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Top Highlights
Boyd, a non-franchised collision repair facility operator, completed the acquisition of JHCC, a collision repair and automotive painting service provider, from TSG, an investment company, for $1.3bn, according to press releases.
JHCC was advised by Bank of America, Harris Williams & Co (led by Michael Meyer), Fasken (led by David Johnson, Neil Kravitz, and Monica Dingle), Ropes & Gray, and Prosek Partners. Boyd was advised by RBC Capital Markets, Axinn Veltrop & Harkrider (led by Jeny Maier), and Massumi + Consoli (led by Dov Kogen and Michael Young). Debt financing was provided by National Bank Financial, RBC Capital Markets, and TD Securities. TSG was advised by Ropes & Gray (led by Reed Harasimowicz and Sandy Boer), and Prosek Partners, according to press releases and MergerLinks data.
MCME Carell, a special-purpose acquisition vehicle affiliated with Elliott Investment Management and Morning Calm Management, completed the acquisition of City Office REIT, a real estate company, in a $1.1bn deal, according to press releases.
AEQUITA, a privately owned industrial group, agreed to acquire the European petrochemicals business from SABIC, a Saudi chemical manufacturing company, for $500m, according to press releases.
AEQUITA is advised by Noerr (led by Christoph Thiermann and Jan Philipp Meier). SABIC is advised by KPMG, Goldman Sachs, JP Morgan, Lazard and A&O Shearman. Goldman Sachs is advised by Sullivan & Cromwell (led by Carsten Berrar), according to MergerLinks data and press releases.
Deal Round up
AMERICAS
Merck is in talks to buy Revolution Medicines in a deal worth up to $32bn. ( FT)
Microsoft founder Allen’s estate sells its stake in the $11bn firm. ( Bloomberg)
Bob’s Discount Furniture files for an IPO highlighting rising revenue. ( Bloomberg)
Goldman Sachs, Morgan Stanley, RBC chosen to work on the First Student IPO. ( Bloomberg)
Strava has quietly submitted plans for an IPO. ( Reuters)
Advent is said to choose banks for a US IPO of gas‑motor maker Innio. ( Bloomberg)
Eikon Therapeutics files for IPO led by Merck veterans. ( Bloomberg)
Eli Lilly‑backed Aktis Oncology raises $317.7m in US IPO. ( Bloomberg)
Data center electrical equipment maker Forgent files for US IPO. ( Bloomberg)
Nvidia‑backed Nscale is said to be seeking a $2bn funding round. ( Bloomberg)
Onex raises $1.6bn for new continuation vehicle. ( Bloomberg)
KKR chief operating officer Ryan Stork steps down from his role. ( Bloomberg)
EMEA
Rio Tinto’s move to acquire Glencore is ramping up the heat on BHP. ( Press Release)
Abu Dhabi steel group is said to be eyeing a takeover of Gupta’s UK empire. ( Sky News)
French oil‑services firm Viridien weighs selling its sensor unit to reduce debt. ( Bloomberg)
Next puts its best foot forward as it pursues Russell & Bromley. ( Sky News)
TKMS has made a non‑binding offer for GNYK. ( Reuters)
Meloni open to eventual sale of Italy’s remaining Paschi stake. ( Bloomberg)
Odido is reportedly weighing a €1bn IPO launch as early as January. ( Bloomberg)
Vincorion is reportedly preparing to launch its IPO as early as this quarter. ( Bloomberg)
APAC
Australian energy storage company Akaysha is said to consider a stake sale. ( Bloomberg)
CK Hutchison is said to choose Goldman Sachs and UBS for the HK‑London IPO of Watson Group. ( Bloomberg)
Inovance, a Chinese robot maker, is reportedly considering a Hong Kong listing. ( Bloomberg)
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AMERICAS
EPS Ventures, a corporate venture company, completed the acquisition of the remaining stake in Cool Company, a liquefied natural gas carrier, at a $520m valuation, according to press releases.
Cool Company was advised by Evercore and Latham & Watkins (led by Samuel Newhouse). Evercore was advised by Fried Frank Harris Shriver & Jacobson (led by Roy Tannenbaum and Philip Richter). EPS Ventures was advised by Credit Agricole and Skadden Arps Slate Meagher & Flom (led by James McDonald), according to MergerLinks data and press releases.
