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AMERICAS

Carlyle Group and SK Capital Partners to acquire bluebird bio for $96m.

Private equity firms Carlyle Group and SK Capital Partners, agreed to acquire bluebird bio, a biotechnology company specializing in gene therapies, for $96m, according to press releases.

bluebird bio is advised by Leerink Partners and Latham & Watkins. Carlyle is advised by Bourne Partners, Kirkland & Ellis, Orrick Herrington & Sutcliffe and Wachtell Lipton Rosen & Katz (led by Mark A. Stagliano), according to press releases and MergerLinks data.

Sedgwick to acquire the legal spend management business from Bottomline.

Sedgwick, a provider of claims management, loss adjusting and technology-enabled business solutions, agreed to acquire the legal spend management business from Bottomline, a business payments and cash management company, according to press releases. Financial terms were not disclosed.

Sedgwick is advised by Bank of America, Morgan Stanley and Simpson Thacher & Bartlett. Bottomline is advised by Deutsche Bank and Kirkland & Ellis, according to press releases.

Valvoline to acquire Breeze Autocare from Greenbriar Equity Group for $625m.

Valvoline, an American retail automotive services company, agreed to acquire Breeze Autocare, an American independent provider of automotive quick lube and other preventive maintenance services, from Greenbriar Equity Group, a private equity firm, for $625m, according to press releases.

Breeze Autocare is advised by Jefferies & Company and Kirkland & Ellis (led by Shawn O'Hargan and Philippe Simard). Valvoline is advised by Morgan Stanley and Squire Patton Boggs, according to press releases and MergerLinks data.

Apollo Global-backed RRAM to acquire Irradiant Partners.

Apollo Global-backed Redding Ridge Asset Management, an investment adviser specializing in leveraged loans and global CLO management, agreed to acquire Irradiant Partners, an alternative investment manager specializing in liquid credit, private credit, and renewables. Financial terms were not disclosed, according to press releases.

Irradiant Partners is advised by Piper Sandler and Weil Gotshal and Manges. RRAM is advised by GreensLedge and Sidley Austin, according to press releases.

Primus Capital to invest in Reach.

Primus Capital, a growth-oriented private equity firm, agreed to invest in Reach, a Merchant of Record solution provider. Financial terms were not disclosed, according to press releases.

Reach is advised by RBC Capital Markets and Osler Hoskin & Harcourt. Primus Capital is advised by Goodwin Procter and Taft Law Firm, according to press releases and MergerLinks data.

Gallant Capital completes the acquisition of the government services business from Navient.

Gallant Capital, a private equity firm that invests in technology, business services, and industrial companies, completed the acquisition of the government services business from Navient, a tech-enabled outsourced business processing to US federal, state, and local government clients. Finacial terms were not disclosed, according to press releases.

Navient was advised by Houlihan Lokey and WilmerHale, according to press releases and MergerLinks data.

San Francisco Equity completes the acquisition of a majority stake in Formula.

San Francisco Equity, a private equity firm, completed the acquisition of a majority stake in Formula, a formulator and contract manufacturer of cleaning products, according to press releases. Financial terms were not disclosed.

Formula was advised by Alexander Hutton. San Francisco Equity was advised by Blueshirt Group.

Airspan to acquire the wireless business from Corning.

Airspan, a global provider of wireless network solutions, agreed to acquire the wireless business from Corning, a materials science company, according to press releases. Financial terms were not disclosed.

Bluewave Technology completes the acquisition of the advisory division from AVAIL Technology Solutions.

Bluewave Technology, a technology advisory and sourcing company, completed the acquisition of the advisory division from AVAIL Technology Solutions, a technology procurement and management firm, according to press releases. Financial terms were not disclosed.

AMD in talks to sell data center manufacturing plants for up to $4bn. (Bloomberg)

Advanced Micro Devices is in discussions with several Asia-based companies regarding the sale of data center manufacturing plants it acquired through its $4.9bn acquisition of ZT Systems in 2024. Among the interested buyers are Taiwanese manufacturers Compal Electronics, Inventec, Pegatron, and Wistron. The potential deal could be valued between $3bn and $4bn, including debt, and an official announcement may come as soon as the second quarter of 2025.

AMD's decision to divest these assets aligns with its strategy to avoid competing with key clients like Dell Technologies and Hewlett Packard Enterprise. The acquired ZT Systems facilities, located in New Jersey and Texas, were previously used for assembling AI servers.

KKR prepares to sell BMC Helix for $2bn. (Bloomberg)

Private equity firm KKR is preparing to sell BMC Helix, an IT service management business, in a deal that could value the company at approximately $2bn. BMC Helix, a subsidiary of BMC Software, specializes in providing IT service management solutions to enterprises. KKR acquired BMC Software in 2018, and since then, BMC Helix has operated as a key division within the company.

The decision to sell BMC Helix aligns with KKR's strategy to capitalize on the growing demand for IT service management solutions. The sale process is in its early stages, and KKR has not yet made a final decision regarding the transaction.

