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Top Highlights
Covetrus, an animal‑health technology and services provider, agreed to merge with MWI Animal Health, an animal health distributor and technology solutions provider, in a $3.5bn deal. Upon completion, Cencora will retain a 34.3% non-controlling stake in the newly combined entity, according to press releases.
Covetrus is advised by Goldman Sachs, Wells Fargo Securities, Deutsche Bank, Rabobank, Mizuho Bank, Natixis Partners, Societe Generale, SMBC Nikko Securities, TD Securities, ING Bank, Standard Chartered Bank, Debevoise & Plimpton and Latham & Watkins. Cencora is advised by Guggenheim Partners, Joele Frank (led by Andrew Brimmer), Morgan Stanley and Freshfields , according to press releases and MergerLinks data.
Organigram, a licensed producer of cannabis, agreed to acquire the remaining shares in Sanity Group, a European cannabis health and life-sciences company, for up to €227.2m ($269m). British American Tobacco, a shareholder in both companies, has chosen to receive its payment in Organigram stock instead of cash, according to press releases.
Organigram is advised by BMO Capital Markets, Ernst & Young, Goodmans, Hogan Lovells and spPR (led by Sonia Prashar). Sanity Group is advised by Rothschild & Co, Biagosch Partner (led by Patrick Biagosch), RSR Rüping Schroeder Rechtsanwälte (led by Katharina Erbe) and McMillan, according to press releases.
Blackstone, an American alternative investment management company, agreed to acquire Champions Group, a premier residential home services platform that specializes in essential repair and replacement services, from Odyssey Investment Partners, a middle-market private equity firm, at a valuation of $2.5bn, according to press releases and MergerLinks data.
AMERICAS
Tiger Global, Adage trim stakes in AI heavyweights. ( Reuters)
Starboard pushes for board overhaul at Tripadvisor. ( WSJ)
Robinhood pitches $1bn pre-IPO stock fund to retail investors. ( Bloomberg)
EMEA
Blackstone, EQT and CVC bid for VW’s Everllence. ( Reuters)
KKR hands Accell to lenders in debt takeover. ( Bloomberg)
Germany weighs minority stake in KNDS ahead of IPO. ( Reuters)
LEO Pharma positions for IPO this year with investor meetings. ( Bloomberg)
Bain appoints Tom De Waele to lead EMEA region. ( Bloomberg)
APAC
SGH and Steel Dynamics submit best and final AUD15bn offer for BlueScope Steel. (Press Release)
CVC taps Sanjay Nayar to expand India operations. ( Bloomberg)
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AMERICAS
Booz Allen Hamilton, an American company specializing in digital transformation and artificial intelligence, agreed to acquire Defy Security, a cybersecurity company, from Sverica Capital Management, a private equity firm, according to press releases. Financial terms were not disclosed.
Booz Allen Hamilton is advised by PricewaterhouseCoopers, Oliver Wyman, AGC Partners and King & Spalding. Defy Security is advised by JP Morgan and Choate Hall & Stewart, according to press releases.
Nicolet Bankshares, a financial holding company, completed the merger with MidWestOne Financial Group, a financial holding company, in $864m deal, according to press releases.
Nicolet Bankshares was advised by Keefe Bruyette & Woods (led by Allen Laufenberg), Stifel and Nelson Mullins Riley & Scarborough (led by Robert Klingler). MidWestOne Financial Group was advised by Piper Sandler (led by Bill Burgess) and Alston & Bird (led by Sandy Brown), according to press releases and MergerLinks data.
Kinderhook-backed Eagle Leasing, a provider of portable storage containers and part of the Rent-A-Container network, completed the acquisition of West Brothers Trailer and Containers4Less, the storage solutions providers. Financial terms were not disclosed.
Kinderhook, Rent-A-Container and Eagle Leasing were advised by Alvarez & Marsal and Bernicker Law, according to press releases.
Andreessen Horowitz, a venture capital firm, led a $300m Series D round in Temporal, a cloud-based platform designed to enhance software engineering, with participation from Lightspeed Venture Partners, Sapphire Ventures, Sequoia Capital, Index, Tiger, GIC, Madrona and Amplify, according to press releases.
Tiger Global, Adage trim stakes in AI heavyweights. ( Reuters)
Tiger Global Management and Adage Capital Partners reduced holdings in Nvidia and Amazon in the fourth quarter of 2025.
The disclosures suggest some large investors are paring back exposure to the “Magnificent 7” tech stocks amid concerns over stretched valuations in leading AI names.
Starboard pushes for board overhaul at Tripadvisor. ( WSJ)
Starboard Value is preparing to nominate a majority slate to Tripadvisor’s eight-member board, as the activist investor increases pressure on the travel platform operator.
The firm, led by Jeff Smith, now holds more than 9% of Tripadvisor, which has a market value of about $1.1bn after shares fell nearly 46% over the past year.
Robinhood pitches $1bn pre-IPO stock fund to retail investors. ( Bloomberg)
Robinhood Markets is seeking to raise $1bn through an IPO of Robinhood Ventures Fund I, a closed-end vehicle aimed at giving US retail investors exposure to private companies.
The Menlo Park-based brokerage plans to offer 5m shares while the fund will sell 35m shares at $25 each, with trading expected to begin on February 26.
EMEA
nexfibre, the network joint venture owned by InfraVia Capital Partners, Liberty Global and Telefónica, agreed to acquire Substantial Group, the parent group of Netomnia, Brsk and YouFibre, from Advencap, a global alternative asset manager, DigitalBridge, a global digital infrastructure investment firm, and Soho Square Capital, an investment firm, for £2bn ($2.7bn), according to press releases.
