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Top Highlights
BioMarin, a biotechnology company focused on rare genetic diseases, completed the acquisition of Amicus Therapeutics, a biotechnology company, for $4.8bn, according to press releases.
Stonepeak and Bernhard Capital Partners, private equity management firms, agreed to acquire Cleco, a regional energy company, from consortium of Macquarie Asset Management, BCI and Manulife Investment Management, investment management firms, according to press releases. Financial terms were not disclosed.
Stonepeak is advised by Greenhill & Co and Simpson Thacher & Bartlett. Bernhard Capital Partners is advised by Centerpoint Partners, Latham & Watkins, Simpson Thacher & Bartlett (led by Eli Hunt, Brian Chisling and Kyle Smit) and Joele Frank (led by Erik Carlson, Ed Trissel and Madeline Jones). Cleco, Macquarie Asset Management, BCI and Manulife Investment Management were advised by Goldman Sachs, Moelis & Co, Kirkland & Ellis and Phelps Dunbar, according to press releases.
BMG, an international music company and a wholly-owned division of the German media corporation Bertelsmann, agreed to merge with Great Mountain Partners-backed Concord, an American independent music company, according to press releases. Financial terms were not disclosed. The combined company will be owned approximately 67% by Bertelsmann and approximately 33% by affiliates of Great Mountain Partners.
Concord is advised by JP Morgan, Latham & Watkins and Reed Smith. BMG is advised by Davis Polk & Wardwell and FGS Global. Great Mountain Partners is advised by Alston & Bird, according to press releases.
AMERICAS
ARC Resources shares surge on Shell deal. ( Bloomberg)
Angelini explores Catalyst Pharma acquisition. ( Bloomberg)
Starboard builds stake in Flowserve, pushes for changes. ( Bloomberg)
Pershing Square IPO set to raise about $5bn. ( Bloomberg)
Rare Earths Americas targets $368m valuation in US IPO. ( Reuters)
Engie Brasil to tap banks for $2bn equity offering. ( Bloomberg)
US firms rush to market with $24bn debt issuance. ( Bloomberg)
OpenAI trial between Elon Musk and Sam Altman begins. ( Reuters)
EMEA
US investor to acquire Benfica minority stake at 70% premium. ( Bloomberg)
Hongqi eyes Stellantis Spain plant for European expansion. ( Reuters)
Banks line up $6bn financing for KPC pipeline stake sale. ( Reuters)
Finnair resists consolidation despite industry pressure. ( Bloomberg)
Germany could launch Uniper sale or IPO by summer. ( Reuters)
APAC
Digital Edge weighs sale at up to $10bn valuation. ( Bloomberg)
Eneos in final talks for Chevron Asian assets. ( Bloomberg)
China orders Meta to unwind $2bn Manus deal. ( Bloomberg)
Virtusa seeks $1bn India IPO at $7bn valuation. ( Reuters)
Spinny hires banks for India IPO. ( Bloomberg)
Lightelligence set for Hong Kong debut after $323m IPO. ( Bloomberg)
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AMERICAS
Fusion Capital Partners, an operationally focused private equity firm, completed the acquisition of AQUALIS, a provider of sustainable water management, engineering and compliance services for critical infrastructure, from DFW Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Fusion Capital Partners was advised by Jefferies & Company, Robert W Baird, Stifel, Paul Hastings and Profile Advisors (led by Mike Geller), according to press releases.
Nexans, a global company specializing in the design, manufacture, and service of cable systems and solutions, agreed to acquire Republic Wire, an established American manufacturer of low-voltage copper and aluminum wire products, for a €723m ($848.2m), according to press releases.
Snuneymuxw First Nation-backed Petroglyph Development, an economic development corporation of the Snuneymuxw First Nation, completed the acquisition of River Rock Casino Resort, a casino business, and Chances Maple Ridge, a casino business, from Great Canadian Entertainment, a gaming and hospitality company, according to press releases. Financial terms are not disclosed.
Petroglyph Development was advised by KPMG (led by Leo Wilson and Adam Paroo) and McCarthy Tetrault (led by Pavan Jawanda). Great Canadian Entertainment was advised by McMillan and 50th Parallel Public Relations, according to press releases.
Artemis Capital Partners, a private equity firm, completed the acquisition of Optikos, a provider of engineering, manufacturing, and metrology expertise in optical systems, according to press releases. Financial terms were not disclosed.
