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AMERICAS

Contango ORE completes the merger with Dolly Varden Silver.

Contango ORE, a gold exploration and development company, completed the merger with Dolly Varden Silver, a silver exploration and development company, according to press releases. Financial terms were not disclosed.

Contango ORE was advised by Canaccord Genuity, Blake Cassels & Graydon and Holland & Knight. Dolly Varden Silver was advised by Haywood Securities, Raymond James, Dorsey & Whitney and Stikeman Elliott (led by Victor Gerchikov), according to press releases and MergerLinks data.

Shield AI to acquire Aechelon Technology from Sagewind Capital.

Shield AI, an American aerospace and defense technology company, agreed to acquire Aechelon Technology, a Silicon Valley-based tactical simulation provider, from Sagewind Capital, a private equity firm, according to press releases. Financial terms were not disclosed.

Sagewind Capital and Shield AI are advised by Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman and Robert Balis). Aechelon Technology is also advised by JP Morgan and Morrison Foerster. Shield AI is advised by Covington & Burling and Sidley Austin, according to press releases and MergerLinks data.

Greenland Exploration and March GL went public via SPAC merger with Pelican Acquisition in a $215m deal.

Greenland Exploration, a Texas-based entity focused on developing strategic positions in North American energy assets, and March GL, a privately-owned Texas Corporation, went public via SPAC merger with Pelican Acquisition, a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, in a $215m deal, according to press releases.

Greenland Exploration was advised by ThinkEquity and Winston & Strawn (led by Michael Blankenship). March GL was advised by Haynes and Boone. Pelican Acquisition was advised by EarlyBirdCapital and Celine & Partners, according to press releases and MergerLinks.

Pulmatrix to merge with Eos SENOLYTIX.

Pulmatrix, a clinical-stage biopharmaceutical company, agreed to merge with Eos SENOLYTIX, a biotechnology company, according to press releases. Financial terms were not disclosed.

Pulmatrix is advised by Palladium Capital Advisors, Haynes and Boone and LifeSci Partners (led by Chuck Padala). Eos SENOLYTIX is advised by Evolution Venture Partners and Wilk Auslander, according to press releases.

Orezone Gold completes the acquisition of Casa Berardi gold mine of Hecla Mining for $593m.

Orezone Gold, a Canadian-based gold exploration and development company, completed the acquisition of Casa Berardi gold mine of Hecla Mining, a low-cost silver producer with operating mines in Alaska, Idaho, and Mexico, for $593m, according to press releases.

Orezone Gold was advised by BMO Capital Markets and Stikeman Elliott (led by Victor Gerchikov). Hecla Mining was advised by GenCap Mining Advisory and Cassels Brock & Blackwell (led by Carla Potter, David Redford and Jennifer Poirier), according to press releases and MergerLinks data.

Bonaccord Capital Partners completes the acquisition of a minority stake in Prime Finance.

Bonaccord Capital Partners, a private equity firm, completed the acquisition of a minority stake in Prime Finance, a commercial real estate lender and investor specializing in tailored financing solutions, according to press releases. Financial terms were not disclosed.

Bonaccord Capital Partners was advised by Sidley Austin and Prosek Partners. Prime Finance was advised by Goldman Sachs, Simpson Thacher & Bartlett and Prosek Partners, according to press releases.

Henkel to acquire OLAPLEX for $1.4bn.

Henkel, a German multinational chemical and consumer goods company, agreed to acquire OLAPLEX, a foundational health and beauty company, for $1.4bn, according to press releases.

OLAPLEX is advised by JP Morgan, Derris (led by Lena Griffin) and Ropes & Gray (led by Craig Marcus, Sarah Young and Nicholas C.H. Roper), according to press releases and MergerLinks data.

Advent International and JP Morgan Chase led a $1.5bn Series G funding round in Shield AI.

Advent International, a global private equity investor, and JP Morgan Chase, an American multinational financial services holding company, led a $1.5bn Series G funding round in Shield AI, an American aerospace and defense technology company, with participation from Snowpoint Ventures, Riot Ventures, InnovationX, Disruptive, and Apandion, according to press releases.

Shield AI is advised by Morgan Stanley and Sullivan & Cromwell, according to press releases.

Trinity Hunt Partners-backed Allvia completes the acquisition of HR Pals.

