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Top Highlights
Asahi Kasei-backed Veloxis Pharmaceuticals, a developer of specialty pharmaceutical therapies and programs, agreed to acquire AiCuris, a developer of antiviral therapeutics aimed at treating infections in immunocompromised patients, for €780m ($920m), according to press releases.
AiCuris is advised by Bank of America, Gibson Dunn & Crutcher and Trophic Communications (led by Stephanie May). Veloxis Pharmaceuticals is advised by Freshfields (led by Lars Meyer), according to press releases.
ENGIE, a multinational electric utility company, agreed to acquire UK Power Networks, an electricity networks company, from CK Hutchison Holdings, a renowned multinational conglomerate committed to innovation and technology, for £10.5bn, according to press releases.
ENGIE is advised by BNP Paribas, Bank of America and Rothschild & Co. CK Hutchison Holdings is advised by Linklaters, according to press releases.
Adirondack Bancorp, a bank that offers personal and commercial banking services, agreed to merge with Arrow Bank, a full-service community bank, in a $89.1m deal, according to press releases.
Adirondack Bancorp is advised by Keefe Bruyette & Woods and Luse Gorman. Arrow Bank is advised by Hovde Group and Spierer Woodward Corbalis & Goldberg, according to press releases.
AMERICAS
Uranium explorer Eagle Nuclear Energy begins trading post SPAC merger. ( Reuters)
Warner Bros. posts lower sales, profit amid takeover fight. ( Bloomberg)
MarineMax attracts more buyout interest after Donerail offering. ( Reuters)
Momentum Midstream explores a sale that could fetch $5bn. ( Bloomberg)
Plaid scores $8bn valuation in move closer to 2021 Heyday. ( Bloomberg)
Corteva targets fourth quarter for planned split into two companies. ( Reuters)
EMEA
Equinix and CPPIB near $4bn deal for data center firm atNortsh. ( Bloomberg)
Italy's Leonardo expects an aerostructures joint-venture deal by the end of June. ( Reuters)
Erste says interest income to top €11bn after Poland deal. ( Bloomberg)
Allianz plans to buy back as much as €2.5bn in shares. ( Bloomberg)
Oaktree to weigh sale or IPO of £2bn UK wealth management firm Utmost. ( Bloomberg)
Saipem poised to return to Venezuela after US sanctions easing. ( Reuters)
APAC
Asia's biggest banks line up bids for HSBC Indonesia assets. ( Bloomberg)
Shell is in talks with Adnoc and other potential buyers over LNG plant stake sale. ( Bloomberg)
BlueScope spurns $10.7bn offer. ( Reuters)
NSE is said to invite banks to pitch $2.5bn IPO. ( Bloomberg)
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AMERICAS
Terminus Capital Partners, a growth‑oriented private equity firm focused on majority investments in B2B software companies, completed the majority investment in Eventus, a provider of comprehensive, at-scale trade surveillance and financial risk solutions, according to press releases. Financial terms were not disclosed.
Eventus was advised by Broadhaven Capital Partners and Wilson Sonsini Goodrich & Rosati. Terminus Capital Partners was advised by D.A. Davidson & Co and Jones & Spross, according to press releases.
1st Security Bank-backed FS Bancorp, a provider of banking products and services for businesses, non-profit organizations, and individuals, agreed to merge with Pacific West Bancorp, a commercial/regional bank offering business and consumer banking services, in a $34.6m deal, according to press releases.
Pacific West Bancorp is advised by Raymond James and Buchalter. FS Bancorp is advised by D.A. Davidson & Co and Breyer & Associates, according to press releases.
LSI Industries, a manufacturer of commercial lighting and display solutions, agreed to acquire Royston Group, a manufacturer and supplier of modular retail fixtures, refrigerated display units, cabinetry, and exterior signage, for $325m, according to press releases.
LSI Industries is advised by Vallum Advisors (led by Noel Ryan), according to press releases.
Kian Capital-backed Diamond Landscaping, a premier luxury landscaping firm, completed the acquisition of Christensen Landscape Services, a landscape design and construction provider, according to press releases. Financial terms were not disclosed.
Kian Capital was advised by MiddleM Creative (led by Jan Morris), according to press releases.
Amadeus, an information technology services and consulting company, completed the acquisition of SkyLink, an AI‑driven travel platform, according to press releases. Financial terms were not disclosed.
