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Top Highlights
Sycamore Partners, a private equity firm specializing in retail and consumer investments, agreed to acquire Walgreens Boots Alliance, an integrated healthcare, pharmacy and retail services provider, in a $23.7bn deal, according to press releases.
Walgreens Boots Alliance is advised by Centerview Partners, Morgan Stanley, Kirkland & Ellis (led by Ed Lee, Rachael Coffey, Daniel Wolf, Andrew Norwich, Dan Li and Steve Toth) and Ropes & Gray (led by Adrianne Ortega and Tim McCrystal). Centerview Partners and Morgan Stanley are advised by Skadden Arps Slate Meagher & Flom (led by Graham Robinson and Christopher Barlow). Sycamore Partners is advised by Citigroup, Goldman Sachs, JP Morgan (led by Adam Schwarzchild, Nick Richitt and Navtaj Bhullar), UBS, Wells Fargo Securities, Bass Berry & Sims, Davis Polk & Wardwell (led by Brian Wolfe, Darren M. Schweiger and Michael Senders) and Joele Frank (led by Michael Freitag and Arielle Rothstein). Stefano Pessina is advised by Debevoise & Plimpton (led by Gordon Moodie, Emily Huang and Jeffrey Rosen), according to press releases and MergerLinks data.
EQT, a private equity firm investing in healthcare, consumer goods, industrial, energy, and environmental industries, and GIC, a sovereign wealth fund established by the Government of Singapore, completed the acquisition of majority stake in Calisen, an owner and manager of essential energy infrastructure assets, from Global Infrastructure Partners, an infrastructure investment fund, Goldman Sachs Alternatives, a private equity firm, and Mubadala, an Abu Dhabi's sovereign wealth fund, at a $5bn valuation, according to press releases.
Calisen was advised by FGS Global (led by Dorothy Burwell). EQT was advised by Jefferies & Company and Simpson Thacher & Bartlett (led by Amy Mahon and Paul Foote). Goldman Sachs was advised by Goldman Sachs (led by Mark Sorrell), Macquarie Group, Clifford Chance (led by Nicholas Hughes) and Sullivan & Cromwell (led by Ben Perry), according to press releases and MergerLinks data.
H.I.G. Capital, a private equity firm, completed the acquisition of Quisitive Technology Solutions, a Microsoft Cloud and AI solutions provider, for $117m, according to press releases.
Deal Round up
AMERICAS
Hellman & Friedman targets $30bn valuation in fundraising for Hub International. ( Bloomberg )
Advent said to weigh Ultra PCS sale as interest in defense rises. ( Bloomberg)
Blackstone evaluates options for Reese Witherspoon's Hello Sunshine. (Reuters)
Hinge Health plans to file for IPO as early as this week. (Bloomberg)
Blackstone closes $8bn real estate debt strategies fund. (Press Release )
Pamlico Capital closes $1.75bn fund, exceeding target.
EMEA
Kantar owners plan £5bn sale of Worldpanel data division. (SkyNews)
Warburg Pincus, KKR consortium in talks to buy Gerresheimer. (Bloomberg )
UK's Assura shares rise on $2.08bn bid from KKR, Stonepeak. ( Reuters)
Buyout firms eye Italian software developer Namirial. (Bloomberg)
NB Renaissance nears deal for CVC-backed Genetic. (Bloomberg)
Royal London closes in on £130m purchase of 'super sewer' investor. (Sky News )
Thames Water prepares CKI as potential buyer in case of administration. ( Bloomberg)
SMG Swiss Marketplace plans Swiss IPO at $5bn valuation.
