Cencora completed the acquisition of a 85% stake in Retina Consultants of America from Webster Equity Partners for $4.6bn.

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AMERICAS

Skydance, Paramount dismiss objections to planned $8.4bn merger. (Reuters)

Skydance Media and Paramount Global, defended their planned $8.4bn merger, urging the Federal Communications Commission to dismiss opposition from critics, calling them "unwarranted" and "meritless".

The Center for American Rights, a nonprofit public-interest law firm, petitioned the FCC in December to block the merger, citing concerns about foreign influence on US media stemming from China's Tencent's investment in Skydance.

Paramount Global is advised by Centerview Partners, Rothschild & Co, Cravath Swaine & Moore, Simpson Thacher & Bartlett, Brunswick Group, Community Group and FGS Global. Financial advisors to Paramount Global is advised by Gibson Dunn & Crutcher. National Amusements is advised by BDT & MSD Partners, Ropes & Gray and Kekst CNC. Skydance is advised by Bank of America, Moelis & Co, RedBird Advisors, The Raine Group, Borden Ladner Gervais, Latham & Watkins, Gagnier Communications and Principal Communications Group. RedBird Capital is advised by Sullivan & Cromwell.

Biden blocks $14.9bn takeover of US Steel by Japan's Nippon Steel. (Reuters)

US President Joe Biden blocked Nippon Steel's proposed $14.9bn purchase of US Steel, citing national security concerns, dealing a potentially fatal blow to the contentious plan after a year of review.

The deal was announced in December 2023 and almost immediately ran into opposition across the political spectrum ahead of the November 5 US presidential election. Both then-candidate Donald Trump and Biden vowed to block the purchase of the storied American company, the first to be valued at more than $1bn. US Steel once controlled most of the country's steel output but is now the third-largest US steelmaker and 24th biggest worldwide.

US Steel is advised by Barclays (led by Daniel Grabos), Evercore (led by Roger Altman), Goldman Sachs, Milbank (led by Iliana Ongun and Robert F. Kennedy), Wachtell Lipton Rosen & Katz (led by Joshua R. Cammaker and Jenna E. Levine) and Joele Frank (led by Ed Trissel and Kelly Sullivan). Nippon Steel is advised by Citigroup, Ropes & Gray (led by Ariel Deckelbaum and Suni Sreepada), Wolf Theiss (led by Miroslav Stojanovic) and Teneo (led by Robert Mead).

H.I.G. Capital to acquire Quisitive Technology Solutions for $117m.

H.I.G. Capital, a private equity firm, agreed to acquire Quisitive Technology Solutions, a Microsoft Cloud and AI solutions provider, for $117m.

Quisitive is advised by Canaccord Genuity, William Blair & Co, Bass Berry & Sims, Cassels Brock & Blackwell and Gateway Investor Relations. H.I.G. Capital is advised by Stikeman Elliott and Weil Gotshal and Manges.

Variety Wholesalers to acquire between 200 and 400 stores from Big Lots.

Variety Wholesalers, a retail, and department stores, shopping centers & superstores company, agreed to acquire between 200 and 400 stores from Big Lots, a closeout retailer. Financial terms were not disclosed.

Variety Wholesalers is advised by Cozen O'Connor. Big Lots is advised by A&G Real Estate Partners, AlixPartners, Guggenheim Partners, Davis Polk & Wardwell and Joele Frank (led by Aaron Palash).

SageSure completes the acquisition of the managing general agent business of GeoVera.

SageSure, a leader in catastrophe-exposed property insurance, completed the acquisition of the managing general agent business of GeoVera, a residential insurance products provider. Financial terms were not disclosed.

SageSure was advised by Howden, Willkie Farr & Gallagher (led by Thomas Spencer, Michael Groll and Sean Ewen) and Walker Sands Communications. Debt financing was provided by Ares Management. GeoVera was advised by Kirkland & Ellis (led by Mark Fennell).

Camden completes the acquisition of Northway for $87m.

Camden, a commercial banking company, completed the acquisition of Northway, a bank holding company, for $87m.

Northway was advised by Performance Trust Capital Partners and Goodwin Procter. Camden was advised by Raymond James and Sullivan & Cromwell (led by Jared M. Fishman).

Delek Logistics completes the acquisition of the water midstream business from Clearlake Capital-backed Gravity Oilfield for $285m.

Delek Logistics, a logistics and marketing assets operator for crude oil, and intermediate and refined products, completed the acquisition of the water midstream business from Clearlake Capital-backed Gravity Oilfield, a water and power infrastructure company, for $285m.

Gravity was advised by Piper Sandler and Vinson & Elkins (led by Mike Marek and William Matthew Strock). Clearlake Capital was advised by Lambert & Co (led by Jennifer Hurson).

TreeHouse Foods completes the acquisition of Harris Freeman for $205m.