Blackstone nears $1.7bn acquisition of VaxCare. (Bloomberg)

Blackstone is in advanced discussions to acquire VaxCare, a vaccine management company backed by Summit Partners, for approximately $1.7bn, including debt. The deal is expected to conclude in the coming weeks, expanding Blackstone's healthcare portfolio and strengthening its position in the growing vaccine and immunization market.

Founded in 2012, VaxCare specializes in vaccine administration and management, serving clients such as schools, businesses, and community events. The company's expertise in vaccine distribution and management complements Blackstone's strategic focus on growth and innovation within the healthcare sector.

Wellington Management raises $194m for inaugural CLO Partners Fund. (Press Release)

Wellington Management has successfully closed its first CLO Partners Fund I, raising $194m in capital commitments, surpassing the initial target of $150m. With $194m of capital commitments, including $27m from affiliates, the Fund exceeded its initial $150m target.

"We believe CLO equity is a compelling asset class, and we anticipate further opportunities to pursue investment excellence on behalf of LPs in the current and future market environments. With this fund, we are well-positioned to expand our platform and demonstrate our commitment to serving our clients as a CLO manager," Alyssa Irving, Wellington Management CLO Portfolio Manager.

EMEA

Tikehau Capital-backed Loar to acquire LMB Fans & Motors in a €365m deal.

Tikehau Capital-backed Loar, a diversified manufacturer of aerospace and defense components, agreed to acquire LMB Fans & Motors, a French company specializing in high-performance fans and motors, in a €365m ($382m) deal, according to press releases.

Loar is advised by Squire Patton Boggs. Tikehau Capital is advised by RBC Capital Markets, according to press releases and MergerLinks data.

Iren completes the acquisition of a 40% stake in Iren Acqua from F2i for $296m.

Iren, a multi-utility company, completed the acquisition of a 40% stake in Iren Acqua, an integrated water service company, from F2i, an infrastructure fund, for $296m, according to press releases.

Iren was advised by Rothschild & Co, according to press releases and MergerLinks data.

SignUp Software to acquire DynamicWeb.

SignUp Software, a global Microsoft Independent Software Vendor, agreed to acquire DynamicWeb, a Danish-based company specializing in eCommerce and Product Information Management solutions. Financial terms were not disclosed, according to press releases.

DynamicWeb is advised by Gorrissen Federspiel (led by Anders Peter Christoffersen), according to press releases and MergerLinks data.

Thames Water receives £7bn bid from Hong Kong's CK Infrastructure. (Reuters)

Thames Water, the UK's largest water supplier, has received a preliminary £7bn ($8.86bn) bid from Hong Kong-based CK Infrastructure Holdings for a majority stake in the company. The proposal, submitted earlier this month, includes a condition that would require significant reductions, or "haircuts," from the company's bondholders. The company has been actively seeking new equity investments to stabilize its finances and has reportedly received multiple bids, though it has not publicly disclosed the identities of the potential investors.

In addition to CK Infrastructure's offer, US private equity firm KKR has made a nearly £4bn ($5bn) bid for a majority stake in Thames Water. The utility is also appealing to the UK's competition regulator to approve a proposed 53% increase in customer bills over the next five years, exceeding the 35% rise permitted by the water regulator, Ofwat.

Historically, Thames Water has worked with Jefferies, Allen & Overy and CMS, according to MergerLinks data.

HBM Healthcare Investments is considering a $1.7bn sale of Swixx Biopharma. (Bloomberg)

HBM Healthcare Investments is exploring strategic options for its portfolio company, Swixx Biopharma, including a potential sale that could value the company at approximately $1.7bn. Discussions are in the early stages, and HBM has not made a final decision regarding the sale.

Swixx Biopharma, headquartered in Switzerland, specializes in the commercialization of prescription medicines, medical devices, and over-the-counter products across Central and Eastern Europe. The company has experienced significant growth, expanding its presence to over 20 countries and establishing a robust portfolio of healthcare products.

This potential sale aligns with HBM Healthcare Investments' strategy to evaluate and optimize its investment portfolio, capitalizing on favorable market conditions to realize returns. The outcome will depend on various factors, including market interest and strategic fit with potential buyers.

Apollo Global Management explores the acquisition of Fotowatio Renewable Ventures. (Bloomberg)

Apollo Global Management is reportedly considering the acquisition of Fotowatio Renewable Ventures, a Spanish renewable energy developer, from its Saudi parent company, Abdul Latif Jameel Energy. Discussions are in preliminary stages, and no final decision has been made regarding the transaction.

This potential acquisition aligns with Apollo's strategic focus on expanding its investments in the renewable energy sector. In a related move, Apollo recently acquired a majority stake in Bold Production Services, a provider of natural gas treatment solutions, indicating the firm's commitment to diversifying its energy portfolio.

Carlyle and Thoma Bravo shortlisted in bidding for smartTrade. (Bloomberg)

Private equity firms Carlyle Group and Thoma Bravo are among the suitors shortlisted in the bidding for French software firm smartTrade Technologies.

