DigitalBridge and EQT-backed Zayo to acquire the fiber solutions business from Crown Castle for $4.25bn.

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AMERICAS

EQT to acquire Crown Castle's Small Cells Solutions Business for $4.25bn.

EQT, a private equity firm, agreed to acquire Crown Castle's Small Cells Solutions Business, a digital infrastructure provider specializing in small cell networks, for $4.25bn, according to press releases.

EQT is advised by JP Morgan, TD Securities and Kirkland & Ellis (led by John D. Pitts and Ben Hardison). Crown Castle is advised by Bank of America, Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison (led by Andrew Krause, Nickolas Bogdanovich and Scott Barshay), according to press releases and MergerLinks data.

Delaware North to merge with Eureka Entertainment-backed Universal Gaming Group.

Delaware North, a provider of hospitality and entertainment, agreed to merge with Eureka Entertainment-backed Universal Gaming Group, a gaming operator providing slot route services in Illinois. Financial terms were not disclosed, according to press releases.

Universal Gaming Group is advised by Armory Group, Foley & Lardner and Fox Rothschild. Delaware North is advised by Greenberg Traurig and Jones Day (led by Evan Kanter), according to press releases and MergerLinks data.

Toyota Tsusho to acquire Radius Recycling for $1.34bn.

Toyota Tsusho, a trading company, agreed to acquire Radius Recycling, a company specializing in metal recycling, for $1.34bn, according to press releases.

Radius Recycling is advised by Goldman Sachs, JP Morgan and Simpson Thacher & Bartlett (led by Eric Swedenburg and Jakob Rendtorff). Toyota Tsusho is advised by Mizuho Securities and White & Case, according to press releases and MergerLinks data.

PSG to invest in Lightkeeper.

PSG, a growth equity firm specializing in software and technology-enabled services, agreed to invest in Lightkeeper, a provider of data, analytics, risk management, and reporting solutions for investment managers. Financial terms were not disclosed, according to press releases.

Lightkeeper is advised by Houlihan Lokey, Mintz Levin and Prosek Partners. PSG is advised by Weil Gotshal and Manges (led by Emily Willey and David Gail), according to press releases and MergerLinks data.

Triton International to acquire Global Container International from Wafra in a $1bn deal.

Triton International, a lessor of intermodal freight containers, agreed to acquire Global Container International, a marine container leasing company, from Wafra, an investment management firm, in a $1bn deal, according to press releases.

Global Container International is advised by Goldman Sachs and Sidley Austin. Triton International is advised by Skadden Arps Slate Meagher & Flom (led by Eric C. Otness). Wafra is advised by Prosek Partners, according to press releases and MergerLinks data.

Permira completes the acquisition of Encore Fire Protection from Levine Leichtman Capital Partners.

Permira, a global investment firm, completed the acquisition of Encore Fire Protection, a company focused on fire protection services, from Levine Leichtman Capital Partners, a private equity firm specializing in middle-market investments. Financial terms were not disclosed, according to press releases.

Levine Leichtman was advised by Harris Williams, Robert W Baird and Kirkland & Ellis, according to press releases and MergerLinks data.

Wolters Kluwer completes the acquisition of Registered Agent Solutions from Lexitas for $415m.

Wolters Kluwer, a company specializing in information, software solutions, and services for professionals, completed the acquisition of Registered Agent Solutions, a company focused on registered agent and corporate compliance services, from Lexitas, a company specializing in legal services, for $415m, according to press releases.

Lexitas was advised by Jefferies & Company, according to press releases.

Pearl Energy Investments completes a $60m investment in Wild Basin Energy.

Pearl Energy Investments, a private equity firm specializing in the North American energy sector, completed a $60m investment in Wild Basin Energy, a company focused on acquiring natural gas minerals and royalties in the Haynesville Basin, according to press releases.

Pearl Energy Investments was advised by Willkie Farr & Gallagher (led by Tony Johnston and J. Holt Foster), according to press releases.

Sunstate Equipment completes the acquisition of AJ Rental Dallas from AJ Networks.

Sunstate Equipment, a company specializing in construction and industrial equipment rentals, completed the acquisition of AJ Rental Dallas, a company focused on equipment rentals in the Dallas-Fort Worth area, from AJ Networks, a company specializing in equipment rental services, according to press releases. Financial terms were not disclosed.

