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Top Highlights
Diversified Energy, an energy company focused on natural gas and liquids production, transport, marketing and well retirement, agreed to acquire Maverick Natural Resources, a private oil and gas company, from EIG, an institutional investor in the global energy and infrastructure sectors, for $1.275bn, according to a press release.
Maverick and EIG are advised by Jefferies & Company and Kirkland & Ellis. Diversified Energy are advised by Citigroup, Stifel, Truist Securities, Gibson Dunn & Crutcher, Latham & Watkins and FTI Consulting. Debt financing is provided by KeyBanc Capital Markets, according to the press release.
Emerson, a global technology, software, and engineering company, agreed to acquire the remaining 43% stake in AspenTech, a provider of software and services for the process industries, for $7.2bn.
Upon the closing of the transaction, AspenTech will become a wholly owned subsidiary of Emerson. and AspenTech's common stock will cease to trade on the NASDAQ.
Esyasoft, a smart grid technology company with a comprehensive array of engineering, manufacturing, IT, and analytics products and solutions, agreed to acquire Good Energy, a renewable electricity supplier, for £68m ($85m), according to a press release.
Deal Round up
AMERICAS
Carlyle appoints Brad McCarthy as head of global wealth for APAC. ( Press Release)
EMEA
Diageo has no intention to sell Guinness or stake in Moet Hennessy. ( Press Release)
WH Smith explores options for High Street business. ( Press Release)
Alshaya Group stops talks about selling Starbucks franchise. ( Bloomberg)
APAC
UltraTech Cement in talks to acquire HeidelbergCement India. ( MoneyControl)
JP Morgan names new co-heads of India investment banking. ( Bloomberg)
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COMPANIES
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AMERICAS
Activist investor Ancora is preparing to wage a proxy battle at US Steel and wants the company to turn the page from its failed marriage with Nippon Steel.
US Steel responded as that they believed Ancora’s interests are not aligned with all US Steel stockholders and they are also concerned about the motivations behind these nominations.
Atlas Energy Solutions, a provider of proppant and logistics services to the oil and gas industry, agreed to acquire Moser Energy Systems, a provider of distributed power solutions, for $220m, according to press releases.
Moser Energy Systems is advised by Tudor Pickering Holt and Katten Muchin Rosenman. Atlas Energy is advised by Piper Sandler and Vinson & Elkins, according to press releases.
HCI Equity-backed LawnPRO Partners, a platform focused on residential lawn care treatment and tree, shrub and pest control services, completed the acquisition of Gro-Masters, a lawn care treatment, exterior pest control, and tree & shrub care services provider, according to press releases. Financial terms were not disclosed.
Gro-Masters was advised by Green Industry Advisors. LawnPRO was advised by Quarles & Brady. HCI Equity was advised by Lambert & Co (led by Caroline Luz) .
PPHC, a government relations and public affairs group, agreed to acquire TrailRunner International, a global strategic communications advisory firm, according to press releases. Financial terms were not disclosed.
TrailRunner is advised by GP Bullhound. PPHC is advised by Burson Buchanan, according to press releases.
JBS, the largest meat processing enterprise in the world, agreed to acquire a 48.5% stake in Mantiqueira Alimentos, a poultry farming firm, for BRL1.9bn ($321m).
American Pacific Group-backed Fresche Solutions, a modernization and transformation services provider, completed the acquisition of OmniData, a Microsoft gold-certified company specializing in AI-enabled data and analytics modernization, according to press releases. Financial terms were not disclosed.
Carlyle appoints Brad McCarthy as head of global wealth for APAC. ( Press Release)
Global investment firm Carlyle announced that Brad McCarthy has joined as Managing Director and Head of Asia Pacific, Carlyle Global Wealth. He joins from Citi Private Bank and Global Wealth, where he was Managing Director and Asia Pacific Head of Alternative Investment Sales.
"We are delighted to welcome Brad to Carlyle as we continue to expand our wealth platform and enhance access for investors across Asia Pacific, an important growth region for us. With his extensive experience in scaling wealth management platforms and deep understanding of the evolving private markets landscape, Brad will play a key leadership role for us, as we look to further accelerate growth in the region," Shane Clifford, Carlyle Head of Global Wealth.
EMEA
Insight Partners and Liberty Hall Capital-backed Comply365, a provider of operational content management, safety management and training management services, agreed to acquire ASQS, a provider of aviation safety, quality and risk management software, according to press releases. Financial terms were not disclosed.
