Allwyn completes the acquisition of a 62.3% stake in PrizePicks in a $2.6bn deal.

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AMERICAS

ISS urges investors to back Kimberly‑Clark’s Kenvue deal. (Reuters)

Institutional Shareholder Services urged investors to back Kimberly‑Clark’s plan to acquire Kenvue, arguing the deal could strengthen the company’s financial profile.

ISS said the proposal merits support, noting its influence often shapes how major shareholders vote on contentious matters such as mergers and board decisions. The shareholder vote is scheduled for January 29.

Kenvue is advised by Centerview Partners (led by Robert Pruzan), Goldman Sachs (led by Timothy Ingrassia), Cravath Swaine & Moore (led by Robert I. Townsend, George Schoen, Jin‑Kyu Baek, and Michael E. Mariani), Gilbert + Tobin, and Joele Frank (led by Leigh Parrish). Kimberly‑Clark is advised by McKinsey & Company, JP Morgan (led by Anu Aiyengar), Morgan Stanley, PJT Partners (led by Paul J. Taubman), Allens (led by Felicity McMahon), Arnold & Porter Kaye Scholer (led by Eva Temkin and Daniel A. Kracov), Bell Gully, Gibson Dunn & Crutcher (led by Timothy W. Loose), Kirkland & Ellis, and Joele Frank (led by Eric Kaplan). Financial advisors are advised by Latham & Watkins (led by Erika L. Weinberg, Stelios Saffos, and Michele O. Penzer) and Sullivan & Cromwell (led by Melissa Sawyer and Matthew Goodman), according to press releases and MergerLinks data.

US regulators say the railroad merger filing from Union Pacific and Norfolk Southern is incomplete. (Reuters)

The US Surface Transportation Board on Friday returned Union Pacific’s proposed $85bn merger with Norfolk Southern for revisions, saying the submission did not include key information needed for its review under the stricter post‑2001 merger standards.

The agency deemed the December filing incomplete, noting the absence of required market‑share forecasts and competitive‑impact analyses. The board dismissed the application without prejudice, meaning the railroads can submit a corrected version once the gaps are resolved.

Norfolk Southern is advised by Bank of America (led by Steven Baronoff and Loli Wu), Sidley Austin (led by Carrie Mahan and Raymond A. Atkins), Wachtell Lipton Rosen & Katz (led by Jacob A. Kling and Edward D. Herlihy), Brunswick Group, and Joele Frank (led by Joele Frank). Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. Union Pacific is advised by Morgan Stanley (led by Kristin Lindia), Wells Fargo Securities (led by David DeNunzio and Elizabeth Cabot), Covington & Burling (led by Derek Ludwin), Jones Day, Skadden Arps Slate Meagher & Flom (led by Paul Schnell and Brandon Van Dyke), and FGS Global (led by Josh Tzuker). Financial advisors are advised by Freshfields Bruckhaus Deringer (led by Damien R. Zoubek and Jenny Hochenberg), according to press releases and MergerLinks data.

Bitmine Immersion Technologies to invest $200m in Beast Industries.

Bitmine Immersion Technologies, an Ethereum treasury company, agreed to invest $200m in Beast Industries, a multifaceted entertainment, consumer products, and CPG company, according to press releases.

Beast Industries is advised by Wachtell Lipton Rosen & Katz (led by Raaj Narayan), according to press releases and MergerLinks data.

Accel-KKR completes the majority investment in Nutrislice.

Accel-KKR, a global software and technology-focused investment firm, completed the majority investment in Nutrislice, a digital dining solutions provider serving non-commercial foodservice, according to press releases. Financial terms were not disclosed.

Nutrislice was advised by Horizon Partners, according to press releases and MergerLinks data.

Dragoneer Investment Group led a $400m Series D round in ClickHouse.

