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AMERICAS

Princeton Equity completes an investment in Amped Fitness.

Princeton Equity, a private equity firm that specializes in partnering with companies in the consumer, healthcare, and business services industries, completed an investment in Amped Fitness, a fitness center chain operating under a high-value, low-price model, according to press releases. Financial terms were not disclosed.

Princeton Equity was advised by Harris Williams & Co, MOK Capital Advisors and Latham & Watkins. Amped Fitness was advised by Morrison Cohen, according to press releases.

G&A Partners completes the acquisition of Ethan Allen HR Services.

G&A Partners, a professional employer organization and human resources outsourcing provider, completed the acquisition of Ethan Allen HR Services, a long‑tenured CPEO serving the Hudson Valley region, according to press releases. Financial terms were not disclosed.

Ethan Allen HR Services was advised by McHenry Consulting and McDaniel Wolff. G&A Partners was advised by Dentons and Pierpont Communications (led by Chelsi Smith), according to press releases.

STG completes the acquisition of EDM and thinkFolio businesses from S&P Global.

STG, a private equity firm focused on building and scaling market-leading software, completed the acquisition of EDM and thinkFolio businesses from S&P Global, a company that provides essential intelligence. We enable governments, businesses and individuals with the right data, according to press releases. Financial terms were not disclosed.

S&P Global was advised by Barclays and Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill). STG was advised by Jefferies, according to press releases and MergerLinks data.

SANDOW completes the acquisition of ARCHITONIC.

SANDOW, a design-centric holding company operating leading media, platforms and services businesses, completed the acquisition of ARCHITONIC, a global inspiration platform for design professionals, according to press releases. Financial terms were not disclosed.

SANDOW was advised by Advestra (led by Andreas Hinsen), according to MergerLinks data.

Atlantic Vantage Point led a $130m Series C round in Deepgram.

Atlantic Vantage Point, led a $130m Series C round in Deepgram, with participation from Alkeon, In-Q-Tel, Madrona, Tiger, Wing, Y Combinator, BlackRock, Alumni Ventures, Princeville Capital, Twilio, ServiceNow Ventures, SAP, Citi Ventures, University of Michigan, and Columbia University, according to press releases.

Deepgram was advised by Gorman Communications (led by Nicole Gorman), according to press releases.

Battery Ventures and Sapphire Ventures led a $200m Series D round in Onebrief.

Battery Ventures, a global venture capital and private equity firm, and Sapphire Ventures, a venture capital firm, led a $200m Series D round in Onebrief, an operating system for modern command, with participation from Salesforce Ventures, General Catalyst and Insight Partners, according to press releases.

Prosperity7 Ventures completes an investment in Horizon3.ai.

Prosperity7 Ventures, the diversified venturing fund of Aramco Ventures, completed an investment in Horizon3.ai, a cybersecurity company offering an AI-driven, autonomous penetration testing platform to improve enterprise cloud security, according to press releases. Financial terms were not disclosed.

Golden State Warriors’ parent valued at $11bn in stake sale. (Bloomerg)

A 5% stake in Golden State Group, the holding company for the NBA’s Golden State Warriors, is up for sale.

The stake values the holding company at more than $11bn. Negotiations remain ongoing.

Extreme Networks weighs buying Ruckus from CommScope. (Bloomberg)

Extreme Networks is exploring an acquisition of Ruckus Networks from CommScope.

The company has been evaluating a cash-and-stock deal that could value the Wi-Fi and networking systems provider at more than $1bn.

Appetite for weight-loss deals broader than visible, Viking CEO says. (Reuters)

Viking Therapeutics’ chief executive said strategic interest in weight-loss drug partnerships is broader than widely perceived, as pharmaceutical companies seek to capture a market projected to reach $150bn annually by the end of the decade.

Drugmakers are accelerating efforts to expand their presence in the fast-growing obesity treatment segment, which analysts expect to become one of the most lucrative categories in global healthcare.

Ex-Lazard banker’s insider tips reaped $41m. (Bloomberg)

A former Lazard dealmaker is facing criminal and regulatory charges in the U.S. for allegedly leaking information on health-care deals to an insider trading network that generated $41m in illicit profits.

Justin Kim is accused of tipping off contacts about 10 potential takeovers over several years through 2023, receiving a Rolex watch and career advice in return, according to the SEC complaint seeking to ban him from the industry. The Department of Justice has also filed fraud and insider trading charges that carry a maximum sentence of 25 years in prison.

