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AMERICAS

Coral Tree Partners completes an investment in Plein Air.

Coral Tree Partners, a private equity firm, completed an investment in Plein Air, a marketing, technology, and data consultancy, according to press releases. Financial terms were not disclosed.

Coral Tree Partners was advised by Goodwin Procter. Plein Air was advised by Canaccord Genuity, Nelson Mullins Riley & Scarborough and Ink Link Marketing (led by Kim Miller), according to press releases.

Pennymac to acquire subservicing business of Cenlar for $257.5m.

Pennymac, a company that originates and purchases residential mortgage loans, provides mortgage servicing, and manages mortgage-related investment activities, agreed to acquire subservicing business of Cenlar, a provider of mortgage loan subservicing and related servicing functions to banks, credit unions, mortgage companies and other financial institutionsfor, for $257.5m, according to press releases.

Pennymac is advised by Santander and Goodwin Procter. Cenlar is advised by Houlihan Lokey and Sullivan & Cromwell, according to press releases and MergerLinks data.

Admiral Group to acquire Flock Freight for £80m.

Admiral Group, a provider of insurance services, agreed to acquire Flock Freight, a sustainability-focused digital freight provider, for £80m, according to press releases.

Flock Freight is advised by Continuum Advisory Partners and Osborne Clarke. Admiral Group is advised by GP Bullhound and Clifford Chance, according to press releases.

Gold Candle to acquire Fokus Mining for CAD65m.

Gold Candle, a company that identifies and advances gold resources, agreed to acquire Fokus Mining, a mineral exploration company focused on identifying and developing high-quality mineral assets, for CAD65m, according to press releases.

Fokus Mining is advised by Clarus Securities, Bennett Jones and Lavery Avocats. Gold Candle is advised by Goodmans, according to press releases.

Everest Infrastructure Partners to acquire US tower portfolio of ATN International for $297m.

Everest Infrastructure Partners, an infrastructure fund, agreed to acquire US tower portfolio of ATN International, a company that operates and manages telecommunications infrastructure and delivers broadband and voice services, for $297m, according to press releases.

ATN International is advised by Rothschild & Co, Lape Mansfield Nakasian & Gibson and Sharon Merrill Advisors, according to press releases and MergerLinks data.

Zeitview completes the acquisition of Insight M.

Zeitview, a critical infrastructure inspection software provider, completed the acquisition of Insight M, a consultative methane emissions management company, according to press releases. Financial terms were not disclosed.

Zeitview was advised by Prospera Law. Insight M was advised by Intrepid Advisors and Fenwick & West, according to press releases.

Highland Rim Capital completes the acquisition of Xybix.

Highland Rim Capital, a private equity firm, completed the acquisition of Xybix, a designer and manufacturer of ergonomic workstations and control-room furniture, according to press releases. Financial terms were not disclosed.

Xybix was advised by SDR Ventures (led by Ben Luchow) and Fennemore, according to press releases.

Trivest-backed Province completes the acquisition of StoneTurn from MML Capital Partners.

Trivest-backed Province, a financial advisory firm, completed the acquisition of StoneTurn, a global professional services firm, from MML Capital Partners, an international mid-market private equity firm, according to press releases. Financial terms were not disclosed.

Province was advised by Jefferies & Company. StoneTurn was advised by Clearsight Advisors, according to press releases.

Promise Holdings completes the acquisition of Beauty4U.

Promise Holdings, a private holding and investment company, completed the acquisition of Beauty4U, a multi-location wig and beauty supply retail chain, according to press releases. Financial terms were not disclosed.

Beauty4U was advised by Newport and GROW and SELL Advisors, according to press releases.

Front Row completes the acquisition of Socium Media.

Front Row, an e-commerce and growth agency, completed the acquisition of Socium Media, a performance marketing and digital growth agency, according to press releases. Financial terms were not disclosed.

Socium Media was advised by Palazzo, according to press releases.

BriefCatch completes the acquisition of core product and technology assets of WordRake.

BriefCatch, a legal writing assistant, completed the acquisition of core product and technology assets of WordRake, a patented editing software, according to press releases. Financial terms were not disclosed.

BriefCatch was advised by Interdependence PR, according to press releases.

