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AMERICAS

SCI Capital Partners-backed Reddy Ice completes the acquisition of Arctic Glacier from Carlyle.

SCI Capital Partners-backed Reddy Ice, a manufacturer and distributor of packaged ice products, completed the acquisition of Arctic Glacier, a North American provider of ice products and services, from Carlyle, an American multinational private equity firm, according to press releases. Financial terms were not disclosed.

Arctic Glacier was advised by Deutsche Bank, Debevoise & Plimpton (led by Jonathan Levitsky and David Iozzi) and Rule Garza Howley. Reddy Ice was advised by BMO Capital Markets and Latham & Watkins, according to press releases and MergerLinks data.

Leonard Green & Partners to acquire the remaining 33% stake in Mister Car Wash at an enterprise value of $3.1bn.

Leonard Green & Partners, an American private equity investment firm, agreed to acquire the remaining 33% stake in Mister Car Wash, a conveyorized car wash operator in the United States, at an enterprise value of $3.1bn, according to press releases.

Leonard Green & Partners is advised by Simpson Thacher & Bartlett (led by Gregory Klein and Michael Kaplan). Mister Car Wash is advised by Morris Nichols Arsht & Tunnell, Bank of America, Latham & Watkins and Centerview Partners, according to press releases.

GenNx360 Capital Partners completes the investment in NVI.

GenNx360 Capital Partners, a New York City-based private equity firm, completed the investment in NVI, a nationwide provider of industrial nondestructive testing, inspection, and asset integrity services, according to press releases. Financial terms were not disclosed.

NVI was advised by Stifel and Miller Sullivan & DeMarcay. GenNx360 Capital Partners was advised by Houlihan Lokey, Greenberg Traurig and Profile Advisors (led by Edward Lopez), according to press releases.

Scale Computing to acquire Adaptiv Networks.

Scale Computing, an edge computing and virtualization provider, agreed to acquire Adaptiv Networks, a cloud‑managed SD‑WAN provider, according to press releases. Financial terms were not disclosed.

Adaptiv Networks is advised by Osler Hoskin & Harcourt. Scale Computing is advised by TD Securities, DuBois Bryant & Campbell and Gowling WLG, according to press releases.

Bregal Sagemount completes the acquisition of a majority stake in Harbor Compliance.

Bregal Sagemount, a growth-focused private capital firm, completed the acquisition of a majority stake in Harbor Compliance, a technology company providing compliance software and managed services, according to press releases. Financial terms were not disclosed.

Bregal Sagemount was advised by William Blair & Co and Goodwin Procter. Harbor Compliance was advised by Royer Cooper Cohen Braunfeld and Stifel, according to press releases.

E1T1 Automotive Group completes the acquisition of Audi Gainesville from Warren Henry Automotive Group.

E1T1 Automotive Group, an automotive dealership operator, completed the acquisition of Audi Gainesville, a car dealership, from Warren Henry Automotive Group, a car dealership company, according to press releases. Financial terms were not disclosed.

E1T1 Automotive Group was advised by Haig Partners (led by Derek Garber) and Shutts & Bowen (led by J. Gregory Humphries). Warren Henry Automotive Group was advised by Holland & Knight (led by Kyle R. Gaughan and Stephen J. Dietrich), according to press releases.

Caturus Energy to acquire South Texas assets from SM Energy for $950m.

Caturus Energy, a Houston-based integrated natural gas and LNG platform, agreed to acquire South Texas assets from SM Energy, a Denver-based independent energy company, for $950m, according to press releases.

SM Energy is advised by RBC Capital Markets and Skadden Arps Slate Meagher & Flom (led by Emery Choi and Mingda Zhao), according to press releases.

Kraken completes the acquisition of Magna.

Kraken, a fintech company, completed the acquisition of Magna, a token management platform, according to press releases. Financial terms were not disclosed.

Kraken was advised by Jones Day (led by Faisal Delawalla), according to MergerLinks data.

Foundry completes the acquisition of Griptape.

Foundry, a developer of creative software for the media and entertainment industry, completed the acquisition of Griptape, an enterprise-grade AI orchestration platform designed, according to press releases. Financial terms were not disclosed.

Foundry was advised by Jones Day (led by William Zawrotny), according toMergerLinks data.

Trane Technologies completes the acquisition of digital business of Stellar Energy.

Trane Technologies, a provider of HVAC and refrigeration systems, completed the acquisition of digital business of Stellar Energy, a provider of clean energy and sustainable cooling solutions, according to press releases. Financial terms were not disclosed.

Trane Technologies was advised by Morgan Stanley, according to press releases.

Cardinal completes the acquisition of A.L. Grading Contractors for $245.5m.

Cardinal, a civil contracting company, completed the acquisition of A.L. Grading Contractors, a civil construction company, for $245.5m, according to press releases.

A.L. Grading Contractors was advised by VRA Partners, according to press releases.

Superior Environmental Solutions completes the acquisition of ChemWorx.

