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Done deals:

• Alphasteel, one of Wales’ largest steel operations, has been sold by its administrator to Russian industrialist Vadim Varshavsky for £57 million
• The Deeside-based commercial tyre division of Rhyl Tyre & Battery has been bought by its managing director, Mike Carroll, for £320,000, with the backing of Royal Bank of Scotland
• SpaDental, a dental practice owner, is on the acquisition trail after raising £17 million from Royal Bank of Scotland, Hafren Ventures and Julian Hodge Bank
• Arriva, a public transport operator, has moved into two new markets after it bought 80 per cent of Interbus Invest, a provider of bus services in Hungary and Slovakia
• Mining group Petra Diamonds has bought 37 per cent of the Cullinan diamond mine from De Beers Consolidated Mines

In the pipeline:

• United Drug Plc, a provider of services to healthcare manufacturers and pharmaceutical retailers, has agreed to buy US firm Sharp Corporation for £49.3 million
• ABB, a power and automation technology group, has signed an agreement to buy US transformer company Kuhlman Electric Corporation from private equity group Carlyle

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