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AMERICAS
Ryan Specialty, an international specialty insurance firm, agreed to acquire Velocity, a risk management and specialty insurance coverage solutions provider, from Oaktree, an American global asset management firm. Financial terms were not disclosed.
Ryan Specialty is advised by JP Morgan and Sidley Austin. Velocity is advised by Howden, Insurance Advisory Partners and Debevoise & Plimpton. FM is advised by Willkie Farr & Gallagher.
Paychex, an American company providing human resources, payroll, and employee benefits outsourcing services, agreed to acquire Paycor, an HR, payroll and talent software provider, from Apax Partners, a British private equity firm, for $4.1bn.
Getty Images, a global visual content creator and marketplace, agreed to merge with Shutterstock, a 3D models, videos, music, photographs, vectors and illustrations licensing platform, in a $3.7bn deal.
Getty Images is advised by Berenson & Co, JP Morgan and Skadden Arps Slate Meagher & Flom (led by Todd Freed). Shutterstock is advised by Allen & Company and White & Case.
Omega Funds, an international life sciences investment firm, and TCGX, a science-driven investment firm, led a $208m Series C round in Aviceda Therapeutics, a private, clinical-stage biotechnology company, with participation from Enavate Sciences, Jeito Capital, Blue Owl Healthcare Opportunities, Longitude Capital, OrbiMed, Logos Capital, Marshall Wace, Catalio Capital Management and Digitalis Ventures.
Aviceda was advised by Leerink Partners, Mintz Levin and Elephant Head Communications (led by Priyanka Shah). Omega Funds was advised by Cooley. TCGX was advised by Foley & Lardner.
AmeriLife, a national organization that develops, markets, and distributes life and health insurance, annuities, and retirement planning solutions, agreed to acquire Crump Life Insurance Services, a distributor and service provider of insurance and retirement products, from TIH Insurance, an insurance broker. Financial terms were not disclosed.
CCC Intelligent Solutions, a cloud platform provider for the P&C insurance sector, completed the acquisition of EvolutionIQ, an AI-driven platform specializing in disability and injury claims management, for $730m.
Stryker, a medical technologies company, agreed to acquire Inari Medical, a medical device company, for $4.9bn.
Inari Medical is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz (led by Raaj Narayan). Stryker is advised by Citigroup.
Berkshire Partners, a private equity firm, completed the investment in Electric Power Engineers, an energy and power systems engineering and consulting firm. Financial terms were not disclosed.
Berkshire Partners was advised by Houlihan Lokey. Electric Power Engineers was advised by AEC Advisors.
Phillips 66, an energy manufacturing and logistics company, agreed to acquire EPIC NGL, a natural gas liquids pipelines, fractionation facilities and distribution systems operator, for $2.2bn.
Phillips 66 is advised by Wachtell Lipton Rosen & Katz (led by Gregory Ostling).
Banco BTG Pactual, a Brazilian financial company, agreed to acquire domestic Brazilian business of Julius Baer, a private banking services provider, for $100m.
Banco BTG Pactual is advised by BTG Pactual.
HubSpot, a customer platform for scaling businesses, completed the acquisition of Frame AI, an AI-powered conversation intelligence platform. Financial terms were not disclosed.
Yellow Point, a private equity investment firm, completed the acquisition of Rextag, a company that provides the largest and most complete mapping and data solutions related to energy infrastructure assets, from Hart Energy, an information resource for commodity prices. Financial terms were not disclosed.
Hart Energy was advised by JEGI Clarity.
BWX Technologies, a nuclear components and fuel supplier, agreed to acquire Kinectrics, an energy lifecycle management services company, for $525m.
Davivienda, a Colombian bank, agreed to acquire banking operations in Colombia, Costa Rica and Panama from Scotiabank, a Canadian multinational banking and financial services company. Financial terms were not disclosed.
World’s largest mini-grid operator to raise $400m and plan IPO. ( Bloomberg)
Husk Power Systems, the world’s largest solar mini-grid operator, plans to raise up to $400m in debt and equity this year, setting a potential industry record as it continues its expansion in India and Africa.
This fundraising effort, combining both equity and debt, follows a period of rapid growth in which the company more than doubled its workforce and revenue, and expanded its mini-grid network from 200 to 400 sites. The capital raise comes ahead of a planned initial public offering in 2027.
Smithfield Foods files first major US IPO of 2025. (Press Release)
Smithfield Foods made its filing for a New York IPO public, paving the way for its return to the US stock market after more than a decade.
The Virginia-based company, known for its Farmland bacon and Farmer John sausages, was acquired by Hong Kong’s WH Group in 2013 for $4.7bn. WH Group, the world’s largest pork producer, plans to sell part of its stake in Smithfield as part of the offering.
Ulta names Steelman as CEO with Kimbell set to retire. (Press Release)
Ulta Beauty announced Kecia Steelman will replace David Kimbell as CEO, as the company looks to boost sales amid a global beauty market slowdown.
The cosmetics retailer raised its fourth-quarter outlook, now anticipating modest growth in comparable sales, driven by a stronger-than-expected holiday season. Previously, it had projected comparable sales to range from a 1% decline to flat for the full year.
EMEA
NXP, a Dutch semiconductor designer and manufacturer, agreed to acquire TTTech Auto, an automated driving software and hardware provider, for $625m.
Polaris Partners, a venture capital firm, and Elevage, a company dedicated to supporting medical device companies, led a $120m round in FIRE1, a connected medical device solutions company.
FIRE1 was advised by Clarity Quest.
Permira, an investment firm, agreed to acquire a majority stake in Westbridge, an energy and sustainability advisory firm for institutional real estate clients. Financial terms were not disclosed.
