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AMERICAS

Air Lease stockholders approve merger with Sumitomo, SMBC, Apollo, and Brookfield. (Press Release)

Air Lease announced that its Class A stockholders have approved the previously announced merger agreement dated September 1, 2025. Under the deal, Air Lease will be acquired by Sumisho Air Lease, a Dublin-based holding company owned by Sumitomo, SMBC Aviation Capital, and investment vehicles affiliated with Apollo and Brookfield. Upon closing, Air Lease will be renamed Sumisho Air Lease. Class A stockholders will receive $65 in cash for each share of Air Lease they hold at the time of the merger.

Air Lease is advised by JP Morgan (led by Xavier Loriferne), Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg), and Joele Frank (led by Joele Frank). Apollo is advised by Milbank and Paul Weiss Rifkind Wharton & Garrison (led by Nadeem Waeen). Debt financing is provided by Citigroup and Goldman Sachs Asset Management. Sumitomo Corporation is advised by Citigroup, Goldman Sachs, and Norton Rose Fulbright (led by Alan Bainbridge). SMBC Aviation Capital is advised by Citigroup, Goldman Sachs, Davis Polk & Wardwell (led by Lee Hochbaum), McCann FitzGerald, and FGS Global (led by Richard Webster-Smith). Financial advisors are advised by Paul Hastings (led by Morgan Bale). Brookfield Asset Management is advised by Milbank, according to press releases and MergerLinks data.

Rithm Capital completes the acquisition of Paramount Group for $1.6bn.

Rithm Capital, a global alternative asset manager, completed the acquisition of Paramount Group, a real estate investment trust, for $1.6bn.

Paramount Group was advised by Bank of America and Latham & Watkins (led by Darren J. Guttenberg and Sean Parish). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Charlie Allen). Rithm Capital was advised by Newmark Group, Citigroup, Eastdil Secured, UBS, Skadden Arps Slate Meagher & Flom (led by Blair Thetford), and Gasthalter & Co (led by Jonathan Gasthalter), according to press releases and MergerLinks data.

Volaris and Viva to form a Mexican airline group.

Volaris and Viva, two ultra-low-cost carriers, agreed to form a Mexican airline group, according to press releases. Financial terms were not disclosed.

Viva is advised by Alfaro Dávila y Scherer, UBS, Cleary Gottlieb Steen & Hamilton and Ritch Mueller. Volaris is advised by Morgan Stanley, Latham & Watkins, Mijares Angoitia Cortes y Fuentes and FTI Consulting (led by Jorge A Padilla and Tanner Kaufman), according to MergerLinks data and press releases.

Snuneymuxw First Nation-backed Petroglyph Development Group to acquire Casino Vancouver business of Great Canadian Entertainment.

Petroglyph Development Group, the economic development corporation of the Snuneymuxw First Nation in Nanaimo, BC, agreed to acquire Casino Vancouver business of Great Canadian Entertainment, a gaming, entertainment and hospitality company, according to press releases. Financial terms are not disclosed.

Great Canadian Entertainment is advised by McMillan. Petroglyph Development Group is advised by McCarthy Tétrault and KPMG. Snuneymuxw First Nation is advised by 50th Parallel Public Relations, according to press releases.

H.I.G. Capital completes the acquisition of Shore Excursions Group.

H.I.G. Capital, a private equity firm, completed the acquisition of Shore Excursions Group, a provider of onshore tours and excursions for cruise passengers, according to press releases. Financial terms were not disclosed.

Shore Excursions Group was advised by Houlihan Lokey and McDermott Will & Schulte. H.I.G. Capital was advised by ANDER & Co, according to press releases.

EIG completes the acquisition of a 49.87% stake in Transportadora de Gas del Peru from CPP Investments.

EIG, a provider of institutional capital to the energy sector globally, completed the acquisition of a 49.87% stake in Transportadora de Gas del Peru, an operator of natural gas and natural gas liquids pipelines, from CPP Investments, a global investment management organization, according to press releases. Financial terms were not disclosed.

EIG was advised by Citigroup, White & Case (led by Bill Parish), and FGS Global (led by Kelly Kimberly), according to press releases.

Nvidia-Intel deal gets US approval. (FTC)

US antitrust authorities approved Nvidia’s investment in Intel. While the notice did not provide transaction details, Nvidia announced in September that it would invest $5bn in Intel, supporting the struggling US chipmaker in a deal that could create competitive pressure for rivals, including Taiwan’s TSMC and US-based AMD.