TA Associates has also been picked to proceed into the final stage of bidding. The current offers value smartTrade at about €550m ($575m) to €600m ($627m).

Hg, the owner of smartTrade, is looking to pick the buyer by late March. Deliberations are ongoing and the companies could decide against a deal.

Cineworld engages JP Morgan and Barclays for IPO or merger exploration. (Bloomberg)

Cineworld Group is set to appoint investment banks JP Morgan and Barclays to explore strategic options, including a potential initial public offering or a merger. This move comes as the cinema operator seeks to navigate the evolving entertainment landscape and capitalize on market opportunities.

The decision to consider an IPO or merger aligns with Cineworld's efforts to strengthen its financial position and expand its market presence. By engaging JPMorgan and Barclays, the company aims to assess various strategic avenues to enhance shareholder value and ensure long-term growth.

As discussions are in the preliminary stages, no definitive decisions have been made regarding the specific path forward. Cineworld will evaluate all available options in collaboration with its financial advisors to determine the most beneficial course of action for the company's stakeholders.

KNDS considers IPO amid booming defense sector. (Reuters)

Franco-German military defense supplier KNDS is exploring an initial public offering as early as late 2025, potentially listing on the Frankfurt Stock Exchange. The company, formed in 2015 through the merger of Germany's Krauss-Maffei Wegmann and France's Nexter, has initiated preliminary discussions with advisors, though no banks have been appointed yet.

This move comes as the European defense sector experiences significant growth, driven by increased military spending amid geopolitical tensions, including Russia's invasion of Ukraine. KNDS complex shareholder structure, involving the French government and Germany's Wegmann family, may result in only a small portion of shares being offered in the IPO to maintain controlling stakes. A final decision on the listing has not been made, and the company may choose to remain private.

APAC

Japan seeks Tesla investment in Nissan following collapsed Honda merger talks.

(Reuters )

A high-level Japanese group, including former Prime Minister Yoshihide Suga and ex-Tesla board member Hiromichi Mizuno, has proposed that Tesla invest in Nissan Motor. This initiative follows the breakdown of Nissan's merger discussions with Honda Motor, aiming to secure a strategic partnership and prevent potential hostile takeovers, such as those from Foxconn. The proposal suggests Tesla could acquire Nissan's US manufacturing plants, enhancing its domestic production capabilities.

In a related development, Foxconn, the Taiwanese electronics manufacturer, has approached Honda with a partnershipproposal. This initiative aims to establish a collaborative framework potentially involving Nissan and Mitsubishi Motors, focusing on electric vehicle development and production.

These strategic moves come as Nissan faces financial challenges, including a recent downgrade of its credit rating to junk status by Moody's. The Japanese government is particularly concerned about national security implications if entities like Foxconn, perceived as having close ties to China, acquire significant stakes in domestic automakers. The proposed Tesla investment is seen as a measure to bolster Nissan's stability and safeguard its technological assets.

Historically, Nissan has worked with Latham & Watkins, according to MergerLinks data.

KKR's potential sale of Goodpack attracts interest from major investment firms. (Bloomberg )

Private equity firm KKR is considering the sale of Goodpack, a Singapore-based provider of shipping containers and logistics services, in a deal that could value the company at approximately $1.5bn. The potential sale has garnered interest from prominent investment firms, including Apollo Global Management, Brookfield Asset Management, I Squared Capital, and Stonepeak Infrastructure Partners.

KKR acquired Goodpack in 2014 for about S$1.4bn (approximately $985m) and subsequently delisted it from the Singapore Exchange. Goodpack operates a fleet of over four million pallet-sized containers across more than 5k locations worldwide, serving industries such as rubber, chemicals, automotive, and food products.

In October 2024, KKR initiated the sale process for Goodpack, engaging Deutsche Bank and Rippledot Capital as advisors.

Lead Intelligent selects banks for potential $500m Hong Kong IPO. ( Bloomberg)

Lead Intelligent Equipment, a Chinese supplier to battery giant CATL, has engaged banks to arrange a potential Hong Kong initial public offering aiming to raise up to $500m. This move aligns with a trend of China-listed companies seeking additional listings in Hong Kong to attract a broader investor base and enhance liquidity.

This development comes as Hong Kong's IPO market shows signs of revival, with significant listings such as Midea Group, which raised $4bn in September 2024, and Horizon Robotics, which secured $696m in October 2024. Lead Intelligent's potential IPO would further bolster the city's financial market and underscore its appeal to major technology and manufacturing firms.

Mixue Group targets $444m in Hong Kong IPO. (Bloomberg)

Mixue Group, China's largest bubble tea chain operator, is set to raise HK$3.45bn ($444m) through an initial public offering on the Hong Kong Stock Exchange. The company plans to offer 17.1m shares at a fixed price of HK$202.5 ($26) each, with bookbuilding commencing on February 21, 2025, and trading expected to begin on March 3, 2025.

Initially, Mixue aimed to raise up to $1bn but scaled back the offering due to a lack of immediate cash requirements. The proceeds from the IPO are intended to fund the expansion of production facilities and diversify the company's beverage offerings.

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