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Top Highlights
Boeing, an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide, completed the acquisition of Spirit AeroSystems, an American aerostructure manufacturer, for $8.3bn, according to press releases.
Proofpoint, a company specializing in cybersecurity and compliance, completed the acquisition of Hornetsecurity, a provider of AI-powered Microsoft 365 security solutions, according to press releases. Financial terms were not disclosed.
Hornetsecurity was advised by Arma Partners (led by Daniel Fugmann), Davis Polk & Wardwell (led by Leo Borchardt) and Hengeler Mueller (led by Michael Schramm and Ingo Berner). Proofpoint was advised by Barclays, JP Morgan, Jefferies & Company and Morgan Stanley. Thoma Bravo was advised by FGS Global (led by Akash Lodh). PSG Equity was advised by Image Sept (Image 7). TA Associates was advised by Latham & Watkins (led by Charles Antoine Guelluy), according to MergerLinks data and press releases.
BC Partners-backed ContextLogic, a publicly-traded business ownership platform, agreed to acquire US Salt, a producer of high-purity food and pharmaceutical-grade salt, from Emerald Lake Capital, a growth-oriented middle market private equity firm, for $907.5m, according to press releases.
BC Partners is advised by Proskauer Rose and Kekst CNC (led by James Hartwell, and Daniel Yunger). ContextLogic is advised by Rothschild & Co and McDermott Will & Schulte. Emerald Lake Capital is advised by Kirkland & Ellis. Abrams Capital is advised by Ropes & Gray, according to press releases.
Deal Round up
AMERICAS
Paramount makes $108.4bn hostile bid for Warner Bros Discovery. ( Reuters)
Arthur Andersen ex-partners seek to raise $176m in IPO. ( Bloomberg)
Trump warns Netflix-Warner deal may pose antitrust “problem”. ( Bloomberg)
EMEA
Exor’s Gedi is in talks with Antenna on the sale of editorial assets. ( Bloomberg)
Algeria is expected to see up to three more IPOs in 2026. ( Bloomberg)
Events group CloserStill's owner picks banks for $1.332bn sale. ( Sky News)
APAC
Bain is weighing options for an asian data center firm Bridge. ( Bloomberg)
Sembcorp is in advanced talks to buy Australia’s Alinta Energy. ( Bloomberg)
Carlyle Group leads bidding for Japan’s Hogy Medical. ( Bloomberg)
China Chip IPOs were covered almost 3000 times for retail after Moore. ( Bloomberg)
Jingdong Industrials is said to price its Hong Kong IPO in the middle of the marketed range. ( Bloomberg)
Largest Vietnam fund manager eyes Upcom listing in the first quarter. ( Bloomberg)
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AMERICAS
Mars's $36bn takeover of Kellanova, the maker of cereals and Pringles chips, secured European Union approval after regulators withdrew earlier objections to what would be the biggest packaged-food deal in nearly a decade.
The European Commission said it no longer sees concerns that Mars could use its expanded portfolio to gain undue leverage in negotiations with retailers following the acquisition.
Antero Resources Corporation, an independent oil and natural gas company, agreed to acquire the upstream assets of HG Energy, a renewable energy company, for $2.8bn.
Antero is advised by Lazard, RBC Capital Markets and Vinson & Elkins. Debt financing is provided by JP Morgan and Royal Bank of Canada. HG Energy is advised by Jefferies & Company, Truist Securities, Wells Fargo Securities and Kirkland & Ellis.
CVC Capital Partners, a private equity firm, completed the acquisition of a majority stake in Bamboo, a data-enabled insurance distribution platform, from White Mountains, a financial services holding company, at a $1.75bn valuation, according to press releases.
ProAmpac, a flexible packaging manufacturer, agreed to acquire the packaging business from TC Transcontinental, a Montreal-based packaging, commercial printing, and specialty media company, for $1.51bn, according to press releases.
ProAmpac is advised by Goldman Sachs, JP Morgan, Kirkland & Ellis, McCarthy Tetrault and H/Advisors Abernathy, according to press releases.
