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Top Highlights
Aditya Birla Group, an Indian multinational conglomerate, The Times of India Group, an Indian media conglomerate, Bolt Ventures, the private investment platform and family office of David Blitzer and Blackstone, an alternative asset management firm, agreed to acquire Royal Challengers Bengaluru, a professional cricket team, from United Spirits, an Indian alcoholic beverages company and a subsidiary of Diageo, a British multinational alcoholic beverage company, for $1.78bn, according to press releases and MergerLinks data.
Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone are advised by A&W Capital, Moelis & Co and Khaitan & Co (led by Aashutosh Sampat, Kartikeya Prakash, Shishir Vayttaden and Rohan Shrivastava). United Spirit is advised by Citigroup and AZB & Partners. Diageo is advised by Deutsche Bank, Slaughter & May and Touchstone Partner, according to press releases.
Echo Global Logistics, a transportation and supply chain services provider, completed the acquisition of ITS Logistics, a supply chain and 3PL provider, from GHK Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Echo Global Logistics was advised by Goldman Sachs, UBS and Kirkland & Ellis. ITS Logistics was advised by JP Morgan, Jefferies & Company, Weil Gotshal and Manges (led by Chris Machera) and LeadCoverage (led by Amber Good), according to press releases and MergerLinks data.
Southfield Capital, a private equity firm, completed the acquisition of a majority stake in Metric Search, a provider of talent solutions and human capital placement services for the high-growth sector, at an enterprise value of $100m, according to press releases.
Southfield Capital was advised by Finn Dixon & Herling, Simmons & Simmons and ASC Advisors (led by Taylor Ingraham and Max Rayden). Debt financing was provided by Tree Line Capital Partners. Metric Search was advised by Houlihan Lokey, according to press releases.
AMERICAS
Investors back $18bn debt for $55bn Electronic Arts buyout. ( FT)
Forgent shareholders plan $1.1bn share sale. ( Bloomberg)
SpaceX may file for $75bn+ IPO as soon as this week. ( Bloomberg)
CoreWeave shares lag Nebius one year after IPO. ( Bloomberg)
AlphaSense seeks new funding at $4bn+ valuation. ( Bloomberg)
Six Flags appoints chair amid sale pressure. ( Reuters)
Mizuho hires Fil Stosic as co-head of leveraged finance. ( Bloomberg)
Meta offers stock options to top executives. ( Bloomberg)
EMEA
Codere explores $2.3bn sale process. ( Reuters)
Orange enters exclusive talks to sell Globecast to Verdoso. ( Press Release)
Ex-Houlihan bankers launch €300m digital infrastructure fund. ( Bloomberg)
APAC
China reviews $2bn Manus sale to Meta. ( FT)
B.Grimm unit considers sale of pharma manufacturing business. ( DealStreetAsia)
SmartNews eyes Tokyo IPO as soon as October. ( Bloomberg)
DeepRoute.ai considers Hong Kong IPO. ( Bloomberg)
Club Med considers Hong Kong IPO. ( Bloomberg)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
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AMERICAS
Victory Capital withdrew its roughly $8.6bn proposal to acquire Janus Henderson on March 24, stepping out of a prolonged bidding battle just hours after Nelson Peltz’s Trian Fund Management and General Catalyst raised their competing offer for the asset manager.
The bidding battle had intensified in recent weeks, with Victory continuing to promote what it viewed as a superior offer even as Janus Henderson signaled its preference for the rival bid.
Merck, a global healthcare company, agreed to acquire Terns Pharmaceuticals, a clinical-stage biopharmaceutical company, for $6.7bn, according to press releases.
Terns Pharmaceuticals is advised by Centerview Partners, Jefferies & Company and Freshfields. Merck is advised by Citigroup and Joele Frank (led by Leigh Parrish and Andrew B. Siegel), according to press releases and MergerLinks data.
ZeroToOne.AI, a behavioral AI company, completed the acquisition of GroundTruth, an advertising platform that drives in-store visits and other real business results, according to press releases. Financial terms were not disclosed.
ZeroToOne.AI was advised by Brookline Capital, Cantor Fitzgerald, Nelson Mullins Riley & Scarborough, Edelman Smithfield and Capstone Partners, according to press releases.