APAC
I Squared Capital and Macquarie are competing to acquire a stake in Indosat's $1bn fibre business. (Reuters)
AI drug startup Insilico weighs Hong Kong IPO after funding. (Bloomberg)
Blackstone and Sattva Group's Knowledge Realty Trust files for India's largest REIT IPO. (Bloomberg )
India’s ChrysCapital said to raise $2.1bn record buyout fund. ( Bloomberg)
Swiggy-backer Bessemer Venture Partners raises $350m for second India fund. (Press Release)
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AMERICAS
The Federal Trade Commission sued to block GTCR acquisition of medical company Surmodics, alleging that the deal, which seeks to combine the two largest manufacturers of critical medical device coatings, is anticompetitive.
Surmodics is advised by Jefferies & Company (led by Matthew Miller and Michael Robinson) and Faegre Drinker Biddle & Reath. Jefferies is advised by White & Case (led by Denise A. Cerasani). GTCR is advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton and Kirkland & Ellis. Debt financing is provided by Oak Hill Advisors. Oak Hill Advisors is advised by Latham & Watkins (led by Peter J. Sluka and Stelios Saffos), according to MergerLinks data and press releases.
Franklin BSP Realty Trust, a real estate investment trust, agreed to acquire NewPoint Holdings JV, a commercial real estate finance company, according to press releases. Financial terms were not disclosed.
NewPoint is advised by Bank of America and Paul Weiss Rifkind Wharton & Garrison (led by Lukas Richards and Adam M. Givertz). Franklin BSP is advised by Barclays, Hogan Lovells, Reed Smith, Benefit Street Partners (led by Lindsey Crabbe) and Franklin Templeton (led by Lisa Tibbitts) , according to press releases.
Bain Capital, a private equity firm, agreed to acquire the supermarket and specialty store businesses of Seven & i, a Japanese retail conglomerate, parent company of 7-Eleven, for $5.5bn, according to press releases.
Bain Capital is advised by BNP Paribas, Citigroup, Mizuho Securities, Anderson Mori & Tomotsune and Ropes & Gray. Seven & i is advised by Mitsubishi UFJ Morgan Stanley Securities, according to press releases and MergerLinks data.
American Securities, a private equity firm, completed the acquisition of Integrated Global Services, a provider of on-site surface protection solutions, from J.F. Lehman, a middle-market private equity firm, according to press releases. Financial terms were not disclosed.
Integrated Global Services was advised by Houlihan Lokey, Stifel and Jones Day (led by Andy Levine and Justin Roland). American Securities was advised by Harris Williams & Co, Kirkland & Ellis and Prosek Partners , according to press releases and MergerLinks data.
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.
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.
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.
Private equity firms Motive Partners and Apollo Global Management completed the formation of Lyra Client Solutions, a client-servicing solutions provider offering technology and operations capabilities to enhance efficiency and client experience across institutional and wealth channels. Financial terms were not disclosed, according to press releases.
Apollo Global was advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew B. Goldstein), according to press releases and MergerLinks data.
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.
PSP Investments, a Canadian Crown corporation managing pension investments, agreed to acquire a 7.51% stake in 407 ETR, an all-electronic, barrier-free, 400-series toll highway located in Canada, from CPP Investments, a global investment management organization, for $2.39bn, according to press releases.
SoftBank Vision Fund 2, a technology-focused investment fund, led a $130m Series C round in Terabase, a provider of digital and automation solutions for utility-scale solar power, according to press releases.
Sumitomo Mitsui Finance and Leasing, a leasing services company, agreed to acquire Macquarie Rotorcraft, a helicopter leasing arm of Macquire, a global financial services organisation, according to press releases. Financial terms were not disclosed.
Hellman & Friedman targets $30bn valuation in fundraising for Hub International. ( Bloomberg)
Hellman & Friedman is seeking to raise at least $1bn in equity for Hub International, in a deal that could value the insurance brokerage at $30bn.
The private equity firm is working with Morgan Stanley and Goldman Sachs on a liquid private placement and may secure more than $1bn from a range of investors, including long-only institutions and private equity limited partners.
Advent said to weigh Ultra PCS sale as interest in defense rises. ( Bloomberg)
Advent International is in the early stages of exploring options for Ultra Precision Control Systems as demand for defense-related assets grows.