Helvetia may sell German division. ( Bloomberg)
Helvetia Holding is exploring the potential sale of its struggling German insurance business.
The Swiss insurer has engaged JP Morgan to manage the process and plans to solicit non-binding offers for the unit in the coming weeks. The deal could bring in between CHF500m ($551m) and CHF600m ($663m).
Historically, Helvetia has worked with Rothschild & Co and Uria Menendez, according to MergerLinks data.
KazMunayGas reportedly among bidders for Lukoil’s Bulgarian refinery. ( Bloomberg)
Kazakhstan’s KazMunayGas National is reportedly bidding to acquire the Bulgarian refinery owned by Russia’s Lukoil.
Litasco, the majority shareholder of Lukoil Neftohim Burgas, has already received binding offers from several potential buyers, including KazMunayGas. The Kazakh state-owned company is also in discussions with Vitol Group, the world’s largest independent oil trader and a key partner in Kazakhstan, to secure financing for the potential deal.
ClearScore acquires Argos and Asda partner Aro Finance. ( Sky News)
ClearScore, the credit information provider that nearly merged with FTSE-100 giant Experian seven years ago, is reinforcing its independent expansion strategy by acquiring a smaller UK fintech.
ClearScore is set to announce its acquisition of Aro Finance, a Manchester-based credit marketplace with prominent partners including Argos and Asda.
Saudi Arabia’s Almoosa jumps in debut after $450m IPO. ( Bloomberg)
Saudi Arabia’s Almoosa Health soared in its Riyadh trading debut after raising $450m in an initial public offering, defying the recent slump in Middle Eastern listings.
The hospital operator’s shares jumped as high as $43.9, the maximum 30% gain allowed from the offer price, before trimming gains to 15%. This surge valued the company at approximately $1.7bn.
Goldman plans €1.1bn loan for CompuGroup buyout. ( Bloomberg)
A consortium of lenders, led by Goldman Sachs, is arranging €1.1bn ($1.2bn) in leveraged financing to support CVC Capital Partners acquisition of CompuGroup Medica.
Goldman Sachs, UBS, and Deutsche Bank plan to syndicate the term loan B to a broader group of lenders in the first quarter.
Novo Banco fires risk chief. ( Reuters)
Novo Banco has dismissed its chief risk officer, reported concerns about his conduct to Portugal's banking regulator, and lodged a complaint with the Public Prosecutor’s Office, which has opened an investigation.
"The suspected issue is not connected to the bank in any way," The Bank.
APAC
Altaris, a healthcare investment firm, completed the acquisition of Minaris Regenerative Medicine, a global contract development and manufacturing organization, from Resonac, a chemical company. Financial terms were not disclosed.
Altaris was advised by JP Morgan and Kirkland & Ellis (led by David Feirstein). Resonac was advised by Bank of America and TMI Associates.
Ricardo, a British firm that provides engineering, environmental and strategic consultancy services, completed the acquisition of an 85% stake in E3 Advisory, an independent, employee-owned infrastructure advisory firm, for $64m.
Nickel Asia aims to sell processing plant stake to Sumitomo. ( Press Release)
Nickel Asia, the leading nickel producer in the Philippines, is in discussions to sell its minority stake in a major processing plant to Japan’s Sumitomo Metal Mining as it shifts its focus toward upstream mining and renewable energy ventures.
In a stock exchange filing, the company announced plans to divest its entire 15.625% stake in Coral Bay Nickel. A third party will be engaged to carry out a valuation of the Coral Bay shares as part of the transaction. Nickel Asia is partly owned by Sumitomo.
Historically, Sumitomo Metal Mining has worked with Daiwa Securities and Herbert Smith Freehills, according to MergerLinks data.
Singapore’s sovereign wealth fund Temasek has reportedly emerged as the leading contender to acquire a minority stake in India’s largest snack producer, Haldiram Snacks.
Other potential buyers in the final stage of negotiations include Blackstone and Alpha Wave Global. The report also states that a term sheet has been signed between Temasek and Haldiram’s promoters, signaling significant progress in the deal.
Mainland-listed Hengrui Pharma applies for Hong Kong listing. ( Bloomberg)
Chinese drugmaker Jiangsu Hengrui Pharmaceuticals has applied to list its shares in Hong Kong, joining the rising wave of mainland firms seeking dual listings in the financial hub.
Mainland-listed Chinese companies are pursuing Hong Kong listings to attract more foreign investors. Hengrui’s offering is expected to raise at least $2bn.
Japan's Z Venture Capital launches a new $190m fund. (Press Release)
Japanese venture capital firm Z Venture Capital has unveiled its latest fund, ZVC Fund II Investment Limited Partnership, with a total capital of JPY30bn ($190m) aimed at fostering global innovation and accelerating startup growth.
Headquartered in Tokyo, Z Venture Capital operates as a subsidiary of LY Corporation. The new fund will target high-potential sectors, including LY’s core areas such as media, commerce, fintech, and AI, alongside emerging deep tech fields like space technology and robotics.
Digital Edge, a developer and operator of interconnection and hyperscale edge data centers across Asia and a portfolio company of Stonepeak, announced it has secured over $1.6bn in new capital through a mix of equity and debt financing to support its next growth phase.
The funding includes approximately $640m in equity from both existing and new investors, alongside $1bn in total debt financing for multiple campus expansions. The equity raise was highly oversubscribed, attracting major institutional investors and sovereign wealth funds as new co-investors.
Historically, Digital Edge has worked with JP Morgan and Khaitan & Co, according to MergerLinks data.
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