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Top Highlights
DB Insurance, a South Koreaan non-life insurer company, completed the acquisition of Fortegra, a US-based specialty insurer from Tiptree, a US-based company that provides specialty insurance products, and Warburg Pincus, a private equity firm, for $1.65bn, according to press releases.
Fortegra was advised by Bank of America (led by Jonathan Alpert), Barclays, Keefe Bruyette & Woods (led by Wesley Fox) and Sidley Austin (led by Michael D. Devins). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). DB Insurance was advised by Goldman Sachs and Latham & Watkins (led by Andrew C. Elken). Tiptree was advised by Ropes & Gray (led by Suni Sreepada), according to MergerLinks data and press releases.
Mission Produce, a global supplier of high-quality avocados and mangos, completed the acquisition of Calavo Growers, a farm-fresh produce company, for $430m, according to press releases.
Calavo Growers was advised by Jefferies, PwC, Cozen O'Connor (led by Larry P. Laubach), and Financial Profiles (led by Kelly McAndrew). Mission Produce was advised by Alvarez & Marsal, Evercore, Latham & Watkins (led by Steven Stokdyk), FGS Global, and ICR (led by Jeff Sonnek), according to MergerLinks data and press releases.
Tamboran, a natural gas company, completed the acquisition of Falcon Oil & Gas, an oil and gas company, for $172m, according to press releases.
AMERICAS
Voss Capital pushes Sempra to spin off Oncor. ( Reuters)
Yum is in exclusive talks to sell Pizza Hut to LongRange. ( Bloomberg)
Devon Energy has received an $8bn offer for its Marcellus assets. ( Reuters)
Blackstone‑backed Liftoff is aiming for a valuation of about $3.7bn in its US IPO. ( Reuters)
Meiji Seika Pharma has made an investment in GHIC’s global health security fund. ( Press Release)
Silver Lake‑backed Entrata has submitted paperwork for an IPO. ( WSJ)
OpenAI has discussed adding Citigroup and JPMorgan to the banks working on its IPO. ( Bloomberg)
DalFort raises $166m for its second fund, beating its cap. ( Press Release)
EMEA
JD.com’s $2.6bn Ceconomy bid faces an EU deep‑dive review. ( WSJ)
Germany’s RWE is considering increasing its stake in grid operator Amprion. ( Reuters)
Private credit firm Castlelake has shown takeover interest in EasyJet. ( FT)
Top UK building societies are preparing bids to acquire digital bank Atom. ( FT)
HSG is reportedly leading the talks to buy Leica, the camera maker backed by Blackstone. ( Bloomberg)
The Czech billionaire is reportedly open to increasing his stake in TotalEnergies. ( Bloomberg)
Drone makers Quantum and Destinus are seeking banks to support planned IPOs in 2027. ( Bloomberg)
Worthington Steel raises $1.4bn to support its takeover of Klöeckner. ( Bloomberg)
MPS and Banco BPM held merger discussions following Lovaglio’s reappointment. ( Press Release)
APAC
Nomura aims to buy US fund‑management firms to support its broader international growth plans. ( Reuters)
Jardine eyes new deals after a $10bn spending spree aimed at reshaping its empire. ( Bloomberg)
Malaysia’s largest pharmacy chain, Big Caring, is reportedly seeking about $750m through an IPO. ( Bloomberg)
Fried chicken cutlet chain Zhengxin Food is said to be considering a Hong Kong IPO. ( Bloomberg)
MiniMax is weighing a China listing as it intensifies its rivalry with DeepSeek. ( Bloomberg)
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AMERICAS
CoStar Group, a provider of online real estate marketplaces, information, and analytics across the property markets, agreed to acquire Zonda, a provider of new home construction data, homebuilder software, and residential real estate marketplaces, from MidOcean Partners, an alternative asset manager, for $800m, according to press releases.
Zonda is advised by Solomon Partners. CoStar Group is advised by BofA Securities and Latham & Watkins. MidOcean is advised by Houlihan Lokey, and Gibson Dunn & Crutcher, according to MergerLinks data and press releases.