AJ Networks was advised by Davis Polk & Wardwell (led by Miranda So), according to press releases.

Enverus completes the acquisition of Pearl Street Technologies.

Enverus, a company specializing in energy-dedicated SaaS solutions, completed the acquisition of Pearl Street Technologies, a firm focused on next-generation grid simulation solutions, according to press releases. Financial terms were not disclosed.

Celnor completed the acquisition of John Turner Consulting.

Celnor Group, a company specializing in safety and compliance services, completed the acquisition of John Turner Consulting, a firm focused on geotechnical engineering and construction materials testing, according to press releases. Financial terms were not disclosed.

Citi and Apollo structure $3.5bn private credit financing for Boeing’s $7bn Jeppesen sale. (Bloomberg)

Citigroup and Apollo Global Management are offering $3bn to $3.5bn in private credit financing for Boeing’s Jeppesen navigation unit sale, expected to generate around $7bn. This marks a key test of the Citi-Apollo private credit partnership, which aims to fund $25bn in deals over five years. The financing, structured as staple financing, provides bidders with a pre-arranged funding option but remains optional.

Jeppesen has drawn interest from corporate buyers RTX and Honeywell International, as well as private equity firms Carlyle Group, Thoma Bravo, and Warburg Pincus. The deal has advanced to the second bidding round, with potential buyers considering Citi-Apollo’s credit solution. The initiative highlights the growing role of private credit in large M&A transactions.

This financing model enables Citi and Apollo to provide flexible funding alternatives, reducing reliance on traditional syndicated loans. Boeing’s Jeppesen divestment aligns with its strategy to streamline operations and focus on core aerospace assets.

PepsiCo in advanced talks to acquire Poppi for over $1.5bn. (Reuters)

PepsiCo is reportedly in advanced discussions to acquire Poppi, a prebiotic soda brand, in a deal valued at over $1.5bn. The transaction could be finalized as early as next week, though delays are still possible.

This acquisition aligns with PepsiCo's strategy to diversify its beverage portfolio by incorporating functional and health-focused products. The company has not yet commented on the potential deal.

Compass reportedly in talks to acquire Berkshire Hathaway's real estate brokerage unit. (WSJ)

Compass, a leading US real estate brokerage, is reportedly in advanced discussions to acquire HomeServices of America, the real estate brokerage unit of Warren Buffett's Berkshire Hathaway. The acquisition price has not been disclosed, and while a deal could be finalized soon, no final agreement has been reached.

Compass, operating in 35 US states and Washington DC with over 33k agents, has been expanding through acquisitions, including the recent $444m purchase of @properties and Christie's International Real Estate. This potential acquisition aligns with Compass's strategy to increase its market share in the US real estate brokerage industry.

AvidXchange considers sale amid takeover interest. (Bloomberg)

AvidXchange Holdings, a financial technology company that helps midsize businesses pay and receive bills, is weighing a sale after getting takeover interest. While conversations are ongoing, a final decision hasn’t been made and AvidXchange might opt to not proceed with a sale, particularly given the recent turmoil in the equity markets.

The Charlotte, North Carolina-based company has been working with adviser Financial Technology Partners to consider options after being approached in recent months by potential buyers including private equity firms.

Big bank deals stalled by Trump volatility even as officials signal deregulation. (Reuters)

Despite the Trump administration's efforts to deregulate the banking sector, large bank mergers and acquisitions have slowed due to market volatility and economic uncertainty. Factors such as paper losses on banks' balance sheets and the complexity of transactions among heavily regulated lenders contribute to this cautious approach.

Additionally, unpredictable trade policies, including fluctuating tariff discussions, have led clients to adopt a cautious stance, delaying investment activities and contributing to a subdued capital market.

These dynamics have created a challenging environment for large-scale bank mergers, with institutions remaining cautious despite regulatory signals favoring consolidation.

Morgan Stanley Investment Management closes fourth global infrastructure fund at $4.1bn. (Press Release)

Morgan Stanley Infrastructure Partners, the private infrastructure investment team within Morgan Stanley Investment Management, has successfully closed its fourth global infrastructure fund, North Haven Infrastructure Partners IV, raising $4.1bn. The fund's investors include public and private pension funds, sovereign wealth funds, and insurance companies.

