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AMERICAS

Nippon Express to acquire Metro Supply Chain for CAD2.2bn.

Nippon Express, a global logistics group, agreed to acquire Metro Supply Chain, a supply chain partner, from LDC, a diversified holding company, and La Caisse, an institutional investor, for CAD2.2bn ($1.6bn), according to press releases.

Metro Supply Chain is advised by JP Morgan and Osler Hoskin & Harcourt. LDC is advised by Stikeman Elliott. La Caisse is advised by Borden Ladner Gervais (BLG), according to MergerLinks data and press releases.

UCB to acquire Neurona.

UCB, a global biopharmaceutical company, agreed to acquire Neurona, a clinical-stage biotherapeutics company, according to press releases. Financial terms are not disclosed.

UCB is advised by Bank of America, and Covington & Burling. Neurona is advised by Centerview Partners, and Wilson Sonsini Goodrich & Rosati, according to press releases.

Uber completes the acquisition of SpotHero.

Uber, a global technology platform connecting people and things through a variety of on-demand services, completed the acquisition of SpotHero, a digital parking marketplace in North America, according to press releases. Financial terms were not disclosed.

SpotHero was advised by JP Morgan and Sullivan & Cromwell (led by Marc R. Trevino and Matthew Goodman), according to MergerLinks data and press releases.

Mineros completes the acquisition of AngloGold Ashanti Colombia from AngloGold Ashanti for $70m.

Mineros, a Latin American gold mining company dedicated to production and exploration of gold, completed the acquisition of AngloGold Ashanti Colombia, a company focused on the development and exploration of gold projects in Colombia, from AngloGold Ashanti, a global gold mining company, for $70m, according to press releases.

AngloGold Ashanti was advised by Freshfields, according to press releases.

Esco-backed Doble to merge with Megger.

Esco-backed Doble, a company specializing in in electrical diagnostics, agreed to merge with Megger, a global provider of testing, monitoring, and data-driven solutions, according to press releases. Financial terms were not disclosed.

International Paper to acquire NORPAC from One Rock Capital Partners.

International Paper, a company specializing in sustainable packaging solutions, agreed to acquire NORPAC, a producer of environmentally sustainable lightweight recycled packaging papers, from One Rock Capital Partners, a private equity firm, for $360m, according to press releases.

Signant Health to acquire Ametris.

Signant Health, an evidence generation company, agreed to acquire Ametris, a global digital health solutions provider, according to press releases. Financial terms are not disclosed.

Brunswick-backed Freedom Boat Club completes the acquisition of the Greater Boston & Cape Cod franchise operations.

Brunswick-backed Freedom Boat Club, the world’s largest boat club, completed the acquisition of the Greater Boston & Cape Cod franchise operations, according to press releases. Financial terms were not disclosed.

Valor Equity Partners led a $95m Series C round in Loop.

Valor Equity Partners, an investment firm, led a $95m Series C round in Loop, a full-stack, verticalized AI platform for logistics and supply chains, with participation from 8VC, Founders Fund, Index Ventures, JP Morgan Growth Equity Partners, and Tao Capital Partners, according to press releases.

American Airlines has declined United’s proposal to discuss a potential merger. (Reuters)

American Airlines said it has no interest in merging with United Airlines and has held no discussions about such a deal, effectively shutting down the possibility of a tie‑up that would face intense regulatory pushback.

A merger between two of the biggest US network carriers would be the largest industry consolidation in over a decade, further tightening a market already dominated by four major players. Based on OAG data, United and American are already the world’s two largest airlines by available capacity for 2025.

Patrick Industries is in talks to merge with its rival LCI. (Bloomberg)

Patrick Industries and LCI Industries said they’re in discussions about a possible merger.

Both companies described the potential transaction as a merger of equals in separate statements.

San Diego Padres poised for $3.9bn sale to José E. Feliciano. (Bloomberg)

The Seidler family is preparing to sell the San Diego Padres to Clearlake co‑founder José E. Feliciano and his wife, Kwanza Jones, in a deal valued at $3.9bn — the highest price ever for an MLB team.