Trinity Hunt Partners-backed Allvia, a company specializing in HR and benefits administration, completed the acquisition of HR Pals, a comprehensive human resources consultancy specializing in HR, recruitment, and payroll services, according to press releases. Financial terms were not disclosed.

Allvia was advised by MiddleM Creative (led by Jan Morris), according to press releases.

Infosys to acquire Optimum Healthcare IT for $465m.

Infosys, a global IT consulting and software services provider, agreed to acquire Optimum Healthcare IT, a digital transformation and consulting services firm specializing in healthcare IT solutions, for $465m, according to press releases.

Optimum Healthcare IT is advised by Harris Williams & Co, according to press releases.

Infosys to acquire Stratus for $95m.

Infosys, a global IT consulting and software services provider, agreed to acquire Stratus, a technology solutions provider for the property & casualty insurance industry, for $95m, according to press releases.

KKR to acquire Nothing Bundt Cakes for over $2bn. (Reuters)

KKR, an investment firm, agreed to acquire Nothing Bundt Cakes, a specialty cake company specializing in high-quality, gluten-free, and personal bakery offerings, from Roark Capital, a private equity firm, in a deal valued at over $2bn, including debt. Roark bought the bakery chain in 2021 and hired North Point and Bank of America to run the sale process.

Nothing Bundt Cakes operates 500+ stores across the US and Canada and is expected to generate about $120m in EBITDA in 2026. The transaction follows Roark’s recent deals, including Dave’s Hot Chicken and Subway.

Canadian oil firm New West weighs US IPO to fund advanced computing pivot. (Bloomberg)

New West Data, a Calgary‑based oil producer and Bitcoin miner, is exploring a US IPO to fund its pivot into high‑performance computing. The company uses natural gas from its oil wells to generate electricity for Bitcoin mining and plans to expand this model to support more compute‑intensive workloads.

Proceeds from a potential listing would help New West acquire additional wells and power capacity to scale infrastructure for advanced computing, which requires significantly more energy than traditional crypto‑mining operations. The IPO plans remain exploratory.

Babylist approaches $1bn in sales as it eyes IPO in 2027. (Bloomberg)

Babylist stated revenue grew 45% in 2025 to exceed $750m, marking its eighth straight year of profitability. The gift‑registry platform for expectant parents expects sales to approach $1bn in 2026.

Babylist’s continued growth and profitability have led the company to evaluate a potential IPO as early as 2027.

Bank of America stats private capital M&A team to focus on PE exits. (Bloomberg)

Bank of America has launched a new private‑capital M&A team to help private equity firms exit long‑held portfolio companies, responding to a market where buyout groups are taking longer to sell assets and seeking more flexible exit structures.

The team will focus on GP‑led deals, minority stake sales, and other bespoke liquidity solutions as Bank of America aims to expand its share of the increasingly competitive sponsor‑advisory market.

EMEA

Abertis to acquire the remaining 48.8% stake in the A63 Road in France from HICL Infrastructure, CVC DIF and NGE Autoroutes for c. £633m.

Abertis, a company specialized in the infrastructure industry in France, agreed to acquire the remaining 48.8% stake in the A63 Road in France, from HICL Infrastructure, a British investment company dedicated to infrastructure investments, CVC DIF, an infrastructure strategy of CVC, and NGE Autoroutes, a dedicated subsidiary of the French construction and civil engineering group NGE, for c. £633m ($847m), according to press releases.

Abertis is advised by Societe Generale. HICL Infrastructure is advised by InfraRed Capital Partners (led by Edward Hunt, Mark Tiner and Mohammed Zaheer), RBC Capital Markets (led by Matthew Coakes and Elizabeth Evans), Investec (led by David Yovichic and Denis Flanagan), Aztec Financial Services (led by Chris Copperwaite) and Brunswick Group (led by David Litterick), according to press releases and MergerLinks data.

SPIE to acquire SGS Industrial Services.

SPIE, a provider of multi-technical services, agreed to acquire SGS Industrial Services, a provider of industrial assembly, electrical installation, and EPC project management services, according to press releases. Financial terms were not disclosed.

SPIE is advised by Image 7 (led by Laurent Poinsot), according to press releases.

Accel-KKR completes the acquisition of a majority stake in Tamigo.

Accel-KKR, a global investment firm, completed the acquisition of a majority stake in Tamigo, a European workforce management software provider, according to press releases. Financial terms were not disclosed.

