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AMERICAS
Atlas, a private equity firm, completed the acquisition of ODP, a provider of products, services and technology solutions, in a $1bn deal, according to press releases.
Atlas Holdings was advised by Lazard, Willkie Farr & Gallagher (led by Steven Seidman, Mark Cognetti, Laura Acker and Brittany Klinger), and Longacre Square Partners. ODP was advised by JP Morgan, Simpson Thacher & Bartlett (led by Alan Klein) and H/Advisors Abernathy. Financial advisor was advised by Cravath Swaine & Moore, according to press releases and MergerLinks data.
First Eagle Investments, an independent, privately owned investment management firm, agreed to acquire Diamond Hill, an independent asset manager providing investment advisory and fund administration, for $473m, according to press releases.
Diamond Hill is advised by Broadhaven Capital Partners, Davis Polk & Wardwell, Vorys Sater Seymour & Pease, and FGS Global. First Eagle is advised by UBS, Willkie Farr & Gallagher, and Prosek Partners, according to press releases.
Veeam, a software company, completed the acquisition of Securiti AI, a provider of data security and AI solutions, from Schroders Capital, a private asset management firm, for $1.725bn, according to press releases.
Veeam was advised by Morgan Stanley. Securiti AI was advised by JP Morgan, Paul Weiss Rifkind Wharton & Garrison (led by David Tarr), Stikeman Elliott, and Willkie Farr & Gallagher (led by Morgan Elwyn, Timothy F. Sullivan and Ziyad Aziz), according to press releases and MergerLinks data.
Oak Hill Capital, a private equity firm, agreed to acquire Hunter Communications, a fiber-optic internet provider, from Grain Management, a private equity firm, according to press releases. Financial terms are not disclosed.
Oak Hill Capital is advised by Bank Street Group, Paul Weiss Rifkind Wharton & Garrison, and Prosek Partners. Grain Management is advised by Alston & Bird, according to press releases and MergerLinks data.
Perimeter Solutions, a global solutions provider that produces high-quality firefighting products and lubricant additives, agreed to acquire Medical Manufacturing Technologies, a global provider of medical device manufacturing solutions, from Arcline Investment Management, a growth-oriented private equity firm, for $685m, according to press releases.
Perimeter is advised by Nixon Peabody and Greenberg Traurig, according to press releases.
Alamo Group, a global manufacturer of high-quality industrial and vegetation management equipment, agreed to acquire Petersen Industries, a manufacturer of truck-mounted grapple loader equipment, for $166m, according to press releases.
Alamo Group is advised by D.A. Davidson & Co and Dykema, according to press releases.
AMSC, a system provider of megawatt-scale power resiliency solutions, completed the acquisition of Comtrafo, a manufacturer and supplier of high-performance utility-scale power and distribution transformers, for $162m, according to press releases.
AMSC was advised by Alliance Advisors and RooneyPartners, according to press releases.
Bernhard Capital Partners-backed Brailsford & Dunlavey, a provider of multi-disciplinary advisory, project management, and construction management services, completed the merger with Project Management Advisors, an independent real estate consulting and project delivery firm, according to press releases. Financial terms were not disclosed.
Brailsford & Dunlavey was advised by Akrete, according to press releases.
Vance Street Capital-backed Pro-Vision, a mobile video technology company, completed the acquisition of Spartan Radar, a software company, according to press releases. Financial terms were not disclosed.
Vance Street was advised by Winston & Strawn, according to press releases.
Pinterest, a visual search and discovery platform provider, agreed to acquire tvScientific, a provider of CTV advertising solutions through a self-managed, cost-per-outcome platform, according to press releases. Financial terms are not disclosed.
tvScientific is advised by Purpose Worldwide (led by Hollis Guerra), according to press releases.
The Walt Disney Company, an entertainment company, agreed to invest $1bn in OpenAI, an American artificial intelligence research laboratory, according to press releases.
Andersen, a manufacturer of windows, doors, and related building products, agreed to acquire Bright Wood, a manufacturer of wood window and door components, mouldings, and engineered dimension lumber, according to press releases. Financial terms are not disclosed.
Nexo, a digital assets wealth platform, to acquire Buenbit, a Latin American investing platform, according to press releases. Financial terms were not disclosed.
