A consortium of investors completes the acquisition of Nord Anglia Education for $14.5bn.

Read on...

Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.

AMERICAS

Beacon Roofing agrees to $11bn QXO buyout, ending takeover battle. (Press Release)

Beacon Roofing Supply has accepted an $11bn buyout offer from billionaire Brad Jacobs' firm, QXO, just weeks after rejecting an earlier bid and attempting to fend off a potential hostile takeover.

The agreement concludes a protracted acquisition battle and marks a significant entry for QXO into the building products distribution market, giving the newcomer a strong foothold as it aims to rapidly expand its presence in the industry.

Beacon Roofing is advised by Lazard. Lazard is advised by Sullivan & Cromwell (led by Keith A. Pagnani and Lee C. Parnes). QXO is advised by Innisfree M&A (led by Scott Winter), Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison (led by Scott Barshay) and Gladstone Place Partners (led by Steven Lipin).

Kraken to acquire NinjaTrader for $1.5bn.

Kraken, a US–based cryptocurrency exchange, agreed to acquire NinjaTrader, a retail futures trading platform, for $1.5bn, according to press releases.

NinjaTrader is advised by Jefferies & Company, Choate Hall & Stewart and Katten Muchin Rosenman. Kraken is advised by PJT Partners, Jones Day (led by Randi C. Lesnick and Cameron Reese) and Lowenstein Sandler, according to press releases and MergerLinks data.

Navigator Global Investments to acquire a 23.5% stake in 1315 Capital for $71m.

Navigator Global Investments, an investment management company, agreed acquire a 23.5% stake in 1315 Capital, a private equity firm, for $71m, according to press releases.

1315 Capital is advised by Ardea Partners and Ropes & Gray (led by Paul Van Houten). NGI is advised by Fried Frank Harris Shriver & Jacobson and Sodali & Co (led by Ryan Thompson), according to press releases.

Newrest Group completes the acquisition of catering operations in Chile, Colombia, and Mexico from Compass Group.

Newrest Group, a catering company, completed the acquisition of catering operations in Chile, Colombia, and Mexico from Compass Group, a multinational contract foodservice company, according to press releases. Financial terms were not disclosed.

Compass Group was advised by Barros and Errazuriz Abogados (led by Pablo Guerrero), Brigard Urrutia (led by Sergio Michelsen Jaramillo), Creel Garcia-Cuellar Aiza y Enriquez (led by Jean Michel Enriquez Dahlhaus) and Simpson Thacher & Bartlett (led by Grenfel S. Calheiros), according to press releases and MergerLinks data.

Forcura completes the merger with Vistria-backed Medalogix.

Forcura, a healthcare SaaS technology company, completed the merger with Vistria-backed Medalogix, a data science company focused on home health and hospice, according to press releases. Financial terms were not disclosed.

Medalogix was advised by William Blair & Co and Ropes & Gray. Forcura was advised by Houlihan Lokey and Kirkland & Ellis, according to press releases.

Petershill completes the investment in Frazier Healthcare Partners.

Petershill, a company that specializes in minority investments in leading alternative asset managers, completed the investment in Frazier Healthcare Partners, a healthcare-focused private capital firm, according to press releases. Financial terms were not disclosed.

Frazier was advised by Houlihan Lokey and Kirkland & Ellis. Petershill was advised by Fried Frank Harris Shriver & Jacobson, according to press releases.

AIM Equity Partners completes the acquisition of a majority stake in AMOpportunities.

AIM Equity Partners, a private equity firm, completed the acquisition of a majority stake in AMOpportunities, a healthcare training platform, according to press releases. Financial terms were not disclosed.

AMOpportunities was advised by DC Advisory (led by Justin Balciunas) and Neal Gerber & Eisenberg. AIM was advised by Kirkland & Ellis, according to press releases.

SoftBank Group to acquire Ampere Computing from Carlyle and Oracle for $6.5bn.