Their bid topped a competitive field that included businessman Dan Friedkin and Golden State Warriors owner Joe Lacob, with several offers surpassing $3.5bn. The agreement is expected to be submitted to MLB and formally announced next week.

Alcoa nears an agreement to sell its smelter site to a bitcoin‑mining company. (Bloomberg)

Alcoa is in advanced discussions to sell a former smelter site in upstate New York to Bitcoin‑mining firm NYDIG as part of its effort to offload inactive assets.

Chief Executive Bill Oplinger said in an interview that the company is “close to a deal” for the Massena East property on the St. Lawrence River and expects the transaction to be completed by the middle of the year.

OnlyFans valued at over $3bn in a stake sale after the owner’s death. (FT)

OnlyFans, a UK-based subscription platform, is close to finalizing a deal to sell a minority stake that would value the company at more than $3bn following the recent death of its owner.

The company is in advanced discussions to sell under 20% of the business to Architect Capital, a fund based in San Francisco.

Roark said to choose banks for the Dunkin’ owner’s $2bn US IPO. (Bloomberg)

Roark Capital has tapped banks to prepare a US initial public offering for Inspire Brands, the parent company of Dunkin’, Arby’s, and Jimmy John’s.

The Atlanta-based group has chosen JP Morgan and Bank of America to lead the deal, which could bring in around $2bn.

Permian landowner EagleRock files for an initial public offering. (Bloomberg)

EagleRock Land has filed for an initial public offering as the Permian Basin landowner and management firm looks to grow its portfolio and attract power producers, data centers and other industrial projects that benefit from proximity to energy resources.

Formed last year, the company reported that its predecessor posted a net loss of $73m on $72m in revenue for 2025, compared with a $1m loss on $18m in revenue the prior year. EagleRock plans to use part of the IPO proceeds to pay down debt, support operations and acquire additional land.

Cerebras has filed for a US IPO as the AI boom fuels more market listings. (Reuters)

Cerebras Systems, an AI chipmaker competing with Nvidia, has revealed its US IPO filing, moving a step closer to going public amid renewed optimism in the listings market.

This marks its second attempt after pulling an earlier filing last October, shortly after raising over $1bn at an $8bn valuation.

Kailera boosts its IPO, raising $625m for its obesity‑treatment work. (Bloomberg)

Kailera Therapeutics, a clinical‑stage biotech developing obesity treatments, raised $625m in an expanded IPO — the largest US biotech listing since 2021.

The Waltham‑based company priced its shares at $16, the top of the marketed range, selling about 39m shares after boosting the deal size. It had initially planned to offer 33.3m shares at $14 to $16. The offering was heavily oversubscribed.

Blackstone‑backed ad tech company Liftoff Mobile files again for a US IPO. (Bloomberg)

Liftoff Mobile has refiled for an initial public offering just two months after pulling its earlier application.

The Blackstone‑backed firm reported a net loss of $23m on $686m in revenue for 2025, compared with a $48m loss on $519 million in revenue the year before.

Sideline Group raises $155m to back offline‑economy investments. (Press Release)

Sideline Group said it has closed its first fund, Sideline Group Fund I, securing $155m in commitments across the fund and related vehicles. The firm invests in influential consumer, sports, and media‑and‑entertainment brands.

The fund drew support from a wide mix of backers — including a major US university endowment, funds of funds, family offices, sports team owners, and industry operators — and ultimately raised well above its original target.

Banks and private credit vie to fund CVC’s Recordati buyout. (Bloomberg)

Banks and private credit firms are lining up to assemble a major financing package to support CVC Capital Partners’ bid for Italian pharmaceutical company Recordati.

The potential debt package could reach €8bn ($9.4bn), which is about eight times Recordati’s EBITDA. Lenders are proposing senior debt made up of both fixed‑ and floating‑rate euro bonds, with the possibility of adding some US dollar bonds as well.