NHIP IV will target investments in transportation infrastructure, digital infrastructure, energy transition, and utilities, aligning with the strategies of its predecessor funds. MSIP, founded in 2006, has approximately $18bn in assets under management and has invested in over 40 investments across various sectors globally.

EMEA

Crayon, SoftwareOne deal faces threat from minority shareholders. (Bloomberg)

SoftwareOne’s takeover bid for Norwegian company Crayon Group Holding, valued at $14bn, faces potential opposition from a group of investors led by Hvaler Invest, a top-10 shareholder in Crayon.

Hvaler, which holds a 2.46% stake in Crayon, warned that the bid from the larger Swiss rival is unlikely to receive the necessary approval from shareholders.

Crayon is advised by ABG Sundal Collier, Houlihan Lokey, AGP Advokater and Bar & Karrer (led by Mariel Hoch, Christoph Neeracher and Urs Kaegi). SoftwareOne is advised by Jefferies & Company (led by Dominic Lester), Freshfields Bruckhaus Deringer (led by Frank Rohling and Helmut Adolf Bergmann), Walder Wyss (led by Hans-Jakob Diem), Wikborg Rein and FGS Global (led by James Murgatroyd), according to MergerLinks data and press releases.

QHP Capital-backed Azurity Pharmaceuticals completed the acquisition of Covis Pharma.

QHP Capital-backed Azurity Pharmaceuticals, a specialty pharmaceutical company, completed the acquisition of Covis Pharma, a specialty pharmaceutical company, according to press releases. Financial terms were not disclosed.

Covis Pharma was advised by Guggenheim Partners, A&O Shearman and Reed Smith. Azurity was advised by Goldman Sachs, Eversheds Sutherland and White & Case, according to press releases.

IK Partners to acquire a minority stake in Seventeen Group.

IK Partners, a European private equity firm specializing in investments across various sectors, agreed to acquire a minority stake in Seventeen Group, a UK-based independent insurance and risk management organization. Financial terms were not disclosed.

IK Partners is advised by Willkie Farr & Gallagher (led by Eduardo Fernandez and Philip Coletto), according to MergerLinks data and press releases.

ADNOC considers $10bn acquisition of Mubadala's energy assets. (Bloomberg)

Abu Dhabi National Oil is reportedly exploring the acquisition of energy assets from Mubadala Investment, a sovereign wealth fund, in a deal valued at approximately $10bn. Discussions commenced late last year but have recently stalled due to valuation disagreements. Talks are expected to resume after Ramadan, with both parties expressing interest in reaching an agreement.

This potential acquisition aligns with Abu Dhabi's strategy to consolidate state holdings in specific industries, keeping ownership within the emirate. Mubadala, managing approximately $330bn in assets, has been shifting focus towards healthcare, finance, and technology, indicating a willingness to divest parts of its energy portfolio.

Liberty Global eyes Vodafone’s $2.18bn exit from Dutch joint venture VodafoneZiggo. (Bloomberg)

Liberty Global has approached Vodafone Group to acquire its 50% stake in their Dutch joint venture, VodafoneZiggo. Discussions have been ongoing for several months, with Vodafone's stake potentially valued at over €2bn ($2.18bn).

VodafoneZiggo, established in 2016, offers fixed, mobile, and integrated communication services across the Netherlands. Liberty Global is currently Vodafone's third-largest shareholder, following the Emirates Investment Authority and BlackRock.

These talks occur as European telecom companies advocate for relaxed merger regulations to facilitate consolidation and support investments in areas like 5G. Both Vodafone and Liberty Global have declined to comment on the discussions.

Bakkavor rejects Greencore's £1.14bn takeover bid. (Bloomberg)

Bakkavor Group, a leading provider of fresh prepared foods, has rejected two unsolicited acquisition proposals from Greencore Group Plc, the latest valuing Bakkavor at $1.47bn. The most recent offer, made on March 7, comprised $1 in cash and 0.523 Greencore shares per Bakkavor share, totaling $2.4 per share - a 25% premium over Bakkavor's closing price on Thursday. Bakkavor's board unanimously concluded that the proposal significantly undervalued the company and its future prospects.