Tamigo was advised by ABG Sundal Collier, according to MergerLinks data.

Limerston Capital-backed Empowering People Group to acquire Mentor from NatWest Group.

Limerston Capital-backed Empowering People Group, a provider of employee relations, employment law, and career transition services, agreed to acquire Mentor, a provider of outsourced employment law, HR, and health & safety advisory services, from NatWest Group, a banking and financial services provider, according to press releases. Financial terms were not disclosed.

KKR and GIP among bidders for Patrick Drahi’s multibillion French fibre network. (FT)

KKR, GIP, Ardian, and Vauban Infra Fibre backed by GIC have submitted bids of €6bn–€8bn ($6.9bn-$9.3bn) for XpFibre, as owner Patrick Drahiseeks plans to sell his 50.01% stake. Drahi values the French fibre‑network operator at €9bn ($10.4bn). The remaining shares are held by Omers Infrastructure, Allianz and AXA Investment Managers.

The sale is part of efforts to reduce more than €50bn ($58bn) of debt across the Altice group. Altice France, which also owns SFR, faces pressure to sell assets as its €16bn ($18.5bn) debt load rises, and previous offers stalled over valuation gaps.

ABF's Hovis takeover clears Britain review, flagged in Northern Ireland. (Reuters)

ABF’s proposed acquisition of Hovis has been provisionally cleared in Great Britain by the CMA, which found that Allied Bakeries would close without the deal. However, the regulator flagged competition concerns in Northern Ireland, where an alternative buyer could have preserved rivalry with Hovis.

ABF, owner of Kingsmill, Allinson’s, and Sunblest, must submit remedies by April 9 2026 to address competition issues in Northern Ireland’s plant‑bread and bakery products market. The takeover was announced in August 2025 for an undisclosed sum.

British neobank Zopa eyes acquisitions for European expansion. (Bloomberg)

Zopa Group is exploring acquisitions to accelerate its European expansion, with CEO Jaidev Janardana stating the bank is assessing targets in Germany and Scandinavia. Backed by SoftBank, Zopa is considering buying a local bank or fintech to gain an initial foothold in Northern Europe.

Jaidev Janardana stated that Zopa is looking opportunistically, depending on the availability of suitable targets, while maintaining its primary focus on growing its UK business. The neobank is the latest UK digital lender to evaluate overseas expansion strategies.

ADNOC and OMV appoint new leadership for Borouge Group International. (Reuters)

ADNOC and OMV have appointed Roger Kearns as CEO and Sultan Al Jaber as chairman of Borouge Group International, the new polyolefins company formed from their stakes in Borouge and Borealis, plus the acquisition of NOVA Chemicals. The merger is expected to close by the end of March 2026.

BGI will be jointly owned 50/50 by OMV and ADNOC’s XRG, holding about 90% of Borouge until a tender offer transitions shareholders into BGI. Leadership roles will include Stefan Doboczky as CCO, Hasan Karam as COO, and Daniel Turnheim as interim CFO.

Car insurer First Central taps banks for London IPO. (Bloomberg)

First Central Group, the UK motor and home insurer, has appointed Deutsche Bank and UBS to lead work on a potential London IPO.

The company has also hired Fenchurch Advisory Partners as financial adviser for the planned offering. The IPO process remains at an early stage, and no final decision has been made.

APAC

China’s CXMT rides AI boom to record revenue ahead of IPO. (Bloomberg)

ChangXin Memory Technologies more than doubled its revenue to CNY55bn ($8bn) in 2025, driven by soaring demand and higher prices for memory used in AI applications and data centers. The strong performance comes ahead of what is expected to be one of China’s largest domestic IPOs in 2026.

CXMT is benefiting from the same AI‑driven tailwinds lifting global peers such as SK Hynix, with a worldwide memory shortage boosting margins and output. The revenue jump positions the strategically important Chinese chipmaker for a high‑profile market debut.

Moonshot to consider Hong Kong IPO as AI stocks flourish. (Bloomberg)

Moonshot AI is exploring a potential Hong Kong IPO, as investor interest in AI‑focused listings continues to rise. The Beijing‑based company is best known for its chatbot Kimi.

Moonshot has held early talks with China International Capital and Goldman Sachs about working on the offering, though the timing remains uncertain, and no final decision has been made.

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