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Top Highlights
Danaher, a global life sciences and diagnostics innovator, agreed to acquire Masimo, a global medical innovator, for $9.9bn, according to press releases.
Masimo is advised by Centerview Partners, Morgan Stanley, Sullivan & Cromwell (led by Melissa Sawyer), White & Case and Longacre Square Partners. Danaher is advised by Citigroup and Kirkland & Ellis, according to press releases and MergerLinks data.
Reale Group, a provider of insurance, banking and real estate services, agreed to acquire an 80% stake in Lifenet Healthcare, a healthcare group comprising accredited private hospitals, surgical centers, diagnostic clinics, and ophthalmology and dental clinics, from Exor, a diversified holding company, according to press releases. Financial terms were not disclosed.
Reale Group is advised by CBRE Group, Deloitte, BonelliErede and Pavesio e Associati. Lifenet Healthcare and Exor are advised by Boston Consulting Group, Ernst & Young, JLL Corporate Finance, JP Morgan, Outis, Gatti Pavesi Bianchi Ludovici, PedersoliGattai and beLab, according to press releases.
MidEuropa, a private equity investor with deep roots in Central Europe, agreed to acquire a minority stake in OSHEE from Innova Capital, a private equity fund, according to press releases. Financial terms were not disclosed.
OSHEE is advised by Deloitte, Fidea Corporate Finance, A&O Shearman and Rymarz Zdort Maruta. MidEuropa is advised by Bain & Co, Ernst & Young, Howden and Baker McKenzie, according to press releases.
AMERICAS
Activist Jana builds stake in payments business Fiserv. ( WSJ)
Josh Kushner’s Thrive Capital raises $10bn in new funding. ( Bloomberg)
AMC kicks off loan sale as part of $2.5bn refinancing push. ( Bloomberg)
EMEA
Activist Elliott builds big stake in Norwegian Cruise Line. ( WSJ)
Arcelor’s South Africa assets get approach from Steel Processors. ( Bloomberg)
Owners of Polish fintech Blik discuss potential Warsaw IPO. ( Bloomberg)
APAC
Activist Palliser takes stake in toilet firm Toto in AI play. ( Bloomberg)
Toshiba said to mull cutting elevator unit stake as Kone circles. ( Bloomberg)
Kusuri no Aoki poison pill plan narrowly passes; shares drop. ( Bloomberg)
Indian salon chain Naturals eyeing 2028 IPO if Reliance stake talks fail. ( Reuters)
China AI startup Moonshot targets $10bn valuation. ( Bloomberg)
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AMERICAS
Kennedy Wilson management and Fairfax Financial, a Canadian holding company specializing in insurance and re-insurance, agreed to acquire Kennedy Wilson, a real estate investment firm, for $1.65bn, according to press releases.
Kennedy Wilson is advised by Moelis & Co, Cravath Swaine & Moore and Ropes & Gray. Fairfax Financial is advised by A&O Shearman. Kennedy Wilson management is advised by Bank of America, JP Morgan and Debevoise & Plimpton, according to press releases.
Portland General Electric, a fully integrated electric utility company, and Manulife Investment Management, a wealth and asset management company, agreed to acquire the Washington state utility operations of PacifiCorp, an electric power company, for $1.9bn, according to press releases.
Portland General Electric is advised by Barclays, Citigroup, JP Morgan and Latham & Watkins. Manulife Investment Management is advised by Goldman Sachs and Simpson Thacher & Bartlett, according to press releases.
Genuine Parts Company, global service provider of automotive and industrial replacement parts and value-added solutions, is set to demerge into two separate public companies, one comprising its automotive parts business and the other comprising its industrial parts business, according to press releases.
Genuine Parts Company is advised by Guggenheim Partners, JP Morgan, King & Spalding and Collected Strategies, according to press releases.
Bluestone-backed Valiant Solutions, a provider of cybersecurity technologies and services to US Federal agencies, completed the acquisition of Abile Group, a provider of secure network and cyber engineering services, according to press releases. Financial terms were not disclosed.