Dragoneer Investment Group, an American investment firm, led a $400m Series D round in ClickHouse, an open-source column-oriented database management system, with participation from Bessemer Venture Partners, GIC, Index Ventures, Khosla Ventures, Lightspeed Venture Partners, T. Rowe Price Associates and WCM Investment Management, according to press releases.

New Era Energy & Digital complete the acquisition of the remaining 50% stake in Texas Critical Data Centers from Sharon AI for $70m.

New Era Energy & Digital, a developer and operator of digital infrastructure and integrated power assets, completed the acquisition of the remaining 50% stake in Texas Critical Data Centers, a joint venture between Sharon AI and New Era Energy & Digital, from Sharon AI, a cloud infrastructure company, for $70m, according to press releases.

New Era Energy & Digital was advised by Harbor Access (led by Jonathan Paterson), according to press releases and MergerLinks data.

Mitsubishi Corp to acquire US shale production and infrastructure assets from Aethon Energy Management for $7.5bn.

Mitsubishi Corp, a Japanese trading and investment company, agreed to acquire US shale production and infrastructure assets from Aethon Energy Management, a private equity firm, for $7.53bn, according to press releases.

TransDigm Group to acquire Jet Parts Engineering and Victor Sierra Aviation from Vance Street Capital for $2.2bn.

TransDigm, a manufacturer of aircraft components, agreed to acquire Jet Parts Engineering, an independent designer and manufacturer of aerospace aftermarket solutions, and Victor Sierra Aviation, designer, manufacturer, and distributor of proprietary PMA and other aftermarket parts, from Vance Street Capital, a private equity firm, for $2.2bn, according to press releases.

Shell, Mitsubishi exploring sale options for their stakes in LNG Canada. (Reuters)

Shell and Japan’s Mitsubishi Corp are considering selling their respective stakes in the LNG Canada project, valued at about CAD40bn.

The possible divestments come as the project’s owners evaluate an expansion of the large liquefied natural gas facility, following fellow partner Petronas’s recent sale of part of its interest.

‘Ford v Ferrari’ producer in merger talks with France’s Mediawan. (Bloomberg)

Peter Chernin is in talks to merge his North Road production business with French media group Mediawan.

The deal would value North Road at several hundred million dollars and be structured as a mix of cash and stock.

EG Group seeks banks for potential US IPO this year. (Bloomberg)

EG Group is lining up banks for a US initial public offering that could value the fuel and convenience retailer at up to $9bn.

The company is set to begin the bank selection process next week.

Defense firm York Space Systems seeks $544m in US IPO. (Bloomberg)

York Space Systems is seeking to raise up to $544m in an initial public offering, as the space and defense company backed by AE Industrial Partners moves toward a US listing.

The company is offering 16m shares priced at $30-$34 each, implying a market value of about $4.25bn at the top of the range.

KKR-backed Cengage weighs $500m IPO this year. (Bloomberg)

Cengage Group is considering an initial public offering that could raise about $500m, as the education technology company backed by Apax Partners and KKR explores a public listing.

The Boston-based group has selected Citigroup and Morgan Stanley to work on the IPO, which could take place as early as the first half of the year.

Power sector engineering firm Solv Energy files for US IPO. (Bloomberg)

Solv Energy has filed for a US initial public offering, as the energy infrastructure services firm looks to benefit from rising power demand driven by data centers.

The San Diego-based company reported net income of $114m on revenue of $1.7bn for the first nine months of 2025.

Eye care-focused biopharma firm SpyGlass files for US IPO. (Bloomberg)

SpyGlass Pharma has filed for a US initial public offering to fund late-stage trials of its intraocular lens and drug delivery technologies for chronic eye conditions including glaucoma.

The California-based company reported a net loss of $27.3m for the nine months to September 30, 2025, and held $106m in cash and equivalents.

Clear Street closes pre-IPO round at $12bn valuation. (Bloomberg)

Clear Street has closed a pre-IPO funding round valuing the securities and derivatives broker at $12bn, moving it closer to a potential public listing.