TPG, an alternative asset management firm, completed the acquisition of a majority stake in Trustwell, a provider of SaaS-based regulatory, compliance, and traceability solutions for the food industry, from The Riverside Company, a global investment firm, according to press releases. Financial terms were not disclosed.
Trustwell was advised by William Blair & Co and Jones Day. TPG was advised by Evercore, Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman) and Ropes & Gray (led by Jason Freedman), according to MergerLinks data and press releases.
Quantum Capital-backed Vickery Energy Partners, an oil and gas exploration company, completed the acquisition of the Appalachia gas assets from Tribune Resources, an energy company, according to press releases. Financial terms were not disclosed.
Vickery Energy was advised by Vinson & Elkins and Joele Frank (led by Kate Thompson). Tribune Resources was advised by Houlihan Lokey and Kirkland & Ellis, according to MergerLinks data and press releases.
Gryphon Investors, a middle-market private investment firm, completed the acquisition of Safety Management Group, a provider of outsourced safety services, from NMS Capital, a private investment firm, according to press releases. Financial terms were not disclosed.
Safety Management Group was advised by Stifel and Greenberg Traurig. Gryphon Investors was advised by Houlihan Lokey and Kirkland & Ellis, according to press releases.
iHerb Holdings, an online retailer specializing in health and wellness, completed the acquisition of Vitacost.com, an online retailer of health and wellness products, from Kroger, a grocery chain, according to press releases. Financial terms were not disclosed.
iHerb was advised by Ducera Partners and Latham & Watkins. Kroger was advised by RBC Capital Markets, and Weil, Gotshal & Manges, according to press releases.
Haveli Investments, an Austin-based technology focused investment firm, completed the acquisition of a majority stake in Sirion, an AI-native contract management platform, according to press releases. Financial terms are not disclosed.
Sirion was advised by William Blair and Paul Weiss Rifkind Wharton & Garrison (led by Rohan Dey). Haveli Investments was advised by Moelis & Company, Latham & Watkins and Reevemark , according to press releases.
Platinum Equity, a global investment firm, completed an investment in Norton Packaging, a provider of plastic pails and packaging solutions, according to press releases. Financial terms were not disclosed.
Norton Packaging was advised by Perella Weinberg Partners and Donahue Fitzgerald. Platinum Equity was advised by Stifel and Gibson, Dunn & Crutcher, according to press releases.
BTG Pactual, a Brazilian investment bank, completed the acquisition of M.Y. Safra Bank, a Federal Savings Bank, according to press releases. Financial terms were not disclosed.
M.Y. Safra Bank was advised by Cleary Gottlieb Steen & Hamilton (led by John Kupiec) and FGS Global (led by Paul Holmes). BTG Pactual was advised by Simpson Thacher & Bartlett (led by Grenfel S. Calheiros), according to MergerLinks data and press releases.
Silver Hill Energy Partners, a Dallas-based private energy company, completed the acquisition of oil and gas properties in South Texas of 1776 Energy, a Houston-based private oil and gas operator, according to press releases. Financial terms were not disclosed.
1776 Energy was advised by Evercore, and Haynes and Boone. Silver Hill Energy Partners was advised by Willkie Farr & Gallagher, according to press releases.
TA Associates, a private equity firm, completed a majority investment in OneSource Virtual, a provider of HR and payments services for the Workday ecosystem, according to press releases. Financial terms were not disclosed.
OneSource Virtual was advised by Weil Gotshal and Manges. TA Associates was advised by Goodwin Procter, according to MergerLinks data and press releases.
OpenAI, an artificial intelligence research organization, and SoftBank, an investment holding company, agreed to invest $1bn in SB Energy, a digital infrastructure and energy platform, according to press releases.
OpenAI is advised by Sullivan & Cromwell (led by Nader A. Mousavi), according to MergerLinks data.
Arcline-Backed DwyerOmega, a manufacturer of precision measurement and control solutions, completed the acquisition of Burns Engineering, a provider of temperature measurement, according to press releases. Financial terms were not disclosed.
