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AMERICAS

United Rentals will no longer pursue the acquisition of H&E Equipment Services. (Press Release)

United Rentals announced that it will not submit a revised bid for the acquisition of H&E Equipment Services. The reason behind this is a more attractive acquisition offer received by H&E from Herc Rentals.

This decision allows H&E to terminate the merger agreement with United Rentals with an obligation to pay a $63m termination fee.

H&E is advised by Bank of America and Milbank (led by Iliana Ongun and Derek Winokur). Herc is advised by Credit Agricole, Guggenheim Partners, Simpson Thacher & Bartlett and Joele Frank. Debt financing is provided by Credit Agricole. United Rentals is advised by Sullivan & Cromwell (led by Frank Aquila and Mimi Wu). Debt financing is provided by Morgan Stanley and Wells Fargo Securities, according to press releases and MergerLinks data.

Light & Wonder to acquire charitable gaming assets of Grover Gaming for $1.05bn.

Light & Wonder, a gambling products and services provider, agreed to acquire charitable gaming assets of Grover Gaming, a software and gaming systems designer and developer, for $1.05bn, according to press releases.

Light & Wonder is advised by Jarden and Cravath Swaine & Moore (led by Robert I. Townsend, Michael E. Mariani and Jin‑Kyu Baek). Grover Gaming is advised by Goldman Sachs and Morgan Lewis & Bockius (led by Richard Aldridge and Justin Chairman), according to press releases.

MMG to acquire nickel business of Anglo American for $500m.

MMG, a company that mines, explores and develops base metal projects, agreed to acquire nickel business of Anglo American, a British multinational mining company, for $500m, according to press releases.

MMG is advised by BMO Capital Markets, Lefosse Advogados and White & Case, according to press releases.

MassMutual-backed Barings to acquire Artemis Real Estate.

MassMutual-backed Barings, an investment manager, agreed to acquire Artemis Real Estate, a real estate investment firm, according to press releases. Financial terms were not disclosed.

Artemis is advised by Berkshire Global Advisors and Paul Hastings (led by Timothy Fesenmyer). Barings is advised by Dechert, according to press releases.

Amphenol completes the acquisition of LifeSync from HealthEdge.

Amphenol, a provider of connectors, interconnect systems, antennas, sensors and specialty cable, completed the acquisition of LifeSync, a developer, manufacturer, and marketer of disposable and reusable patient monitoring devices, from HealthEdge, a lower middle market private equity fund focused on healthcare, according to press releases. Financial terms were not disclosed.

Madison River Capital closes inaugural fund at $370m. (Press Release)

Madison River Capital, a lower middle market private equity firm, on February 18 announced the final close of its first institutional fund, Madison River Capital Fund I, with over $370m of capital commitments. The firm received strong support from a high-quality and sophisticated investor base, including family offices and institutional investors.

MRC was established in 2022 following its spin out from Jefferson River Capital, the family office of Tony James, the former President and COO of Blackstone. MRC is led by David Wittels, who previously led Jefferson River and its corporate private equity investment team, as well as a talented and seasoned team which has worked together for over a decade.

EMEA

KKR to acquire an additional 5% stake in Enilive from Eni for €587.5m.

KKR, a private equity firm, agreed to acquire an additional 5% stake in Enilive, Eni's mobility transformation company, from Eni, a global energy company, for €587.5m ($616m), according to press releases.

Enilive is advised by Mediobanca, according to press releases and MergerLinks data.

BUD Holdings and Investika Real Estate Fund complete the acquisition of Piastów Office Center from Blackstone.

BUD Holdings and Investika Real Estate Fund completed the acquisition of Piastów Office Center, a complex comprising of three office buildings, from Blackstone, a private equity firm, according to press releases. Financial terms were not disclosed.

Blackstone was advised by Greenberg Traurig (led by Filip Janeczko), according to press releases and MergerLinks data.

Scania to acquire Systems Industrial division of Northvolt.

Scania, a Swedish manufacturer of commercial vehicles and diesel engines, agreed to acquire Systems Industrial division of Northvolt, a Swedish battery developer and manufacturer, according to press releases. Financial terms were not disclosed.

Lonza is said to tap BofA, Centerview for sale of capsules unit. (Bloomberg)

Lonza Group has appointed Bank of America and Centerview Partners to manage the sale of its capsules and health ingredients business as part of its corporate streamlining efforts.

The unit could be valued at least €2.5bn ($2.6bn) in a potential deal. Discussions are ongoing, and transaction details may still evolve.

Germany’s Steag selling biggest coal plant in Turkey exit. (Bloomberg)

German utility Steag Power is planning to sell its largest coal-fired plant as part of its transition away from coal.

