Emerson completes the acquisition of the remaining 43% stake in AspenTech for $7.2bn.

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AMERICAS

PharmaCord to merge with Odyssey-backed Mercalis.

PharmaCord, a provider of patient services for the biopharmaceutical industry, agreed to merge with Odyssey-backed Mercalis, a life sciences commercialization company, according to press releases. Financial terms were not disclosed.

Mercalis is advised by Harris Williams & Co and Latham & Watkins. PharmaCord is advised by Jefferies & Company, Leerink Partners, Skadden Arps Slate Meagher & Flom (led by Brett Fleisher) and FGS Global (led by Catherine Livingston), according to MergerLinks data and press releases.

Audax Private Equity and Lovell Minnick Partners complete the investment in Fortis.

Audax Private Equity and Lovell Minnick Partners, two private equity firms, completed the investment in Fortis, a payments technology company for software providers, according to press releases. Financial terms were not disclosed.

Fortis was advised by William Blair & Co and Morgan Lewis & Bockius. Audax was advised by Raymond James, Kirkland & Ellis and FGS Global. Lovell Minnick was advised by Prosek Partners, according to press releases.

Archrock to acquire Natural Gas Compression Systems for $357m.

Archrock, a provider of natural gas contract compression services to customers in the oil and natural gas industry, agreed to acquire Natural Gas Compression Systems, a high-quality provider of contract gas compression service, for $357m, according to press releases.

Natural Gas Compression is advised by Intrepid Advisors and Honigman Miller Schwartz & Cohn. Archrock is advised by Citigroup, Latham & Watkins (led by Ryan Maierson and Nick S. Dhesi) and Joele Frank (led by Andrew B. Siegel), according to press releases.

Gemspring Capital completes the acquisition of Appriss Retail from Clearlake Capital and Insight Partners.

Gemspring Capital, a middle-market private equity firm, completed the acquisition of Appriss Retail, a provider of AI-driven analytics and loss prevention software for retailers, from Clearlake Capital and Insight Partners, two investment firms, according to press releases. Financial terms were not disclosed.

Appriss Retail was advised by Evercore, Willkie Farr & Gallagher and Ketner Group Communications. Gemspring Capital was advised by McDermott Will & Emery. Clearlake Capital was advised by Lambert & Co (led by Jennifer Hurson), according to press releases.

Scopely to acquire game business from Niantic for $3.85bn.

Scopely, a mobile games company, agreed to acquire game business, including Pokémon GO, Pikmin Bloom, Monster Hunter Now, from Niantic, a software development company, for $3.85bn, according to press releases.

Scopely is advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by Jeffrey Cohen). Niantic is advised by Goldman Sachs and Fenwick & West, according to MergerLinks data and press releases.

Inversiones Andinas completes the acquisition of 177MW coal-fired power plant in Colombia from ContourGlobal.

Inversiones Andinas, a financial services firm, completed the acquisition of Sochagota 177MW coal-fired power plant in Paipa, Colombia from ContourGlobal, a British power generation company, according to press releases. Financial terms were not disclosed.

Inversiones Andinas was advised by Inverlink and Gómez-Pinzón Abogados. ContourGlobal was advised by Santander and Cuatrecasas Goncalves Pereira, according to MergerLinks data and press releases.

Clearwater Analytics to acquire Beacon from PIMCO for $560m.

Clearwater Analytics, a software-as-a-service fintech company, agreed to acquire Beacon, a financial technology company, from PIMCO, an investment management firm, for $560m, according to press releases.

Beacon is advised by Broadhaven Capital Partners and Orrick Herrington & Sutcliffe. Clearwater Analytics is advised by Kirkland & Ellis (led by Constantine N. Skarvelis), according to press releases.

Clearwater Analytics to acquire Bistro from Blackstone for $125m.

Clearwater Analytics, a software-as-a-service fintech company, agreed to acquire Bistro, a proprietary portfolio visualization software platform, from Blackstone, an alternative asset manager, for $125m, according to press releases.

Clearwater Analytics is advised by Kirkland & Ellis (led by Constantine N. Skarvelis). Blackstone is advised by Simpson Thacher & Bartlett, according to press releases.

Fidelity led a $250m Series C1 round in Celestial AI.

Fidelity, an American multinational financial services corporation, led a $250m Series C1 round in Celestial AI, a machine learning accelerator company, with participation from BlackRock, Maverick Silicon, Tiger Global Management, Lip-Bu Tan, AMD Ventures, Koch Disruptive Technologies, Temasek, Xora Innovation, Porsche Automobil and The Engine Ventures, according to press releases.

Celestial AI was advised by Shelton Group (led by Tyler Weiland), according to press releases.