TreeHouse Foods, a private brands snacking and beverage manufacturer in North America, completed the acquisition of Harris Freeman, private brand tea manufacturer, for $205m.

Harris Freeman was advised by Wells Fargo Securities and Holland & Knight. TreeHouse Foods was advised by Gibson Dunn & Crutcher (led by Jonathan Whalen).

Olympus Partners completes the acquisition of Accelevation.

Olympus Partners, a private equity firm specializing in middle-market buyouts, completed the acquisition of Accelevation, a provider of infrastructure products and services to the data center market. Financial terms were not disclosed.

Accelevation was advised by Houlihan Lokey. Olympus Partners was advised by KPMG (led by Candice Lockhart) and Kirkland & Ellis (led by Matthew Goulding).

Summit Partners-backed Later completes the acquisition of Mavely from Nu Skin for $250m.

Summit Partners-backed Later, an influencer marketing and social media management software and services company, completed the acquisition of Mavely, an everyday influencer platform, from Nu Skin, an integrated beauty and wellness company, for $250m.

Nu Skin was advised by Evercore and Simpson Thacher & Bartlett.

Oceans Healthcare completes the acquisition of Haven Behavioral Healthcare.

Oceans Healthcare, a provider of inpatient and outpatient behavioral health services, completed the acquisition of Haven Behavioral Healthcare, a provider of specialty behavioral health services. Financial terms were not disclosed.

Haven was advised by Houlihan Lokey. Oceans Healthcare was advised by Lovell Communications.

KPS Capital Partners completes the acquisition of Crane Composites from Crane for $227m.

KPS Capital Partners, an American private equity firm, completed the acquisition of Crane Composites, a fiberglass reinforced plastic composites designer and manufacturer, from Crane, an American industrial products company, for $227m.

KPS Capital was advised by Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino and Cullen Sinclair).

Vacatia completes the acquisition of The Berkley Group and Daily Management.

Vacatia, a provider of innovative, customer-centric solutions for timeshare resorts, completed the acquisition of The Berkley Group, a resort developer, and Daily Management, a full-service property management company of vacation ownership resorts. Financial terms were not disclosed.

The Berkley Group was advised by Houlihan Lokey.

Thomson Reuters completes the acquisition of SafeSend for $600m.

Thomson Reuters, a company specializing in information services and software development, completed the acquisition of SafeSend, a company focused on tax automation solutions, for $600m.

Getty Images and Shutterstock explore potential merger amid industry challenges. (Reuters)

Getty Images and Shutterstock, two leading providers of stock images and digital media, are in preliminary discussions regarding a potential merger. This development comes as both companies face increased competition from AI-generated content and a shifting digital landscape.

In response to the merger news, Getty Images' shares rose by 13% to $2.39, giving the company a market value of approximately $983m. Shutterstock's shares also experienced an uptick, reflecting investor interest in the potential consolidation.

Both companies have been exploring strategies to adapt to industry changes, including the rise of AI-generated imagery, which has impacted demand for traditional stock photos. The merger talks are at an early stage, and there is no certainty that a deal will be finalized.

EMEA

Brembo completes the acquisition of Öhlins Racing from Apollo-backed Tenneco for $405m.

Brembo, an Italian manufacturer of automotive parts, completed the acquisition of Öhlins Racing, a Swedish company that develops suspension systems for the automotive, motorcycle, mountain bike and motorsport industries, from Apollo-backed Tenneco, an American automotive components manufacturer, for $405m.

Brembo was advised by Bank of America, BonelliErede, Gibson Dunn & Crutcher and Simpson Thacher & Bartlett. Tenneco was advised by Barclays, Jefferies & Company, Eversheds Sutherland and Sidley Austin.

CBRE completed the merger the project management business with Turner & Townsend.

CBRE, a commercial real estate services and investment firm, completed the merger the project management business with Turner & Townsend, a program management, cost consultancy and project management services provider. Financial terms were not disclosed.

Turner & Townsend was advised by Rothschild & Co. CBRE was advised by Simpson Thacher & Bartlett.

MasOrange and Vodafone Spain to form a joint venture.

MasOrange, Spain’s largest telecom operator, and Vodafone Spain, provider of telecommunications services, agreeed to form a joint venture.

MasOrange is advised by Jones Day.

Drilling Tools International completed the acquisition of Titan Tools Services.

Drilling Tools International, an oilfield services company, completed the acquisition of Titan Tools Services, a downhole tool rental company. Financial terms were not disclosed.

DTI was advised by Winston & Strawn (led by Michael J. Blankenship).

Imagination Technologies' owner, Canyon Bridge, explores potential sale. (Bloomberg)

Canyon Bridge Capital Partners, the private equity firm owning UK-based chipmaker Imagination Technologies, has engaged investment bank Lazard to explore a potential sale of the company. Canyon Bridge acquired Imagination Technologies in 2017 for approximately £550m ($683m).

