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Top Highlights
Silver Lake, a technology investment firm, completed the acquisition of Endeavor, a sports and entertainment company, for $17.2bn, according to press releases.
Endeavor was advised by Centerview Partners (led by Blair Effron and Todd Davison), Akin Gump Strauss Hauer & Feld (led by Jonathan Pavlich), Cravath Swaine & Moore (led by Faiza Saeed and Claudia J. Ricciardi), Debevoise & Plimpton (led by Jeffrey J. Rosen), Freshfields Bruckhaus Deringer (led by Damien R. Zoubek), Latham & Watkins (led by Justin Hamill, Michael V Anastasio and Ian A. Nussbaum) and Brunswick Group (led by Jonathan Doorley). Centerview was advised by Sullivan & Cromwell (led by Frank Aquila). Mubadala was advised by Skadden Arps Slate Meagher & Flom (led by Michael Leiter). Silver Lake was advised by BDT & MSD Partners, Bank of America, Barclays, Deutsche Bank, Goldman Sachs (led by Sam Britton and Kim Posnett), JP Morgan, KKR Capital Markets, Morgan Stanley, RBC Capital Markets, The Raine Group (led by Joe Ravitch and Jeffrey Sine), Kirkland & Ellis (led by Mark Boyagi), Simpson Thacher & Bartlett (led by Elizabeth Cooper) and Edelman (led by Jennifer Stroud). Debt financing was provided by Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and RBC Capital Markets. DFO Management was advised by Sullivan & Cromwell (led by Eric M. Diamond). Lexington Partners was advised by Kekst CNC (led by Todd Fogarty) , according to press releases and MergerLinks data.
Clearlake Capital, an investment firm, agreed to acquire Dun & Bradstreet, a global provider of business decisioning data and analytics, for $7.7bn, according to press releases.
Dun & Bradstreet is advised by Bank of America and Weil Gotshal and Manges. Clearlake Capital is advised by Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, Rothschild & Co, Santander, Wells Fargo Securities, Sidley Austin and Lambert & Co (led by Jennifer Hurson). Debt financing is provided by Ares Capital and HSBC , according to press releases.
James Hardie Industries, a global building materials company and a manufacturer of fibre cement products, agreed to acquire AZEK Company, a manufacturer of wood decking, pergolas and outdoor living products, for $8.75bn, according to press releases.
Deal Round up
AMERICAS
23andMe files for bankruptcy to sell itself; CEO leaves after failed bids. ( SEC Filing)
Contrarian Funds’ $3.7bn bid proposed as floor offer in Citgo parent auction. ( Reuters)
TOMS Capital urges Kenvue to explore sale or asset separation. ( Bloomberg)
Silver Lake-backed Casago faces opposition in $200m bid for Vacasa. ( Financial Times)
StubHub files for IPO after years under the co-founder’s control. ( SEC Filing)
EMEA
Temasek’s Seviora opens the Abu Dhabi office to expand its global presence. (Press Release)
Elliott pushes for larger share buyback at Germany's RWE. ( Reuters)
Oakley Capital closes €4.5bn fund in six months amid tight fundraising market. ( Press Release)
APAC
Xiaomi plans to raise up to $5.27bn via Hong Kong share placement. ( Reuters)
FuriosaAI rejects Meta’s $800m acquisition bid to remain independent. ( Bloomberg)
Qiming Venture Partners targets up to $1bn for new fund amid AI surge. ( Bloomberg)
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AMERICAS
Amex GBT, a B2B software and services company for travel and expense, announced an amended merger agreement for the acquisition of CWT, a global business travel and meetings solutions provider. It includes a revised CWT transaction value of approximately $540m (from $570m originally agreed); a revised fixed stock price of $7.50 per share (from $6.00 per share initially agreed); and an extension of the Drop Dead Date to December 31, 2025.
CWT is advised by Moelis & Co (led by Lawrence Kwon) and Paul Hastings (led by Joseph C. Swanson). Amex GBT is advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom (led by Peter Serating) and Sloane & Company , according to press releases and MergerLinks data.
Stonepeak, an alternative investment firm, agreed to invest in Longview Infrastructure, an electric transmission development and investment platform, according to press releases. Financial terms were not disclosed.
Longview Infrastructure is advised by Vinson & Elkins. Stonepeak is advised by Sidley Austin, according to press releases.
Viamedia, an independent digital and linear advertising rep firm, completed the acquisition of LocalFactor, a Westport, Connecticut-based, tech-enabled digital advertising company, according to press releases. Financial terms were not disclosed.