SRS Distribution, a building products distributor and a subsidiary of The Home Depot, an American multinational home improvement retail corporation, agreed to acquire Mingledorff's, a major wholesale distributor of heating, ventilation, and air conditioning equipment, according to press releases. Financial terms were not disclosed.
The Home Depot is advised by Bank of America and Weil Gotshal and Manges. Mingledorff's is advised by Houlihan Lokey and Greenberg Traurig, according to press releases.
LSI Industries, a manufacturer of commercial lighting and display solutions, completed the acquisition of Royston Group, a manufacturer and supplier of modular retail fixtures, refrigerated display units, cabinetry, and exterior signage, from Industrial Opportunity Partners, a private equity firm, for $325m, according to press releases.
Royston Group was advised by William Blair & Co. LSI Industries was advised by Vallum Advisors (led by Noel Ryan and Bill Seymour), according to press releases and MergerLinks data.
Investissement Québec, a financing corporation, completed a $125m investment in Sherweb, a cloud services provider, according to press releases.
Sherweb was advised by National Bank Financial and Osler Hoskin & Harcourt, according to press releases.
SoftBank Robotics America, the North American arm of SoftBank Robotics, a global provider and integrator of robotic solutions, completed the acquisition of Green Clean Commercial, a full service national sustainable janitorial services provider, according to press releases. Financial terms were not disclosed.
Green Clean Commercial was advised by ACT Capital Advisors (led by Jeff Jones and Ivan Trindev), according to press releases.
Etna Capital, a private equity firm, completed the acquisition of CodeRoad, a provider of digital engineering, software development and AI solutions, according to press releases. Financial terms were not disclosed.
Etna Capital was advised by Kekst CNC (led by Daniel Yunger), according to press releases.
Bow River Capital, a private investment firm, agreed to acquire Spur Capital Partners, a venture capital fund-of-funds manager, according to press releases. Financial terms are not disclosed.
Bow River Capital is advised by Deutsche Bank, according to press releases.
Molson Coors, a Canadian-American multinational drink and brewing company, agreed to acquire Atomic Brands, a beverage alcohol company known as the creator and manufacturer of Monaco Cocktails, a line of canned, spirit-based ready-to-drink cocktails, according to press releases. Financial terms were not disclosed.
Atomic Brands is advised by Nomura, according to MergerLinks data.
Danone, a French multinational food-products corporation, and Arcor, a multinational company with three business divisions of consumer food products, packaging, and agribusiness, agreed to form a joint venture focused on the local dairy market, according to press releases. Financial terms were not disclosed
Inszone Insurance Services, an insurance brokerage company, completed the acquisition of Schuessler Insurance, an independent insurance agency, according to press releases. Financial terms were not disclosed.
Investors back $18bn debt for $55bn Electronic Arts buyout. ( FT)
The strong demand signals continued appetite for leveraged finance despite market volatility and geopolitical uncertainty.
Forgent shareholders plan $1.1bn share sale. ( Bloomberg)
Forgent Power Solutions and existing shareholders are offering about 30m shares, raising roughly $1.1bn based on the latest closing price.
The sale includes shares from Neos Partners affiliates and the company, coming less than two months after its IPO.
SpaceX may file for $75bn+ IPO as soon as this week. ( Bloomberg)
SpaceX is preparing to file a prospectus for a US IPO as soon as this week, with plans to raise more than $75bn.
The offering could value the company at over $1.75tn, potentially marking one of the largest IPOs on record.
CoreWeave shares lag Nebius one year after IPO. ( Bloomberg)
CoreWeave stock has underperformed rival Nebius over the year since its IPO, amid pressure from heavy AI-related spending.
The divergence reflects investor concerns over capital intensity rather than differences in business fundamentals.
AlphaSense seeks new funding at $4bn+ valuation. ( Bloomberg)
AlphaSense is seeking hundreds of millions of dollars in fresh funding, potentially valuing the company at above $4bn.
The move comes amid strong investor interest in AI-powered data platforms, though terms remain under discussion and could change.
Six Flags appoints chair amid sale pressure. ( Reuters)
Six Flags Entertainment has named Richard Haddrill as executive chairman following pressure from activist investor Jana Partners.
