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Top Highlights
Allison Transmission, a designer and manufacturer of propulsion solutions for commercial and defense vehicles, completed the acquisition of the off-highway business of Dana Incorporated, a provider of drivetrain and propulsion solutions, for $2.7bn, according to press releases.
Allison Transmission was advised by Bank of America (led by Gregg Polle), Citigroup, KPMG, and Latham & Watkins (led by Paul F. Sheridan Jr. and Daniel R. Breslin). Debt financing was provided by Bank of America, Barclays, and Citigroup. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Charlie Allen). Dana Incorporated was advised by Ernst & Young, Goldman Sachs (led by Matthew McClure), Morgan Stanley (led by Regina Savage), Ellex (led by Ramunas Petravicius), and Paul Weiss Rifkind Wharton & Garrison (led by Kyle Seifried, Andrew Krause, and Scott Barshay), according to press releases and MergerLinks data.
Definity, an insurance company, completed the acquisition of the Canadian personal insurance business from Travelers, an insurance company that offers a wide range of property and casualty insurance products, for $2.4bn, according to press releases.
Berkshire Hathaway, an American multinational conglomerate holding company, completed the acquisition of OxyChem, a manufacturer of commodity chemicals, from Occidental, an energy company, for $9.7bn, according to press releases.
Deal Round up
AMERICAS
US draws bulk of state-owned investment in 2025 as assets hit $60tn. ( Reuters)
Regulators may seek liquidation of PHL Variable Insurance, consider lawsuit against Golden Gate. ( Bloomberg)
Saks CEO steps down ahead of expected bankruptcy filing. ( WSJ)
EMEA
London estate agent Dexters owner exploring potential sale. ( Bloomberg)
Spire Healthcare sets January deadline for takeover interest. ( Sky News)
European football clubs lose out amid soaring US valuations in deal frenzy. (FT)
APAC
China’s Zijin Mining to expand global assets under new chairman. ( Bloomberg)
Baidu’s AI chip unit Kunlunxin files confidentially for Hong Kong IPO. ( Bloomberg)
Oyo parent Prism files confidentially for India IPO. ( Reuters)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
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AMERICAS
Platinum Equity, an American private equity investment firm, completed the acquisition of the products & healthcare services business of Owens & Minor, a global healthcare solutions company, for $375m. Owens & Minor will retain a 5% equity stake in the business, according to press releases.
PX3 Partners-backed Com Laude, a supplier of corporate domain services, completed the acquisition of Markmonitor, a strategic domain management solutions provider, from Newfold Digital, a web technology company, according to press releases. Financial terms were not disclosed.
PX3 Partners was advised by JP Morgan. Siris was advised by H/Advisors Abernathy (led by Dana Gorman). Newfold Digital was advised by KPMG, RBC Capital Markets and Sidley Austin, according to MergerLinks data and press releases.
Equity Bancshares, a company specializing in community-based banking and financial services, completed a merger with Frontier Holdings, a bank holding company, according to press releases. Financial terms were not disclosed.
Equity Bancshares was advised by Janney Montgomery Scott, Stephens, and Norton Rose Fulbright. Frontier Holdings was advised by D.A. Davidson & Co and Fenimore Kay Harrison & Ford, according to press releases and MergerLinks data.
Prosperity Bancshares, the parent company of Prosperity Bank, completed the merger with American Bank Holding, the parent holding company of American Bank, for $321m.
Prosperity Bancshares was advised by Stephens (led by James Clingman) and Norton Rose Fulbright (led by Bryn Sappington). American Bank Holding was advised by Keefe Bruyette & Woods (led by Craig McMahen) and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy), according to press releases and MergerLinks data.
Commerce Bancshares, a regional bank holding company, completed the merger with FineMark, a nationally chartered commercial bank and trust company, in a $585m deal, according to press releases.
FineMark was advised by Piper Sandler and Alston & Bird (led by Mark Kanaly). Commerce Bancshares was advised by Keefe Bruyette & Woods (led by Eric Kalinowski and Patrick Koster) and Holland & Knight, according to press releases and MergerLinks data.
PROG, a fintech holding company, completed the acquisition of Purchasing Power, a voluntary employee benefit program provider allowing employees to purchase brand-name products and services through either automatic payroll deductions or allotments, for $420m, according to press releases.
Purchasing Power was advised by Barclays and Kirkland & Ellis. PROG was advised by Stephens and King & Spalding, according to press releases and MergerLinks data.
Cognizant, an American multinational technology company, completed the acquisition of 3Cloud, a dedicated Microsoft Azure services provider, from Gryphon Investors, a middle-market private investment firm, according to press releases. Financial terms are not disclosed.
Legence, a provider of engineering, consulting, installation, and maintenance services, completed the acquisition of The Bowers Group, a mechanical contractor, for $475m, according to press releases.
The Bowers Group was advised by Alantra (led by Aakash Bhasin) and Hogan Lovells. Legence was advised by Kirkland & Ellis (led by Zach Savrick), according to MergerLinks data and press releases.
The Baldwin Group, a consulting firm, completed the merger with CAC Group, an insurance broker and advisory firm, in a $1.03bn deal, according to press releases.
CAC Group was advised by Latham & Watkins (led by David E. Owen and John Giouroukakis). The Baldwin Group was advised by JP Morgan, according to press releases and MergerLinks data.
Cactus, a manufacturer of pressure control equipment for the oil and gas industry, completed the acquisition of a 65% stake in surface pressure control business from Baker Hughes, an energy technology company, for $345m, according to press releases.