Viamedia was advised by Bob Gold & Associates (led by Andrew Laszacs) , according to press releases.
JLL, a global commercial real estate and investment management company, agreed to acquire Javelin Capital, a North America-based renewable energy investment banking firm, according to press releases. Financial terms were not disclosed.
Javelin Capital is advised by Weil Gotshal and Manges (led by Trey Muldrow), according to MergerLinks data.
Cerberus, an alternative investing firm, completed the acquisition of Votaw Precision Technologies, a specialty manufacturer of mission-critical hardware and components for launch and undersea vehicles, satellites, ground radar, and other aerospace defense applications, according to press releases. Financial terms were not disclosed.
NRx-backed HOPE Therapeutics, a healthcare delivery company, agreed to acquire a majority stake in Neurospa TMS Holdings, which operates six interventional psychiatry clinics on Florida's Gulf Coast, according to press releases. Financial terms were not disclosed.
TransPerfect, a provider of language and AI solutions for global business, completed the acquisition of Blu Digital Group, a media services and technology company that primarily works with the entertainment industry, especially in digital media distribution, according to press releases. Financial terms were not disclosed.
Brunner, an independent, integrated marketing agency, completed the acquisition of the performance solutions business from Rakuten Advertising, a marketing service provider, according to press releases. Financial terms were not disclosed.
23andMe files for bankruptcy to sell itself; CEO leaves after failed bids. ( SEC Filing)
Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection in the US to facilitate a sale process after multiple failed takeover attempts. The company also announced the resignation of its co-founder and CEO, Anne Wojcicki.
Once valued at billions, 23andMe has struggled in recent years and is now reportedly worth around $50m. As part of a restructuring plan announced in November, the company cut approximately 40% of its workforce—around 200 employees—and halted all therapeutic development.
Contrarian Funds’ $3.7bn bid proposed as floor offer in Citgo parent auction. ( Reuters)
A US court officer has recommended a $3.7bn bid by an affiliate of Contrarian Funds to serve as the baseline offer in the ongoing auction of shares in PDV, the parent company of Venezuela-owned Citgo Petroleum. The recommendation was made via a court filing on March 21 as part of a broader legal process to compensate creditors tied to Venezuela’s defaults and expropriations.
The federal court in Delaware is managing the auction to help distribute up to $21.3bn to 18 creditors. The suggested floor bid will serve as the starting point for a new round of bidding later this year, with the court ultimately selecting the winning offer. The process follows years of legal battles involving Venezuela's national oil assets.
TOMS Capital urges Kenvue to explore sale or asset separation. ( Bloomberg)
TOMS Capital Investment Management has taken a stake in Kenvue and is pressuring the consumer health company to consider a full sale or the separation of certain assets. The hedge fund’s push comes shortly after Kenvue managed to sidestep a confrontation with another activist investor, signalling continued shareholder pressure on the company’s strategic direction.
The size of TOMS Capital’s stake has not been disclosed, and no official response has been made public by Kenvue. The hedge fund’s move suggests a belief that the company’s value could be better realized through structural changes or a potential sale.
Silver Lake-backed Casago faces opposition in $200m bid for Vacasa. ( Financial Times)
Silver Lake, through a partnership with vacation rental firm Casago, has made a revised $200m offer to acquire Vacasa, a once high-flying e-commerce startup in the short-term rental space. The deal comes amid a sharp decline in Vacasa’s valuation from previous highs, driven by broader economic pressures and high interest rates.
The bid has sparked resistance from Davidson Kempner, a major investor in Vacasa, setting the stage for a dispute over the company’s future. The standoff highlights continued investor interest in distressed digital platforms, particularly those with scalable assets and brand recognition.
StubHub files for IPO after years under the co-founder’s control. ( SEC Filing)
StubHub, led by co-founder Eric Baker, has filed for an initial public offering after a complex ownership history spanning 25 years. The ticketing platform reported $299m in adjusted EBITDA on $1.77bn in revenue for 2024, during which it sold over 40m tickets.
The IPO filing marks a significant milestone for the company, which has changed hands multiple times since its inception and now seeks to capitalize on sustained consumer demand for live events. Specific details such as valuation targets or expected timeline for listing have not been disclosed.
EMEA
Agilitas Private Equity, a pan-European, mid-market private equity firm, agreed to acquire the Tech Services business of Tietoevry, a Finnish IT software and service company, for €300m ($325m), according to press releases.