Optikos was advised by Bigelow and Blank Rome. Artemis Capital Partners was advised by Houlihan Lokey and Mintz Levin, according to press releases.
CareMetx, a specialty hub services and technology company, completed the acquisition of patient services and free goods pharmacy operations of Cencora, an American drug wholesale company and a contract research organization, according to press releases. Financial terms were not disclosed.
CareMetx was advised by Bass Berry & Sims and Covington & Burling. Cencora was advised by Centerview Partners and Holland & Knight, according to press releases.
TJC-backed Acron Technologies, a provider of proprietary, IP-driven, mission-critical avionics and connectivity solutions, completed the acquisition of Sightline Intelligence, a supplier of onboard edge video processing software, from Artemis Capital Partners, a Boston-based private equity firm, according to press releases. Financial terms were not disclosed.
Acron Technologies was advised by Philpott Ball & Werner, William Blair & Co and Kirkland & Ellis, according to press releases.
Western & Southern Financial Group, an insurance and financial services provider, completed the acquisition of Till Financial, a kid- and teen-focused debit card paired with a family banking mobile app for consumers, according to press releases. Financial terms were not disclosed.
Western & Southern Financial Group was advised by Willkie Farr & Gallagher. Till Financial was advised by Citizens M&A and Goodwin Procter, according to press releases.
BSN SPORTS, a provider of team sports uniforms, apparel, equipment and a division of Varsity Brands, a company focused on school spirit, athletics, and student achievement, completed the acquisition of Sports Endeavors and Lax.com, according to press releases. Financial terms were not disclosed.
Lax.com was advised by Barnes & Thornburg. Sports Endeavors was advised by Goldman Sachs and Simpson Thacher & Bartlett, according to press releases.
DoubleU Games, a mobile and social casino game developer and operator, agreed to acquire remaining 32.9% stake in DoubleDown Interactive, a developer and publisher of social casino games for mobile and web platforms, for $184m, according to press releases.
DoubleU Games is advised by Paul Hastings and Kim & Chang, according to press releases.
Renovus Capital Partners-backed Superior Health Holdings, a full service agency specializing in home health care, completed the acquisition of Chant Healthcare, a provider of home health, homecare, and hospice services, according to press releases. Financial terms were not disclosed.
Chant Healthcare was advised by Agenda Health. Renovus Capital Partners was advised by Gasthalter & Co (led by Alex Jeffrey and Mark Semer), according to press releases.
O2 Investment Partners, a private equity firm, completed an investment in Steffl Drilling & Pump, a provider of water well drilling and repair services, according to press releases. Financial terms were not disclosed.
Steffl was advised by Craig-Hallum Capital Group. Debt financing was provided by CIFC Asset Management, according to press releases.
Eclipse and Riot Ventures, a venture capital firms, led a $650m Series D round in True Anomaly, an aerospace and defense technology company, with participation from Paradigm, Atreides, G Squared, The Private Shares Fund, VanEck, Accel, Menlo Ventures, ACME Capital, Space VC, Meritech Capital, Narya, and 645 Ventures, according to press releases.
True Anomaly was advised by Command, according to press releases.
ARC Resources shares surge on Shell deal. ( Bloomberg)
The stock was on track for its biggest gain since 2020, leading other Canadian energy peers higher.
Angelini explores Catalyst Pharma acquisition. ( Bloomberg)
Angelini Pharma is studying a potential acquisition of US-listed Catalyst Pharmaceuticals as it looks to expand globally.
The company is working with advisers on the possible deal, with discussions still at a preliminary stage and no agreement reached.
Starboard builds stake in Flowserve, pushes for changes. ( Bloomberg)
Starboard Value has built a significant stake in Flowserve and is engaging with the company on potential operational improvements.
Discussions have focused on ways to expand margins as the activist investor seeks strategic changes.
Pershing Square IPO set to raise about $5bn. ( Bloomberg)
Bill Ackman’s Pershing Square US IPO is expected to raise around $5bn, including a previously disclosed private placement.
The offering is largely covered by institutional investors, with strong early demand as the company advances its listing plans.
Rare Earths Americas targets $368m valuation in US IPO. ( Reuters)
Rare Earths Americas is seeking a valuation of up to $368m in its US IPO as demand for critical minerals supports investor interest.