MyMiniFactory completes the acquisition of Thingiverse from Ultimaker.

MyMiniFactory, a platform that offers a wide range of 3D printable models and STL files for 3D printing, completed the acquisition of Thingiverse, an online platform that hosts and distributes digital design files for physical objects, from Ultimaker, a company that manufactures professional and industrial 3D printers, according to press releases. Financial terms were not disclosed.

Azuria Water completes the acquisition of Caliagua.

Azuria Water, a company that offers products and services for the rehabilitation of aging water infrastructure, including wastewater, stormwater, and potable water pipelines, completed the acquisition of Caliagua, an engineering and construction contractor focused on water and wastewater infrastructure for public agencies, private developers and industrial clients, according to press releases. Financial terms were not disclosed.

Ubiquity to acquire Shaip AI.

Ubiquity, a global provider of digital transformation, operations management, and customer experience, agreed to acquire Shaip AI, a specialized AI data platform and services company focused on delivering high-quality, ethical, and domain-specific data for artificial intelligence and large language model development, according to press releases. Financial terms were not disclosed.

America Movil prepares spending target after Telefonica Chile sells to rivals. (Reuters)

America Movil plans to spend 14%–15% of its 2026 revenue on capex and will keep investing in Chile after Telefonica Chile was sold to NJJ and Millicom for $1.2bn. The company says continued investment is needed to stay competitive in the market.

Money once considered for a potential Telefonica Chile bid will now go toward debt reduction and preparing for future acquisitions. America Movil expects further consolidation in Latin America and has been in discussions with smaller fiber operators and Brazil’s Desktop.

Bill Ackman’s Pershing Square discloses new stake in Meta. (Bloomberg)

Bill Ackman’s Pershing Square has disclosed a new stake in Meta Platforms, with the position representing about 10% of the fund’s capital at year‑end. The investment was initiated in late November, according to the firm’s latest investor presentation.

The move marks one of Pershing Square’s largest new positions and signals Ackman’s growing conviction in large‑cap tech. No additional details on stake size or strategy were provided.

Investment firms strike $3.4bn deal for Peruvian power producer. (WSJ)

I Squared Capital and CPP Investments have agreed to buy Inkia Energy, valuing the Peruvian power producer at $3.4bn, including debt. Each investor will acquire a 50% stake, giving them joint ownership of one of the country’s major private‑sector electricity platforms.

The deal underscores rising foreign interest in Peru’s energy sector as demand grows and geopolitical competition intensifies. Inkia operates a diversified portfolio of power assets across Latin America, making it a strategic foothold for both firms.

SoftBank posts fourth straight quarterly profit on OpenAI investment gain. (Reuters)

SoftBank reported a JPY249bn ($1.6bn) quarterly profit, driven by gains on its OpenAI stake, which has grown to more than $30bn invested and an estimated 11% holding. The group expects nearly $20bn in investment gains.

To fund its AI push, SoftBank has increased borrowing, including expanding an Arm‑backed margin loan to $20bn, and sold assets such as part of its T‑Mobile stake. Its heavy OpenAI exposure has effectively made SoftBank a proxy for the US AI developer, while its cash position and leverage continue to tighten.

Couche-Tard shares rise after sidelining M&A in new outlook. (Bloomberg)

Alimentation Couche‑Tard shares rose after the company signaled it will prioritise organic growth and stronger merchandise revenues, with no M&A included in its latest strategic outlook. The shift boosted investor sentiment, sending the stock to CAD82.51 ($60.9), its highest level since 2024.

The owner of Circle K tightened its financial forecasts during a strategic update in Toronto, emphasising operational improvements over acquisitions.

Brazil’s Marciano Testa joins billionaire ranks after rocky Agibank IPO. (Bloomberg)

Marciano Testa, founder of Brazilian fintech Agibank, joined the billionaire ranks after the company’s IPO, despite a difficult debut. Agibank cut both its offer price and share count at the last minute, and the stock still fell 10% on its first day of trading.

Testa’s 63% stake in the company is worth about $1.1bn based on the closing price of $10.75. The outcome highlights both the valuation challenges for fintechs and Testa’s substantial remaining ownership.