ASQS is advised by Etude Morgane IMGRUND and Lindner Stimmler. Comply365 is advised by E+H Rechtsanwälte and Willkie Farr & Gallagher, according to press releases.
PureHealth, one of the biggest healthcare companies in the Middle East, agreed to acquire a 60% stake in Hellenic Healthcare, the largest private health care group in Greece, from CVC, a private equity firm, at a $2.3bn valuation.
Lumine Group, a global buy-and-hold forever acquirer of communications and media software businesses, agreed to acquire Vidispine, an enterprise media asset management solution, from Bertelsmann-backed Arvato Systems, an IT specialist that supports major companies in digital transformation, according to press releases. Financial terms were not disclosed.
SGS, a Swiss multinational company headquartered in Geneva, which provides inspection, verification, testing and certification services, and Bureau Veritas, a French company specialized in testing, inspection and certification, ended talks about their potential combination. The discussions have not resulted in an agreement.
SGS said it remains focused on the continued execution of Strategy 27 – ‘Accelerating growth, building trust’ and delivering superior value to its shareholders.
Diageo has no intention to sell Guinness or stake in Moet Hennessy. ( Press Release)
Diageo, a British multinational alcoholic beverage company, noted the recent media speculation around the Guinness brand and its stake in Moët Hennessy and announced that it has no plans to sell either of these holdings.
Last week's reports noted that the Guinness brand could be valued at around $10bn.
WH Smith explores options for High Street business. ( Press Release)
WH Smith, a global retailer for news, books and convenience, confirmed it is evaluating strategic options for its High Street division, including a potential sale.
The segment, described as profitable and cash-generative, has been under review as WH Smith sharpens its focus on its global travel retail operations. The company emphasized that no decision has been finalized, and further updates will be provided as appropriate.
Alshaya Group stops talks about selling Starbucks franchise. ( Bloomberg)
Kuwait-based Alshaya Group has paused discussions regarding the sale of a stake in its Starbucks franchise, which operates across the Middle East, North Africa, and Central Asia. CEO John Hadden confirmed the decision during The Retail Summit 2025 in Riyadh, stating the group’s current focus is on serving customers amid improving consumer activity since late 2024, following challenges from geopolitical tensions.
Previous discussions involved Saudi Arabia's sovereign wealth fund and Apollo Global Management as potential investors in the franchise. Alshaya’s decision reflects a strategic shift away from divestment efforts toward strengthening its retail operations.
Ferrari Group, a service provider specialising in shipping, integrated logistics and high value-added services for jewellery and precious goods, announced its plans to launch a $1bn IPO on the Amsterdam stock exchange.
"Today’s announcement marks a momentous new chapter in Ferrari Group’s strategic journey. Since 1959, we have grown from a customs broker and forwarding company in northwest Italy, to a trusted global leader offering end-to-end critical services to international luxury brands across the entire delivery value chain," Marco Deiana, Ferrari Group CEO.
APAC
Bain Capital-backed 360 One, a wealth manager, agreed to acquire B&K Securities, an India-based broker house, for $205m, according to press releases.
Maharlika, the Philippines’ sovereign wealth fund manager, agreed to acquire a 20% stake in Synergy Grid and Development Philippines, a transmission services provider, according to press releases. Financial terms were not disclosed.
UltraTech Cement in talks to acquire HeidelbergCement India. ( MoneyControl)
Aditya Birla Group’s UltraTech Cement is reportedly in advanced negotiations to acquire HeidelbergCement India, the Indian-listed subsidiary of the German cement giant. Discussions between senior Aditya Birla executives and Heidelberg’s global management have intensified in recent weeks.
Shares of HeidelbergCement India surged up to 10% following the news. HeidelbergCement currently holds a 69.39% stake in its Indian arm, valued at approximately INR33.8bn ($413m) based on the stock’s January 24 closing price.
Slice Bank, a fintech-focused small finance bank, is in discussions to raise $250-300m from financial investors and family offices. This marks the bank’s first significant fundraising effort since its merger with North East Small Finance Bank, which received approval from the Reserve Bank of India.
Slice Bank has reportedly informed the RBI about its capital-raising plans for the year, signaling its intent to bolster its financial position and support growth initiatives.
JP Morgan names new co-heads of India investment banking. ( Bloomberg)
JP Morgan promoted senior dealmakers Nitin Maheshwari and Ravi Shankar to serve as co-heads of investment banking in India. The appointments come as the US bank moves to reinforce its leadership in the region following the departure of Navin Wadhwani.
Maheshwari and Shankar will jointly oversee the responsibilities previously managed by Wadhwani, who left the firm to pursue new opportunities.
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