CMOC to acquire Lumina Gold for CAD581m.

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AMERICAS

Terra Innovatum to go public via SPAC merger with GSR III Acquisition in a $475m deal.

Terra Innovatum, a developer of micro-modular nuclear reactors, agreed to go public via SPAC merger with GSR III Acquisition, a publicly traded special purpose acquisition company, in a $475m deal, according to press releases.

Terra Innovatum is advised by Chiomenti, Loeb & Loeb, Loyens & Loeff, Alliance Advisors and Park Avenue Equity Partners. GSR is advised by Appleby, Latham & Watkins and EntrepreneurShares, according to press releases and MergerLinks data.

TPG and Temasek to acquire a minority stake in Cliffwater.

TPG, an American private equity firm, and Temasek, a Singapore based investment company, agreed to acquire a minority stake in Cliffwater, an independent alternative investment adviser and fund manager, according to press releases. Financial terms were not disclosed.

Cliffwater is advised by Moelis & Co, Kirkland & Ellis and Prosek Partners. TPG is advised by Ardea Partners, JP Morgan, Davis Polk & Wardwell and Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman). TA Associates is advised by Goodwin Procter, according to press releases and MergerLinks data.

Clearwater Analytics completes the acquisition of Enfusion for $1.5bn.

Clearwater Analytics, a SaaS fintech company, completed the acquisition of Enfusion, an investment management SaaS platform provider, for $1.5bn, according to press releases.

Enfusion was advised by Goldman Sachs, Dechert (led by Mark Thierfelder, Eric Siegel and Michael Darby) and Goodwin Procter (led by Gregg Katz, Joshua Zachariah and James Ding). Goldman Sachs was advised by Sullivan & Cromwell (led by John L. Savva). Clearwater Analytics was advised by JP Morgan and Kirkland & Ellis (led by Constantine N. Skarvelis, Marshall P. Shaffer, Jimin He and Daniel Yip). Debt financing was provided by JP Morgan, according to press releases and MergerLinks data.

Ares Management completes the acquisition of Epika Fleet Services.

Ares Management, a global alternative investment manager, completed the acquisition of Epika Fleet Services, mobile-focused provider of preventative maintenance and repair services for commercial trucking fleets, according to press releases. Financial terms were not disclosed.

Epika Fleet Services was advised by William Blair & Co, Maslon and Reed Smith. Ares was advised by Piper Sandler and Sullivan & Cromwell (led by Rita-Anne O'Neill), according to press releases and MergerLinks data.

MidOcean Partners completes the acquisition of GSTV from Rockbridge Growth Equity.

MidOcean Partners, an alternative asset manager, completed the acquisition of GSTV, the national on-the-go video network, from Rockbridge Growth Equity, a private equity firm, according to press releases. Financial terms were not disclosed.

GSTV was advised by Moelis & Co, Solomon Partners and Honigman Miller Schwartz & Cohn. MidOcean Partners was advised by Gibson Dunn & Crutcher and Prosek Partners, according to press releases and MergerLinks data.

J.C. Flowers to acquire US motor business of Admiral Group.

J.C. Flowers, a global private investment firm, agreed to acquire US motor business of Admiral Group, a financial services company, according to press releases. Financial terms were not disclosed.

J.C. Flowers is advised by Keefe Bruyette & Woods, Debevoise & Plimpton and Lambert & Co (led by Jennifer Hurson). Admiral Group is advised by Bank of America and Sidley Austin, according to press releases and MergerLinks data.

Thoma Bravo to acquire portions of Digital Aviation Solutions business from Boeing for $10.55bn.

Thoma Bravo, a software investment firm, agreed to acquire portions of Digital Aviation Solutions business from Boeing, a global aerospace company, for $10.55bn, according to press releases.

Thoma Bravo is advised by Kirkland & Ellis and FGS Global (led by Akash Lodh). Boeing is advised by Citigroup and Mayer Brown, according to press releases and MergerLinks data.

Baker Tilly to merge with Moss Adams in a $7bn deal.

Baker Tilly, an advisory, tax and assurance firm, agreed to merge with Moss Adams, an accounting, tax and consulting services provider, in a $7bn deal, according to press releases.

Baker Tilly is advised by Simpson Thacher & Bartlett (led by Atif Azher, Fred de Albuquerque and Naveed Anwar) and Vedder Price. Moss Adams is advised by Deutsche Bank and Dechert, according to press releases.

Scout Surface Solutions completes the acquisition of Kinetic Pressure Control.

Scout Surface Solutions, a provider of engineered surface systems to the oil and gas industry, completed the acquisition of Kinetic Pressure Control, a well control technology company specializing in innovative pressure and flow control solutions, according to press releases. Financial terms were not disclosed.

Scout was advised by Houlihan Lokey and Hallett & Perrin. Kinetic was advised by Parks Paton Hoepfl & Brown and Walker Eisenbraun, according to press releases.

Nomura to acquire US and European public asset management business of Macquarie for $1.8bn.

Nomura, a financial services company, agreed to acquire US and European public asset management business of Macquarie, an Australian multinational investment banking and financial services firm, for $1.8bn, according to press releases.

Nomura is advised by Nomura Securities and White & Case, according to press releases.

AMG to acquire a minority stake in Verition Fund Management.

AMG, a financial services firm, agreed to acquire a minority stake in Verition Fund Management, an investment management firm, according to press releases. Financial terms were not disclosed.

AMG is advised by Paul Weiss Rifkind Wharton & Garrison (led by David Hepp and Matthew Collin), according to press releases and MergerLinks data.