Under UK takeover regulations, Greencore has until April 11 to either make a firm offer or withdraw its interest. The company stated it will continue to evaluate all strategic opportunities, including a potential combination with Bakkavor, but acknowledges that there is no certainty a firm offer will be made.

Ackman’s Pershing Square offloads €1.3bn in Universal Music Group. (Reuters)

Billionaire investor Bill Ackman's Pershing Square has sold a 2.7% stake in Universal Music Group, generating around €1.3bn ($1.4bn). This transaction reduces Pershing Square's holding in UMG from approximately 27% to 17% of its portfolio, though UMG remains its largest position.

The sale aligns with Pershing Square's earlier request for UMG to pursue a secondary listing in the United States, a move intended to enhance the company's visibility and attract a broader investor base.

UBS considers $1bn sale of real estate assets within asset management division. (Reuters)

UBS is evaluating the sale of a portion of its asset management division, primarily focused on Swiss real estate assets, potentially valued at under $1bn. This initiative is part of UBS's strategy to streamline operations following its 2023 acquisition of Credit Suisse. In June, UBS restructured its asset management business, integrating certain real estate assets into a new unit that combines asset management and wealth products. Assets not included in this new unit are now under consideration for divestiture.

The asset management division's assets under management increased to $1.7tr after the Credit Suisse acquisition, with approximately 8% allocated to real estate and private markets. UBS's spokesperson emphasized the bank's substantial growth ambitions for its asset management division, highlighting investments in its scalable real asset capabilities, including its leading Swiss real estate business.

Ardian nears €1bn acquisition of renewable energy firm Akuo. (Bloomberg)

Ardian, a prominent private equity firm, is reportedly close to finalizing a deal to acquire Akuo Energy, a French renewable energy company, for approximately €1bn ($1.1bn).

This potential acquisition aligns with Ardian's strategy to expand its investments in the renewable energy sector, reflecting a broader trend of increased interest in sustainable energy assets amid growing global demand for clean power.

Axpo increases stake in CKW to 85.6%. (Press Release)

Axpo has acquired an additional 4.6% stake in its Swiss subsidiary CKW from Anna, a company owned by Swiss entrepreneur and investor Martin Ebner. This transaction increases Axpo's ownership in CKW to 85.6%. This acquisition underscores Axpo's dedication to strengthening its position in the Swiss energy market and supporting the growth of its subsidiaries.

"This investment is in line with Axpo’s firm commitment to continue investing in Switzerland. Our subsidiary in Central Switzerland is a remarkable company with a robust business model, well-deserved reputation for innovation, high-quality customer relationships, and a dedicated team of energy professionals. We’re delighted to be even more involved in CKW’s success story as it continues to contribute to a sustainable energy future," Harald Gauck, Axpo Group CFO.

Axpo is advised by Bar & Karrer.

Adient, AIP, and FountainVest express interest in acquiring ZF Lifetec. (Bloomberg)

ZF Friedrichshafen AG is considering the sale of its airbags and seat belts division, ZF Lifetec, which has attracted interest from several potential buyers, including automotive supplier Adient plc, private equity firm American Industrial Partners, and investment company FountainVest Partners. The transaction is anticipated to be valued in the multi-billion euro range.

Discussions are ongoing, and while these firms have shown interest, there is no certainty that a deal will be finalized. The potential sale underscores the strategic importance of automotive safety components in the industry.

UniCredit receives ECB authorization to acquire a direct stake in Commerzbank of up to 29.9%. (Press Release)

The European Central Bank granted UniCredit approval to acquire up to 29.9% of Commerzbank. Despite this green light, the Italian bank stated that it would likely wait until next year before deciding whether to pursue a full takeover.

The approval highlights UniCredit's financial strength and regulatory compliance, but several factors will influence any further steps and their timeline.

Reggeborgh acquires 3.04% stake in ABN Amro. (Reuters)

Dutch investment fund Reggeborgh has acquired a 3.04% stake in ABN Amro, one of the Netherlands' leading banks. This acquisition positions Reggeborgh as the fifth-largest investor in ABN Amro, following the Dutch state, MFS Investment Management, Norway's NBIM, and BlackRock.