SoftBank Group, a multinational investment holding company, agreed to acquire Ampere Computing, an independent silicon design company, from Carlyle, a private equity firm, and Oracle, a computer software company, for $6.5bn, according to press releases.

SoftBank Group is advised by FGS Global, according to press releases.

CSW Industrials to acquire Aspen Manufacturing for $314m.

CSW Industrials, an industrial growth company, agreed to acquire Aspen Manufacturing, a manufacturer of evaporator coils and air handlers, for $314m, according to press releases.

CSW Industrials is advised by A&O Shearman (led by Robert Cardone), according to MergerLinks data.

Ziff Davis-backed Everyday Health Group completes the acquisition of theSkimm.

Ziff Davis-backed Everyday Health Group, a digital media company, completed the acquisition of theSkimm, a digital media company dedicated to succinctly giving women the information they need to make confident decisions, according to press releases. Financial terms were not disclosed.

theSkimm was advised by Wolfson Partners, according to press releases.

Cleam Capital completes the acquisition of Casa Magalhães from Grupo Boticário. (Exame)

Cleam Capital, a Brazilian family office, completed the acquisition of Casa Magalhães, a provider of technological solutions and sales management system for retail, from Grupo Boticário, a Brazilian holding company focused on perfumery and cosmetics, according to Exame. Financial terms were not disclosed.

Grupo Boticário was advised by Rothschild & Co, according to MergerLinks data.

Leeds Equity-backed Archer Review completes the acquisition of OnlineMedEd.

Leeds Equity-backed Archer Review, a health care education company, completed the acquisition of OnlineMedEd, a provider of medical education curriculum and supplemental education solutions designed to support students and medical schools alike, according to press releases. Financial terms were not disclosed.

CVC is interested in buying Mubadala-backed Fortress. (Bloomberg)

CVC Capital Partners is exploring a potential acquisition of Fortress Investment Group as it looks to expand in private credit.

The European private equity firm has held discussions with Fortress and its majority owner, Abu Dhabi’s Mubadala Investment, though talks are not currently active.

Historically, CVC has worked with Rothschild & Co, Ernst & Young, Freshfields Bruckhaus Deringer and Clifford Chance, according to MergerLinks data.

Munich Re nears deal to buy Next Insurance in latest insurance consolidation. (FT)

Munich Re is acquiring the remaining 71% of Next Insurance, valuing the California-based company at $2.6bn and expanding its presence in the US market.

Munich Re’s primary insurance division, will become the sole owner of Next, which specializes in insuring US small businesses.

Historically, Munich Re has worked with Barclays, Ernst & Young, Norton Rose Fulbright and Linklaters, according to MergerLinks data.

Buyout firm CVC eyes US private credit in expansion drive. (Bloomberg)

CVC Capital Partners has identified private credit in the US as a key area for potential acquisitions, according to CEO Rob Lucas.

Lucas highlighted significant opportunities for CVC in private wealth and insurance, speaking during a media call following the company’s full-year earnings report.

Carlyle seeks buyers for Colombian oil producer. (Reuters)

Carlyle is looking for a buyer for its Colombian oil producer, SierraCol, in a deal valued at approximately $1.5bn.

SierraCol was established in 2020 after Carlyle acquired assets from Occidental Petroleum. With a production of 45k barrels of oil equivalent per day, it is the largest independent producer in Colombia.

CoreWeave to ask for $47 to $55 per share in IPO. (Press Release)

CoreWeave, the artificial intelligence startup backed by Nvidia, is planning to price its shares between $47 and $55 each as it begins marketing its initial public offering this week.

The proposed price range would value the offering between $2.3bn and $2.7bn. Discussions are ongoing, and final pricing may still change.

EMEA

Qualitas Energy and Mirova to form Italian Renewable Platform.

Qualitas Energy, a fund manager focused on renewable energy, energy transition and sustainable infrastructure, and Mirova, an asset management company, agreed to form Italian Renewable Platform, a joint venture dedicated to owning, developing, building, and operating up to 250 MW of renewable energy projects in Italy, according to press releases. Financial terms were not disclosed.