Home BancShares, the parent company of Centennial Bank, agreed to acquire Mountain Commerce, a provider of savings accounts, loans, credit cards, and treasury management solutions, for $150m, according to press releases.
Mountain Commerce is advised by Piper Sandler and Bass Berry & Sims. Home BancShares is advised by Hovde Group, Mitchell Williams Selig Gates & Woodyard and DD&F Consulting Group, according to MergerLinks data and press releases.
Berkshire Partners, an investment firm, completed the investment in United Flow Technologies, a technical distributor and solutions provider. Financial terms were not disclosed.
United Flow Technologies was advised by Harris Williams & Co, Solomon Partners and King & Spalding. Berkshire was advised by William Blair & Co and Ropes & Gray. HIG Capital was advised by King & Spalding.
IBM, a provider of global hybrid cloud and AI, and consulting expertise, agreed to acquire Confluent, the data streaming pioneer, in an $11bn deal, according to press releases.
Paramount makes $108.4bn hostile bid for Warner Bros Discovery. ( Reuters)
Paramount Skydance launched a $108.4bn hostile bid for Warner Bros. Discovery, aiming to block the company’s deal with Netflix and create a media group to rival the streaming giant.
Netflix had previously won a bidding war with Paramount and Comcast, agreeing to a $72bn equity deal for Warner Bros. Discovery’s TV, film and streaming assets.
Arthur Andersen ex-partners seek to raise $176m in IPO. ( Bloomberg)
Andersen Group, the US arm of the professional services firm that succeeded Arthur Andersen, is planning a $176m initial public offering. The company intends to sell 11m shares at a price range of $14 to $16 each.
Trump warns Netflix-Warner deal may pose antitrust “problem”. ( Bloomberg)
US President Donald Trump raised potential antitrust concerns over Netflix’s planned $72bn acquisition of Warner Bros. Discovery, saying the combined group’s market share could pose problems.
The comments may increase expectations of regulatory scrutiny, with the deal set for a lengthy Justice Department review that could reshape the entertainment industry.
EMEA
Unilever, a consumer goods company, completed the spin off of its ice cream business, according to press releases.
Unilever was advised by PricewaterhouseCoopers, JP Morgan, Jefferies & Company, Morgan Stanley, Linklaters and Teneo (led by Jonathan Sibun), according to MergerLinks data and press releases.
Incore Invest, an investment firm focused on fintech and B2B software, agreed to acquire the PaymentIQ platform from Worldline, a provider of digital payment and transactional solutions, for €160m ($182m), according to press releases.
Worldline is advised by Perella Weinberg Partners and Gernandt & Danielsson, according to press releases.
Estra, a company of the Plures Group, agreed to acquire Eolica, the company that owns an operating wind farm located in the municipality of Pontelandolfo, from Alerion Clean Power, an Italian energy group, for €156m ($181m), according to press releases.
Alerion is advised by Rothschild & Co, according to MergerLinks data and press releases.
L'Oréal, a global beauty company specializing in cosmetics, skincare, haircare, and fragrances, agreed to acquire an additional 10% stake in Galderma, a Swiss pharmaceutical company specializing in dermatological treatments and skin care products, from a consortium led by EQT, Abu Dhabi Investment Authority, and Auba Investment, according to press releases. Financial terms are not disclosed.
EQT is advised by Homburger, according to MergerLinks data.
Ageas, an international insurance group that offers retail and business customers life and non-life insurance products, agreed to acquire a 25% stake in AG Insurance, a company specializing in the field of health, life, commercial, and liability insurance services, from BNP Paribas Fortis, the Belgian commercial brand of the global banking giant BNP Paribas, for €1.9bn ($2.2bn), according to press releases.
BNP Paribas Cardif, BNP Paribas' insurance subsidiary, agreed to acquire an additional 7.6% stake in Ageas, an international insurance group that offers retail and business customers life and non-life insurance products, for €1.1bn ($1.2bn), according to press releases.