Imagination Technologies, renowned for its graphics processing units and related intellectual property, has been a significant player in the semiconductor industry, providing critical technology to various sectors, including mobile devices and automotive applications.

The decision to consider a sale comes amid a dynamic landscape in the semiconductor industry, with increasing demand for advanced chip technologies and a surge in mergers and acquisitions. The outcome of this exploration remains to be seen, as Canyon Bridge and Lazard assess potential buyers and strategic options for Imagination Technologies.

Amey among bidders for £300m Telent acquisition. (Sky News)

Amey, a UK-based infrastructure support service provider, has submitted an indicative offer to acquire Telent, a digital infrastructure services company, in a deal expected to exceed £300m ($372m).

Amey, part-owned by Buckthorn Partners—where former Chancellor Lord Hammond serves as a partner—was acquired by Buckthorn and One Equity Partners in 2022. The company recently completed a refinancing with backing from lenders including Apollo Global Management, HSBC, and JP Morgan.

Telent, formerly part of Marconi, provides a range of services to telecommunications and other communications providers. It is currently owned by JC Flowers, a private equity firm. Amey is competing against at least one other trade bidder and one financial bidder for Telent, with the next round of bids due later this month.

Brookfield delays sale of London's CityPoint office tower amid market challenges. (Reuters)

Brookfield has postponed the sale of its CityPoint tower in London after receiving bids below expectations, with offers under £400m ($497m) compared to the £500m ($621m) asking price. This shortfall has led Brookfield to extend debt repayments for the 36-storey office building.

Creditors have granted Brookfield an additional three months to repay loans totaling approximately £460m ($571m), moving the deadline to April 20. This decision underscores the ongoing difficulties in the UK's office market, influenced by evolving work habits and a shift towards more sustainable buildings.

Although the sales process is currently on hold, Brookfield may reconsider selling if market conditions improve. The CityPoint tower, originally built in 1967 as BP's headquarters, underwent major renovations in 2000 and 2021.

Shawbrook Bank's owners consider London IPO in 2025. (Sky News)

BC Partners and Pollen Street Capital, the private equity owners of Shawbrook Bank, are exploring a potential initial public offering on the London Stock Exchange in the first half of 2025. This move comes after a previously planned £2bn ($2.4bn) flotation was shelved in 2022 due to volatile market conditions.

Shawbrook Bank, a UK-based specialist savings and lending institution, was taken private by BC Partners and Pollen Street Capital in 2017 for £868m ($1bn). Since then, the bank has demonstrated significant growth, reporting record pre-tax profits of £233m ($289m) in 2022.

The potential IPO is seen as a positive development for the London financial market, which has experienced a slowdown in listings. The renewed interest in public offerings, including Shawbrook's, may signal a revitalization of the UK's IPO landscape.

APAC

Animalcare Group completed the acquisition of Randlab for £62m.

Animalcare Group, a developer and supplier of veterinary pharmaceutical products, completed the acquisition of Randlab, a veterinary pharmaceuticals and services provider, for £62m ($76m).

Animalcare Group was advised by Panmure Liberum and Stifel.

Bloks Group's Hong Kong IPO garners substantial retail investor interest. (Bloomberg)

Bloks Group, a Chinese toymaker specializing in assembly character toys, is set to raise up to HK$1.46bn ($188m) through its Hong Kong initial public offering. The company plans to sell 24.1m shares, priced between HK$55.65 and HK$60.35 each, representing 10% of its total shares.

Retail investors have shown significant interest in the offering, applying to borrow nearly $60bn to participate. This high demand reflects a strong appetite for new listings in Hong Kong's recovering IPO market.

Bloks Group intends to use the proceeds to complete its self-operated factory by 2026 and hire an additional 400 employees, aiming to enhance product development and output. The company's listing is scheduled for January 10, 2025.

Huaneng Renewables secures $2.1bn investment to accelerate green energy transformation. (DealStreetAsia)

Huaneng Renewables Corporation, a subsidiary of China's state-owned electricity giant China Huaneng Group, has raised 15bn yuan ($2.1bn) in a significant capital infusion aimed at advancing its green energy initiatives.

Established in 2002, Huaneng Renewables specializes in the investment, operation, and construction of wind and solar power projects. The company went public on the Hong Kong Stock Exchange in June 2011 and was privatized in March 2020.

Positec Group secures over $250m in equity financing to fuel global expansion. (DealStreetAsia)

Positec Group, a Chinese manufacturer of eco-friendly power tools and gardening equipment, has completed its first equity fundraising, securing over $250m.

The company plans to utilize the funds to expand the global sales of its products, which include brands like WORX and Kress. Positec is known for its innovative tools, such as robotic lawn mowers and battery-powered equipment, catering to environmentally conscious consumers worldwide.

This significant capital injection marks a pivotal moment for Positec as it seeks to strengthen its international presence and capitalize on the growing demand for sustainable home improvement solutions.

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