EMEA

Wabtec completes the acquisition of Dellner Couplers from EQT for $960m.

Wabtec, a provider of equipment solutions and value-added services for the freight and transit rail industries, completed the acquisition of Dellner Couplers, a Swedish original equipment manufacturer of train connection systems, from EQT, a private equity firm, for $960m, according to press releases.

Wabtec was advised by AZB & Partners (led by Roxanne Anderson), Jones Day (led by Julia V. Feldman and Robert Profusek), Snellman Advokatbyrå (led by Richard Akerman) and Wolf Theiss (led by Krzysztof Libiszewski and Katarzyna Wojcik-Bakowska). EQT was advised by JP Morgan and Kekst CNC (led by Oliver Mann), according to press releases and MergerLinks data.

Aviva-backed Truespeed to merge with InfraBridge and Equitix-backed Freedom Fibre.

Aviva-backed Truespeed, a provider of full fibre broadband, agreed to merge with InfraBridge and Equitix-backed Freedom Fibre, an alternative local fibre provider, according to press releases. Financial terms are not disclosed.

Freedom Fibre is advised by Houlihan Lokey and Weil Gotshal and Manges. Truespeed is advised by Acuity Advisors and CMS legal, according to press releases.

VerifyMe to merge with Open World.

VerifyMe, a technology solutions provider specializing in brand protection, product authentication, and high-touch monitoring logistics, agreed to merge with Open World, a regional e-government and business technology solutions provider in Eastern Africa, according to press releases. Financial terms were not disclosed.

VerifyMe is advised by Harter Secrest & Emery. Harter Secrest & Emery is advised by Maxim Group and Latham & Watkins, according to press releases, according to press releases.

Ampersand Capital Partners completes the acquisition of Purna Pharmaceuticals.

Ampersand Capital Partners, a middle market private equity firm, completed the acquisition of Purna Pharmaceuticals, a provider of pharmaceutical development and manufacturing services, according to press releases. Financial terms were not disclosed.

Purna Pharmaceuticals was advised by Achelous Partners, according to press releases.

Deutsche Boerse to buy General Atlantic's stake in ISS STOXX for $1.31bn. (Reuters)

Deutsche Boerse is buying General Atlantic’s remaining 20% stake in ISS STOXX for €1.1bn ($1.31bn), opting for a full buyout rather than pursuing an IPO. The payment will be made in two tranches in February and March using cash and existing debt.

Full ownership is expected to give a small boost to Deutsche Boerse’s cash EPS in the first year. The deal follows its recent €5.35bn ($6.36bn) acquisition of Allfunds and will finalize when General Atlantic exits at the end of March 2026.

GIC weighs selling stake in European data center JV for up to €1bn. (Bloomberg)

Singapore’s GIC is exploring the sale of its 80% stake in a European data‑center joint venture operating under the xScale brand. The potential transaction could value the business at around €2bn ($2.38bn), with GIC’s stake expected to fetch €800m–€1bn ($951m-$1.19bn).

GIC has hired Eastdil Secured to gauge buyer interest as demand for hyperscale data‑center assets continues to rise across Europe. Discussions are ongoing and no deal has been finalized.

Baker Hughes explores $1.5bn sale of Waygate unit. (Bloomberg)

Baker Hughes is exploring a sale of Waygate Technologies, its industrial testing and inspection equipment unit, in a process that could value the business at about $1.5bn. The company has hired advisers to assess a potential divestment.

A formal sale process could begin in the coming months and is expected to draw interest from private‑equity buyers.

Lloyds, Phoenix submit initial bids for Aegon’s UK unit. (Bloomberg)

Lloyds Banking and Phoenix have submitted initial bids for Aegon’s UK unit, which has also attracted early interest from Canada Life, part of Canadian insurer Great‑West Lifeco, as well as Royal London. Offers were submitted this month as Aegon weighs strategic options for the business.

The sale process is still at an early stage, with several major insurers reviewing the asset amid ongoing consolidation in the UK life and pensions market. Aegon has not disclosed valuation expectations.

UK intervenes in Daily Mail-Telegraph deal over public interest. (Reuters)

The UK government has ordered a public interest review into DMGT’s £500m ($683m) bid for Telegraph Media, citing concerns over media plurality and competition. Culture minister Lisa Nandy issued a public interest intervention notice, sending the deal to Ofcom and the Competition and Markets Authority, which must report by June 10.