DwyerOmega was advised by Joele Frank (led by Jonathan Keehner), according to MergerLinks data and press releases.
OneSix, a data and AI services firm, completed the acquisition of CTI Data, a data, analytics, and data management consulting firm, according to press releases. Financial terms were not disclosed.
CTI Data was advised by Novistra Capital, according to press releases.
Janus International Group, a global manufacturer of self-storage and commercial building systems, completed the acquisition of Kiwi II Construction, a self-storage and pre-engineered buildings provider, for $97.2m, according to press releases.
Janus was advised by Massumi + Consoli, according to press releases.
Broadview Group, a St. Louis–based private investment firm, completed an investment in Citadel EHS, a provider of environmental, health, safety, and sustainability (EHS&S) services, according to press releases. Financial terms were not disclosed.
Citadel was advised by Citizens Capital Markets & Advisory, according to press releases.
Haemonetics, a global medical technology company, completed the acquisition of Vivasure Medical, a medical technology company developing absorbable vascular closure devices, for €185m ($215m), according to press releases.
Vivasure was advised by Health+Commerce, according to press releases.
Frazier Life Sciences, a healthcare investment firm, led a $200m Series A round in AirNexis Therapeutics, a clinical stage biotech company developing therapeutics for pulmonary diseases, with participation from OrbiMed, SR One, Life Sciences at Goldman Sachs Alternatives, Longitude Capital and Enavate Sciences, according to press releases.
AirNexis Therapeutics was advised by Inizio Evoke, according to press releases.
Titan America, a vertically-integrated producer of cement and building materials, agreed to acquire Keystone Cement Company, a Pennsylvania-based cement manufacturer and aggregates producer, for $310m, according to press releases.
AIR, an industrial automation company, completed the acquisition of KAON Automation, an Ireland-based industrial automation company that delivers advanced automation solutions, according to press releases. Financial terms were not disclosed.
Olympus Partners-backed MEI Industrial Solutions, a provider of rigging, machinery moving, industrial storage, and specialized transportation services, completed the acquisition of CCI Industrial Services, a provider of industrial services including machinery moving, millwrighting, and plant support solutions, according to press releases. Financial terms were not disclosed.
Magnet Defense, a developer of fully autonomous national security maritime platforms, agreed to acquire ATG, a systems engineering and integration firm, according to press releases. Financial terms are not disclosed.
Merck is in talks to buy Revolution Medicines in a deal worth up to $32bn. ( FT)
Merck is exploring a potential acquisition of Revolution Medicines, a cancer‑drug developer, valued at over $20bn, marking another major move in the booming biotech industry.
Merck has not finalised a deal for the Redwood City, California-based biotech. A tie-up would be at least several weeks away.
Microsoft founder Allen’s estate sells its stake in the $11bn firm. ( Bloomberg)
Paul Allen’s estate has divested its stake in a wealth advisory firm that previously operated within the Microsoft co‑founder’s private investment empire, marking another shift in the management of his assets.
The estate recently sold its interest in Cercano Management, making the firm — which caters to ultra‑wealthy clients — entirely employee‑owned for the first time since it was separated from Allen’s family office four years ago.
Bob’s Discount Furniture files for an IPO highlighting rising revenue. ( Bloomberg)
Bain Capital–backed Bob’s Discount Furniture has filed for an IPO, highlighting rising sales and earnings.
In its SEC filing, the Manchester, Connecticut retailer reported net income of $80.7m on $1.72bn in revenue for the nine months ending September 28, up from $49.3m in profit and $1.43bn in revenue during the same period a year earlier.
Goldman Sachs, Morgan Stanley, RBC chosen to work on the First Student IPO. ( Bloomberg)
EQT‑backed First Student has tapped banks to prepare an IPO for the student transportation provider.
The Cincinnati company is partnering with Goldman Sachs, Morgan Stanley, and Royal Bank of Canada on the planned debut.
Strava has quietly submitted plans for an IPO. ( Reuters)
Strava, a fitness‑tracking platform, quietly submitted paperwork for an IPO in recent weeks. The report added that the San Francisco company could make its market debut as early as this spring.
