Affinity Equity Partners completes the acquisition of Yupi Indo Jelly Gum for $1.2bn.

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AMERICAS

Certerra completes the acquisition of Tierra.

Certerra, a provider of technology-enabled testing, inspection, and certification services for critical infrastructure, completed the acquisition of Tierra, a geotechnical and materials engineering firm, according to press releases. Financial terms were not disclosed.

Tierra was advised by Trenam Law. Certerra was advised by Womble Bond Dickinson, according to press releases.

Global Eggs to acquire Hillandale Farms for $1.1bn. (Reuters)

Global Eggs, an egg producer farm, agreed to acquire Hillandale Farms, a US egg producer farm, for $1.1bn, according to Reuters.

Global Eggs is advised by BTG Pactual, according to MergerLinks data.

Incline completes the acquisition of Command Investigations.

Incline Equity Partners, a private equity firm, completed the acquisition of Command Investigations, a national provider of insurance investigation services, according to press releases. Financial terms were not disclosed.

Nue completes the acquisition of Approvals Pro.

Nue, a salesforce-native revenue lifecycle management platform, completed the acquisition of Approvals Pro, a best-in-class sales approval solution, according to press releases. Financial terms were not disclosed.

S5 Equity completes the acquisition of Heartland America.

S5 Equity, a southern California-based investment firm, completed the acquisition of Heartland America, a discount catalog and online retailer company, according to press releases. Financial terms were not disclosed.

OpenAI close to finalizing $40bn SoftBank-led funding. (Bloomberg)

OpenAI is nearing completion of a $40bn funding round led by SoftBank Group, with investors such as Magnetar Capital, Coatue Management, Founders Fund, and Altimeter Capital Management in discussions to join the deal.

Magnetar Capital could contribute up to $1bn as part of the round. Final terms are still being negotiated.

Energy trader Vitol eyes $3bn sale of US shale producer. (Reuters)

Global commodities trader Vitol is exploring a sale of its VTX Energy Partners business in a deal that could value the US shale oil and gas producer at up to $3bn, including debt.

The move comes as Vitol looks to capitalize on VTX’s position as one of the few remaining privately held operators of scale in the Permian Basin, following a wave of acquisitions by publicly listed peers over the past two years.

Paulus agrees to acquire SoftBank-backed Alto Pharmacy. (Bloomberg)

Alto Pharmacy, a San Francisco-based digital pharmaceutical startup backed by SoftBank, has agreed to be acquired by Paulus Holdings.

The deal is expected to value Alto between $1bn and $1.5bn.

Vanguard met with Blackstone, Carlyle on private markets product. (Bloomberg)

Vanguard Group has held preliminary discussions with major alternative asset managers, including Carlyle Group and Blackstone, to explore potential partnerships aimed at offering private assets to individual investors.

While the conversations were early stage, Vanguard has not committed to any collaboration at this time.

EMEA

NEO Energy to merge with Repsol Resources.

NEO Energy, a renewable energy power generation, agreed to merge with Repsol Resources, an oil & natural gas company, according to press releases. Financial terms were not disclosed.

NEO Energy is advised by Jefferies & Company and Camarco (led by Billy Clegg), according to press releases and MergerLinks data.

Bioworld completes the acquisition of Character World Brands.

Bioworld Merchandising, a global provider of lifestyle pop culture products, completed the acquisition of Character World Brands, a licensed home textile company, according to press releases. Financial terms were not disclosed.

Bioworld Merchandising was advised by 42West, according to press releases.

Kaspi.kz to acquire Rabobank Turkey from Rabobank Group.

Kaspi.kz, a mobile app company, agreed to acquire Rabobank Turkey, a fully licensed bank in Turkiye, from Rabobank Group, a Dutch multinational banking and financial services company, according to press releases. Financial terms were not disclosed.

Rabobank Group is advised by JP Morgan, according to MergerLinks data.

Tetra Tech completes the acquisition of Carron + Walsh.

Tetra Tech, a provider of high-end consulting and engineering services in water, environment, and sustainable infrastructure, completed the acquisition of Carron + Walsh, a construction services firm, according to press releases. Financial terms were not disclosed.

Elliott explores private equity backing for potential carve-out of Bayer’s €5.9bn consumer health division. (FT)

Elliott Management has held preliminary discussions with private equity firms about a potential carve-out of Bayer’s consumer health business, as the activist investor considers re-engaging with the German conglomerate.

Investor interest in consumer health assets has been picking up. Bayer’s over-the-counter division, which includes brands such as Aspirin, Claritin, and Alka-Seltzer, generated €5.9bn ($6.3bn) in revenue and €1.3bn ($1.4bn) in EBITDA in 2024. While buyout firms have shown interest, Bayer is unlikely to move forward with a spin-off in the near term due to its ongoing restructuring.

UK's Warehouse REIT could back Blackstone's $632m bid in case of a firm offer. (Reuters)

Warehouse REIT said on March 27 it could recommend Blackstone’s £489m ($631.5m) final all-cash takeover proposal if the asset manager submits a firm offer.

Earlier this week, the company said it was evaluating the £1.15 ($1.49) per-share proposal, which represents a 4% increase from a previous joint offer made by Blackstone and Sixth Street Partners.