Cactus was advised by Piper Sandler and Bracewell, according to press releases and MergerLinks data.
Patria Investments, an alternative asset management company, completed the acquisition of a 51% stake in Solis Investimentos, a Brazilian investment manager, for $3.5bn, according to press releases.
Patria Investments was advised by Hill & Knowlton, according to MergerLinks data and press releases.
Bradesco BBI, an investment company, and BTG Pactual, a Brazilian financial company, completed the acquisition of a 23% stake in Cosan Dez, the holding company of Compass Gás e Energia share held by Cosan, for RBL4bn ($728m), according to press releases.
Cosan was advised by BTG Pactual, according to MergerLinks data.
McCormick, a manufacturer and distributor of flavor products, completed the acquisition of an additional 25% stake in McCormick de Mexico, a food company with a portfolio composed of mayonnaise, spices, marmalades, mustard, hot sauce, and tea, sold under McCormick brands, from Grupo Herdez, for $750m, according to press releases.
McCormick was advised by FTI Consulting, according to press releases and MergerLinks data.
Bigbear, an AI-powered decision intelligence solution, completed the acquisition of Ask Sage, a fast-growing Generative AI platform, for $250m, according to press releases.
Willdan Group, a US-based provider of technical and consulting services, completed the acquisition of Compass Municipal Advisors, an independent municipal advisory firm, according to press releases. Financial terms were not disclosed.
US draws bulk of state-owned investment in 2025 as assets hit $60tn. ( Reuters)
State-owned investors channelled $132bn into the US in 2025, representing about half of their total global investments, while allocations to large emerging markets declined sharply from the previous year.
Combined assets held by sovereign wealth funds, public pension funds and central banks reached a record $60tn, with sovereign wealth funds accounting for roughly two-thirds of the capital invested in the US.
Regulators may seek liquidation of PHL Variable Insurance, consider lawsuit against Golden Gate. ( Bloomberg)
State regulators are scrapping plans to rehabilitate PHL Variable Insurance and are now considering liquidation after determining that the life insurer’s financial condition is worse than previously believed. The company was acquired by private equity firm Golden Gate Capital about a decade ago.
Regulators said they may also pursue legal action against Golden Gate and its insurance arm, Nassau Financial Group, alleging breaches of fiduciary duty unless an acceptable settlement is reached. Nassau said the accusations are “without merit.”
Saks CEO steps down ahead of expected bankruptcy filing. ( WSJ)
Saks Global’s chief executive has stepped down as the luxury retailer prepares for a possible bankruptcy filing in the coming days.
Marc Metrick, who led the $2.7bn merger with Neiman Marcus in 2024, will remain involved in the company’s transformation, while executive chairman Richard Baker has taken over as CEO.
EMEA
One Resources Group, an entity focused on mining services, completed the acquisition of the chrome and PGM operations from Jubilee, a copper focused producer, for $90m, according to press releases.
Bain Capital and Prisma-backed Bionexo, a Brazilian technology company that optimizes supply management and logistics for healthcare facilities, completed the acquisition of Tasy, Philips' hospital management software subsidiary, for RBL1bn ($191m), according to press releases.
Philips was advised by Citigroup, according to MergerLinks data.
London estate agent Dexters owner exploring potential sale. ( Bloomberg)
Barclays is being lined up to advise on the potential sale, although a formal mandate has not been confirmed.
Spire Healthcare sets January deadline for takeover interest. ( Sky News)
Spire Healthcare, the UK’s largest provider of hip and knee surgery and biggest private hospital operator, has asked potential buyers to register their interest by January 20 as it explores a possible sale.
Advisers to the company have informed prospective suitors, including private equity firms, of the deadline, amid pressure from shareholders for the group to pursue strategic options.
European football clubs lose out amid soaring US valuations in deal frenzy. ( FT)
European football clubs have lagged behind in a surge of sports deals, as cost pressures and relegation risk continue to limit investor appetite compared with the US.
Recent US transactions highlight higher valuations, including the sale of an 8% stake in the New England Patriots to Sixth Street and Dean Metropoulos, valuing the team at more than $9bn.
APAC
Bain Capital, a private equity firm, agreed to acquire a 43.66% stake in Echo Marketing, a South Korean firm that owns the activewear brand, for $150m, according to press releases.
Devyani International, the KFC and Pizza Hut Indian operator, agreed to acquire Sapphire Foods India, a franchisee of Yum! Brands, in a $934m deal, according to press releases.
China’s Zijin Mining to expand global assets under new chairman. ( Bloomberg)
Zijin Mining plans to accelerate global acquisitions focused on gold and copper, targeting large-scale mines or mid-tier companies, while continuing to invest in domestic projects.
Zou Laichang was appointed chairman on December 31, succeeding founder Chen Jinghe, who has moved into a lifetime honorary chairman and senior advisor role.
Baidu’s AI chip unit Kunlunxin files confidentially for Hong Kong IPO. ( Bloomberg)
Baidu’s artificial intelligence chip unit Kunlunxin has confidentially filed for a Hong Kong IPO, pursuing a carve-out listing to better reflect the business’s standalone value.
The listing is aimed at investors focused on general-purpose AI computing chips and related software and hardware systems.
Oyo parent Prism files confidentially for India IPO. ( Reuters)
Prism, the parent company of Oyo Hotels, has confidentially filed for an initial public offering in India, marking a renewed effort by the hospitality group to access public markets.
The filing comes shortly after the SoftBank-backed company secured shareholder approval to raise up to $742m through a fresh share issuance.
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