Advent is said to choose banks for a US IPO of gas‑motor maker Innio. ( Bloomberg)
Advent has lined up banks to steer a planned US IPO of Innio, a Austrian power‑equipment maker seeing a lift from surging data‑center demand.
The buyout firm has tapped Goldman Sachs, JP Morgan and Morgan Stanley as global coordinators. Innio is targeting a share sale as early as this year.
Eikon Therapeutics files for IPO led by Merck veterans. ( Bloomberg)
Eikon Therapeutics has submitted plans for an initial public offering as it seeks funding to advance its cancer‑drug pipeline.
JP Morgan Chase, Morgan Stanley, Bank of America and Cantor Fitzgerald are serving as banks on the deal.
Eli Lilly‑backed Aktis Oncology raises $318m in US IPO. ( Bloomberg)
Aktis Oncology, a clinical‑stage biotech backed by Eli Lilly, has raised $318m in an IPO priced at the upper end of its target range.
The Boston company sold 17.65m shares at $18 apiece. Eli Lilly also signaled interest in purchasing roughly $100m of shares, an earlier SEC filing showed.
Data center electrical equipment maker Forgent files for US IPO. ( Bloomberg)
Forgent Power Solutions, which designs and builds electrical systems for data centers, has submitted paperwork for a US initial public offering.
In its SEC filing, the Dayton, Minnesota company reported net income of $10m on $283m in revenue for the quarter ending September 30, up from $6.3m in profit and $154m in revenue during the same period last year.
Nvidia‑backed Nscale is said to be seeking a $2bn funding round. ( Bloomberg)
Nscale, a data‑center operator, is in discussions with investors to secure roughly $2bn in new funding, just a few months after completing its previous capital raise.
The UK‑based AI hyperscaler is collaborating with Goldman Sachs and JP Morgan on the effort. Nscale brought in more than $1.5bn across two rounds in September and October, following the announcement of partnerships with Nvidia and OpenAI.
Onex raises $1.6bn for new continuation vehicle. ( Bloomberg)
Onex has raised $1.6bn for a transaction that will allow the firm to retain ownership of three portfolio companies for a longer period as it gears up for its next fundraising effort.
The continuation vehicle is being supported by Neuberger Berman, Apollo’s S3 unit, Singapore’s GIC and StepStone Group. The transaction is being executed through Onex Partners, the firm’s private‑equity platform.
KKR chief operating officer Ryan Stork steps down from his role. ( Bloomberg)
KKR said that Chief Operating Officer Ryan Stork has left his position effective immediately.
Stork, who became COO and a partner in 2022, played a role in bolstering the firm’s technology and operations, broadening its global capabilities and supporting its growth.
EMEA
A Brightwood Capital-led investor consortium completed the acquisition of a majority stake in Museum of Illusions Group, a chain of museums, from Invera Capital, a private equity fund manager, according to press releases. Financial terms were not disclosed.
Museum of Illusions was advised by Allison+Partners. Brightwood Capital was advised by Aviara Partners, BNP Paribas and Winston & Strawn. Invera Capital was advised by Houlihan Lokey and A&O Shearman, according to MergerLinks data and press releases.
Porterbrook, a rolling stock financier and asset management company, agreed to acquire Corelink, a company procure and lease rolling stock for the West Midlands passenger rail franchise, from Infracapital and DWS, two infrastructure investors, according to press releases. Financial terms were not disclosed.
Porterbrook is advised by Credit Agricole, Freeths and Deloitte. Infracapital is advised by DC Advisory (led by Neale Marvin), Eversheds Sutherland and Teneo, according to MergerLinks data and press releases.
MUTARES, a private equity investor, agreed to acquire the Americas and Europe regional engineering thermoplastics business from SABIC, a Saudi chemical manufacturing company, for $450m, according to press releases.
SABIC is advised by KPMG, Goldman Sachs, JP Morgan, Lazard and A&O Shearman, according to MergerLinks data and press releases.
Rio Tinto’s move to acquire Glencore is ramping up the heat on BHP. ( Press Release)
Rio Tinto acknowledge Glencore’s announcement and confirm that the two companies have held early‑stage talks regarding a potential combination of parts or the entirety of their operations. One option under consideration is an all‑share merger between the two groups.