Calera Capital completes the acquisition of Nocturne Luxury Villas from Gladstone.

Calera Capital, a private equity firm, completed the acquisition of Nocturne Luxury Villas, a luxury vacation rental management company, from Gladstone, a business development company, according to press releases. Financial terms were not disclosed.

Nocturne Luxury Villas was advised by Robert W Baird (led by Jordan Klein), according to press releases and MergerLinks data.

Iguatemi to acquire a majority stake in São Paulo luxury malls Pátio Higienópolis and Pátio Paulista for $442m.

Iguatemi, a mall in São Paulo, Brazil, agreed to acquire a majority stake in São Paulo luxury malls Pátio Higienópolis and Pátio Paulista for $442m, according to press releases.

Banco do Brasil is advised by UBS, according to MergerLinks data.

Google is poised to acquire an eye-tracking startup for future glasses. (Bloomberg)

Alphabet's Google is in final talks to acquire AdHawk Microsystems, a Canadian company specializing in eye-tracking technology, as part of its efforts to advance headsets and smart glasses.

The acquisition deal is valued at $115m, including $15m in future payments contingent on AdHawk meeting performance targets. The transaction aligns with Google’s renewed focus on wearable technology.

Ares SPAC in talks to merge with trucking startup Kodiak. (Bloomberg)

Ares Acquisition Corporation II is in advanced discussions to merge with autonomous trucking startup Kodiak Robotics in a deal that could value the combined entity at approximately $2bn.

The SPAC was competing with other bidders for Kodiak before entering exclusive talks. If completed, the transaction would provide Kodiak with access to public markets as it continues developing self-driving truck technology.

Rosebank drops plans to buy ECI. (Reuters)

British investment firm Rosebank Industries has decided to abandon its acquisition of US-based wire harness maker Electrical Components International, citing volatility in political and equity markets.

CEO Simon Peckham stated that market conditions made it unsuitable to proceed with the deal at this time, as it was not in the best interests of investors. The decision reflects broader concerns about market instability affecting cross-border transactions.

Brazil infrastructure firm hires four banks for selling spree. (Bloomberg)

Transport infrastructure operator, CCR, has hired four banks to assist in the sale of 20 airports across Latin America and five urban mobility assets in Brazil as part of a broader divestment strategy.

The company is working with Lazard and Itau Unibanco for the airport transaction, while Goldman Sachs Group and BTG Pactual have been engaged for the sale of mobility assets.

Blackstone evaluates options for Reese Witherspoon's Hello Sunshine. (Reuters)

Blackstone is exploring strategic options for Hello Sunshine, the entertainment company founded by Reese Witherspoon, which is part of its Hollywood media firm, Candle Media. Possible moves include merging it with another company as Blackstone assesses its portfolio.

Candle Media acquired Hello Sunshine in 2021, helping establish its presence in the entertainment industry. The company is known for producing content such as Apple TV+’s “The Morning Show” and Amazon’s “Daisy Jones & the Six.”

UBS kicks off $1bn of loans for Celsius’ Alani Nu purchase. (Bloomberg)

A group of banks led by UBS Group has launched a $1bn debt package to support Celsius Holdings’s acquisition of Alani Nutrition. The financing structure includes a seven-year $900m first-lien term loan and a five-year $100m revolving credit facility.

The debt package is being offered with a margin of 3 to 3.25 percentage points above the secured overnight financing rate, with pricing set at 99 to 99.5 cents on the dollar. The transaction is part of Celsius’s strategy to expand its footprint in the energy drink market.

Capitala Group closes oversubscribed fund with $1bn in commitments. (Bussiness Wire)

Capitala Group has closed its latest fundraising with over $1bn in commitments, including leverage and separately managed accounts. The firm provides capital solutions to lower middle-market businesses across the US through private credit and private equity investments.

The firm’s investment strategy focuses on supporting family-owned, entrepreneur-owned, and independent sponsor-owned companies seeking non-control growth capital. Capitala currently has over $300m in equity-focused commitments available to co-invest alongside its debt capital.

EMEA

Maven Capital Partners completes the investment in Digital Rewards Group.

Maven Capital Partners, a private equity firm, completed the investment in Digital Rewards Group, a specialist rewards and incentives platform, according to press releases. Financial terms were not disclosed.

Digital Rewards was advised by DC Advisory (led by Richard Darlington), according to press releases and MergerLinks data.

Rocket Lab to acquire Mynaric for $150m.

Rocket Lab, a company specialised in launch services and space systems, agreed to acquire Mynaric, a provider of laser optical communications terminals for air, space, and mobile applications, for $150m, according to press releases.

