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Cross Border Activity – February 2008

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Cross border financing continued to slow in February 2008. No completed deals were reported, however M&A activity saw a Toronto-based server virtualization company acquired for over $200 million in cash by a major U.S. software company.

Details of February’s cross border activity are listed below.

Cross Border M&A

Novell (Massachusetts) agreed to acquire PlateSpin Ltd. (Toronto), a server virtualization company, for $205 million in cash. Novell management said “PlateSpin will be integrated into Novell’s Systems and Resource Management business unit. As part of this business unit, PlateSpin will continue to develop and market its solutions to a global customer base.”

TPG Capital (Texas) completed its $1.3 billion take-private buyout of Axcan Pharma Inc. (Quebec), a developer of drugs for gastrointestinal disorders.

Nike Inc. (NYSE: NIKE) agreed to sell its Bauer Hockey subsidiary to Kohlberg & Co. (New York) and Canadian businessman W. Graeme Roustan for $200 million.

First Reserve Corp. (Connecticut), the energy focused PE firm, agreed to acquire CHC Helicopter Corp. (NYSE: FLI) (British Columbia), a provider of helicopter services to the offshore oil and gas industry. The transaction is valued at about $3.7 billion.

Catalytic Solutions, Inc. (AIM: CTS) (California) completed its acquisition of Engine Control Systems (Ontario), an emission control systems business for a cash consideration of US$ 21.15 million. Part of the cash required to fund the acquisition of ECS was raised by way of a placing of an issuance of new common shares in Catalytic Solutions valued at US$9.5 million before expenses. Emerald Technology Ventures (Quebec), along with other investors, participated in the placing.

CounterPath Corp. (OTCBB: COPA) (British Columbia), a provider of desktop and mobile VoIP software, acquired BridgePort Networks Inc. (Illinois), a provider of fixed-mobile convergence solutions for service providers. No financial terms were disclosed.

Marlin Equity Partners (California) completed the take-private acquisition of VantagePoint Systems Inc. (British Columbia), a provider of enterprise resource planning software solutions to the worldwide packaging industry. Terms of the acquisition were not disclosed.