Agilitas PE is advised by Deloitte, EOS Deal Advisory, KPMG, strategy&, Marsh, Citigroup, Pareto Securities, Ashurst, Avance, Kinstellar, O'Melveny & Myers, PG Magnusson Advokatbyra, Shardul Amarchand Mangaldas & Co, Vinge and Wiersholm. Tietoevry is advised by PricewaterhouseCoopers, Bank of America and Roschier Attorneys, according to press releases.
Alcon, a pharmaceutical and medical device company, agreed to acquire LENSAR, a medical technology company focused on advanced laser solutions for the treatment of cataracts, for $430m.
LENSAR is advised by Wells Fargo Securities, Latham & Watkins and Burns McClellan (led by Lee Roth). Alcon is advised by Lazard and Norton Rose Fulbright.
Temasek’s Seviora opens the Abu Dhabi office to expand its global presence. (Press Release)
Seviora, the $54bn asset management arm of Singapore’s Temasek, has opened a new office in Abu Dhabi. The move places the firm within the Abu Dhabi Global Market, aligning with a broader trend of financial firms establishing a presence in the UAE capital to tap into regional investment flows and partnerships.
The Abu Dhabi office will complement Seviora’s existing locations in Singapore, India, China, and Indonesia. The expansion is part of its effort to grow its footprint across Asia and globally, although specific investment strategies related to the new office have not been detailed.
Elliott pushes for larger share buyback at Germany's RWE. ( Reuters)
Elliott Investment Management has disclosed a nearly 5% stake in RWE, Germany's largest utility, and is calling for a substantial increase to its current €1.5bn ($1.6bn) share buyback program. The activist investor made its position public on March 24 and urged the company to return more capital to shareholders.
This marks Elliott’s first confirmed involvement in RWE, though it is known for engaging with major global firms like BP. The investor's intervention signals potential pressure on RWE’s capital allocation strategy and may lead to broader discussions about shareholder returns and balance sheet optimization.
Oakley Capital closes €4.5bn fund in six months amid tight fundraising market. ( Press Release)
Private equity firm Oakley Capital has raised €4.5bn ($4.9bn) for its flagship vehicle, Oakley Capital Fund VI, reaching its hard cap within six months. The fund is approximately 58% larger than its predecessor, signalling strong investor demand despite a challenging global fundraising environment.
The rapid close underscores Oakley’s continued momentum in the mid-market private equity space. The firm did not provide detailed deployment plans but is expected to focus on sectors and strategies consistent with its previous funds.
APAC
Gold Fields, one of the world's largest gold mining firms, offered to acquire Gold Road Resources, a mid-tier Australian gold producer and explorer, for AUD3.3bn ($2.1bn), according to press releases.
Gold Road Resources is advised by Gresham, Corrs Chambers Westgarth and Cannings Purple (led by Peter Klinger). Gold Fields is advised by JP Morgan, Herbert Smith Freehills, Webber Wentzel and VECTOR Advisors (led by John Gardner), according to press releases.
Xiaomi plans to raise up to $5.27bn via Hong Kong share placement. ( Reuters)
Xiaomi is raising up to HKD41bn ($5.27bn) through a top-up placement of 750m Class B shares on the Hong Kong Stock Exchange. The shares are priced between HKD52.80 ($6.75) and HKD54.60 ($6.99), reflecting a 4.2–7.4% discount to the company's last closing price of HKD57 (US$7.30).
The offering is among the largest equity raisings in Asia so far in 2025.
FuriosaAI rejects Meta’s $800m acquisition bid to remain independent. ( Bloomberg)
FuriosaAI, a South Korean AI chip startup, has declined an $800m acquisition offer from Meta Platforms, opting to continue growing independently. Meta had reportedly been in talks with the company since early 2025, aiming to bolster its in-house semiconductor capabilities amid rising AI infrastructure needs.
The decision to reject the bid reflects FuriosaAI's confidence in its long-term potential as a standalone business.
Qiming Venture Partners targets up to $1bn for new fund amid AI surge. ( Bloomberg)
Qiming Venture Partners is looking to raise around $800m, with a potential cap of $1bn, to invest in the growing wave of Chinese AI startups. The firm, known for backing companies like Xiaomi and Meituan, is aiming to leverage renewed investor interest in the sector.
The fundraising plans are still in the early stages and could change. No timeline or structure has been formally announced.
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