Accenture to acquire Soben.

Accenture, a global professional services company, agreed to acquire Soben, a provider of construction consultancy services, according to press releases. Financial terms were not disclosed.

Scania committed to buying Northvolt's battery pack business despite bankruptcy. (Reuters)

Truckmaker Scania remains committed to acquiring Northvolt's battery pack business despite the Swedish battery maker filing for bankruptcy. The transaction, originally agreed in February, involves Scania purchasing Northvolt Industrial for $6m in cash while assuming all related debt and liabilities.

The deal has been temporarily suspended due to Northvolt and four of its units, including Northvolt Systems, declaring bankruptcy in Sweden. As a result, the agreement cannot be completed in its original form.

NB Renaissance nears deal for CVC-backed Genetic. (Bloomberg)

NB Renaissance has entered exclusive talks to acquire Genetic in a deal valuing the Italian pharmaceutical company at about €700m ($764m). The investment firm outbid rival suitors for the company, which is backed by CVC Capital Partners.

The potential acquisition marks another move by NB Renaissance to expand its presence in the pharmaceutical sector.

Historically, NB Renaissance has worked with Intesa Sanpaolo, Ernst & Young and Gatti Pavesi Bianchi Ludovici, according to MergerLinks data.

Italy’s Sondrio vows payouts as it seeks to fend off BPER bid. (Bloomberg)

Banca Popolare di Sondrio plans to return about €1.5bn ($1.6bn) to shareholders by 2027 as it seeks to defend against a takeover bid from BPER Banca. The strategy includes an increased annual payout ratio to 85% through 2027, doubling the dividend distribution from its previous three-year plan.

The bank is also targeting a cumulative net profit of approximately €1.8bn ($2bn) for the 2025-2027 period. The move aims to strengthen shareholder confidence amid the ongoing acquisition attempt by its rival.

Dubai Aerospace seeks a buyer for an aircraft maintenance unit. (Bloomberg)

Dubai Aerospace Enterprise is exploring the sale of its 80% stake in Joramco, a Jordan-based aircraft maintenance, repair, and overhaul company.

The firm has engaged Morgan Stanley to oversee the potential transaction. The plans are still in early stages, and there is no certainty that a deal will be reached. Dubai Aerospace, owned by the emirate’s sovereign wealth fund, is considering the sale as part of a broader strategic review.

Ageas and Allianz explore bids for British insurance group, Esure. (Reuters)

Belgian insurer Ageas has engaged advisors to evaluate a bid for British motor and home insurer, esure, as part of efforts to consolidate the UK personal lines market.

Germany’s Allianz has also been working on an offer for Esure in recent weeks. The bidding process will have only one main round, with a deadline set in the coming weeks.

Historically, Ageas has worked with BNP Paribas, Slaughter & May, AZB & Partners and Linklaters, according to MergerLinks data.

Swiss bourse chief says market volatility could delay IPOs. (Bloomberg)

The head of the Swiss stock exchange warned that market volatility, driven by US political uncertainty, could delay some initial public offerings this year, despite an overall strong outlook for listings.

SIX Group's CEO Bjørn Sibbern stated that while no conclusions can be drawn yet, volatility remains a concern. Meanwhile, the exchange reported a 4.6% year-on-year increase in total operating income for 2024 and announced cost-cutting measures exceeding $136m by the end of 2027.

Air Baltic said to target London listing as soon as next quarter. (Bloomberg)

Latvia’s Air Baltic is considering an initial public offering on the London Stock Exchange as early as the second quarter. The airline has also explored a potential dual listing, including Riga, as part of its expansion strategy.

A proposed IPO could raise up to €300m ($328m).

Oman's power utility said to pause IPO plans and weigh bond sale. (Bloomberg)

Oman Electricity Transmission has put its initial public offering plans on hold and is now exploring a bond sale to raise funds. The state-owned utility is set to meet investors in the US and the UK this week to assess interest in a potential dollar-bond issuance.

The company is working with Citigroup and Oman Investment Bank, among others, on the planned offering. The shift to bond financing comes as OETC evaluates market conditions and funding alternatives.

APAC

Uber terminates the acquisition of the foodpanda delivery business in Taiwan from Delivery Hero for $950m. (Reuters)

Uber, a multinational transportation company that provides ride-hailing services, courier services, food delivery, and freight transport, terminated the acquisition of the foodpanda delivery business in Taiwan from Delivery Hero, a provider of online food ordering services, for $950m.

UBS receives approval to sell part of Credit Suisse China stake. (Bloomberg)

UBS Group announced that it has received regulatory approval to sell a 36% stake in Credit Suisse’s China venture, marking progress toward fully integrating the two banks in the world’s second-largest economy.