Valiant Solutions was advised by Holland & Knight. Abile was advised by Piper Sandler and Miles & Stockbridge, according to press releases.
Blue Bird, a manufacturer of electric and low-emission school buses, agreed to acquire the remaining 50% stake in its joint venture with Girardin Group, a Canadian short bus manufacturer, for $200m, according to press releases.
Blue Bird is advised by Piper Sandler, according to press releases.
Bessemer-backed Tencarva Machinery Company, a value-added distributor and service provider of flow control and process equipment solutions, completed the acquisition of Hoffman-Kane Distributors, a provider of industrial fluid handling and sealing solutions, according to press releases. Financial terms were not disclosed.
Bessemer was advised by Lambert & Co (led by Joanne Lessner), according to press releases.
Macquarie Asset Management, an Australian financial services group, agreed to acquire South American tower operations of IHS Towers, an independent owner, operator, and developer of shared communications infrastructure, for $685m, according to press releases.
Exa Capital, a strategic long-term operator that buys and holds enterprise software companies, completed the acquisition of StaffReady, an SaaS platform for clinical workforce management in healthcare, according to press releases. Financial terms were not disclosed.
ITC Secure, a UK-based cybersecurity services firm, completed the merger with IronNet, a pioneer in collective defence and network detection technology, according to press releases. Financial terms were not disclosed.
Activist Jana builds stake in payments business Fiserv. ( WSJ)
Activist investor Jana Partners has built a stake in Fiserv and is pushing for changes aimed at improving the payments company’s share performance.
Fiserv, which provides fintech services to banks, credit unions and merchants, had a market value of about $32bn as of February 13th.
Josh Kushner’s Thrive Capital raises $10bn in new funding. ( Bloomberg)
Thrive Capital has raised more than $10bn for its newest fund, marking the firm’s largest vehicle to date and expanding its capacity to invest across areas including AI applications and infrastructure, space, robotics and life sciences.
The fundraising was significantly oversubscribed, with the firm declining additional commitments. The new fund is roughly twice the size of its previous one and reflects strong performance across several of its portfolio companies in recent years, including OpenAI, SpaceX and Stripe, which rank among the world’s most valuable private firms.
AMC kicks off loan sale as part of $2.5bn refinancing push. ( Bloomberg)
AMC Entertainment is seeking nearly $2.5bn from credit investors to refinance its existing debt.
As part of the package, the company is marketing a $750m term loan B. The refinancing plan also includes about $1.73bn of additional secured debt.
EMEA
Hapag-Lloyd, a German international shipping and container transportation company, agreed to acquire ZIM Integrated Shipping Services, a publicly held Israeli international cargo shipping company, for $4.2bn, according to press releases.
ZIM Integrated Shipping Services is advised by Barclays, Evercore, Meitar Law Offices, Skadden Arps Slate Meagher & Flom (led by Howard Ellin) and The IGB Group (led by Leon Berman), according to press releases and MergerLinks data.
Chesnara, a life assurance and pensions business, agreed to acquire Scottish Widows Europe, a Luxembourg based closed life insurance business of Scottish Widows, a life insurance, pensions and investment company, for €110m ($130m), according to press releases.
Intertek, a total quality assurance provider to industries worldwide, completed the acquisition of Aerial PV Inspection, a provider of high-speed TEK-powered inspection and diagnostic solutions for solar PV systems, according to press releases. Financial terms were not disclosed.
Intertek was advised by DGA Group (led by Jonathon Brill), according to press releases.
Polaris, a Nordic private equity company investing in companies in the mid-market, completed the investment in Valtus, a provider of business assistance services, according to press releases. Financial terms were not disclosed.
Scottish Equity Partners, a venture capital firm, completed a $50m investment in mea Platform, an AI-powered, cloud-native SaaS platform designed for the insurance industry to automate manual underwriting, operations, and broker workflows, according to press releases.
Scottish Equity Partners was advised by Hot Tin Roof (led by Sarah Lee), according to press releases.
Patricia Industries, a long-term owner and investor, agreed to acquire the remaining 50% stake in GoCo Health Innovation City, a knowledge-intensive real estate cluster in Mölndal, for SEK1.45bn ($162m), according to press releases.