Amadeus was advised by Fire on the Hill (led by Christopher Clarke), according to press releases.
CesiumAstro, a provider of advanced connectivity solutions for space and defense, completed the acquisition of Vidrovr, an AI‑driven video analysis platform that automates and accelerates analytical workflows, according to press releases. Financial terms were not disclosed.
CesiumAstro was advised by Griffin Communications Group, according to press releases.
Cemex, a building products company, agreed to acquire Omega Products International, a stucco manufacturer, according to press releases. Financial terms are not disclosed.
Omega Products International is advised by JIAN Group, according to press releases.
Genuine Cable Group, a distributor of electrical and communication products, completed the acquisition of United Wire & Cable, a manufacturer of power cable products and engineered cable systems, according to press releases. Financial terms were not disclosed.
Arthur J. Gallagher, a US-based global insurance brokerage and risk management services firm, completed the acquisition of Krose, an owner‑managed industrial insurance broker, according to press releases. Financial terms were not disclosed.
Azuria Water Solutions, a company that offers products and services for the rehabilitation of aging water infrastructure, completed the acquisition of Waterline Renewal Technologies, a provider of trenchless rehabilitation services, according to press releases. Financial terms were not disclosed.
Scantox, a contract research organization providing integrated preclinical drug development services, completed the acquisition of nonclinical genomics safety business of TwinStrand Biosciences, a biotechnology company, according to press releases. Financial terms were not disclosed.
Uranium explorer Eagle Nuclear Energy begins trading post SPAC merger. ( Reuters)
Shares of Eagle Nuclear Energy rose 14.6% after the company began trading on Nasdaq following its merger with Spring Valley.
The listing comes amid renewed momentum for nuclear energy in the US, driven by rising electricity demand from data centers.
Warner Bros. posts lower sales, profit amid takeover fight. ( Bloomberg)
Warner Bros. Discovery reported lower fourth-quarter sales and earnings, highlighting the challenges it faces amid competing takeover bids from rival entertainment firms.
Revenue fell 6% to $9.46bn, while adjusted earnings before interest, taxes, depreciation, and amortization declined to $2.22bn. Both results, however, came in above Wall Street expectations.
MarineMax attracts more buyout interest after Donerail offering. ( Reuters)
Private equity firms, including Blackstone and Centerbridge Partners, alongside strategic investors and wealthy individuals, have expressed interest in acquiring MarineMax or parts of the business.
The company, which also operates marinas and services superyachts, has distributed confidentiality agreements to allow potential bidders to review information and assess a possible offer. Discussions are ongoing and may not result in a transaction.
Momentum Midstream explores a sale that could fetch $5bn. ( Bloomberg)
EnCap Flatrock Midstream is exploring the sale of gas pipeline company Momentum Midstream for more than $5bn.
The firm is working with financial advisers to identify potential buyers, which could include industry competitors and other private equity investors.
Plaid scores $8bn valuation in move closer to 2021 Heyday. ( Bloomberg)
Plaid secured an $8bn valuation in its latest funding round. The company raised the capital to provide employees with liquidity for their shares in the privately held firm.
Terms of the round have not been disclosed, and discussions are ongoing.
Corteva targets fourth quarter for planned split into two companies. ( Reuters)
Corteva expects to complete its previously announced separation into two publicly listed companies in the fourth quarter of 2026.
The group said in late 2025 it would spin off its seed and pesticide businesses to sharpen its strategic focus.
EMEA
Victory Capital, an independent investment management firm, offered to acquire Janus Henderson, an investment management company, for $8.6bn, according to press releases.
Victory Capital is advised by PJT Partners, Willkie Farr & Gallagher and Joele Frank (led by Maggie Carangelo), according to press releases.
Dubai Aerospace Enterprise, a global aviation services company, agreed to acquire Macquarie AirFinance, an aviation lessor that provides aircraft and capital solutions to airlines worldwide, for $7bn, according to press releases.
Dubai Aerospace Enterprise is advised by KPMG and A&O Shearman. Macquarie AirFinance is advised by JP Morgan, according to press releases.
Bank of America, Barclays, Citigroup, HSBC, UBS and Wells Fargo completed the investment in OSTTRA, a UK-based financial technology company specializing in post-trade solutions, according to press releases. Financial terms were not disclosed.
OSTTRA was advised by Paul Weiss Rifkind Wharton & Garrison (led by Victoria Forrester and Robert A. Killip). The Banks were advised by Goodwin Procter, according to press releases.