If approved, the acquisition would raise DMGT’s share of daily national newspaper circulation from 50.6% to 56.1%, further concentrating UK media ownership. The intervention extends a prolonged ownership saga after RedBird Capital’s earlier bid collapsed due to regulatory barriers.

India clears proposal to buy 114 Rafale fighter jets from Dassault. (Reuters)

India has cleared an initial proposal to buy 114 Rafale jets from France’s Dassault Aviation in a deal worth INR3.25tn ($280bn). The move aims to rebuild the Air Force’s shrinking fleet following the retirement of older MiG, Jaguar, and Mirage aircraft.

The approval opens the door for detailed negotiations between India and France. The purchase comes as India accelerates military modernisation while domestic Tejas Mk‑1A production faces delays.

JP Morgan promotes communications banker Koep to top global role. (Bloomberg)

JP Morgan has promoted Burkhard Koep to global head of communications investment banking, reflecting the continued surge in digital‑infrastructure deal activity. He will remain based in Switzerland and report to Eric Menell, the bank’s global head of media and communications investment banking.

Koep has been a key adviser on major European telecom and infrastructure transactions, and his elevation signals JPMorgan’s push to expand its leadership in the fast‑growing communications sector.

APAC

Toyota extends bid for group forklift maker after Elliott's opposition. (Reuters)

Toyota has extended its tender offer for Toyota Industries to March 2 after failing to secure enough minority shareholder support, reaching only 33% versus the required 42%. Activist investor Elliott, now the largest minority holder with 7.1%, continues to oppose the bid.

The extension has fueled expectations that Toyota will need to raise its offer again, as Toyota Industries shares trade above the JPY18.8k ($122.6) bid. The deal has become a key test of Japan’s corporate‑governance standards and Toyota’s effort to tighten control of the group.

Singapore to roll out second tranche of $1.2bn Anchor Fund. (Deal Street Asia)

Singapore will deploy the second SGD1.5bn ($1.2bn) tranche of its Anchor Fund, bringing the programme with Temasek to SGD3bn ($2.37bn) to help attract more high‑quality IPOs to SGX. The government will also streamline listing rules and add SGD1.5bn ($1.18) to its equity‑market enhancement programme.

Singapore is expanding Startup SG Equity with $1bn to support growth‑stage companies and will push to attract fast‑growing global firms, including via a planned dual‑listing bridge with Nasdaq, as part of efforts to strengthen its capital‑markets ecosystem.

Kotak Yield & Growth Fund secures $430m in first close. (Deal Street Asia)

Kotak Alternate Asset Managers closed the first round of its Kotak Yield & Growth Fund at INR39bn ($430m), the largest domestic private‑credit first close in India. The Category II AIF targets INR50bn ($551m) and was raised entirely from local investors, including family offices, ultra‑HNWIs, and Indian insurers.

The fund focuses on cash‑flow‑positive mid‑to‑large enterprises, blending yield‑oriented credit with selective growth deals while emphasizing strict underwriting and capital protection. It marks Kotak Alts’ first fully domestic fundraise, shifting from its historic reliance on global LPs.

NSE hires Rothschild to help pick bankers, lawyers for India IPO. (Bloomberg)

India’s National Stock Exchange has appointed Rothschild as an independent adviser for its long‑awaited IPO. Rothschild will run the selection process for lead bankers, legal advisers, and other intermediaries, marking a key step toward launching the listing.

The appointment signals renewed momentum in NSE’s multi‑year effort to go public, with the exchange now preparing the formal build‑out of its advisory team ahead of the offering.

Citadel Hires Goldman Sachs’s Bolduc to Lead Asia Trading, ECM. (Bloomberg)

Citadel has hired AJ Bolduc from Goldman Sachs to lead Asia trading and equity capital markets within its International Equities team. He will be based in Hong Kong and oversee Asia trading and primary strategies at the hedge fund firm.

The move strengthens Citadel’s regional leadership bench as the firm expands its Asia presence. Bolduc joins after holding senior roles at Goldman Sachs in the region.

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