The investor has called for leadership changes and urged the company to explore a potential sale.
Mizuho hires Fil Stosic as co-head of leveraged finance. ( Bloomberg)
Mizuho Financial Group has hired Fil Stosic from Morgan Stanley as co-head of leveraged finance capital markets.
He will join as a managing director in New York and report to Jeb Slowik, head of leveraged finance in the Americas.
Meta offers stock options to top executives. ( Bloomberg)
Meta Platforms is granting stock options to senior executives for the first time since its IPO as it seeks to retain talent amid heavy AI investment.
The awards are tied to stock-price performance targets and focus on leaders driving key strategic initiatives.
EMEA
Arch Peninsula, a Malaysia-based investment platform and a subsidiary of Asia Pulp & Paper, an Indonesian pulp and paper company, agreed to acquire Sanipak, a manufacturer of tissue paper, personal care, and home care products, from Eczacıbaşı, a Turkish industrial group, for $600m, according to press releases.
Arch Peninsula is advised by Barclays and Paksoy (led by Elvan Aziz), according to press releases and MergerLinks data.
Bridor, a manufacturer of premium frozen bakery products and a subsidiary of Le Duff, a French restaurant conglomerate, agreed to acquire Panamar Bakery Group, a Spanish provider of pre-cooked bread and frozen pastry products, according to press releases. Financial terms were not disclosed.
Bridor is advised by SRW Agency (led by Amy Tew). Panamar Bakery Group is advised by Houlihan Lokey, according to press releases and MergerLinks data.
Altor Equity Partners, a Nordic private equity firm, agreed to acquire a majority stake in Eltera Gruppen, a Norwegian provider of electrical installation services, from Valedo Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Codere explores $2.3bn sale process. ( Reuters)
Spanish gambling group Codere is preparing a sale that could value the company at about $2.3bn, with Jefferies and Macquarie advising on the process.
The process is at an early stage, with indicative bids expected by mid-May and a potential deal targeted before the summer.
Orange enters exclusive talks to sell Globecast to Verdoso. ( Press Release)
Orange has entered into exclusive negotiations with Verdoso regarding a potential sale of its media services unit Globecast.
The business provides content distribution and broadcasting services globally, supporting TV channels, rights holders and platform operators.
Ex-Houlihan bankers launch €300m digital infrastructure fund. ( Bloomberg)
Former Houlihan Lokey bankers Chris Godsmark and Christian Maher have launched Limewood Capital, targeting €300m ($347m) for a digital infrastructure fund.
The vehicle will focus on investments in data centers and related infrastructure amid growing demand.
APAC
Founders Fund, a venture capital firm, led a $220m Series E round in Halter, the global agtech company transforming cattle farming, with participation from Blackbird, DCVC, Bond, Bessemer, NewView, Ubiquity, Promus and Icehouse Ventures, according to press releases.
Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, completed an investment in Sakana AI, a Japan-based AI startup that develops next‑generation AI-foundation models, according to press releases. Financial terms were not disclosed.
China reviews $2bn Manus sale to Meta. ( FT)
The scrutiny reflects concerns over cross-border investment rules, with authorities assessing compliance and potential national security implications.
B.Grimm unit considers sale of pharma manufacturing business. ( DealStreetAsia)
B.Grimm Group’s pharmaceutical unit is exploring a sale of its drug manufacturing business following a formal divestment process launched in 2025.
The group is considering selling a majority or full stake to broaden buyer interest and unlock value as it refocuses on core operations.
SmartNews eyes Tokyo IPO as soon as October. ( Bloomberg)
SmartNews is considering an IPO in Tokyo as early as October, with a potential valuation below its prior $2bn funding round.
Details including timing and valuation remain under discussion and could change amid market volatility.
DeepRoute.ai considers Hong Kong IPO. ( Bloomberg)
DeepRoute.ai is considering an IPO in Hong Kong and is seeking to raise several hundred million dollars.
The company has filed confidential listing documents and is working with advisers, though timing remains under discussion.
Club Med considers Hong Kong IPO. ( Bloomberg)
Club Med is considering an IPO and is evaluating Hong Kong as a potential listing venue as it explores capital markets options.
The Fosun-owned group is in talks with banks about the offering, though timing and structure remain under discussion.
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