Term Sheet

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

Mergers & acquisitions

December 11, 2012: 10:19 AM ET

Belden Inc. (NYSE: BDC) has acquired PPC, a Syracuse, N.Y.-based provider of broadband connectivity solutions, for $515.7 million. www.ppc-online.com

Delta Airlines has agreed to buy a 49% stake in Virgin Atlantic from Singapore Airlines for $360 million.www.delta.com

Diageo PLC (LSE: DGE) said that it is no longer in talks to acquire tequila maker Jose Cuervo, after failing to reach an agreement with the selling Beckmann family of Mexico. Diageo had hired Goldman Sachs and HSBC back in April to explore the deal, which could have been valued at around $3 billion. Diageo now will stop distributing Jose Cuervo products when its current agreement expires next June.www.diageo.com

HitecVision has sold Spring Energy AS, an oil and gas exploration company focused on the Norwegian Continental Shelf, to Tullow Oil PLC (LSE: TLW) at an enterprise value of $372.3 million.www.springenergy.no

HitecVision has agreed to sell Vector Technology Group, a Norway–based supplier of sealing solutions for the oil and gas industry to Germany's The Freudenberg Group. No financial terms were disclosed.www.vectortg.com

Sentinel Capital Partners has sold Southern California Pizza Co., a Pizza Hut franchisee with 224 stores in Southern California, to an undisclosed buyer. www.sentinelpartners.com

Spectra Energy Corp. (NYSE: SE) has agreed to acquire the Express-Platte Pipeline System fromBorealis Infrastructure for $1.49 billion (including $1.25b in cash and $240m of acquired debt). The pipeline begins in Hardisty, Alberta, and terminates in Wood River, Illinois. www.spectraenergy.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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