At this stage, both parties anticipate that any such deal would likely proceed through a Court‑approved scheme of arrangement, under which Rio Tinto would acquire Glencore.
Abu Dhabi steel group is said to be eyeing a takeover of Gupta’s UK empire. ( Sky News)
A steel producer based in the UAE has approached Britain’s third‑largest steelmaker with a takeover proposal, only months after the company was deemed “hopelessly insolvent” and placed under the control of the Official Receiver.
Arabian Gulf Steel Industries of Abu Dhabi is one of several interested bidders seeking to acquire Speciality Steels UK, the business that had been part of Sanjeev Gupta’s Liberty Steel group until last summer.
French oil‑services firm Viridien weighs selling its sensor unit to reduce debt. ( Bloomberg)
French oil‑field surveyor Viridien is weighing a possible sale of its land and marine seismic equipment division, a move that would let the company concentrate on reservoir data‑processing and potentially accelerate debt reduction.
Chief executive Sophie Zurquiyah — set to pass leadership to SLB veteran Henning Berg in June after eight years in the role — said the potential divestment is a key strategic consideration as the sector adjusts to weaker oil prices. The sensing and monitoring unit made up 30% of Viridien’s revenue in 2024.
Next puts its best foot forward as it pursues Russell & Bromley. ( Sky News)
Next has partnered with a stock‑clearance specialist as it moves forward with its bid to acquire the family‑owned shoe retailer Russell & Bromley.
The FTSE‑100 company is collaborating with Retail Realisation — a firm that positions itself as a retail advisory specialist — as it explores a potential deal for the 145‑year‑old brand.
TKMS has made a non‑binding offer for GNYK. ( Reuters)
German shipbuilder TKMS said that it has lodged a non‑binding offer to acquire its smaller rival, German Naval Yards. The company noted that talks with GNYK are ongoing and remain open‑ended.
Meloni open to eventual sale of Italy’s remaining Paschi stake. ( Bloomberg)
Italy’s Prime Minister Giorgia Meloni said the government is open to selling its remaining stake in Banca Monte dei Paschi di Siena, though she stressed there is no urgency.
Speaking at a press conference in Rome, Meloni said she does “not rule out” a divestment, noting that the government’s “serious and careful work” on the lender has helped drive a revaluation of its shares.
Odido is reportedly weighing a €1bn IPO launch as early as January. ( Bloomberg)
Odido, the Dutch telecom operator, is weighing an IPO that could come as early as this month and potentially raise around €1bn ($1.16bn).
The company, backed by Apax Partners and Warburg Pincus, has restarted preparations for a listing in Amsterdam.
Vincorion is reportedly preparing to launch its IPO as early as this quarter. ( Bloomberg)
Star Capital is weighing a potential Frankfurt listing for German defense technology company Vincorion as early as the first quarter.
The offering could bring in up to €300m ($349m) and give the business a valuation of roughly €1.5bn ($1.7bn). UniCredit and Commerzbank have been added to the lineup of banks working on the deal.
APAC
Australian energy storage company Akaysha is said to consider a stake sale. ( Bloomberg)
Australia’s Akaysha Energy is exploring ways to bring in additional capital, including the potential sale of a sizable minority stake, as demand for energy‑storage solutions continues to rise.
The company could secure several hundred million dollars based on its valuation of more than $1bn. Akaysha has begun sounding out prospective investors, though talks remain preliminary and the firm may ultimately choose not to proceed with a sale.
CK Hutchison is said to choose Goldman Sachs and UBS for the HK‑London IPO of Watson Group. ( Bloomberg)
CK Hutchison Holdings has selected Goldman Sachs and UBS to help prepare the planned IPO of A.S. Watson Group, the global health and beauty retailer.
The conglomerate controlled by billionaire Li Ka‑shing is collaborating with the banks on a dual listing in Hong Kong and London.
Inovance, a Chinese robot maker, is reportedly considering a Hong Kong listing. ( Bloomberg)
Shenzhen Inovance Technology, a major Chinese maker of industrial robots, is weighing a potential secondary listing in Hong Kong, as more companies look to tap the city’s strong market momentum.
Inovance has begun early conversations with potential advisers about a possible share sale.
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