CVC Capital, a private equity and investment advisory firm, agreed to acquire the food ingredients business from IFF, a creator of flavors, scents, food ingredients, and health biosciences, for $4.3bn, according to press releases.
IFF is advised by Bank of America, JP Morgan and Skadden Arps Slate Meagher & Flom (led by Brandon Van Dyke). Debt financing is advised by Latham & Watkins (led by Jesse Sheff), according to MergerLinks data and press releases.
Coastal Carolina National Bank, a local bank specializing in personal, business, and commercial lending services, agreed to merge with Beacon Community Bank, a community bank focused on small business lending, according to press releases. Financial terms are not disclosed.
Beacon Community Bank is advised by Keefe Bruyette & Woods, and Nelson Mullins Riley & Scarborough. Coastal Carolina National Bank is advised by Raymond James, and Wyrick Robbins Yates & Ponton, according to press releases.
Partners Group-backed DiversiTech, a manufacturer of equipment pads, completed the acquisition of Polymer Adhesives, a manufacturer of duct sealants and insulation adhesives company, from DalFort Capital Partners, a sector-focused investment firm, according to press releases. Financial terms were not disclosed.
DalFort Capital Partners was advised by BMO Capital Markets, Houlihan Lokey, and Greenberg Traurig, according to press releases.
Nextpower, a provider of solar and power technology solutions for utility-scale power plants, agreed to acquire Prevalon Energy, a joint venture between Mitsubishi Power Americas and EES, for $365m, according to press releases.
Nextpower is advised by Davis Polk & Wardwell (led by Michael Gilson), according to MergerLinks data.
Asana, an operating system for human-agent teams, completed the acquisition of StackAI, a company specializing in AI agents for the enterprise, for $75m, according to press releases.
StackAI was advised by Morrison Foerster (led by Scott Behar), according to MergerLinks data.
Autodesk, a 3D design, engineering and entertainment software corporation, agreed to acquire MaintainX, a mobile-first computerized maintenance management system and frontline execution platform, for $3.6bn, according to press releases.
Autodesk is advised by Morgan Stanley, according to MergerLinks data.
Church & Dwight, a consumer packaged goods company, completed the acquisition of Miss Mouth’s Messy Eater, a consumer products brand engaged in providing stain removal solutions, for $325m, according to press releases.
Church & Dwight was advised by Proskauer Rose, according to press releases.
Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, investment firms, led a $65bn Series H round in Anthropic, an American artificial intelligence company, with participation from Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, XN, AMP PBC, Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity Management & Research Company, General Catalyst, Insight Partners, Jane Street, Lightspeed Venture Partners, MGX, NTTVC, NX1 Capital, Situational Awareness LP, T. Rowe Price Associates, T. Rowe Price Investment Management, Temasek, and Amazon, according to press releases.
Four Corners Property Trust, a real estate investment trust, agreed to acquire up to 102 Mission Pet Health veterinary properties of Shore Capital, a private equity firm, for $268m, according to press releases.
Scotiabank, a Canadian multinational banking and financial services company, agreed to acquire MapleMark Bank, a US commercial bank, according to press releases. Financial terms are not disclosed.
Alpac Capital, an investment management firm, agreed to acquire Adria News Network, a media company, from BC Partners-backed United Group, a media and communication services provider, according to press releases. Financial terms are not disclosed.
Heritage Distribution, a HVAC/R distributor in the US, agreed to acquire AM Distributors, a HVAC distributor serving contractors in the Greater Miami area, according to press releases. Financial terms are not disclosed.
Colliers-backed Englobe, a Canadian engineering, environmental and inspection services firm, agreed to acquire Pluritec, a multidisciplinary engineering consulting firm in Québec, according to press releases. Financial terms are not disclosed.
Southern Glazer's Wine and Spirits, a beverage alcohol distributor, completed the acquisition of Clare Rose, a distributor of beverage alcohol, according to press releases. Financial terms were not disclosed.