Activist Elliott builds big stake in Norwegian Cruise Line. ( WSJ)
Activist investor Elliott Investment Management has built a stake of more than 10% in Norwegian Cruise Line and plans to press for changes aimed at improving the company’s performance.
Elliott, now among Norwegian’s largest shareholders, intends to engage with the cruise operator to address areas of underperformance and explore measures to strengthen the business.
Arcelor’s South Africa assets get approach from Steel Processors. ( Bloomberg)
South African steel processors have approached the country’s largest development‑finance institution with a proposal to help take control of ArcelorMittal South Africa’s struggling local operations.
An industry group representing six members, including labor unions and local processor Allied Steelrode, has submitted the proposal to the state‑owned Industrial Development, seeking support for a potential takeover.
Owners of Polish fintech Blik discuss potential Warsaw IPO. ( Bloomberg)
The owners of Polish fintech Blik have held early discussions on the potential merits of pursuing an initial public offering in Warsaw.
The supervisory board of Polski Standard Płatności, the operator of the Blik mobile payments system, reviewed a proposal to begin work on a possible IPO. The board considered the idea but has not made any final decisions.
APAC
Genesis Minerals, a gold exploration and mine development company that conducts gold mining, processing, and drilling operations, agreed to acquire Magnetic Resources, a mid tier gold developer focused in the Laverton area of Western Australia, for AUD639m ($452m), according to press releases.
Magnetic Resources is advised by Jefferies & Company and Hamilton Locke (led by James Nicholls, and Shaun Hardcastle). Genesis Minerals is advised by Canaccord Genuity, Sternship Advisers and Broadstream Advisory, according to press releases.
Activist Palliser takes stake in toilet firm Toto in AI play. ( Bloomberg)
Activist fund Palliser Capital has taken a stake in Japanese washlet maker Toto and is urging the company to step up promotion of its chip‑related components business to capture value from growing demand tied to the AI sector.
Palliser recently sent a letter to Toto’s board calling for greater disclosure around its advanced ceramics segment. The division produces electrostatic chucks used in NAND manufacturing, and the fund views Toto as significantly undervalued given its exposure to memory‑related demand.
Toshiba said to mull cutting elevator unit stake as Kone circles. ( Bloomberg)
Toshiba is considering reducing its stake in its elevator unit after receiving interest in the business from Finland’s Kone.
The company is weighing whether to proceed with a divestment of part or all of its roughly 80% holding in Toshiba Elevator & Building Systems. A staged approach is under consideration, with an initial sale of a smaller stake potentially followed by a larger divestment.
Kusuri no Aoki poison pill plan narrowly passes; shares drop. ( Bloomberg)
Shareholders of Kusuri no Aoki approved the company’s takeover defense measure at an extraordinary shareholders’ meeting on February 17th, strengthening the founding family’s position in its dispute with major outside shareholders Aeon and activist fund Oasis Management.
The proposal received 55.5% support, narrowly above the 50% threshold. The company said it will take criticism into account and continue to review ways to strengthen its corporate governance.
Indian salon chain Naturals eyeing 2028 IPO if Reliance stake talks fail. ( Reuters)
Indian salon chain Naturals remains in discussions with Reliance over a potential stake sale, but progress has slowed as the two sides have yet to reach an agreement on the deal structure, co‑founder C.K. Kumaravel said in an interview.
Kumaravel said Naturals is considering an IPO by 2028 if negotiations with Reliance do not result in a transaction.
China AI startup Moonshot targets $10bn valuation. ( Bloomberg)
Moonshot is targeting a $10bn valuation in an expanded funding round already backed by Alibaba Group and Tencent, aiming to capture rising investor interest in Chinese AI model developers.
The company behind the Kimi chatbot began discussions in late January on additional financing to meet strong demand from investors. The move comes roughly a month after it raised $500m at a $4.3bn valuation. Existing investors, including Alibaba, Tencent and 5Y Capital, have committed more than $700m to the first tranche of the latest round.
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