A consortium led by Global Infrastructure Partners and EQT to acquire The AES Corporation for $33.4bn.

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AMERICAS

Hudbay to acquire Arizona Sonoran for $1.48bn.

Hudbay, a copper-focused critical minerals mining company, agreed to acquire Arizona Sonoran, a copper-focused critical minerals mining company, for $1.48bn, according to press releases.

Arizona Sonoran is advised by Origin Merchant Partners, Scotiabank, Osler Hoskin & Harcourt and Paul Weiss Rifkind Wharton & Garrison. Hudbay is advised by National Bank Financial, TD Securities and Goodmans, according to press releases.

HBT Financial completes the merger with CNB Bank & Trust in a $170m deal.

HBT Financial, a community-based financial holding company, completed the merger with CNB Bank & Trust, a community bank, in a $170m deal, according to press releases.

CNB Bank & Trust was advised by D.A. Davidson & Co, Performance Trust Capital Partners, and Barack Ferrazzano Kirschbaum & Nagelberg (led by Joseph T. Ceithaml). Financial advisors were advised by Alston & Bird (led by Mark Kanaly and Stuart Rogers). HBT Financial was advised by Piper Sandler and Vedder Price, according to press releases and MergerLinks data.

Gyre Therapeutics to acquire Cullgen for $300m.

Gyre Therapeutics, a biotechnology company focused on organ fibrosis and inflammatory diseases, agreed to acquire Cullgen, a company focused on developing targeted protein degraders, for $300m, according to press releases.

Gyre Therapeutics is advised by Moelis & Co and Gibson Dunn & Crutcher. Cullgen is advised by Mintz Levin and LifeSci Partners (led by Chuck Padala), according to press releases.

Farmers National Banc completes the merger with Middlefield Banc in a $299m deal.

Farmers National Banc, a company specializing in diversified financial services, completed the merger with Middlefield Banc, a company focused on community banking and financial services, in a $299m deal, according to press releases.

Middlefield Banc was advised by Raymond James and Nelson Mullins Riley & Scarborough. Farmers National was advised by Janney Montgomery Scott and Vorys Sater Seymour & Pease (led by Kimberly Schaefer), according to press releases.

Cornerstone Bank completes the acquisition of Peoples Bancorp.

Cornerstone Bank, a community bank operating through a broad range of deposit and loan products and services, completed the acquisition of Peoples Bancorp, a diversified financial services holding company, according to press releases. Financial terms were not disclosed.

Peoples Bancorp was advised by Hillworth Bank Partners and Fenimore Kay Harrison & Ford. Cornerstone Bank was advised by Piper Sandler and Otteson Shapiro, according to press releases.

Snackruptors completes the acquisition of a North American Snacks business from Hain Celestial for $115m.

Snackruptors, a family-owned snacks manufacturer, completed the acquisition of a North American Snacks business from Hain Celestial, a global health and wellness company, for $115m, according to press releases.

Hain Celestial was advised by Goldman Sachs, Cravath Swaine & Moore (led by Gregory J. Ligelis), and Joele Frank (led by Jamie Moser), according to press releases.

Zoetis to acquire animal genomics business of Neogen for $160m.

Zoetis, a global animal health company, agreed to acquire the animal genomics business of Neogen, a food and animal safety solutions provider, for $160m, according to press releases.

CTO Realty Growth completes the acquisition of Palms Crossing for $81.6m.

CTO Realty Growth, an owner and operator of high-quality open-air retail centers, completed the acquisition of Palms Crossing, an open-air retail center, for $81.6m, according to press releases.

OpenAI details layered protections in US defense department pact. (Reuters)

OpenAI detailed the safeguards in its new agreement with the US Department of Defense, saying the deal includes strict limits on use of its AI, including bans on mass domestic surveillance, autonomous‑weapons targeting, and high‑stakes automated decisions. The announcement came a day after the Pentagon moved to halt work with rival Anthropic, which it plans to label a supply‑chain risk.

The Pentagon has signed AI contracts worth up to $200m each with OpenAI, Anthropic, and Google. OpenAI, backed by Microsoft, Amazon, and SoftBank, states it retains control over its safety systems and can terminate the contract if its safeguards are breached. OpenAI also stated rival Anthropic should not be labeled a supply-chain risk.

Warburg Pincus is set to invest in Global Eggs at $8bn valuation. (Bloomberg)

Warburg Pincus is set to invest up to $1bn in Global Eggs, valuing the producer at as much as $8bn.

The investment will come from Warburg Pincus’ Capital Solutions Founders Fund, giving the firm exposure to one of the world’s largest egg producers as consolidation and scale continue to reshape the global food‑supply sector.

EMEA

JF Lehman & Company completes the acquisition of Forged Solutions Group.

JF Lehman & Company, a middle-market private equity firm, completed the acquisition of Forged Solutions Group, a manufacturer specializing in high-quality forgings for aerospace, according to press releases. Financial terms were not disclosed.

JF Lehman & Company was advised by Evercore and Jones Day. Debt financing was provided by Audax Group and HPS Investment Partners. Forged Solutions Group was advised by Goldman Sachs, Perella Weinberg Partners and Sheppard Mullin Richter & Hampton, according to press releases.

Malibu Boats completes the acquisition of Saxdor Yachts for $175m.

Malibu Boats, a designer, manufacturer, and marketer of a diverse range of recreational powerboats and marine-services, completed the acquisition of Saxdor Yachts, a European designer and manufacturer of premium adventure dayboats and one of the world’s fastest-growing boat brands, for $175m, according to press releases.

Saxdor Yachts was advised by Clairfield, D.A. Davidson & Co and Bird & Bird. Malibu Boats was advised by Wells Fargo Securities and Baker McKenzie (led by Dieter Schmitz), according to press releases.