US allows negotiations on Lukoil's foreign assets until January 17. ( Reuters)
The US extended its deadline to January 17 for negotiations to buy Lukoil’s $22bn foreign assets, drawing interest from Carlyle Group and Chevron. Xtellus Partners previously proposed using sale proceeds to repay American investors whose Lukoil shares were frozen after Russia’s invasion of Ukraine.
The assets were put up for sale after US sanctions in October, and the extension also allows contingent contracts and wind-down work as Lukoil, hit hard overseas, sought more time to advance talks.
Vista-backed Finastra taps PJT to sell US banking software unit. ( Bloomberg)
Vista Equity-backed Finastra has hired PJT Partners to explore a sale of its US banking software unit for mid-sized banks, a deal that could exceed $200m and attract interest from private equity and software firms, though the process is still early and a sale is not certain.
Netflix is looking to borrow heavily again to fund Warner Bros deal. ( Bloomberg)
Netflix, once nicknamed “Debtflix” for its heavy borrowing, is planning to take on tens of billions more in debt to fund its $72bn acquisition of most of Warner Bros. Discovery, using its stronger post-pandemic balance sheet to stay investment grade and potentially raise its bid in a competitive auction.
Trump says CNN should be sold as part of Warner Bros Discovery deal. ( Reuters)
President Donald Trump said CNN should be sold, either with a Warner Bros Discovery deal or separately, calling it biased and “fake news”; Warner Bros is weighing Netflix’s acquisition, which includes HBO and streaming assets but excludes CNN, TNT, and TBS likely to be spun off, against Paramount Skydance’s $30-per-share all-cash bid, which would integrate CNN with CBS News amid regulatory and financing scrutiny, and possible influence from Trump’s son-in-law Jared Kushner.
Lumexa Imaging raises $462m in IPO priced mid-range. ( Bloomberg)
Lumexa Imaging raised $462m in its US IPO, selling 25m shares at $18.50 each, the midpoint of its $17–$20 range, for its chain of diagnostic imaging providers.
PE behemoth CVC names Rutland president as part of biggest-ever promotions group. ( Bloomberg)
CVC Capital Partners has promoted Peter Rutland to president and appointed Søren Vestergaard-Poulsen as chief investment officer, part of its largest-ever executive promotions since going public less than two years ago.
EMEA
Antin Infrastructure Partners, a private equity firm, agreed to acquire NorthC, an enterprise colocation data centre platform, from DWS, an asset manager, according to press releases. Financial terms were not disclosed.
NorthC is advised by Evercore, Torch Partners and Latham & Watkins. Antin is advised by Guggenheim Partners, Clifford Chance, Simpson Thacher & Bartlett and Brunswick Group (led by Tristan Roquet Montegon), according to press releases.
Freudenberg, a global technology group, offered to acquire Nilfisk, a provider of professional cleaning equipment and services, for DKK3.8bn ($592m), according to press releases.
Nilfisk is advised by DNB Carnegie Investment Bank, Guggenheim Partners, Krogerus, Kromann Reumert and Geelmuyden Kiese. Freudenberg is advised by JP Morgan, according to MergerLinks data and press releases.
Flight Centre Travel, an Australian travel agency, agreed to acquire Iglu.com, an online travel agent specialising in cruise and ski holidays, from LDC, a private equity investor, for £127m ($169m), according to press releases.
FLT is advised by BDO and Bird & Bird. LDC is advised by KPMG, PricewaterhouseCoopers, Rothschild & Co and Travers Smith, according to MergerLinks data and press releases.
UST, a digital transformation solutions company, agreed to acquire a majority stake in Italdesign, a service company providing design, engineering and production for the transportation industry, from Audi, a German automotive manufacturer of luxury vehicles, according to press releases. Financial terms are not disclosed.
UST is advised by Adfactors PR, FTI Consulting, Makovsky, Noizze Media, and S&C Public Relations, according to press releases.
Cinven, a private equity firm, agreed to invest in Flint Global, a strategic advisory firm, according to press releases. Financial terms were not disclosed.
Flint Global is advised by Liberty Corporate Finance, Alantra and Pinsent Masons. Cinven is advised by DC Advisory (led by Andrew Strudwick), according to MergerLinks data and press releases.
Azul, a provider of the Java platform for the modern cloud enterprise, completed the acquisition of Payara, a global provider of enterprise-grade solutions for Jakarta EE-based applications and microservices for hybrid and cloud-native deployments, according to press releases. Financial terms were not disclosed.