Voss Capital pushes Sempra to spin off Oncor. ( Reuters)
Activist investor Voss Capital has urged Sempra to spin off its Oncor electricity unit, arguing the move would create a fast‑growing, Texas‑focused utility separate from Sempra’s larger California operations.
The Houston‑based hedge fund—holding about 2m Sempra shares, under 1% of the company—believes an independent Oncor could become the highest‑growth public transmission utility in the US, potentially reaching a valuation of up to $78bn by 2028.
Yum is in exclusive talks to sell Pizza Hut to LongRange. ( Bloomberg)
Yum! Brands is in exclusive negotiations to sell its Pizza Hut business to LongRange Capital.
LongRange secured exclusivity with Yum in recent days, outpacing other interested bidders such as Sycamore Partners.
Devon Energy has received an $8bn offer for its Marcellus assets. ( Reuters)
Devon Energy has received an offer of about $8bn from Stone Ridge Asset Management for its Marcellus shale assets.
The proposal comes as Devon reassesses its portfolio following the recent completion of its $58bn merger with Coterra Energy — a deal that created one of the largest independent oil and gas producers in the US, with operations across several key regions, led by the Delaware portion of the Permian Basin in Texas and New Mexico.
Blackstone‑backed Liftoff is aiming for a valuation of about $3.7bn in its US IPO. ( Reuters)
Liftoff Mobile, backed by Blackstone, said that it is aiming for a valuation of up to $3.66bn in its US initial public offering — a renewed effort to gauge investor interest after previously pulling its planned debut.
The Redwood City–based company is looking to raise as much as $418m by offering 19m shares priced between $20 and $22 each, a sharp reduction from the up to $762m it had targeted in its earlier attempt.
Meiji Seika Pharma has made an investment in GHIC’s global health security fund. ( Press Release)
Meiji Seika Pharma announced that it has committed to invest in the Global Health Security Fund, sponsored by the Global Health Investment Corporation, a nonprofit organization based in New York.
Through this investment, Meiji Seika Pharma aims to help accelerate innovations that address major global health challenges, including pandemic preparedness and antimicrobial resistance.
Silver Lake‑backed Entrata has submitted paperwork for an IPO. ( WSJ)
Entrata, a property‑management software provider backed by Silver Lake, has filed to go public.
The Lehi, Utah–based company didn’t disclose how many shares it plans to sell or the amount it aims to raise.
OpenAI has discussed adding Citigroup and JPMorgan to the banks working on its IPO. ( Bloomberg)
OpenAI has held discussions with banks including Citigroup and JPMorgan about roles on its upcoming IPO.
Citigroup and JPMorgan may join Goldman Sachs and Morgan Stanley in preparing the listing.
DalFort raises $166m for its second fund, beating its cap. ( Press Release)
DalFort Capital Partners, a Dallas‑based firm investing in lower‑middle‑market industrial companies, announced a series of milestones, including the sale of its portfolio company Polymer Adhesives Holdings of Mineral Wells, Texas, to DiversiTech Corporation, a Partners Group portfolio company.
EMEA
One Equity Partners, a private equity firm, completed the acquisition of Bozzetto Group, a global specialty chemicals provider, from Aimia, a Toronto-based investment holding company, for up to CAD268m ($194m), according to press releases.
Universal Music Group said its board unanimously determined that an unsolicited and non-binding proposal from Pershing Square Capital Management was not in the best interests of the company and its stakeholders.
Universal Music is advised by Citigroup, Paul Weiss (led by Andrew Krause). Pershing Square is advised by Jefferies, Stibbe, Sullivan & Cromwell (led by Scott Miller), and White & Case, according to press releases.
TDR Capital, a British private equity firm, completed the acquisition of Escode, a software escrow service provider, from NCC Group, a global cyber and software resilience business, for £275m ($369m), according to press releases.
Marks and Spencer, a British multinational retailer, completed the acquisition of the Lichfield fulfilment centre from ASOS, an online fast-fashion and cosmetic retailer, for £66m ($89m), according to press releases.
ASOS was advised by Teneo (led by Jonathan Sibun), according to MergerLinks data and press releases.
