (NYSE: TGT) has agreed to sell its credit card portfolio to TD Bank for the gross value of the outstanding receivables at the time of deal close. Right now, that value is approximately $5.9 billion. www.target.cm

Toyota Industries (Tokyo: 2601) has agreed to acquire Cascade Corp. (NYSE: CASC), a Fairview, Ore.-based maker of material handling equipment like forklifts. www.toyota-industries.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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