Mirova is advised by KPMG and Watson Farley & Williams. Qualitas Energy is advised by Green Horse, according to press releases.

Credit Mutuel-backed Targobank to acquire Oldenburgische Landesbank.

Credit Mutuel-backed Targobank, a German bank mainly operating in the retail, business and corporate customer segments, agreed to acquire Oldenburgische Landesbank, a German bank, according to press releases. Financial terms were not disclosed.

Targobank is advised by JP Morgan, according to MergerLinks data.

Vivera to acquire The Vegetarian Butcher from Unilever.

Vivera, a vegetarian and plant-based meal components manufacturer, offered to acquire The Vegetarian Butcher, a plant-based meat brand, from Unilever, a British-Dutch transnational consumer goods company, according to press releases. Financial terms were not disclosed.

Mubadala weighs selling part of $1bn stake in Du. (Bloomberg)

Abu Dhabi sovereign wealth fund Mubadala Investment is considering selling at least part of its $1bn stake in telecom operator Du.

Emirates NBD, First Abu Dhabi Bank, and Goldman Sachs Group have been appointed as advisers for the potential transaction. Discussions are ongoing, and no final decision has been made.

Historically, Mubadala has worked with Goldman Sachs, JP Morgan, White & Case and Clifford Chance, according to MergerLinks data.

TPG said to offer over €800m for unit of Italy’s Nexi. (Bloomberg)

TPG Capital has submitted an offer exceeding €800m ($870m) for the digital banking solutions unit of Italy’s Nexi.

Italian state lender Cassa Depositi e Prestiti has also expressed interest in the business, highlighting the government's view that the infrastructure may hold national strategic importance.

Monte dei Paschi expects necessary approvals for Mediobanca bid by end-June. (Reuters)

Monte dei Paschi expects to secure all necessary approvals to proceed with its takeover offer for Mediobanca by the end of June, CEO Luigi Lovaglio said on March 20.

Lovaglio noted that Mediobanca’s stake in Generali, where it is the largest investor, is "nice to have" but not essential to the deal’s objectives.

NatWest seals milestone UK banking collaboration with OpenAI. (Press Release)

NatWest has partnered with OpenAI to enhance its digital assistants and customer support processes using artificial intelligence, marking the first collaboration of its kind with a UK-based bank.

AI is central to NatWest’s strategy to improve customer experience, reduce costs, and combat financial fraud. Under the agreement, the bank will gain access to OpenAI’s full suite of products, early visibility into its product pipeline, and bespoke consultancy and executive input.

Deutz interested in defence sector opportunities. (Reuters)

Deutz CEO Sebastian Schulte stated that the company sees opportunities in the defense sector following the release of its full-year results.

Schulte highlighted the firm’s potential in supplying engines, power packs, retrofitting, and repowering, particularly for small and medium-sized military vehicles across multiple countries, without specifying details.

H&F picks Goldman Sachs, Morgan Stanley for Verisure IPO. (Bloomberg)

Private equity firm Hellman & Friedman has appointed banks to lead the initial public offering of security group Verisure, which could be one of Europe’s largest listings in recent years.

Goldman Sachs and Morgan Stanley have been selected as global coordinators for the IPO. The listing process is underway, and details may still evolve.

Pantheon raises $1.1bn for latest GP-led private equity secondaries program. (Press Release)

Pantheon has closed its Pantheon Secondary Opportunities Fund II and related vehicles with total commitments of $1.1bn, nearly doubling the size of its $624m predecessor program.

PSOF II focuses on investing in companies with strong growth and value creation potential, managed by managers with strong alignment in continuation vehicles. The strategy leverages Pantheon’s expertise in secondaries investments, particularly GP-led transactions, and its deep mid-market specialization.

Barclays hires BofA veteran to help lead healthcare bankers. (Press Release)

Barclays has hired Kieran Whitty, an 18-year veteran of Bank of America, to co-lead its healthcare division for Europe, the Middle East, and Africa as part of its investment banking expansion.