Headline, a venture capital firm, led a $110m Series C round in Fonoa, a tax operating system for autonomous tax, with participation from Eurazeo, Forestay Capital, Index Ventures, OMERS, Coatue, and Dawn Capital, according to press releases.
Fonoa was advised by COMMAND, according to press releases.
Fonoa, a tax operating system for autonomous tax, completed the acquisition of Indirect Tax Edge of PwC, a multinational professional services network, according to press releases. Financial terms were not disclosed.
Fonoa was advised by COMMAND, according to press releases.
Isatis Capital, an asset management company, completed a minority investment in Adelyce, a management consulting firm that provides application for debt management, tax revenue, financial and payroll services, according to press releases. Financial terms were not disclosed.
Adelyce was advised by Rothschild & Co, according to MergerLinks data.
JD.com’s $2.6bn Ceconomy bid faces an EU deep‑dive review. ( WSJ)
The European Union has launched an in‑depth foreign‑subsidies investigation into JD.com’s planned $2.6bn acquisition of German retailer Ceconomy. The European Commission said the deal may distort competition in the EU market, noting that JD.com could have benefited from foreign support such as preferential financing, tax breaks, or grants.
Regulators are examining whether those subsidies may have enabled JD.com to offer an inflated purchase price and potentially bolster Ceconomy with its own technology and logistics capabilities.
Germany’s RWE is considering increasing its stake in grid operator Amprion. ( Reuters)
RWE, Germany’s largest power producer, is weighing the purchase of additional shares in grid operator Amprion.
RWE currently owns 25.1% of Germany’s second‑largest electricity network through RWE Akjaios Holding, its joint venture with US private‑equity firm Apollo.
Private credit firm Castlelake has shown takeover interest in EasyJet. ( FT)
EasyJet has drawn takeover interest from private credit firm Castlelake, raising the prospect that the British budget airline could become the latest UK‑listed company to leave the stock market.
Castlelake said that it is in the “early stages of considering a possible offer” for EasyJet, though it has not approached the airline’s board. The firm, majority‑owned by Brookfield Asset Management, also stressed that there is no guarantee it will proceed with a bid.
Top UK building societies are preparing bids to acquire digital bank Atom. ( FT)
Two of the UK’s largest building societies are preparing bids for fintech lender Atom Bank, as member‑owned institutions look to acquisitions to drive growth.
Yorkshire Building Society and Leeds Building Society — both based in northern England — are among the groups weighing an offer for the challenger bank, which counts BBVA and Toscafund as major backers.
HSG is reportedly leading the talks to buy Leica, the camera maker backed by Blackstone. ( Bloomberg)
HSG has become the frontrunner to acquire a stake in German premium camera maker Leica.
The firm is negotiating to purchase a 45% holding currently owned by Blackstone.
The Czech billionaire is reportedly open to increasing his stake in TotalEnergies. ( Bloomberg)
Czech billionaire Daniel Kretinsky says he’s open to increasing his stake in TotalEnergies, after acquiring a holding in the French energy group last month.
His company, Energeticky a Prumyslovy Holding, now owns about 4.2% of TotalEnergies, received in exchange for assets worth nearly €7.5bn ($8.8bn) — including gas and biomass power plants and battery projects across Italy, the UK, Ireland, the Netherlands and France. Kretinsky controls 50% plus one share of EPH.
Drone makers Quantum and Destinus are seeking banks to support planned IPOs in 2027. ( Bloomberg)
Quantum Systems and Destinus are in discussions to hire advisers for potential IPOs as early as 2027, as both drone makers look to capitalize on rising demand for unmanned defense technology.
The German‑based Quantum and Netherlands‑headquartered Destinus have begun hearing proposals from banks seeking roles in the offerings.
Worthington Steel raises $1.4bn to support its takeover of Klöeckner. ( Bloomberg)
The Ohio‑based company sold $700m in high‑yield bonds and another $700m in leveraged loans in transactions led by Wells Fargo. The original plan called for a $900m bond issue and a $500m loan.
