Term Sheet

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

Mergers & acquisitions

January 7, 2013: 10:45 AM ET

Audax Group has sold Reed Group, a Westminster, Colo.–based provider of absence management services that help employers comply with federal and state regulations, to The Guardian Life Insurance Company of America. No financial terms were disclosed. www.reedgroup.com

Cerberus Capital Management is planning to sell almost its entire stake in Japanese lender Aozora Bank via a public offering that could be worth more than $2.3 billion, according to Reuters.

China Investment Corp. is in talks to acquire between a 4% and 10% stake in German carmakerDaimler AG, according to a Chinese media report. The deal could be worth upwards of €4.5 billion.www.daimler.com

Wood Creek Capital Management and Cutting Edge Group have acquired soundtrack-focused record label Varèse Sarabande, according to the NY Times. No financial terms were disclosed.

IAC (Nasdaq: IACI) has agreed to acquire Tutor.com, a New York-based online platform that connects students with tutors, according to the NY Times. The deal reportedly is valued just south of $40 million. Tutor.com had raised VC funding in 1999 and 2000 from firms like Garage.com, NorthStar Capital Partners, Princeton Review and Scholastic. It later secured $9.5 million from Intel Capital and venture debt from MMV Financial. www.tutor.com

Procera Networks Inc. (Nasdaq: PKT) has agreed to acquire Vineyard Networks Inc., a Canadian provider of network traffic management and monitoring solutions. No financial terms were disclosed. www.proceranetworks.com
Terra Firma Capital Partners plans to sell European cinema chains Odeon and UCI sometime in 2013, according to the FT. The deals could be valued at more than £1 billion. www.terrafirma.com

Warburg Pincus is in talks to sell its 29% stake in WNS Global (NYSE: WNS), an India-based business process outsourcing company, according to The Times of India. The deal could be valued at nearly $230 million, with possible buyers including The Carlyle Group, KKR and Barings India.www.warburgpincus.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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