Whitty will join the bank in June in London, serving as co-head alongside Sid Chhibbar. He will report to Richard Landgarten, global head of healthcare and real estate investment banking.

APAC

Australia approves Vocus’ acquisition of TPG Telecom’s fibre and fixed assets. (Press Release)

Vocus Group, backed by Macquarie, has moved a step closer to becoming one of Australia’s largest underground fibre infrastructure owners after receiving regulatory approval for its A$5.25bn ($3.3bn) acquisition of TPG Telecom’s fibre and fixed network assets.

The deal, originally announced in October 2024, will allow Vocus to take control of TPG’s fibre and fixed infrastructure, significantly expanding its network to connect nearly 20k buildings across Australia.

Vocus is advised by UBS and GRACosway (led by Ben Wilson). TPG is advised by Allens (led by Gavin Smith), according to press releases and MergerLinks data.

Keensight Capital to acquire NIOX Group for $417m.

Keensight Capital, a private equity firm, offered to acquire NIOX Group, a medical device company focused on point of care asthma diagnosis, for $417m, according to press releases.

NIOX is advised by Singer Capital Markets (led by Jen Boorer) and Lazard (led by Vasco Litchfield), according to press releases and MergerLinks data.

E. Sun Financial to acquire a 91.2% stake in Taiwan unit of Prudential for $84m.

E. Sun Financial, a commercial banking company, agreed to acquire a 91.2% stake in Taiwan unit of Prudential, a financial services company, for $84m, according to press releases.

E. Sun is advised by Morgan Stanley, according to MergerLinks data.

Bain Capital to acquire an 18% stake in Manappuram Finance for $508m. (Reuters)

Bain Capital, a private investment firm, is set to acquire an 18% stake in Manappuram Finance, an Indian non-banking financial company, for $508m, according to Reuters.

Adani, Emaar said to be discussing deal structure for $1.4bn India unit. (Bloomberg)

Billionaire Gautam Adani is in advanced negotiations to acquire the Indian unit of Dubai-based developer Emaar Group in a deal that could value the business at $1.4bn.

The potential acquisition would mark a significant expansion into real estate for Adani. Discussions are ongoing, and terms may still evolve.

Indian firms seek help from Dutch Royal IHC for deep-sea mineral exploration. (Reuters)

Indian mining and cement companies have sought technical assistance from Dutch shipbuilder Royal IHC as they prepare to bid for deep-sea mineral blocks up for auction.

India launched the first tranche of auctions in November, offering 13 offshore deep-sea mineral blocks, including three lime mud blocks, three construction sand blocks, and seven polymetallic nodule blocks.

Allianz, Jio Financial said to reach initial deal for India JV. (Bloomberg)

Billionaire Mukesh Ambani’s Jio Financial Services has reached a preliminary agreement with Allianz to establish an insurance business in India.

The partnership aims to tap into India’s expanding insurance market, with further details yet to be finalized.

Hanwha Aerospace plans $2.5bn offering after share rally. (Bloomberg)

Hanwha Aerospace plans to raise KRW3.6tn ($2.5bn) in what would be South Korea’s largest share sale in over three years, following a surge in demand for defense stocks that helped the company double its market value in 2025.

The company intends to issue nearly 6m shares at KRW605k ($414) each, representing a 16% discount to its March 13 closing price, when the stock fell 4.5%. The country’s financial regulator has stated it will review the plan due to the scale of the offering.

Business BlackRock fund’s forfeited China towers to be sold at 40% loss. (Bloomberg)

A China office complex previously owned by a BlackRock fund is nearing a sale at a discount of more than 40%, leading to losses for the US asset manager and the banks backing the deal.

After BlackRock’s fund opted to forgo payments on a syndicated loan, the property was forfeited to lenders led by Standard Chartered, which has since been seeking buyers. The sale process is ongoing, and terms may still change.

Daily Review

Connect the World of Dealmakers