The company is positioning the offering to benefit from efforts to diversify supply chains beyond China.
Engie Brasil to tap banks for $2bn equity offering. ( Bloomberg)
Engie Brasil is working with Banco Itau and Banco Santander Brasil on an equity offering that could raise up to $2bn.
The proceeds may support a planned acquisition, with the offering expected around mid-year.
US firms rush to market with $24bn debt issuance. ( Bloomberg)
Companies are tapping US debt markets to lock in borrowing costs ahead of earnings and central bank decisions.
At least 12 issuers including Intel, Walmart and American Airlines have raised about $24.3bn, with more deals in the pipeline.
OpenAI trial between Elon Musk and Sam Altman begins. ( Reuters)
A civil trial between Elon Musk and Sam Altman over the direction and structure of OpenAI has started in California.
The case centers on OpenAI’s shift toward a profit-driven model and could have broader implications for the AI industry.
EMEA
Anaqua, a provider of innovation and intellectual property management technology and services, completed the acquisition of Patrix, a provider of IP management software and services, according to press releases. Financial terms were not disclosed.
Patrix was advised by Marks Baughan, according to press releases.
RELX Group, a global provider of information-based analytics and decision tools, agreed to acquire Doctrine, a platform for legal intelligence, catering to the needs of lawyers and legal professionals, according to press releases. Financial terms were not disclosed.
US investor to acquire Benfica minority stake at 70% premium. ( Bloomberg)
Entrepreneur Equity Partners has agreed to buy a 16.38% stake in Benfica from José António dos Santos at a significant premium.
The deal values the shares at €10 ($11.73) –11 ($12.9) each, around 70% above the prior closing price.
Hongqi eyes Stellantis Spain plant for European expansion. ( Reuters)
China’s Hongqi is in talks with Stellantis to manufacture vehicles at one of its plants in Spain as it expands into Europe.
The discussions involve FAW and Leapmotor, reflecting collaboration between existing partners as plans develop.
Banks line up $6bn financing for KPC pipeline stake sale. ( Reuters)
JP Morgan, HSBC and Kuwaiti lenders are providing about $6bn in financing for potential buyers of a stake in Kuwait Petroleum’s pipeline network.
The underlying asset sale is estimated at around $7bn as KPC advances discussions with investors.
Finnair resists consolidation despite industry pressure. ( Bloomberg)
Finnair’s leadership is pushing back against calls for a potential sale as consolidation reshapes the aviation sector and rivals pursue scale.
The airline highlights its strategic role in maintaining connectivity and supporting Finland’s economy.
Germany could launch Uniper sale or IPO by summer. ( Reuters)
Berlin is preparing to start the reprivatisation of Uniper, with options including a sale or public listing.
The process could begin before summer via a formal tender as the government explores exit routes.
APAC
Digital Edge weighs sale at up to $10bn valuation. ( Bloomberg)
Digital Edge is exploring strategic options including a partial or full sale as it reviews its future with advisers.
The company is working with JP Morgan on the process, with a potential transaction that could value the business at up to $10bn.
Eneos in final talks for Chevron Asian assets. ( Bloomberg)
Eneos is the last remaining bidder for a portfolio of Chevron’s Asian assets in a deal that could be valued at over $2bn.
The companies are aiming to reach an agreement as soon as this quarter as discussions progress.
China orders Meta to unwind $2bn Manus deal. ( Bloomberg)
Authorities ordered the transaction to be cancelled months after closing, targeting a US tech group despite limited local operations.
Virtusa seeks $1bn India IPO at $7bn valuation. ( Reuters)
EQT-backed Virtusa is exploring an IPO in India that could raise at least $1bn and value the company at $7bn or more.
A roadshow planned for the second half of 2026 will help determine timing, structure, valuation and whether to proceed with the offering.
Spinny hires banks for India IPO. ( Bloomberg)
Tiger Global- and Accel-backed Spinny has engaged Kotak, Morgan Stanley and Citigroup for a potential IPO in Mumbai.
The company is advancing listing plans as it explores public markets with support from major investors.
Lightelligence set for Hong Kong debut after $323m IPO. ( Bloomberg)
Lightelligence is set to begin trading in Hong Kong after raising about $323m in an IPO amid strong investor interest in AI-related technologies.
The shares were priced at the top of the range with strong cornerstone backing, and surged in gray-market trading ahead of listing.
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