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AMERICAS

ARC Financial completes the acquisition of STEP Energy Services for CAD400.8m.

ARC Financial, a specialist private equity firm that invests in Canadian energy companies, completed the acquisition of STEP Energy Services, an energy services company that provides coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions, for CAD400.8m ($288.9m), according to press releases.

ARC Financial was advised by ATB Capital Markets, RBC Capital Markets and Norton Rose Fulbright. STEP Energy was advised by Ernst & Young, Peters & Co, Burnet Duckworth & Palmer and Stikeman Elliott, according to press releases.

ServiceNow completes the acquisition of Moveworks for $2.85bn.

ServiceNow, the AI platform for business transformation, completed the acquisition of Moveworks, an American artificial intelligence company, for $2.85bn, according to press releases.

Moveworks was advised by Qatalyst Partners (led by Jeff Chang) and O'Melveny & Myers (led by Brad Finkelstein and Paul Sieben). ServiceNow was advised by JP Morgan (led by Madhu Namburi), Tidal Partners (led by David Handler and David Neequaye), JSA Advocates & Solicitors (led by Rupinder Malik and Gaurav Wahie) and Skadden Arps Slate Meagher & Flom (Thomas J. Ivey), according to press releases and MergerLinks data.

CPP Investments, Dream Industrial and Dream formed a $3bn joint venture.

CPP Investments, a global investment management organization, Dream Industrial, a company that owns and operates urban logistics and distribution assets, and Dream, a purpose-driven real estate asset manager, formed a $3bn joint venture, according to press releases.

Bidders were advised by CBRE Group, Colliers, RBC Capital Markets, TD Securities, King & Spalding and Stikeman Elliott, according to press releases.

VYNE Therapeutics to merge with Yarrow Bioscience.

VYNE Therapeutics, a biotechnology company that focuses on developing novel therapeutics, agreed to merge with Yarrow Bioscience, a clinical-stage biotechnology company focused on developing transformative therapies for autoimmune thyroid diseases, according to press releases. Financial terms were not disclosed.

Yarrow Bioscience is advised by Wedbush Securities and Gibson Dunn & Crutcher. VYNE Therapeutics is advised by LifeSci Partners (led by John Fraunces), Cooley and Ten Bridge Communications, according to press releases.

GI Partners to acquire Netwatch.

GI Partners, a private equity firm, agreed to acquire Netwatch, a provider of intelligent video monitoring solutions, according to press releases. Financial terms are not disclosed.

Netwatch is advised by Compass Integrated Communications (led by Rhianna Daniels). GI Partners is advised by Stifel, Paul Weiss Rifkind Wharton & Garrison (led by Ravi Purohit) and Chris Tofalli Public Relations (led by Chris Tofalli), according to press releases and MergerLinks data.

Virtus Investment Partners completes the acquisition of 35% staje in Crescent Cove.

Virtus Investment Partners, a multi-manager asset management company, completed the acquisition of 35% staje in Crescent Cove, a San Francisco-based firm providing private capital solutions to middle market technology companies, according to press releases. Financial terms were not disclosed.

Virtus Investment Partners was advised by Goodwin Procter and JConnelly (led by James Doyle). Crescent Cove was advised by Oppenheimer & Co and Morgan Lewis & Bockius (led by Caitlin Harrison), according to press releases and MergerLinks data.

Worthington Enterprises to acquire LSI Group for $205m.

Worthington Enterprises, a designer and manufacturer of brands, agreed to acquire LSI Group, a company that pecializes in multi-slide and progressive dies, providing products for various industries, for $205m, according to press releases.

LSI Group is advised by BellMark Partners and Calfee Halter & Griswold. Worthington Enterprises is advised by JP Morgan and Vorys Sater Seymour & Pease, according to press releases and MergerLinks data.

MidOcean Energy completes the acquisition of a 20% stake in North Montney Upstream Joint Venture and North Montney LNG Limited Partnership from PETRONAS.

MidOcean Energy, a liquefied natural gas company formed and managed by EIG, completed the acquisition of a 20% stake in North Montney Upstream Joint Venture and North Montney LNG Limited Partnership from PETRONAS, a global energy group, according to press releases. Financial terms are not disclosed.

MidOcean Energy was advised by RBC Capital Markets, Latham & Watkins (led by Justin Taylor Stolte) and FGS Global (led by Kelly Kimberly), according to press releases and MergerLinks data.

Joint venture between CPP Investments and DIR to acquire initial portfolio of Dream Industrial REIT for $805m.

Joint venture between CPP Investments and DIR, agreed to acquire initial portfolio of Dream Industrial REIT, a company that owns and operates urban logistics and distribution assets, for $805m, according to press releases.