EMEA

Teradyne completes the acquisition of TestInsight.

Teradyne, a provider of automated test equipment and advanced robotics, completed the acquisition of TestInsight, a provider of semiconductor test development, validation, and conversion software, according to press releases. Financial terms were not disclosed.

Teradyne was advised by A&O Shearman (led by Alain Dermarkar), according to MergerLinks data.

CMA CGM Group to acquire Fattal Group.

CMA CGM Group, a shipping and logistics company, agreed to acquire Fattal Group, a regional distributor of national and international premium brands, according to press releases. Financial terms were not disclosed.

CMA CGM is advised by PJT Partners, according to MergerLinks data.

APi Group to acquire Wtech Fire Group.

APi Group, a business services provider of safety and specialty services, agreed to acquire Wtech Fire Group, a provider of fire protection, suppression, and detection solutions across Europe, according to press releases. Financial terms are not disclosed.

APi Group is advised by Paul Weiss Rifkind Wharton & Garrison, according to press releases and MergerLinks data.

Premier Energy Group to acquire Evryo Group from Macquarie Asset Management.

Premier Energy Group, an energy and power infrastructure company, agreed to acquire Evryo Group, an energy infrastructure company, from Macquarie Asset Management, an Australian financial services group, according to press releases. Financial terms are not disclosed.

Startek completed the merger with CCI Global.

Startek, a global customer experience solutions provider, completed the merger with CCI Global, am outsourcing company, according to press releases. Financial terms were not disclosed.

Badger Meter to acquire UDlive for $100m.

Badger Meter, a provider of comprehensive water management solutions, agreed to acquire UDlive, a UK-based provider of hardware‑enabled software solutions for sewer line monitoring, for $100m, according to press releases.

Arvos completes the acquisition of Père Olive from Labeyrie Fine Foods.

Arvos, a company specializing in table olives, completed the acquisition of Père Olive, a company specializing in chilled Mediterranean products, from Labeyrie Fine Foods, a company specializing in gourmet food products, according to press releases. Financial terms were not disclosed.

Bouygues Telecom, Free–iliad and Orange enter exclusive talks to buy SFR. (Press Release)

After completing due diligence begun in 2026, Bouygues Telecom, the Free–iliad group and Orange say they have submitted a revised offer and entered exclusive talks with Altice France to acquire SFR.

UK urges Shutterstock to sell its editorial division to clear Getty deal. (Bloomberg)

The UK is reviewing Getty Images’ planned acquisition of Shutterstock, a deal that would create a $3.7bn company, and has suggested that Shutterstock divest its entire editorial division to secure approval.

The Competition and Markets Authority said the merger could reduce competition and limit options for UK media outlets. Getty disagreed with the findings and plans to meet with regulators.

Prosus has agreed to sell a 4.5% stake in Delivery Hero to Uber. (Press Release)

Prosus reminded investors that the European Commission’s 2025 approval of its Just Eat Takeaway.com deal required it to substantially cut its stake in Delivery Hero.

In line with those commitments, the company said it has agreed to sell 13,582,342 Delivery Hero shares to Uber — a stake equal to roughly 4.5% of the firm’s outstanding share capital.

Kone is in advanced talks to buy TK Elevator. (Bloomberg)

Kone Oyj is in advanced negotiations to buy TK Elevator, in what could become one of Europe’s largest deals this year.

The Finnish firm is moving forward in discussions with private‑equity owners Advent and Cinven and is aiming to finalize an agreement by month‑end. TK Elevator’s backers have been seeking a valuation of up to €25bn ($29.5bn), including debt, in any sale.

Intertek has rejected EQT’s $11bn bid. (Reuters)

Intertek has turned down a takeover approach from Sweden’s EQT, which valued the company at about £7.93bn ($10.74bn). The board said the offer undervalued the UK-based product testing firm.

EQT had proposed £51.50 ($69.6) per share — a 36.6% premium to Intertek’s April 9 closing price, the day before the bid was submitted.