Historically, Blackstone has worked with Simpson Thacher & Bartlett, Kirkland & Ellis, Goldman Sachs and Morgan Stanley, according to MergerLinks data.

UniCredit CEO to review Banco BPM bid after Anima deal completed. (Bloomberg)

UniCredit CEO Andrea Orcel said he will wait for the outcome of Banco BPM’s bid for asset manager Anima before deciding how to proceed with UniCredit’s own offer for Banco BPM.

Speaking at UniCredit’s annual general meeting in Milan, Orcel noted it’s still uncertain how Banco BPM’s valuation will be impacted by the Anima acquisition, adding that the bank reserves the right to reassess its position.

Blackstone's higher $427m offer for London's 'Can of Ham' tower rejected. (Reuters)

The owner of London’s landmark “Can of Ham” building has turned down a higher offer of around £330m ($427m) from Blackstone, with Nuveen opting to hold the asset in anticipation of improving demand for European real estate.

Located at 70 St Mary’s Axe, the 21-storey office tower is among the few major properties to come to market in Europe in recent years, as the sector continues to recover from shifting work patterns and elevated borrowing costs.

Spain's Criteria says no current talks on stake in Naturgy. (Reuters)

Spanish holding company Criteria said on March 27 it is not currently in talks with any potential investor regarding its stake in energy utility Naturgy.

The statement follows a report earlier this week that Abu Dhabi’s TAQA had approached Criteria to revive a potential offer for a stake in the company.

Asker jumps in Swedish debut after Europe’s biggest 2025 IPO. (Bloomberg)

Asker Healthcare Group shares jumped as much as 25% in their Stockholm debut after the company and its owners raised nearly SEK8.9bn ($887m) in Europe’s largest IPO so far this year.

Priced at SEK70 ($7) per share, the offering gave Asker an implied valuation of SEK26.8bn ($2.7bn), with about 33% of the company’s total shares sold.

UniCredit investors back CEO pay increase in 2024-2025. (Reuters)

Shareholders in UniCredit approved the bank’s remuneration policy for 2025 and last year’s pay policy, despite recommendations from governance advisers to vote against the proposals.

Both Institutional Shareholder Services and Glass Lewis had advised investors to reject the policies, citing concerns over the scale of the pay increase for CEO Andrea Orcel.

APAC

CoStar raises Domain bid to $1.8bn to win access to books. (Bloomberg)

CoStar Group has increased its bid for Domain by 5.5% to $1.8bn, securing access to the company's financial records, according to Bloomberg.

The US-based real estate analytics firm raised its cash offer to A$4.43 ($2.8) per share for the remaining stake in Domain, the company announced on March 27. This is an increase from the initial A$4.2 ($2.6) per share bid made last month. CoStar currently holds nearly 17% of Domain.

CoStar is advised by Corrs Chambers Westgarth (led by Sandy Mak and Adam Foreman), according to MergerLinks data.

Ex-Goldman analyst’s fund eyes $55m windfall on Japan bet. (Bloomberg)

Ariake Capital, a $320m Japanese hedge fund founded by former Goldman Sachs analyst Katsunori Tanaka, is set to make a profit of around $55m from the sale of one of its major regional bank holdings.

The Tokyo-based fund is in talks to sell its roughly 20% stake in Chiba Kogyo Bank to rival Chiba Bank for about JPY20bn ($133m). Ariake originally acquired the stake for JPY11.7bn ($78m).

China pauses new deals with Li Ka-shing family after Panama ports plan. (Bloomberg)

China has instructed state-owned firms to pause any new collaborations with businesses linked to Li Ka-shing and his family, following his plan to sell two Panama ports to a global consortium—a move that drew disapproval from Beijing.

The directive was issued last week at the request of senior officials. Existing partnerships are not affected by the order.

JSR's incoming CEO signals focus on finances, retreat from sector M&A ambitions. (Reuters)

The incoming CEO of Japanese chip materials maker JSR, Tetsuro Hori, plans to prioritize improving the company’s business performance rather than pursuing consolidation in the sector.

Hori, who will take over as CEO on April 1, stated that JSR’s current financial position does not support making acquisitions.

Citigroup hiring dealmakers in Japan with fee pool seen reviving. (Bloomberg)

Citigroup is expanding its investment banking team in Japan, anticipating a rebound in the country’s dealmaking activity after a prolonged two-decade slump.

Japan has been identified by the bank’s New York headquarters as a priority market for strategic investment, including hiring bankers focused on M&A advisory and securities underwriting. Masuo Fukuda, head of Citigroup’s investment banking business in Tokyo, said the team is expected to grow by 15%, though he did not specify the number of new hires.

Three Japanese banks form alliance to fight population slump. (Bloomberg)

Three banks in central Japan Shizuoka Bank, Hachijuni Bank, and Yamanashi Chuo Bank are joining forces to address the long-term challenge of a declining population threatening their future viability.

The collaboration will focus on areas such as venture financing to attract external talent and investment into the region. The alliance also aims to boost the local population to help tackle issues like labor shortages, Shizuoka Bank President Minoru Yagi said at a briefing.

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