Dream Industrial REIT is advised by National Bank Financial, TD Securities and Goodmans, according to press releases.

Kinderhook-backed Rent-A-Container completes the acquisition of Wayside.

Kinderhook-backed Rent-A-Container, a provider of shipping container portable storage and container offices, completed the acquisition of Wayside, a family-owned company that provides steel shipping containers, according to press releases. Financial terms were not disclosed.

Bidders were advised by Bernicker Law and Alvarez & Marsal, according to press releases.

The Riverside Company-backed The Vomela Companies completes the acquisition of Moss.

The Riverside Company-backed The Vomela Companies, a provider of a wide range of commercial printing and event signage solutions, completed the acquisition of Moss, a company that specializes in branded environments, exhibits, events, and retail solutions, according to press releases. Financial terms were not disclosed.

The Vomela Companies was advised by Linnihan Foy (led by Adam Kintopf), according to press releases.

Metromont to acquire Heldenfels.

Metromont, a precast concrete manufacturer, agreed to acquire Heldenfels, a company specializing in the manufacture and installation of precast and restressed concrete structures, according to press releases. Financial terms were not disclosed.

Heldenfels is advised by Westlake Securities, according to press releases.

Spirit and Frontier Airlines eye merger. (Bloomberg)

Spirit Aviation Holdings, which is operating under bankruptcy protection, is in discussions to merge with Frontier Group Holdings. The talks reflect renewed efforts to consolidate among US low-cost carriers as airlines navigate financial pressures and shifting demand.

Spirit has long pursued a combination with Frontier, with the two carriers holding intermittent discussions since at least 2022. Despite repeated negotiations over the years, the companies have yet to reach a definitive agreement, and it remains unclear whether the latest talks will result in a transaction.

Warner Bros likely to reject $108.4bn Paramount bid, back Netflix in bidding war. (Reuters)

Warner Bros Discovery’s board could announce a decision as early as December 17 on Paramount Skydance’s $108.4bn takeover bid, with directors likely to recommend that shareholders vote against the offer. The board has been weighing the proposal amid heightened scrutiny of valuation and strategic fit, cautioning that deliberations are ongoing and no final determination has been made.

A move to recommit to Netflix’s buyout offer would mark the latest twist in the contest for assets that include Warner Bros’ film and television studio and its extensive content library. The portfolio spans classics such as Casablanca and Citizen Kane as well as modern franchises including Harry Potter and Friends, alongside ownership of the HBO Max streaming service.

Scripps rejects Sinclair hostile takeover bid. (Bloomberg)

Television broadcaster EW Scripps has turned down an unsolicited offer from rival Sinclair to buy the company for $7 a share in cash and stock, saying the proposal did not serve shareholder interests.

Scripps said its board remains open to exploring options to enhance shareholder value and will continue to evaluate any opportunities, including potential acquisition proposals, that it deems beneficial for all shareholders.

DAZN in advanced talks for stake in broadcaster Main Street Sports. (WSJ)

British sports streaming giant DAZN is in advanced discussions to acquire a controlling stake in Main Street Sports Group, a major regional sports broadcaster in the US.

If the negotiations proceed smoothly, the transaction could be announced as early as January 2026.

Travis Kalanick’s CloudKitchens said to delay mideast unit’s IPO. (Bloomberg)

CloudKitchens, the ghost kitchen startup led by former Uber Technologies CEO Travis Kalanick, has postponed plans to list its Middle Eastern business.

The company, backed by Saudi Arabia’s sovereign wealth fund, is now exploring alternatives such as a private placement and other strategic options.

OpenAI in talks to raise $10bn from Amazon, use its chips. (Bloomberg)

OpenAI is in early talks to raise at least $10bn from Amazon and use the e-commerce giant’s chips, a move that could bolster Amazon’s presence in the AI industry and position it against Nvidia.

The potential investment could value OpenAI at more than $500bn and involve the adoption of Amazon’s Trainium chip. Talks are preliminary, and terms could still change.

EMEA

First Nordic Metals completes the merger with Mawson Finland.

First Nordic Metals, a gold exploration and development company, completed the merger with Mawson Finland, a mineral exploration and development company, according to press releases. Financial terms were not disclosed.

Mawson Finland was advised by Evans and Evans, Mason Law and Peterson McVicar. First Nordic Metals was advised by Hannam & Partners, Haywood Securities and Stikeman Elliott (led by Victor Gerchikov), according to press releases and MergerLinks data.

Ariston Group to acquire Riello from Carrier Global for $430m.

Ariston Group, a provider of sustainable climate and water heating solutions, agreed to acquire Riello, a company that specializes in the production of heating and air conditioning products, from Carrier Global, an American multinational heating, ventilation, and air conditioning company, for $430m, according to press releases.