MS&AD to invest $5bn to double profits in North America. (Bloomberg)

MS&AD Insurance Group Holdings plans to invest up to CNY700bn ($5bn) to expand its presence in North America and achieve its target of doubling operating profits in the region.

The Tokyo-based casualty insurer holds the leading market share in Asia among global firms but ranks third among Japanese insurers in North America. CEO Shinichiro Funabiki highlighted the goal of becoming the top player in the region.

EMEA

KKR to acquire Biotage for SEK11.6bn.

KKR, a global investment firm, offered to acquire Biotage, a drug discovery and development, diagnostics and analytical testing solutions provider, for SEK11.6bn ($1.2bn), according to press releases.

Biotage is advised by Grant Thornton. KKR is advised by JP Morgan, Nordea Bank, Roschier Attorneys, Simpson Thacher & Bartlett (led by Clare Gaskell) and Brunswick Group (led by Peter Lindell), according to press releases.

TecMed to acquire diabetes care business of Ypsomed for $520m.

TecMed, a provider of intellectual property solutions to blood glucose measurement problems, agreed to acquire diabetes care business of Ypsomed, a provider of a complete range of technologies and services for reliable and user-friendly injection systems for self-medication, for $520m, according to press releases.

TecMed is advised by KPMG and Kellerhals Carrard. Ypsomed is advised by Rothschild & Co, Walder Wyss and IFBC, according to press releases.

Helvetia to merge with Baloise.

Helvetia, an international insurance group, agreed to merge with Baloise, a Swiss insurance company, according to press releases. Financial terms were not disclosed.

Baloise is advised by Morgan Stanley, UBS and Lenz & Staehelin (led by Tino Gaberthuel and Simone Ehrsam). Helvetia is advised by JP Morgan and Walder Wyss (led by Hans-Jakob Diem), according to press releases and MergerLinks data.

Elm completes the acquisition of Thiqah from PIF for $907m.

Elm, a provider of innovative secure services & solutions to both public and private sectors in Saudi Arabia, completed the acquisition of Thiqah, a firm specializing in smart technology solutions for business services, from PIF, a private equity firm, for $907m, according to press releases.

Thiqah was advised by JP Morgan, according to press releases and MergerLinks data.

Bertelsmann aims to revive $4.15bn French TV merger within three years. (Reuters)

The CEO of German media group Bertelsmann, Thomas Rabe, plans to revive the halted merger between French broadcasters M6 and TF1 within the next two to three years.

In 2022, M6 Group and TF1 abandoned their merger plans due to antitrust demands that rendered the deal unviable.

Barclays and Citigroup back KKR’s $3.1bn OSTTRA buyout with $1.7bn financing. (Bloomberg)

Barclays, Citigroup, and KKR Capital Markets are underwriting around $1.7bn in debt to support KKR’s $3.1bn acquisition of post-trade services company OSTTRA.

The financing package includes first- and second-lien debt, which is expected to be placed with investors in the capital markets.

CEZ nears sale of nuclear power project to Czech government. (Bloomberg)

CEZ, the largest publicly traded electricity producer in Eastern Europe, is close to selling a majority stake in its nuclear project to the Czech government.

The utility is preparing to divest its stake in EDU II, a special-purpose vehicle established to commission two Korean reactors at the Dukovany complex. The deal is expected to be announced in the coming weeks, though terms have not been disclosed.

Santander plans to separate motor finance business from UK operations. (Bloomberg)

Banco Santander is preparing to restructure its UK operations by separating its consumer finance division, including the motor finance business currently facing industry-wide litigation.

The Spanish bank is seeking regulatory approval to move the consumer finance unit out of Santander UK. The proposed split would isolate the motor finance segment, which has been impacted by a surge in complaints.

APAC

360 ONE to acquire Indian onshore wealth management business of UBS.

360 ONE, a wealth and asset management firm, agreed to acquire Indian onshore wealth management business of UBS, a multinational investment bank and financial services company, according to press releases. Financial terms were not disclosed.

Sumitomo and SBI to acquire a 40% stake in FPT Smart Cloud Japan.

Sumitomo, an integrated trading and business investment company, and SBI, a financial services company, agreed to acquire a 40% stake in FPT Smart Cloud Japan, an applied AI and cloud computing solutions provider, according to press releases. Financial terms were not disclosed.

Toyota and Daimler near merger of truck units with planned 2026 listing. (Reuters)

Toyota's Hino Motors and Daimler Truck's subsidiary Mitsubishi Fuso Truck and Bus are nearing a merger agreement.

The two groups plan to create a holding company for their truck operations and list it on the Tokyo Stock Exchange's Prime Market in April 2026.

Keppel raises $1.5bn across three funds focused on education, data centres, and urban renewal. (DealStreetAsia)

Keppel has secured S$1.9bn ($1.5bn) in new commitments across three investment strategies in education, data centres, and urban renewal.

The third data centre fund reached a first close of approximately $580m toward its $2bn target, which could expand to $3bn with co-investments and leverage.

Navis Capital Partners closes $230m continuation vehicle for Southeast Asian school portfolio. (DealStreetAsia)

Navis Capital Partners has closed its latest continuation vehicle at $230m, allowing a partial exit from its Southeast Asian K-12 school portfolio while securing additional capital to maintain investment in the platform.

The Navis Next Generation Fund enables Navis Asia Fund VIII to realise strong returns on the portion of the portfolio sold while retaining significant exposure to the future growth potential of the assets.

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