MPS and Banco BPM held merger discussions following Lovaglio’s reappointment. ( Press Release)
Luigi Lovaglio’s return as CEO of Monte dei Paschi di Siena has revived one of Italy’s most delicate financial debates: the possible creation of a national banking champion through a merger with Banco BPM.
Central to the strategy is a potentially pivotal step — the sale of the roughly €7.4bn ($8.6bn), 13% stake in Generali that MPS inherited from Mediobanca. Lovaglio is considering placing the stake with long‑term Italian investors. The goal would be to secure an asset viewed as strategic by the government while also freeing up capital to support a potential takeover bid for Banco BPM.
APAC
Ocean Network Express, a container transportation and shipping company, and Yangzijiang Shipbuilding, a shipbuilding and repairing commercial company, completed the acquisition of a majority stake in Seaspan, an independent maritime asset owner and operator, from Fairfax Financial, a diversified financial holding company, and the Washington family, for $2.7bn, according to press releases.
Ocean Network Express was advised by Citigroup, and Latham & Watkins (led by David Kurzweil). Fairfax Financial was advised by Morgan Stanley, according to MergerLinks data and press releases.
Samyang, a manufacturing and investment company, agreed to acquire Soda Aromatic, a fragrance and fine chemical manufacturer, from Mitsui, a Japanese general trading company, and Toray Industries, a material manufacturer, for JPY41bn ($257m), according to press releases.
Mitsui and Toray are advised by Mitsubishi UFJ Morgan Stanley Securities, according to MergerLinks data.
Atinum Investment and IMM Investment, investment firms, led a $135m Series B in XCENA, a provider of memory-centric computing solutions for AI infrastructure, with participation from SBI Investment, Mirae Asset, STIC Ventures, Wonik Investment Partners, SV Investment, LB Investment, Corstone Asia, Kiwoom Investment, DSC Investment, Shinhan Venture Investment, Korea Development Bank, KDB Capital, Premier Partners, Kolon Investment, Company K Partners, K2 Investment Partners, Partners Investment, and Kyobo, according to press releases.
Nomura aims to buy US fund‑management firms to support its broader international growth plans. ( Reuters)
Kentaro Okuda, who leads Japan’s largest investment bank and brokerage, after making this major US investment, Nomura is now looking for firms or business units with products that would complement it.
Jardine eyes new deals after a $10bn spending spree aimed at reshaping its empire. ( Bloomberg)
Jardine Matheson is weighing additional asset sales as it works to reshape itself into an investment‑focused group targeting higher‑growth sectors.
As part of the review, its unit Mandarin Oriental International is considering selling the remaining portion of a Hong Kong office tower, after offloading 13 floors last year to Alibaba and Ant for HKD7.2bn ($919m). The conglomerate — whose operations span retail, autos and infrastructure — is also evaluating options for other businesses, they added.
Malaysia’s largest pharmacy chain, Big Caring, is reportedly seeking about $750m through an IPO. ( Bloomberg)
Big Caring Group, Malaysia’s largest pharmacy chain, is seeking to raise up to MYR3bn ($750m) through an IPO, which could rank among the country’s biggest listings in nearly a decade.
The company, backed by private equity firm Creador, aims to launch the offering by October.
Fried chicken cutlet chain Zhengxin Food is said to be considering a Hong Kong IPO. ( Bloomberg)
Shanghai Zhengxin Food Group, known for its fried chicken cutlet chain, is exploring a Hong Kong IPO that could raise around $300m.
The company is working with advisers including China Galaxy Securities and China International Capital. Discussions are still underway, and the timing remains uncertain, particularly given Beijing’s tightening stance on so‑called red‑chip companies.
MiniMax is weighing a China listing as it intensifies its rivalry with DeepSeek. ( Bloomberg)
China’s MiniMax Group has started preparing for a domestic listing, as the fast‑growing AI startup steps up competition with local rivals such as DeepSeek.
The move follows the Shanghai‑based company’s Hong Kong IPO in January, part of a broader wave of Chinese AI firms tapping public markets to fund expensive model development and expansion.
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