Prior to this investment, Reggeborgh agreed to sell its 17.6% stake in Dutch private wealth manager Van Lanschot Kempen to ING. ABN Amro was nationalized during the 2008 financial crisis, and the Dutch state has been gradually reducing its ownership, currently holding a 32.4% stake.

Ubisoft seeks investors for new entity housing key gaming franchises. (Bloomberg)

Ubisoft Entertainment is exploring the creation of a new entity encompassing some of its core video game franchises, including the popular Assassin’s Creed series. The company aims to attract external investors to this venture and is considering selling a minority stake. Potential bidders include Tencent Holdings, which already holds a stake in Ubisoft, as well as various investment funds both within France and internationally.

The strategic move is part of Ubisoft's efforts to enhance its financial position and navigate challenges within the gaming industry. The company has reportedly invited preliminary bids to be submitted as early as this month.

By establishing this new entity, Ubisoft aims to unlock additional value from its intellectual properties and strengthen partnerships with industry players. This approach reflects a broader trend among gaming companies seeking innovative strategies to adapt to a rapidly evolving market.

bd-capital raises €430m for the second fund. (Press Release)

bd-capital, a pan-European, operator-led investment firm, has successfully closed its second fund, bd-capital Fund 2, at €430m ($468m), exceeding its initial target of €350m ($380m) by over 20% in less than twelve months.

The fund attracted commitments from a diverse group of institutional investors, including insurance companies, pension funds, sovereign wealth funds, and family offices, with significant contributions from Europe, the Middle East, and North America.

Klarna files for US IPO, targets over $15bn valuation. (Live Mint)

Swedish fintech company Klarna has publicly filed for a US initial public offering, aiming to raise at least $1bn and targeting a valuation exceeding $15bn. This could be one of the year’s biggest company listings and a long-awaited stock market debut.

The company plans to list on the New York Stock Exchange under the ticker symbol "KLAR," with Goldman Sachs, JP Morgan, and Morgan Stanley acting as lead underwriters.

APAC

iClick Interactive Asia Group completes the merger with Amber DWM in a $360m deal.

iClick Interactive Asia Group, an independent online marketing and enterprise data solutions provider, completed the merger with Amber DWM, the holding entity of Amber Group's digital wealth management business, in a $360m deal, according to press releases.

Amber DWM was advised by Simpson Thacher & Bartlett and International Elite Capital. iClick Interactive was advised by Cleary Gottlieb Steen & Hamilton (led by Denise Shiu), according to MergerLinks data and press releases.

Khazanah in talks to acquire INCJ's 21% stake in Edotco for approximately $400m. (Bloomberg)

Malaysia's sovereign wealth fund, Khazanah Nasional Bhd, is in talks to acquire Innovation Network Corporation of Japan's 21% stake in Edotco Group, a leading telecommunications infrastructure company. Financial details of the transaction were not disclosed; however, INCJ's initial investment in Edotco in 2016 was valued at $400m.

This strategic move underscores Khazanah's commitment to advancing Malaysia's digital infrastructure and economic growth. The acquisition also reflects the strong relationship between Malaysia and Japan, as INCJ reaches the end of its investment mandate.

MTT Shipping revives plans for $200m Malaysia IPO. (Bloomberg)

MTT Shipping, a Malaysian container-vessel company, has resurrected plans for an initial public offering in Malaysia, aiming to raise up to $200m. The company is collaborating with advisers to list its shares on Bursa Malaysia either later this year or in 2026, targeting a valuation of approximately $900m.

In 2024, Malaysia's IPO market experienced a resurgence, with offerings raising $1.6bn - the highest proceeds since 2017. Notable upcoming IPOs in the country include MMC Port and Sunway Healthcare Group.

Shein confirms IPO plans amid US tariff challenges. (FT)

Shein, the Singapore-headquartered fast-fashion giant, has reaffirmed its intention to pursue an initial public offering, with the London Stock Exchange emerging as the preferred venue. Executive Chairman Donald Tang emphasized the company's commitment to embracing the accountability and transparency associated with being a public entity.

Shein is currently navigating potential regulatory challenges in the United States, including proposed changes to import tax exemptions that could impact its cost structure. Despite these hurdles, the company remains focused on its growth strategy and is actively working to address concerns related to labor practices and environmental impact.

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