RadNet completes the acquisition of Gleamer for €230m.

RadNet, a provider of freestanding, fixed-site diagnostic imaging, completed the acquisition of Gleamer, an AI medical imaging company that provides diagnostic support tools designed to enhance radiologists’ daily workflows, for €230m ($272m), according to press releases.

Worthington Steel has plan B if $2.4bn Kloeckner bid fails. (Reuters)

Worthington Steel stated it has multiple alternative acquisition targets if its $2.4bn offer for Germany’s Kloeckner & Co fails. CEO Geoff Gilmore stated Worthington is “highly confident” of reaching the required 65% acceptance threshold by March 12, having already secured 53% from major shareholder Swoctem and other tenders, but noted the company has reviewed roughly 10 potential targets.

The North American metals‑trading sector is seeing rapid consolidation, with Ryerson merging with Olympic Steel and Thyssenkrupp preparing to divest its materials‑trading arm. Gilmore ruled out raising Worthington’s offer above €11 ($12.90) and stated that shareholders risk missing out if the threshold is not met.

Ex-Yukos investors can enforce $65bn arbitration award against Russia in UK, court rules. (Reuters)

Former Yukos shareholders, Hulley Enterprises, Yukos Universal, and Veteran Petroleum have won the right to enforce their $65bn arbitration award against Russia in England, after London’s High Court upheld the 2014 Hague tribunal ruling that Russia unlawfully expropriated Yukos. The judgment rejected Russia’s arguments that it had not agreed to arbitration or that alleged misconduct by prior Yukos owners invalidated the award.

The investors have so far recovered only €1.6m ($1.89m) through the auction of seized Russian assets, including vodka brands Stolichnaya and Moskovskaya. Enforcement in the UK will now proceed against Russian commercial assets, though the process may take years as Russia is expected to appeal.

Ares to inject £115m into TalkTalk as potential bidders explore options. (FT)

TalkTalk is set to receive a further £115m ($155m) capital injection from shareholders and lenders, including Ares Management, as potential buyers assess bids for parts of the UK broadband provider. The package includes £65m ($88m) in new senior debt and a £50m ($67m) short‑term facility, partly replacing a £47m ($63m) facility maturing in March. TalkTalk is exploring sales of both its consumer division (1.8m customers) and its business unit.

Virgin Media O2 has considered acquiring the consumer arm, while Tom O’Hagan of TalkTalk’s PXC wholesale division has sounded out private‑equity firms for a management buyout of the business unit. Octopus Investments may also be interested. The group has struggled under heavy leverage since its £1.1bn ($1.5bn) takeover by Toscafund in 2021 and has required repeated shareholder support, including £235m ($317m) in 2024 and £120m ($162m) in 2025. Whether any sale proceeds remains uncertain.

Bavarian Nordic CEO steps down after failed $3bn deal. (Bloomberg)

Bavarian Nordic CEO Paul Chaplin will step down after shareholders blocked the company’s planned $3bn acquisition in 2025, marking a second major leadership change at the Danish vaccine maker. Chaplin, who joined the company in 1999 and has led it since 2014, will leave at year‑end or once a successor is appointed.

The board stated Chaplin’s departure is for personal reasons but follows rising investor pressure after the failed takeover attempt. Bavarian Nordic will begin a search for new leadership as it reassesses its strategic direction.

APAC

Magellan Financial Group to merge with Barrenjoey Capital Partners in a AUD904m deal.

Magellan Financial Group, a financial services firm, agreed to merge with Barrenjoey Capital Partners, a global investment advisory firm, in a AUD904m ($643m) deal, according to press releases.

Magellan Financial Group is advised by Patterson Advisory (led by Max Hewett), according to press releases.

Stonepeak completes the investment in Aura Holdings.

Stonepeak, an alternative investment firm, completed the investment in Aura Holdings, a retirement living operator. Financial terms were not disclosed, according to press releases.

Stonepeak was advised by Sodali & Co (led by Jack Gordon), according to press releases.

Clean Max shares slip 18% in worst Indian debut since 2021. (Bloomberg)

Clean Max Enviro Energy Solutions fell 18% in its trading debut in Mumbai, marking the worst first‑day performance for an Indian IPO of $300m+ since Paytm’s 2021 listing. The stock closed at INR867.50 ($9.5) versus its offer price of INR1.053k ($11.5), after partly recovering intraday losses.

The renewable‑energy firm, backed by Brookfield Corp, nonetheless completed one of India’s largest recent clean‑energy offerings. Its weak debut highlights continued volatility in India’s IPO market despite strong investor appetite for the sector.

Nvidia-backed AI startup Firmus signs new contract ahead of IPO. (Bloomberg)

Firmus Technologies, an Australian AI startup backed by Nvidia, has signed a major multi‑billion‑dollar contract with an unnamed global technology company to build a new data‑center facility in Melbourne. The deal includes deploying around 18.4k Nvidia GB300 GPUs.

The agreement comes as Firmus prepares for an IPO later in 2026, strengthening its positioning in the fast‑growing AI‑infrastructure market. The customer was not disclosed, and financial details beyond the GPU deployment scale were not provided.

SocGen taps UBS’s Cheung to lead APAC equity capital markets. (Bloomberg)

Société Générale has appointed Selina Cheung as head of Equity Capital Markets for Asia‑Pacific, strengthening its regional share‑sale advisory capabilities. Cheung will be based in Hong Kong and lead ECM origination and execution across the region.

She joins from UBS, where she previously served as head of unified global banking in APAC. The hire reflects Société Générale’s push to expand its investment‑banking presence in Asia as equity issuance activity picks up.

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