The equity raise was led by Baillie Gifford and SBI Holdings, while BlackRock participated on the debt side through senior notes.

Anchorage Digital seeks more than $200m in funding. (Bloomberg)

Anchorage Digital is seeking to raise between $200m and $400m in new funding as it explores a potential public listing.

The New York-based digital asset custody firm is still finalising its valuation plans ahead of a possible IPO next year.

EMEA

BU Bregal Unternehmerkapital to acquire a majority stake in SwipBox.

BU Bregal Unternehmerkapital, an investment firm, agreed to acquire a majority stake in SwipBox, a logistics partner for e-commerce platforms across multiple markets, according to press releases. Financial terms were not disclosed.

BU Bregal is advised by ATRIUM Partners, according to press releases and MergerLinks data.

Congo state miner proposes deal for cobalt producer Chemaf. (Bloomberg)

Gecamines has proposed acquiring Chemaf ahead of bringing in a new majority shareholder, as interest rises in the copper and cobalt producer.

Chemaf’s cobalt assets have become strategically important amid growing US-China competition for critical minerals.

Alantra weighs stake sale in Spain’s Salto Systems. (Bloomberg)

A group of shareholders in Salto Systems are weighing the sale of minority stakes in the Spanish electronic locks manufacturer, with investors looking to divest between 10% and 30% of the company.

Alantra Partners is among the shareholders considering a sale, with Salto valued at more than €1bn ($1.2bn).

Belgian immune system drugmaker AgomAb files for US IPO. (Bloomberg)

AgomAb Therapeutics has filed for an initial public offering in the US to fund clinical trials for treatments targeting immune and inflammatory diseases.

The Belgium-based company reported a net loss of $45.1m for the nine months to September 30, 2025, and held $129.6m in cash and equivalents.

Monte dei Paschi’s top investor rules out stake sale, backs management. (Reuters)

Delfin said it is not in talks to sell its stake in Monte dei Paschi, dismissing speculation and reaffirming support for chief executive Luigi Lovaglio.

Attention on Delfin has grown after Monte dei Paschi’s takeover of Mediobanca increased its strategic exposure, including indirect links to insurer Generali.

APAC

Noritsu Koki to acquire SENQCIA from Lone Star Funds for $519m.

Noritsu Koki, a Japanese holding company, agreed to acquire SENQCIA, a provider of building material equipment, manufacturing, and sales, from Lone Star Funds, an investment firm, for $519m, according to press releases.

Lone Star is advised by Joele Frank (led by Jed Repko), according to press releases and MergerLinks data.

Gaw Capital Partners completes the acquisition of Koentec.

Gaw Capital Partners, a multi-asset investment management firm, completed the acquisition of Koentec, an integrated waste management company in South Korea, according to press releases. Financial terms were not disclosed.

E&F Private Equity was advised by UBS, according to press releases and MergerLinks data.

AirAsia completes the acquisition of the aviation business from Capital A.

AirAsia, a Malaysian long‑haul airline operator, completed the acquisition of the aviation business from Capital A, a Malaysian aviation and digital services group, according to press releases. Financial terms were not disclosed.

China regulator approves American Axle acquisition of Dowlais. (Reuters)

China’s market regulator has approved American Axle & Manufacturing’s acquisition of Dowlais Group, owner of GKN Automotive, after assessing the deal’s impact on competition in China.

American Axle agreed last year to buy the London-listed company in a transaction valuing Dowlais at about £1.16bn ($1.55bn).

GA-backed ASG Hospital taps banks for $500m India IPO. (Bloomberg)

ASG Hospital has hired five banks to advise on an initial public offering in India that could raise up to $500m in the second half of the year.

The eye-care chain has appointed Axis Bank, Motilal Oswal Investment Advisors and local units of HSBC, Morgan Stanley and Nomura for the planned listing.

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