Activist Engaged ready to run proxy fight at BlackLine. (Reuters)

Engaged Capital plans to launch a proxy fight to install four independent directors at software maker BlackLine, arguing that new board members are needed to pursue strategic options, including a potential sale.

The activist investor, which owns more than 1m shares and ranks among BlackLine’s 20 largest shareholders, has criticized CEO Owen Ryan and the board for delays in reviewing alternatives and has urged consideration of a sale to a competitor.

Paramount sues Warner Bros for Netflix deal details, plans proxy fight. (Reuters)

Paramount Skydance has filed a lawsuit against Warner Bros Discovery seeking more information on a rival $82.7bn deal with Netflix, escalating its effort to gain control of one of Hollywood’s most prominent studios.

The David Ellison-led company also plans to nominate directors to Warner Bros’ board as part of its campaign to convince investors that its $108.7bn all-cash bid is superior to Netflix’s cash-and-stock offer.

Medline jumps as analysts bullish after 2025’s top IPO. (Bloomberg)

Medline shares advanced on the 12th of January as analysts expressed confidence in the medical supplier’s business model and growth prospects following its $7.2bn IPO last month.

Twenty-seven firms initiated coverage, with 22 assigning buy-equivalent ratings. Analysts set an average 12-month price target of $47.12 per share, implying a 12% upside from Friday’s close, citing Medline’s scale, vertically integrated manufacturing model, and demographic tailwinds from an aging population.

EquipmentShare.com targets over $6bn valuation in US IPO. (Reuters)

Construction tech firm EquipmentShare.com is targeting a valuation of up to $6.41bn in its US initial public offering.

The company aims to raise up to $777.75m by offering 30.5m shares priced between $23.50 and $25.50 each.

Discord’s IPO will test app’s freewheeling culture. (Bloomberg)

Discord has confidentially filed for an initial public offering, aiming to capitalize on its cultural momentum and growing advertising revenue.

The social platform, which has more than 200m monthly active users after a decade in operation, is one of the last major privately held players in the sector.

Warburg Pincus targets up to €1.5bn for defense fund. (Bloomberg)

Warburg Pincus is considering launching a dedicated defense fund to capitalize on rising investor demand as Europe increases military spending.

The New York-based private equity firm is weighing a fundraising target of €1bn ($1.2bn) to €1.5bn ($1.6bn) for the strategy and has held preliminary discussions with potential investors. Negotiations remain ongoing.

EMEA

Aware Super completes the acquisition of a 31.3% stake in European Outlet Mall Venture from Allianz.

Aware Super, an Australian industry superannuation fund, completed the acquisition of a 31.3% stake in European Outlet Mall Venture, a platform that owns and operates four outlet centres across Europe, from Allianz, a multinational financial services company, according to press releases. Financial terms were not disclosed.

Aware Super was advised by Clifford Chance (led by Riaz Pirmohamed), according to press releases.

DPG Media completes the acquisition of LINDA from Talpa Network.

DPG Media, a media group, completed the acquisition of LINDA, a women's magazine publishing company, from Talpa Network, a Dutch media conglomerate, according to press releases. Financial terms were not disclosed.

DPG Media was advised by Loyens & Loeff (led by Rob Schrooten), according to press releases and MergerLinks data.

Argos-backed Lavatio completes the acquisition of Witteler & Burkhardt.

Argos-backed Lavatio, a laundry services group active in the DACH region, completed the acquisition of Witteler & Burkhardt, a provider of laundry services. Financial terms were not disclosed.

Lavatio was advised by POELLATH (led by Nico Fischer), according to MergerLinks data.

Kester Capital completes the investment in Nutritics.

Kester Capital, a leading UK private equity investor, completed the investment in Nutritics, a food data management software platform. Financial terms were not disclosed.

Kester Capital was advised by DC Advisory (led by Justin Pursell), according to MergerLinks data.

Teneo completes the acquisition of a majority stake in Clarity Partners.

Teneo, a company specializing in global CEO advisory services, completed the acquisition of a majority stake in Clarity Partners, a Nordics focused small- and mid-cap focused M&A and growth strategy advisor, according to press releases. Financial terms were not disclosed.

Credit Agricole gets ECB nod to lift Banco BPM stake above 20%. (Reuters)

Credit Agricole has received approval from the European Central Bank to raise its stake in Italian lender Banco BPM above 20%, reinforcing its position as a long-term shareholder in Italy’s third-largest bank.

The clearance follows reports that the ECB would impose governance conditions to prevent a de facto takeover.