Superior Environmental Solutions, an industrial cleaning services company, completed the acquisition of ChemWorx, an industrial services provider that specializes in chemical cleaning solutions, according to press releases. Financial terms were not disclosed.

Superior Environmental Solutions was advised by Keating Muething & Klekamp, according to press releases.

Blue Owl Capital and Sixth Street Growth led a $385m Series E funding round in Vestwell.

Blue Owl Capital, a global alternative asset manager, and Sixth Street Growth, the dedicated growth investing arm of Sixth Street, led a $385m Series E funding round in Vestwell, with participation from Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures and HarbourVest, according to press releases.

Vestwell was advised by JP Morgan, according to press releases.

Visa to acquire Prisma Medios de Pago and Newpay from Advent International.

Visa, a global payments technology company, agreed to acquire Prisma Medios de Pago, a digital payments company, and Newpay, a payments technology provider, from Advent International, a private equity firm, according to press releases. Financial terms were not disclosed.

OpenAI funding on tack to top $100bn in latest round. (Bloomberg)

OpenAI is close to securing over $100bn in a new funding round, giving the company unprecedented capital to scale its AI infrastructure. The raise keeps its pre‑money valuation at $730bn, with the total valuation expected to exceed $850bn.

The record‑setting round reflects OpenAI’s plans for trillion‑dollar infrastructure spending as it accelerates development of advanced AI systems such as ChatGPT.

Texas pipeline operator prepares sale process as gas demand booms. (FT)

Kinetik Holdings is exploring a sale after receiving interest from Western Midstream Partners, backed by Occidental Petroleum. The company, valued at $7.2bn, is testing buyer appetite, though talks remain early and no formal bid has emerged.

The process comes amid rising US natural‑gas demand and increased consolidation. Kinetik, created from Altus Midstream and EagleClaw Midstream, counts Blackstone as an 18% shareholder. Recent deal activity includes Coterra–Devon’s $58bn merger, SM Energy’s $950m sale, and Mitsubishi Corp’s $7.5bn Aethon acquisition.

Rio Tinto assumes majority interest and management responsibilities at Nemaska Lithium. (Press Release)

Rio Tinto now holds 53.9% of Nemaska Lithium and has taken over management after new equity injections alongside the Government of Québec, which holds 46.1%. Rio Tinto plans to use its operating and commercial capabilities to advance an integrated lithium business in the province.

Both partners will keep funding development, including the Bécancour lithium hydroxide plant, now 60% complete. Québec will invest up to $200m, and Rio Tinto over $300m in 2026. Commissioning is planned for 2026, with first production expected in 2028.

New York Knicks owner explores split of basketball and ice hockey franchises. (FT)

MSG Sports is evaluating a tax‑free split that would separate the New York Knicks and New York Rangers into two listed companies, as investor demand for top sports assets grows. The Dolan family remains in control during the review.

The move comes amid soaring US team valuations, with recent deals for the Lakers, Celtics, and a planned Seahawks sale. MSG Sports shares jumped 16%, valuing the group at about $8.2bn.

Teck Resources beats quarterly profit on higher copper prices, output. (Reuters)

Teck Resources beat quarterly profit forecasts on higher copper prices and a 10% rise in output driven by stronger performance at Highland Valley Copper, Antamina, Carmen de Andacollo, and Quebrada Blanca. Adjusted earnings came in at CAD1.37 ($1) per share, well above expectations.

Teck is also progressing its planned $53bn all‑stock merger with Anglo American, approved by shareholders and awaiting regulatory clearance. The deal would form one of the world’s largest copper producers, and Teck maintained its 2026 output guidance.

NFL hall of famer Steve Young’s HGGC raises new $3.2bn fund, beating target. (Bloomberg)

HGGC, the private‑equity firm co‑founded by NFL Hall of Famer Steve Young, has raised $3.2bn for its fifth fund, surpassing its $2.5bn target and $2.8bn hard cap. The raise is notable given a challenging fundraising environment.

Commitments came from pensions, endowments, family offices, and sovereign wealth funds. The new vehicle adds significant firepower to HGGC’s mid‑market deal strategy.

EMEA

eBay to acquire Depop from Etsy for $1.2bn.

eBay, a global commerce company, agreed to acquire Depop, a service developer of a mobile social shopping application, from Etsy, an online retail marketplace, for $1.2bn, according to press releases.

eBay is advised by Joele Frank (led by Arielle Rothstein), according to MergerLinks data.

Benta completes the acquisition of NerPharMa from NMS Group.

Benta, a Lebanese pharmaceutical and healthcare conglomerate, completed the acquisition of NerPharMa, a pharmaceutical manufacturing company, from NMS Group, an oncology-focused research and development organization in Italy, according to press releases. Financial terms were not disclosed.

NMS Group was advised by Jefferies & Company, according to MergerLinks data.