Exor’s Gedi is in talks with Antenna on the sale of editorial assets. ( Bloomberg)
Gedi Gruppo Editoriale, the media group controlled by the Agnelli family, is in discussions with Greece’s Antenna Group over a potential sale of its editorial assets.
A spokesperson for Gedi, owned by Exor, said talks that began last summer “are continuing positively” but did not provide further details.
Algeria is expected to see up to three more IPOs in 2026. ( Bloomberg)
Algeria’s stock exchange is expected to host two or three initial public offerings next year, including IT company Ayrade, which aims to raise funds for data centers.
Other potential listings include INSAG Education Group and an unnamed pharmaceutical laboratory.
Events group CloserStill's owner picks banks for $1.3bn sale. ( Sky News)
The owners of CloserStill Media, one of Britain’s largest trade show operators, have appointed bankers to oversee a potential sale next year that could be valued at over £1bn ($1.3bn).
Providence Equity Partners, which has backed CloserStill since 2018, has hired Jefferies and The Raine Group to manage talks with prospective buyers.
APAC
Robinhood, an American financial services company providing investment solutions, agreed to acquire PT Buana Capital Sekuritas, an Indonesian securities firm, and PT Pedagang Aset Kripto, a licensed Indonesian digital financial asset trader, according to press releases. Financial terms are not disclosed.
Addition, a venture capital firm, led a $330m Series G round in Airwallex, a provider of financial technology solutions, with participation from T. Rowe Price, Activant, Lingotto, Robinhood Ventures and TIAA Ventures, according to press releases.
Bain is weighing options for an asian data center firm Bridge. ( Bloomberg)
Bain Capital is exploring options to bring in new investors for Singapore-based Bridge Data Centres to raise capital and accelerate expansion. The US private equity firm is in early talks with advisers on a review that could result in a stake sale.
One option under consideration is the creation of a continuation fund, which would allow Bain to retain an interest in the business while introducing new backers to support growth.
Sembcorp is in advanced talks to buy Australia’s Alinta Energy. ( Bloomberg)
Sembcorp Industries is in advanced talks to acquire Australian utility Alinta Energy in a move that would further expand the Singaporean group’s overseas footprint. Alinta is owned by Chow Tai Fook Enterprises, which has been reviewing options for the business since appointing advisers in January.
Alinta could be valued at at least AUD3.4bn ($2.3bn), including debt, based on valuation multiples of rival AGL Energy and the company’s projected growth.
Carlyle Group leads bidding for Japan’s Hogy Medical. ( Bloomberg)
US private equity firm Carlyle Group has emerged as the frontrunner to acquire Japanese medical products maker Hogy Medical.
Carlyle has pulled ahead of other bidders and is in advanced talks on the terms of a potential deal, with an agreement expected in the near term.
China Chip IPOs were covered almost 3000 times for retail after Moore. ( Bloomberg)
Two Chinese chipmakers have drawn strong retail investor demand ahead of their initial public offerings, following the strong market debut of industry peer Moore Threads Technology.
The retail tranche of MetaX Integrated Circuits Shanghai’s IPO was 2,986 times oversubscribed, while Beijing Onmicro Electronics’ offering was 2,899 times oversubscribed.
Jingdong Industrials is said to price its Hong Kong IPO in the middle of the marketed range. ( Bloomberg)
Jingdong Industrials, JD.com’s supply-chain technology unit, raised HKD2.98bn ($383m) after pricing its Hong Kong initial public offering in the middle of the marketed range.
The company sold 211.2m shares at HKD14.10 ($1.8) each. The IPO caps a regulatory process that stretched over more than two years as the company awaited approval from China’s securities regulator.
Largest Vietnam fund manager eyes Upcom listing in the first quarter. ( Bloomberg)
Dragon Capital Vietfund Management plans to list its shares on Vietnam’s Unlisted Public Company Market in the first quarter, targeting a market capitalization of at least $150m.
The company will list all 31.2m of its shares on UpCom and meet the requirements to become a public company in November.
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