Germany finalises deal on TenneT stake purchase. (Reuters)

The German government has concluded negotiations to acquire a stake in the German division of Dutch power grid operator TenneT for about €7.6bn ($8.9bn).

The investment aims to strengthen Germany’s energy infrastructure and support grid expansion. Completion of the transaction remains subject to final steps and formal approval.

Blackstone taps advisers to sell £1bn rental home platform. (Bloomberg)

Blackstone has appointed advisers to oversee the sale of its British rental home platform, Leaf Living.

The alternative asset manager engaged Goldman Sachs Group and CBRE as advisers for the transaction. The business is expected to be valued at more than £1b ($1.3b).

Cargo hauler STG Logistics files bankruptcy following debt deal litigation. (Bloomberg)

STG Logistics filed for bankruptcy on the 12th of January following a contentious debt restructuring that triggered litigation from creditors.

The company reported debt and assets in the range of $1bn to $10bn in court filings submitted in New Jersey.

Carlyle, Chevron-Quantum partnership among frontrunners for Lukoil assets. (Reuters)

Carlyle, Chevron, Quantum Capital Group, and UAE-based investor International Holding Company are competing for Lukoil’s global assets as a US deadline to divest approaches this week. The portfolio is valued at approximately $22bn.

The United States imposed sanctions on Lukoil and Rosneft in October to pressure the Kremlin toward a peace deal with Ukraine and has given Lukoil until January 17th to complete the sale. Negotiations remain ongoing.

Scion of billion C&A dynasty is named CEO of buyout firm Bregal. (Bloomberg)

Jens Brenninkmeyer, 38, will become chief executive officer of Bregal Investments next month. He has served as the firm’s chief strategy officer since 2023.

Brenninkmeyer is a former Goldman Sachs Group banker and Sixth Street executive. Bregal Investments is backed by the Brenninkmeijer family, owners of clothing retailer C&A.

APAC

Teneo completes the acquisition of New Zealand BRS of PwC.

Teneo, a company specializing in global CEO advisory services, completed the acquisition of the New Zealand business restructuring services unit of PwC, a multinational network of professional services firms, according to press releases. Financial terms were not disclosed.

BHP delays bid as Rio Tinto enlists Evercore’s Robey and JPMorgan for Glencore talks. (Reuters)

BHP is pausing plans for a bid on Glencore as Rio Tinto advances takeover talks that could create the world’s largest mining company. Glencore shares jumped about 10% on news of Rio Tinto’s renewed interest, fueling speculation about competing offers.

Rio Tinto has engaged top advisers, including Simon Robey, and enlisted Evercore, owner of Robey Warshaw, alongside JPMorgan Chase, Macquarie Group, and UBS to explore the potential deal. Negotiations between Rio Tinto and Glencore remain ongoing.

Diageo said to weigh options for China assets including sale. (Bloomberg)

Diageo is reviewing options for its Chinese operations, including potential divestments, as part of efforts to streamline its portfolio.

The maker of Guinness and Johnnie Walker is working with Goldman Sachs and UBS to assess its holdings, which include a 63% stake in Shanghai-listed Sichuan Swellfun. Advisers have begun gauging interest from local strategic buyers and private equity firms. Discussions remain ongoing.

Robotics Frenzy drives $24bn gain in Hyundai Motor stocks. (Bloomberg)

Hyundai Motor Group stocks have added about $24bn in market value so far this month as investor enthusiasm for robotics continues into the new year.

Shares of the automaker jumped more than 10% on Tuesday to a record high after unveiling its Atlas humanoid at the CES technology show last week. Affiliates including Hyundai Glovis, Hyundai Mobis, and Hyundai Autoever have also climbed to all-time highs as analysts raise price targets.

GigaDevice jumps 38% in Hong Kong after $600m listing. (Bloomberg)

GigaDevice Semiconductor shares rose in their Hong Kong debut, highlighting strong investor demand for Chinese companies linked to artificial intelligence.

The stock gained 38% to HKD222.80 ($28.50) on Tuesday after being priced at HKD162 ($20.70) per share in an offering that raised HKD4.68bn ($600m). The retail tranche was oversubscribed 542 times.

GA-backed Acko said to seek banks for $350m India IPO. (Bloomberg)

Acko Technology & Services has invited pitches from investment banks for a potential initial public offering that could raise up to $350m.

The Indian digital insurer is preparing for the listing as part of its strategy to expand in the fast-growing online insurance market. Discussions remain at an early stage.

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