Nvidia is advised by Latham & Watkins (led by Saad Khanani, Josh Dubofsky, and Drew Capurro) and Skadden Arps Slate Meagher & Flom (led by Michelle Gasaway), according to press releases and MergerLinks data.

Revelar Capital completes the acquisition of Lettermen's Energy.

Revelar Capital, a private equity firm, completed the acquisition of Lettermen's Energy, a distributor of propane, according to press releases. Financial terms were not disclosed.

Lettermen's was advised by Robert W Baird (led by Matt Schultz). Revelar Capital was advised by Joele Frank (led by Jonathan Keehner), according to MergerLinks data and press releases.

Texas Pacific Land to invest $150m in Bolt Data & Energy.

Texas Pacific Land, a real estate operating company, agreed to invest $150m in Bolt Data & Energy, a data and energy infrastructure company, according to press releases.

TPL is advised by A&O Shearman (led by Robert Cardone), according to MergerLinks data.

Hogan Lovells and Cadwalader Wickersham & Taft to merge into Hogan Lovells Cadwalader.

Hogan Lovells and Cadwalader Wickersham & Taft, two law firms, agreed to merge into Hogan Lovells Cadwalader, according to press releases. Financial terms were not disclosed.

Cadwalader is advised by Davis Polk & Wardwell (led by Neil Barr and Lee Hochbaum), according to MergerLinks data.

Accordion completes the acquisition of Pinnacle Healthcare Advisors.

Accordion, a financial consulting firm focused on private equity, completed the acquisition of Pinnacle Healthcare Advisors, a consultancy specializing in revenue cycle management for healthcare organizations, according to press releases. Financial terms were not disclosed.

Accordion was advised by Profile Advisors (led by Edward Lopez), according to press releases.

Promus Capital Management completes the acquisition of Tersus Solutions.

Promus Capital Management, a Chicago-based investment firm, completed the acquisition of Tersus Solutions, a provider of liquid CO₂-based, waterless cleaning, recommerce, and repair solutions. Financial terms were not disclosed, according to press releases.

Promus Capital Management was advised by Reinhart Boerner Van Deuren, according to press releases.

Burke & Herbert Financial Services to merge with LinkBancorp in a $354m deal.

Burke & Herbert Financial Services, a US bank holding company, agreed to merge with LinkBancorp, a US bank holding company, in a $354m deal, according to press releases.

Searchlight Capital Partners-backed Integrated Power Services to acquire TechPro Power Group.

Searchlight Capital Partners-backed Integrated Power Services, a provider of power management and electromechanical service solutions, agreed to acquire TechPro Power Group, a specialized power management service company, according to press releases. Financial terms were not disclosed.

TikTok’s Chinese owner agrees sale of US business. (Sky News)

ByteDance has signed a deal to sell TikTok’s US business to a group of American investors, allowing the video-sharing platform to continue operating in the US.

The transaction is expected to close on 22 January 2026 and follows US legislation requiring ByteDance to divest its US operations or face a ban, amid long-running regulatory concerns over data security.

Medtronic’s MiniMed files for IPO as spin-off. (WSJ)

MiniMed Group, a subsidiary of Medtronic, is seeking to become an independent company through an initial public offering.

The diabetes-focused medical technology maker filed for an IPO with the US Securities and Exchange Commission on December 19, though it did not disclose the number of shares to be offered or the expected pricing.

Golden Gate Capital seeks $1.8bn via tender offer for evergreen fund. (Bloomberg)

Golden Gate Capital is raising about $1.8bn from investors including Ardian, Neuberger Berman and Apollo Global Management’s S3, allowing some backers to cash out of its evergreen fund.

The San Francisco–based private equity firm is running a tender offer for Golden Gate Opportunity Fund and expects to raise roughly $1.5bn through the process.

7-Eleven USA CEO retires amid broader business revamp. (Bloomberg)

7-Eleven said its US chief executive Joe DePinto will retire at the end of the month, as Japanese parent Seven & i Holdings moves to overhaul the convenience store business.

DePinto led the company for two decades and oversaw its expansion through acquisitions including Speedway and Sunoco fuel stations. He will be replaced on an interim basis by US unit president Stan Reynolds and chief operating officer Doug Rosencrans.