Carrier Global is advised by Bank of America and Linklaters. Ariston Group is advised by Mediobanca, according to press releases and MergerLinks data.

Trading Technologies completes the acquisition of OpenGamma.

Trading Technologies, a global capital markets technology platform services company, completed the acquisition of OpenGamma, a front-to-back derivatives management platform, according to press releases. Financial terms were not disclosed.

OpenGamma was advised by Houlihan Lokey and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Trading Technologies was advised by Goodwin Procter, according to press releases.

Insight Partners and Liberty Hall-backed Comply365 completes the acquisition of MINT.

Insight Partners and Liberty Hall-backed Comply365, a provider of operational content, safety and training management solutions, completed the acquisition of MINT, a German company specializing in tools, measuring, and automation solutions, according to press releases. Financial terms were not disclosed.

Comply365 was advised by Willkie Farr & Gallagher. MINT was advised by Northwise and Brock Müller Ziegenbein, according to press releases.

OEP to acquire Montanhydraulik.

OEP, a middle-market private equity firm, agreed to acquire Montanhydraulik, a provider of hydraulic cylinders and hydraulic systems, according to press releases. Financial terms were not disclosed.

OEP is advised by Stanton PRM (led by Thomas Zadvydas), according to press releases.

Vitruvian Partners completes the investment in Outpost24.

Vitruvian Partners, an European private equity firm, completed the investment in Outpost24, a company specializing in exposure management and identity security, according to press releases. Financial terms were not disclosed.

Outpost24 was advised by Eskenzi PR (led by Tila Pacheco), according to press releases.

Universal offers to sell Downtown's Curve to win EU approval. (Reuters)

Universal Music Group has offered to sell its royalty services platform Curve as part of efforts to address EU competition concerns over its $775m bid for Downtown Music. The proposed divestment is aimed at alleviating regulatory scrutiny as authorities assess the impact of the transaction on competition in music services.

The acquisition has drawn opposition from parts of the independent music sector, which have argued that the deal could weaken competition in digital music markets. Critics have raised concerns about potential effects on market structure, cultural diversity and the loss of a meaningful rival within the broader music ecosystem.

Swiss firm Barry Callebaut eyes separating cocoa division amid price volatility. (Reuters)

Barry Callebaut, the world’s largest chocolate maker, is in the early stages of exploring a separation of its global cocoa unit from the rest of the group. The move is being considered as the company evaluates options to reshape its portfolio amid ongoing volatility in cocoa markets.

The aim would be to reduce exposure to sharp swings in cocoa prices and improve the group’s financial profile. One option under review involves separating the division and selling a minority stake at a later stage, while alternatives include forming a joint venture, merging the business with another player, or pursuing a full sale.

Macquarie alums’ debut fund at MML Capital raises $1.1bn. (Bloomberg)

MML Capital Partners, led by two former Macquarie Group investment professionals, has raised €935 m ($1.1 bn) for its first-time fund targeting assets at the intersection of infrastructure and private equity.

The fund, MML Keystone I, reached final close with commitments including co-investment and managed vehicle contributions.

Tankmaker KNDS plans IPO in Paris and Frankfurt in 2026. (Bloomberg)

KNDS’s board has decided to pursue an initial public offering for the Franco-German tank maker, as demand for defence stocks surges and potential interest emerges from rival Rheinmetall. The move reflects growing investor appetite for European defence assets amid heightened geopolitical tensions and increased military spending across the region.

KNDS said it will continue preparations for a dual listing in Frankfurt and Paris in 2026, subject to market conditions. As part of the groundwork, the company has recently invited banks to pitch for roles on the transaction. The timing and structure of the offering remain under review.

APAC

Warburg Pincus is said to near acquisition of Asian firm Acclime. (Bloomberg)

Warburg Pincus is close to acquiring Asia-focused corporate services firm Acclime.

The private equity firm has emerged as the frontrunner after outpacing rival bidders, with the deal potentially valuing Acclime between $950m and $1bn.

Pakistan to sell 75% stake in flag carrier PIA. (Bloomberg)

Pakistan plans to sell a controlling stake in its national airline as part of the government’s broader privatization push. The long-struggling carrier is central to efforts to attract private investment and improve operational efficiency.

“Pakistan International Airlines (PIA) will put 75% of its shares up for auction on December 23, with bidders given the option to purchase the remaining 25% at a premium,” Muhammad Ali, the prime minister’s adviser on privatization.

India allows 100% foreign ownership stakes in insurers. (Bloomberg)

Global investors can now acquire 100% ownership of Indian insurance companies following a major reform aimed at drawing more long-term foreign capital.

The Indian Parliament on December 17 approved legislation removing the previous 74% foreign ownership cap. The bill will take effect once it receives the President’s signature.

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