In a statement on March 12, the Swiss bank confirmed the sale of its stake in Credit Suisse Securities China to Beijing State-Owned Assets Management while retaining a 15% share in the unit.

UBS is advised by UBS.

MGX completes the acquisition of a minority stake in Binance for $2bn.

MGX, an Abu Dhabi-based AI and advanced technology investor, completed the acquisition of a minority stake in Binance, a cryptocurrency exchange, for $2bn, according to press releases.

IndusInd is close to completing the Reliance Capital acquisition. (Bloomberg)

IndusInd International is nearing completion of its acquisition of Reliance Capital for INR 98.6bn ($1.1bn).

The acquisition, led by a unit of Indian conglomerate Hinduja Group, received approval from a bankruptcy tribunal in February last year. The transaction marks a key step in resolving Reliance Capital’s financial restructuring.

India not privatising telecom firms, BSNL and MTNL, says deputy communications minister. (Reuters)

India has no plans to privatize state-owned telecom firms Bharat Sanchar Nigam and Mahanagar Telephone Nigam, deputy Communications Minister Pemmasani Chandra Sekhar stated in response to a parliamentary question.

Last month, the federal government approved an additional $800m capital expenditure plan for BSNL. In February, it also approved $688m for the 4G network expansion of both BSNL and MTNL.

I Squared Capital and Macquarie are competing to acquire a stake in Indosat's $1bn fibre business. (Reuters)

Global asset managers I Squared Capital and Macquarie are among the bidders competing for a stake in the fibre business of Indonesia’s Indosat Ooredoo Hutchison, in a deal that could value the unit at $1bn.

The planned sale comes as investor interest in digital infrastructure across Asia continues to grow, driven by rising demand for artificial intelligence and cloud computing services. Indosat aims to capitalize on this trend by monetizing its fibre assets.

Indonesia’s GoTo makes first profit and remains open to Grab merger. (Financial Times)

The chief executive of Indonesian tech company GoTo has not ruled out a potential merger with Singapore-based Grab after announcing the company’s first annual profit.

GoTo, which operates the Gojek ride-hailing service and owns a stake in the e-commerce platform Tokopedia, has reportedly been in talks about a possible takeover by Grab. A merger would unite two of Southeast Asia’s largest tech firms, with a combined market value of $23bn, significantly lower than their combined $72bn valuation at the time of their IPOs in 2021 and 2022.

Australia considers allowing dual-class share listings, exchange executive says. (Reuters)

The Australian Securities Exchange is exploring the possibility of allowing dual-class share listings for the first time as part of efforts to revitalize the country's sluggish IPO market.

Blair Beaton, ASX’s group executive of listings, stated that dual-class shares are currently not permitted in Australia, putting the domestic market at a disadvantage compared to major global exchanges. Introducing such listings could make ASX more attractive to high-growth companies.

AI drug startup Insilico weighs Hong Kong IPO after funding. (Bloomberg)

Insilico Medicine is considering an initial public offering after securing funding at a valuation exceeding $1bn, highlighting growing investor interest in AI-driven drug discovery.

The US-based company, which has significant operations in China, raised $110m in a financing round led by Value Partners Group. Existing investors, Warburg Pincus, OrbiMed Advisors, and the venture arm of Eli Lilly also participated.

MediLink is said to weigh licensing deal ahead of potential IPO. (Bloomberg)

MediLink Therapeutics is considering a licensing partnership with a global pharmaceutical company to develop its antibody-drug conjugate. The company is working with an adviser to gauge interest in its cancer drug YL201.

A licensing deal could act as a precursor to an initial public offering, which MediLink is reportedly exploring for a potential listing in Hong Kong as early as 2026. Discussions are ongoing, but no final decision has been made.

Chip-design firm, SkyeChip, said to consider a Malaysia IPO this year. (Bloomberg)

Semiconductor designer SkyeChip is exploring an initial public offering in Malaysia as early as the second half of this year, amid the country’s efforts to boost domestic chip production.

The company, founded in 2019, is targeting a valuation of over MYR 1bn ($226m) for the listing.

India’s ChrysCapital said to raise $2.1bn record buyout fund. (Bloomberg)

ChrysCapital Management has raised $2.1bn for its latest private equity fund, marking the largest capital raising by an Indian buyout firm. The new fund is about two-thirds larger than its previous $1.25bn raise in 2022 and surpasses the $1.7bn record set by Kedaara Capital last year.

An official announcement on the fund’s final close is expected in the coming weeks. The strong investor response reflects growing interest in India’s private equity market and ChrysCapital’s track record in the sector.

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