Steag and its owner, Spanish private equity firm Asterion Industrial Partners, are seeking buyers for the utility’s 51% stake in Iskenderun Enerji Uretim ve Ticaret. Isken operates the 1.32k-megawatt Sugozu power plant in southern Turkey.

ICICI is said to weigh buying additional stake in Prudential. (Bloomberg)

ICICI Bank is exploring the purchase of additional shares in ICICI Prudential Asset Management ahead of a potential listing.

ICICI Bank is considering acquiring about a 3% stake in ICICI Prudential Asset Management from its partner Prudential. The potential stake purchase could take place ahead of the asset manager’s initial public offering and help establish the valuation of the business. The discussions remain private, and no final decision has been made.

ZF considering spin-off of electric drive division. (Handelsblatt)

German automotive supplier ZF is considering a spin-off of its electric drivetrain division.

ZF stated that it is "examining strategic collaborations and partnerships" for the entire unit or parts of it. The move aims to restore profitability through necessary investments, as the company grapples with the delayed adoption of e-mobility, high costs, and low margins in its traditional transmission business.

APAC

Patrizia and Mitsui complete the acquisition of a majority stake in Parkwise for $250m.

Patrizia, a German real estate investment manager, and Mitsui, a Japanese general trading company, completed the acquisition of a majority stake in Parkwise, a startup company developing modern parking facilities in Philippines, for $250m, according to press releases.

Restaurant Brands International completed the acquisition of Burger King China for $158m.

Restaurant Brands International, a quick service restaurant company, completed the acquisition of Burger King China, a global chain of hamburger fast food restaurants, for $158m, according to press releases.

360 ONE to acquire a 15% stake in Bharti AXA Life Insurance.

360 ONE, an Indian wealth and asset management firm, agreed to acquire a 15% stake in Bharti AXA Life Insurance, an Indian life insurance provider, according to DealStreetAsia. Financial terms were not disclosed.

KKR to acquire a stake in Employment Hero from SEEK Investments.

KKR, a private equity firm, agreed to acquire a stake in Employment Hero, a HRM Platform, from SEEK Investments, an investment firm, according to press releases. Financial terms were not disclosed.

Honda ready to revive takeover talks if Nissan CEO Uchida leaves. (Reuters)

Honda Motor is willing to resume merger discussions with Nissan Motor to create the world's fourth-largest automaker, but only if Nissan CEO Makoto Uchida steps down.

The two Japanese automakers had previously been in discussions to form a $60bn company as they faced challenges, including a lack of hybrid models in the US and increasing competition from local rivals in China, which have impacted Nissan’s earnings.

Australia's Woodside in talks with at least three partners for Louisiana LNG. (Reuters)

Woodside Energy has engaged in discussions with several potential buyers for stakes in its Louisiana liquefied natural gas (LNG) plant, including Tokyo Gas, Japan’s JERA, and Saudi Aramco-backed MidOcean Energy.

The stake sale's timing serves as a test for strong market expectations surrounding LNG, particularly with Donald Trump’s return to the US presidency. Trump has urged trade partners to purchase more US energy and has already issued multiple executive orders aimed at increasing domestic oil and gas production.

Temasek-backed meat delivery startup targets $2bn India IPO. (Bloomberg)

Licious, an online meat and seafood retailer backed by Temasek Holdings, is working toward profitability as it prepares for a 2026 listing. The company joins a growing number of consumer-facing firms planning to enter India’s public markets.

Delightful Gourmet, the operator of Licious, is expanding its brick-and-mortar presence and accelerating deliveries to compete with quick commerce rivals.

LG kicks off roadshows for $1.5bn India IPO. (Bloomberg)

LG Electronics has begun roadshows to engage potential investors ahead of the initial public offering of its Indian unit.

LG Electronics has recently initiated the process for the initial public offering of its Indian unit as it advances with its listing plans. The South Korean company is preparing for an IPO in Mumbai this year.

China's Sany Heavy Industry may raise $1.5bn in planned Hong Kong listing. (Reuters)

Chinese manufacturer Sany Heavy Industry is planning a Hong Kong listing that could raise up to $1.5bn.

The company has enlisted Bank of America, JPMorgan, and CITIC Securities to manage the potential offering.

Billionaire Friedland’s iron ore miner seeks up to $190m in Australia IPO. (Bloomberg)

Mining billionaire Robert Friedland’s iron ore venture, Ivanhoe Atlantic, is looking to raise up to AUD300m ($190m) through an initial public offering in Australia.

The proceeds will be used to develop the Kon Kweni project in Guinea, a major undeveloped iron ore deposit formerly known as Nimba. The move comes as Rio Tinto Group’s massive Simandou iron ore project in Guinea is set to begin production this year.

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