Nestlé weighs reducing exposure to ice cream, revamps board. (Bloomberg)

Nestlé is weighing a further pullback from ice cream as new CEO Philipp Navratil reviews the portfolio. Options include reducing its stake in Froneri, the joint venture with PAI Partners that owns Häagen‑Dazs and Mövenpick, or selling additional fully owned ice‑cream businesses into the JV.

The review signals continued streamlining at Nestlé after years of divestments. No decisions have been taken, but any move would mark another step in shifting away from a category it has been gradually exiting.

Spain floats plan to allow Indra defense deal, keep control. (Bloomberg)

Spain is considering shifting Indra’s defense business into a new subsidiary that could join industry consolidation efforts while keeping state control over Indra Sistemas. The plan aims to give the defense arm more strategic flexibility without diluting government oversight.

Indra would remain the main shareholder of the new unit, though other companies could take minority stakes. The structure would separate defense from Indra’s broader IT and air‑traffic services operations while preserving state influence.

CVC is working with Goldman Sachs on €1bn marina business sale. (Bloomberg)

CVC Capital Partners is working with Goldman Sachs to explore a sale of D‑Marin, the Mediterranean marina operator. The process is at an early stage as the buyout firm tests interest from potential buyers.

CVC is seeking a valuation of around €1bn ($1.2bn) for D‑Marin, though discussions remain private and no formal decision has been made.

Norwegian green steel group in running to buy major UK producer. (Sky)

Blastr is trying to acquire Speciality Steels UK, which collapsed into liquidation in 2025, and is in discussions with the Official Receiver with Evercore advising. SSUK, formerly part of Sanjeev Gupta’s group, employs over 1k people across Rotherham and Sheffield.

Blastr faces competition from Arabian Gulf Steel Industries and 7 Steel UK, owned by Czech investor Pavel Tykac. The UK government is assessing options, though financing for the bids remains uncertain, and no outcome is guaranteed.

UK regulator finds competition concerns in Getty-Shutterstock merger. (Reuters)

The UK Competition and Markets Authority has provisionally raised competition concerns over the Getty Images–Shutterstock merger, specifically around UK editorial‑content supply, though it cleared the deal in the global stock‑content market.

Getty Images and Shutterstock stated that they disagree with the findings and will respond before March 12 2026, while the merger also remains under review by the US Department of Justice. The CMA began a Phase 2 review in November 2025.

Orbex appoints FRP as administrators. (Reuters)

Scottish rocket maker Orbex has appointed FRP as administrators after failing to raise new funding or secure a buyer. The company, valued at about $220m in a 2022 round, has ceased trading, affecting roughly 163 employees in the UK, as administrators now explore options, including a potential sale.

The collapse threatens skilled aerospace jobs and poses a setback to the UK’s plans to build a domestic launch sector. Orbex had warned earlier that the funding shortfall jeopardised its future despite efforts to keep operations running.

APAC

Tencent completes the acquisition of a 35% stake in Insighta from Prenetics for $70m.

Tencent, a Chinese multinational technology conglomerate and holding company, completed the acquisition of a 35% stake in Insighta, a biotechnology company, from Prenetics, a genetic testing and digital health company, for $70m, according to press releases.

Prenetics was advised by MZ Group, according to press releases.

Hims & Hers to acquire Eucalyptus for up to $1.15bn.

Hims & Hers, a health and wellness platform, agreed to acquire Eucalyptus, a global telehealth provider specializing in digital healthcare solutions, for up to $1.15bn, according to press releases.

Avram Glazer said to weigh bid for IPL team Royal Challengers Bengaluru. (Bloomberg)

Avram Glazer, co‑owner of Manchester United, is weighing a bid for Royal Challengers Bengaluru and has submitted an offer of about $1.8bn. The team is one of the most prominent franchises in the Indian Premier League.

The move would extend Glazer’s sports‑team portfolio into India’s fast‑growing cricket economy, where franchise valuations have surged. No final outcome has been determined as the process continues.

KKR sees strong long-term opportunities in India, says CIO Henry McVey. (DealStreetAsia)

KKR’s Henry McVey expects India’s stock market to outperform in 2026, driven by rising earnings, strong consumption, and supportive policy trends. He views India as one of the most compelling long‑term markets of his 30‑year career but noted that the IT services sector must better show how it is using AI to sustain growth.

McVey stated that KKR, with $744bn in assets, continues to expand across India and has deployed $13bn to date, including the recent $10.9bn ST Telemedia Global Data Centres deal. He highlighted financial services, healthcare, education, and infrastructure as key focus areas, and expects foreign capital flows into India to keep rising.

Pernod Ricard considers listing its India business. (Bloomberg)

Pernod Ricard is exploring a potential listing of Pernod Ricard India and has begun discussions with potential advisers to assess the benefits of a standalone market debut. The review reflects growing interest in unlocking value from one of the company’s strongest growth markets.

Known for Absolut and Chivas Regal, Pernod Ricard has not made a final decision. A listing of Pernod Ricard India would mark a significant step in strengthening its presence and visibility in India’s competitive spirits market.

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