Telefonica and Liberty Global are advised by Barclays and LionTree Advisors. nexfibre is advised by TD Securities. InfraVia is advised by Morgan Stanley and Taddeo (led by Antoine Denry), according to press releases.
ECI Partners, a UK-based private equity firm, completed the acquisition of a majority stake in Paragin Group, a provider of exam and assessment software solutions, from Main Capital Partners, a European private equity firm specializing exclusively in the enterprise software sector, according to press releases. Financial terms were not disclosed.
Main Capital Partners was advised by EY Parthenon. ECI Partners was advised by Arma Partners and De Brauw Blackstone Westbroek. Debt financing was provided by Crescent Capital Group (led by Christine Vanden Beukel), according to press releases and MergerLinks data.
Liberty Global, a converged broadband, video and mobile communications company, agreed to acquire the remaining 50% stake in VodafoneZiggo, a Dutch telecommunications company that operates as a 50:50 joint venture, from Vodafone, a British multinational telecommunications company, for €1bn ($1.2bn). Vodafone will also receive a 10% minority stake in a soon-to-be-formed Benelux entity, Ziggo Group, as part of the deal, according to press releases.
Liberty Global is advised by Goldman Sachs and LionTree Advisors, according to press releases.
Hammond Power Solutions, a North American manufacturer of dry-type transformers and electrical engineered magnetics, agreed to acquire AEG Power Solutions, a global manufacturer of industrial power electronics, at an enterprise value of CAD365m ($267m), according to press releases.
AEG Power Solutions is advised by Jefferies & Company. Hammond Power Solutions is advised by JP Morgan, according to press releases.
Renaissance Capital, an emerging and frontier markets focused investment bank, completed the acquisition of the Russian subsidiary from Citigroup, an American multinational investment bank and financial services company, according to press releases. Financial terms were not disclosed.
Citigroup was advised by Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill), according to MergerLinks data.
Pictet Alternative Advisors, a Switzerland-based asset management firm, completed the investment in Tretor, a Swiss fiduciary and accounting services firm, according to press releases. Financial terms were not disclosed.
Pictet Alternative Advisors was advised by Bar & Karrer (led by Raphael Annasohn), according to press releases.
SEGG Media, a sports, entertainment, and gaming company, completed the acquisition of majority stake in Veloce, a gaming and motorsport media company, according to press releases. Financial terms were not disclosed.
Blackstone, EQT and CVC bid for VW’s Everllence. ( Reuters)
Volkswagen has received offers from Blackstone, EQT and CVC for its diesel engine division Everllence, as private equity firms circle the carveout.
Prospective buyers are valuing Everllence, which produces shipping engines and heat pumps, at between €5bn ($5.9bn) and €6bn ($7.1bn).
KKR hands Accell to lenders in debt takeover. ( Bloomberg)
KKR is set to transfer ownership of Dutch bicycle maker Accell Group to its lenders, marking a setback a year after a debt restructuring aimed to stabilize the business.
Under the deal, Accell will receive new funding and significantly cut its debt, with lenders expected to take control in the coming weeks. The group owns brands including Raleigh, Lapierre and Ghost.
Germany weighs minority stake in KNDS ahead of IPO. ( Reuters)
Berlin is preparing to acquire at least a 25.1% stake in KNDS, the Franco-German maker of Leopard tanks, as it seeks to retain influence ahead of a planned €20bn ($23.7bn) listing later in 2026.
Discussions over the potential minority purchase are ongoing, and it remains unclear whether the transaction would take place before or as part of the anticipated IPO targeted for mid-year.
LEO Pharma positions for IPO this year with investor meetings. ( Bloomberg)
LEO Pharma has been meeting prospective investors as it prepares for a potential IPO in 2026, with CEO Christophe Bourdon saying the company is ready if shareholders move ahead.
Investor feedback at recent JP Morgan and Jefferies health-care conferences has been positive, reflecting interest in the Danish dermatology specialist’s market position.
Bain appoints Tom De Waele to lead EMEA region. ( Bloomberg)
Bain has named Tom De Waele as head of its Europe, Middle East and Africa business, succeeding in the role after serving as managing partner for the Middle East.
De Waele, who has been with Bain for more than 20 years and was previously based in Dubai, will relocate to London to assume his new position.
APAC
Caterpillar, a manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives, completed the acquisition of RPMGlobal, an Australian technology company engaged in developing enterprise software, advisory, and data solutions for the mining industry to improve productivity, planning, and asset management, for AUD1.1bn ($678m), according to press releases.
Caterpillar was advised by JP Morgan (led by Ked Fisseha). RPMGlobal was advised by Moelis & Co and Baker McKenzie, according to press releases and MergerLinks data.
SGH and Steel Dynamics submit best and final AUD15bn offer for BlueScope Steel. ( Press Release)
SGH and Steel Dynamics have submitted a revised non-binding indicative offer to acquire 100% of BlueScope Steel at AUD32.35 ($22.9) per share, describing it as their best and final proposal absent a superior bid.
The all-cash offer values BlueScope at about AUD15bn ($11bn) in total equity value, representing a significant premium for shareholders.
CVC taps Sanjay Nayar to expand India operations. ( Bloomberg)
CVC Capital Partners has appointed former KKR India chief Sanjay Nayar as chairman of its advisory board in India, as the firm looks to deepen its presence in one of Asia’s fastest-growing private equity markets.
Nayar will focus on strengthening relationships and refining strategy, with CVC aiming to deploy more capital from its $6.8bn Asia Fund VI and expand its local team.
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