EMEA

MidEuropa to acquire a majority stake in MBL Group from INVL Baltic Sea Growth Fund.

MidEuropa, a private equity investor, agreed to acquire a majority stake in MBL Group, a European contract development and manufacturing organisation, from INVL Baltic Sea Growth Fund, a private equity fund, according to press releases. Financial terms were not disclosed.

MidEuropa is advised by Kearney, Ernst & Young, Houlihan Lokey, Santander, Baker McKenzie and DLA Piper. INVL is advised by LEK Consulting, Deloitte, Jefferies & Company and Horten, according to MergerLinks data and press releases.

Crescent Capital Partners to acquire the Billi business from Strix Group for £110m.

Crescent Capital Partners, a private equity and alternative asset firm, agreed to acquire the Billi business from Strix Group, a company designs, manufactures and supply of kettle safety controls and other components and devices, for £110m ($147m), according to press releases.

Strix Group is advised by Stifel (led by Matthew Blawat and Phillip Mccreanor), Zeus Capital (led by Jordan Warburton) and Gracechurch Group (led by Heather Armstrong), according to MergerLinks data and press releases.

KKR completes the acquisition of a minority stake in Etraveli Group.

KKR, a global investment firm, completed the acquisition of a minority stake in Etraveli Group, a travel technology company, according to press releases. Financial terms were not disclosed.

KKR was advised by UBS. CVC was advised by JP Morgan, according to MergerLinks data and press releases.

Asahi to acquire a 65% stake in East African Breweries from Diageo for $2.3bn.

Asahi, a Japanese listed global beverage company, agreed to acquire a 65% stake in East African Breweries, the largest beer business in East Africa, from Diageo, an alcoholic beverage company, for $2.3bn, according to press releases.

Asahi is advised by Nomura, according to MergerLinks data and press releases.

SumUp advised to avoid US as potential IPO venue. (Bloomberg)

Advisers to European financial technology company SumUp Payments have recommended that it lists locally rather than pursuing an initial public offering in the US.

The advisers pointed to European venues such as London or Frankfurt, citing the company’s sales mix, after SumUp invited feedback on potential IPO locations.

APAC

L Catterton completes the investment in Haldiram's.

L Catterton, a global consumer-focused investment firm, completed the investment in Haldiram's, a renowned packaged food company, according to press releases. Financial terms were not disclosed.

Haldiram's was advised by Khaitan & Co. L Catterton was advised by Talwar Thakore & Associates (TT&A) (led by Sachin Mehta) and Adfactors PR (led by Gurunath Birnale), according to MergerLinks data and press releases.

Unison Capital to acquire the Japan operation of Krispy Kreme for $65m.

Unison Capital, a private equity firm, agreed to acquire the Japan operation of Krispy Kreme, a sweet treat brand, for $65m, according to press releases.

Krispy Kreme is advised by JP Morgan and ICR, according to MergerLinks data and press releases.

Igneo Infrastructure to acquire Strait Link from Allegro Funds.

Igneo Infrastructure, a global infrastructure investment manager, agreed to acquire Strait Link, an end-to-end supply chain logistics company, from Allegro Funds, an investment firm, according to press releases. Financial terms were not disclosed.

Igneo is advised by Macquarie Group. Allegro Funds is advised by UBS, according to MergerLinks data and press releases.

KKR emerges as frontrunner to buy Japan’s Taiyo. (Bloomberg)

KKR has emerged as the leading bidder to acquire Japanese chemical manufacturer Taiyo Holdings, ahead of other private equity firms.

Taiyo’s shares fell as much as 9.3% in Tokyo trading following the development, despite having risen nearly 130% this year. The company currently has a market value of about $3.5bn.

GLP selects banks for 2026 Hong Kong IPO. (Bloomberg)

GLP has selected investment banks to manage a planned Hong Kong initial public offering that could take place in the first half of 2026.

The Singapore-based investment firm is working with Citigroup, Deutsche Bank, Jefferies and Morgan Stanley on the potential share sale.

India’s health-tech firm Practo seeks banks for 2026 IPO. (Bloomberg)

Practo Technologies, which operates a digital health platform, is planning an initial public offering, joining a wave of companies tapping India’s strong market for new share sales.

The Bengaluru-based company has held early discussions with potential advisers and is targeting a listing in the second half of 2026, with banker appointments expected in January.

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