WestCap-backed iAltA Holdings, a private markets infrastructure company, completed the acquisition of Delio, a provider of white-label operating systems for private markets distribution and reporting, according to press releases. Financial terms were not disclosed.
Equinix and CPPIB near $4bn deal for data center firm atNortsh. ( Bloomberg)
Equinix and Canada Pension Plan Investment Board are in advanced talks to acquire atNorth Holding, a provider of hyperscale and enterprise data center services across the Nordic region, currently owned by Partners Group Holding.
The deal could value atNorth at around $4bn including debt, and a transaction may be announced as early as this week.
Italy's Leonardo expects an aerostructures joint-venture deal by the end of June. ( Reuters)
Leonardo expects to sign a joint-venture agreement for its aerostructures unit by the end of June 2026, as it seeks to revitalize the loss-making business.
The state-controlled group has been in talks for more than 14 months with a financial and industrial partner, widely reported to be the Public Investment Fund. Discussions are ongoing and subject to final agreement.
Erste says interest income to top €11bn after Poland deal. ( Bloomberg)
Erste Group Bank stated that its net interest income could exceed analyst expectations following its €7bn ($8.3bn) expansion into the Polish market.
The lender expects NII to surpass €11bn ($12.9bn) in 2026, above the €10.6bn ($12.5bn) average estimate, which would help offset one-off costs related to integrating Banco Santander’s Polish operations.
Allianz plans to buy back as much as €2.5bn in shares. ( Bloomberg)
Allianz announced plans to repurchase up to €2.5bn ($3bn) in additional shares, as Chief Executive Oliver Baete returns excess cash to investors.
The latest buyback adds to approximately €16bn ($18.8bn) in share repurchases completed since early 2017, reflecting Allianz’s ongoing commitment to capital management and shareholder returns.
Oaktree to weigh sale or IPO of £2bn UK wealth management firm Utmost. ( Bloomberg)
Oaktree Capital Management is exploring strategic options for Utmost Group, including a potential sale or initial public offering in London.
Advisers are being selected to guide the process, and the transaction could value Utmost at around £2bn ($2.7bn).
Saipem poised to return to Venezuela after US sanctions easing. ( Reuters)
Saipem is preparing to resume operations in Venezuela following the easing of US sanctions, as it anticipates renewed demand from major oil companies later in 2026.
Chief executive Alessandro Puliti stated that the group is ready to return to the country once client demand materializes.
APAC
StateSquare Capital, a private equity firm, agreed to acquire a majority stake in Advanced Integrated Manufacturing, a sub‑contract engineering provider, according to press releases. Financial terms are not disclosed.
Asia's biggest banks line up bids for HSBC Indonesia assets. ( Bloomberg)
HSBC has launched a sale process for its Singapore life insurance product manufacturing business and is seeking a valuation of more than $1bn. The bank has appointed JP Morgan as adviser for the potential transaction.
Separately, several regional lenders are preparing bids for HSBC’s retail assets in Indonesia as the bank continues to streamline its operations in Asia. Potential bidders include DBS Group, Oversea-Chinese Banking Corp, United Overseas Bank, CIMB Group, and Sumitomo Mitsui Financial Group. Discussions are ongoing and may not result in finalized transactions.
Shell is in talks with Adnoc and other potential buyers over LNG plant stake sale. ( Bloomberg)
Shell is in early-stage talks with potential investors, including a unit of Abu Dhabi National Oil, over a minority stake in its AUD34bn ($24bn) North West Shelf gas export project in Western Australia.
Other interested parties include Midocean Energy, which counts Saudi Aramco as an investor. Discussions are ongoing and may not result in a transaction.
BlueScope spurns $10.7bn offer. ( Reuters)
BlueScope Steel has rejected a revised AUD15bn ($10.7bn) takeover proposal from a consortium comprising SGH and US-based Steel Dynamics.
The AUD34 ($24) per share offer was deemed to undervalue the company, particularly its North American assets. BlueScope stated that it remains open to further discussions should the consortium present a proposal that reflects what it considers fair value.
NSE is said to invite banks to pitch $2.5bn IPO. ( Bloomberg)
The National Stock Exchange of India has issued a request for proposals to investment banks for advisory roles on its planned initial public offering.
The exchange aims to appoint advisers by mid-March as preparations advance for its long-awaited listing.
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