German pharma company ITM is exploring a sale of its manufacturing unit. (Bloomberg)

ITM Isotope Technologies Munich is in talks to sell its medical‑isotope production unit.

The company has hired advisers to explore a potential deal and is speaking with several private equity firms. They added that the manufacturing arm generates roughly €60m ($71m) in EBITDA.

Abu Dhabi’s Joe & the Juice investment adds to the region’s recent deal‑making streak. (Blommberg)

Abu Dhabi–based Emirates International Investment is acquiring a minority stake in Joe & the Juice at a valuation of about $1.8bn, adding to a wave of recent regional investments despite disruptions from the Gulf conflict.

General Atlantic will keep its majority position in the Danish juice, coffee and sandwich chain. EIIC is purchasing part of General Atlantic’s existing stake and will also receive newly issued shares, they added.

Bridgepoint brings in €6bn at the first close of its new fund. (Bloomberg)

Bridgepoint Group has gathered more than €6bn ($7.1bn) in commitments at the first close of its newest flagship fund, putting it roughly 80% of the way toward its €7.5bn ($8.8bn) target.

The firm began fundraising for Bridgepoint Europe VIII less than six months ago and has seen strong interest from both existing and new investors, driven by growing appetite for European mid‑market private equity.

APAC

Kering to acquire a minority stake in ICICLE.

Kering, a global, family-led luxury group, agreed to acquire a minority stake in ICICLE, a fashion brand known for a design aesthetic rooted in Eastern philosophy, according to press releases. Financial terms were not disclosed.

ICICLE is advised by Credit Agricole, Gide Loyrette Nouel (led by Antoine De La Gatinais) and Brunswick Group (led by Hugues Boeton). Kering is advised by Sullivan & Cromwell, according to MergerLinks data and press releases.

Axight to acquire a minority stake in La Trobe Financial from Brookfield.

Axight, an Abu Dhabi-based private equity-focused investment manager, agreed to acquire a minority stake in La Trobe Financial, an Australian alternative asset management firm, from Brookfield, an alternative asset management company, according to press releases. Financial terms are not disclosed.

OCBC is seen as the frontrunner to buy HSBC’s Indonesia assets. (Bloomberg)

OCBC has become the leading contender to acquire HSBC’s Indonesian retail operations, as the Singaporean bank looks to strengthen its foothold in Southeast Asia’s biggest market.

The lender is aiming to strike a deal that would value HSBC’s local consumer unit at more than IDR6tn ($350m)

Jardines and CK Hutchison explore major Hong Kong supermarket deal. (FT)

Two of Hong Kong’s most prominent business groups are in discussions over a supermarket transaction that could create a dominant force in the city’s grocery sector.

Jardines is negotiating with Li Ka‑shing’s CK Hutchison to buy its ParknShop supermarket arm and combine it with Wellcome.

Malaysia’s IAQ Group is weighing an IPO of about MYR1bn. (Bloomberg)

IAQ Group is weighing a Kuala Lumpur IPO that could raise around MYR1bn ($253m).

The Malaysian firm — which provides design and maintenance services for facilities including power plants and data centers — has begun working with financial advisers on the potential listing.

Envision AESC is weighing a Hong Kong IPO that could raise as much as $2bn. (Bloomberg)

Envision AESC, a major global producer of lithium‑ion batteries for electric vehicles and energy storage, is weighing a Hong Kong IPO as early as this year.

Backed by investors including Singapore’s GIC and private equity firm HSG, the company is working with China Merchants Securities, Deutsche Bank, and Huatai Securities on the potential listing. The offering could raise between $1bn and $2bn.

Ambani’s Jio Platforms said to plan IPO filing next month. (Bloomberg)

Reliance Industries is expected to submit draft documents for the IPO of Jio Platforms in May, incorporating full‑year financial results.

The conglomerate led by Mukesh Ambani had initially aimed to file by late March using December‑quarter numbers, but the schedule was delayed due to a market slump linked to the conflict in Iran.

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