Azul was advised by Goodwin Procter and Treble Public Relations. Debt financing was provided by Ares Management, according to press releases.
United Infrastructure, a provider of solutions for the UK's critical infrastructure, agreed to acquire UK United Kingdom Transmission & Distribution engineering business from John Wood Group, an engineering and consulting business, for £57m ($77m), according to press releases.
John Wood is advised by FTI Consulting (led by Alex Le May), according to MergerLinks data.
Mr Price Group, a South African omnichannel retail group, agreed to acquire NKD Group, a German clothing discount store chain, from TDR Capital, a British private equity firm, for €500m ($582m), according to press releases.
TDR Capital is advised by Rothschild & Co, according to MergerLinks data.
Expedia Group, a travel technology company, agreed to acquire Tiqets, a global platform for activities and experiences, according to press releases. Financial terms were not disclosed.
Expedia is advised by Stibbe (led by Egbert Vroom), according to MergerLinks data.
TITAN Group, an international business in the building and infrastructure materials industry, agreed to acquire Traçim Cement, a producer of cement and clinker, for $190m, according to press releases.
Ball, a producer of glass jars, lids, and related products used for home canning, agreed to acquire a 80% stake in the beverage can manufacturing businesses from Benepack, a regional producer of aluminum beverage cans, for €184m ($214m), according to press releases.
Bregal Milestone, a software growth private equity firm, agreed to acquire a majority stake in Beyond Now, a cloud-native supply chain software provider, according to press releases. Financial terms are not disclosed.
Rheinmetall CEO makes fresh pitch to buy part of KNDS. ( Reuters)
Rheinmetall CEO Armin Papperger is making a renewed push to buy part of rival KNDS in an effort to create a consolidated European land-defense company. He has held talks in recent months with German politicians and state-owned lender KfW about possible investment structures to link the two tankmakers.
Engie, CIP vie for Orsted’s European onshore wind unit. ( Bloomberg)
French utility Engie and Danish investor Copenhagen Infrastructure Partners are competing to acquire Orsted's European onshore wind business, with final bids expected this week and the unit valued at around €1bn ($1.16bn).
Starling eyes UK acquisition to boost corporate lending. ( FT)
Starling Bank is exploring UK acquisitions to expand lending and better use its £12bn ($16bn) in deposits, focusing on corporate lending and high-return areas. The neobank is also aiming for international growth, with potential US and European deals, and plans to expand its Engine software platform, already used by banks in Australia, Romania, and Canada.
TPG to consider stake sale or IPO for jeweler APM Monaco. ( Bloomberg)
TPG is exploring options for APM Monaco, including a stake sale or IPO, aiming for a valuation of at least $2bn, and may launch a dual-track process early next year with an adviser.
APAC
Sembcorp Industries, a provider of energy and water solutions, agreed to acquire Alinta Energy, an Australian utility company, from Chow Tai Fook Enterprises, a private investment holding company, for AUD6.5bn ($4.3bn), according to press releases.
Alinta Energy is advised by GRACosway. Sembcorp Industries is advised by Sodali & Co, according to press releases.
Keppel REIT Management, a real estate investment trust, agreed to acquire a 33% stake in Central Boulevard Development, a Singapore-registered property development and investment company that owns and manages Marina Bay Financial Centre Tower 3, for SGD908m ($700m), according to press releases.
Li Ka-shing ports sale slows on regulatory hurdles, Cosco’s role. ( Bloomberg)
Li Ka-shing’s effort to sell CK Hutchison ports, including those in the Panama Canal, has slowed due to regulatory hurdles, the structure of the buying consortium, and the role of China Cosco Shipping, with the timing of any deal still uncertain.
Chinese AI unicorns MiniMax and Zhipu to target Hong Kong IPOs soon. ( Bloomberg)
Chinese AI startups MiniMax and Zhipu, backed by Alibaba, Tencent, and other investors, are targeting Hong Kong IPOs soon, with MiniMax planning a January listing that could raise hundreds of millions of dollars.
Japan carbon capture startup’s IPO in 2027 ‘not off the table’. ( Bloomberg)
TBM, a Japanese carbon capture and recycled materials startup, is preparing for a potential IPO on Tokyo’s growth market, with a 2027 listing “not off the table,” CFO Seigo Nakashima noted. The company has chosen a lead underwriter and auditor and is gauging investor interest.
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