The private equity firm is holding informal discussions with potential advisers regarding a possible divestment of the business, which could be valued at around $1bn.
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.”
Hinge Health plans to file for IPO as early as this week. ( Bloomberg)
Hinge Health, a San Francisco-based digital physical therapy provider, is preparing to file for an initial public offering as early as next week, with plans to go public potentially as soon as April. The company has engaged financial institutions Morgan Stanley, Barclays, and Bank of America to lead the IPO process.
In 2024, Hinge Health reported revenues of $390m, marking a one-third increase from the previous year, and achieved a free cash flow of $45m. The company was valued at $6.2bn following a $400m funding round in 2021, led by Tiger Global Management and Coatue Management.
Blackstone closes $8bn real estate debt strategies fund. ( Press Release)
Blackstone announced the final close of its most recent real estate debt fund, Blackstone Real Estate Debt Strategies V, which has approximately $8bn of total capital commitments.
BREDS V plans to deploy capital across various strategies, including global scale lending, liquid securities, structured solutions to financial institutions, and corporate credit. The fund aims to capitalize on current market dislocations by providing flexible financing solutions in the commercial real estate sector.
Pamlico Capital closes $1.75bn fund, exceeding target. ( Press Release)
Pamlico Capital has closed Pamlico Capital VI at its hard cap of $1.75bn, surpassing the initial $1.5bn target due to strong demand from both existing and new investors.
Pamlico focuses on equity investments ranging from $50m to $200m in growth-stage companies. The firm targets growth equity and buyout opportunities across communications, healthcare IT, information services, software, and tech-enabled services in North America. Since 2002, Pamlico has invested over $4bn across 80 companies.
EMEA
Oak Hill Advisors, a private equity firm, agreed to acquire a 15% stake in IDEAL, an asset management firm, for €62m ($67m), according to press releases.
IDEAL is advised by AXIA Ventures, L Papaphilippou & Co, Reed Smith, Sarantitis Law Firm and PricewaterhouseCoopers. Oak Hill Advisors is advised by Antis Triantafyllides & Sons, NautaDutilh, Papapolitis & Papapolitis and Paul Weiss Rifkind Wharton & Garrison (led by Oliver Marcuse), according to press releases and MergerLinks data.
Zydus, a global innovation-driven lifesciences company, agreed to acquire an 85.6% stake in Amplitude Surgical, a French player in the global market for surgical technologies, from PAI Partners, a private equity firm, and Amplitude Surgical management, for €257m ($278m), according to press releases.
Amplitude Surgical is advised by Finexsi and NewCap (led by Nicolas Merigeau). Zydus is advised by BNP Paribas, Darrois Villey Maillot Brochier and Brunswick Group (led by Hugues Boeton). PAI Partners is advised by Rothschild & Co and Willkie Farr & Gallagher, according to press releases.
J.F. Lehman, a private equity firm specializing in the aerospace, defense, government, maritime, environmental and infrastructure sectors, completed the acquisition of a majority stake in Altor-backed Wrist, a marine supply, logistics and budget management services provider, according to press releases. Financial terms were not disclosed.
Wrist was advised by Bank of America. J.F. Lehman was advised by Danske Bank, ABG Sundal Collier, Gorrissen Federspiel, Jones Day (led by Giles P. Elliott) and Thommessen. Altor was advised by Kromann Reumert (led by Tyge Rasmussen) , according to press releases and MergerLinks data.
Apax, a private equity firm, offered to acquire Norva24, an underground infrastructure maintenance services provider, for $656m, according to press releases.
Norva24 is advised by Citigroup and White & Case (led by Shoan Panahi and Johan Thiman). Apax is advised by Setterwalls Advokatbyra and Sullivan & Cromwell (led by Karan Dinamani) , according to press releases.
Piraeus, a financial holdings company, agreed to acquire a 90% stake in Ethniki Insurance, an insurance firm in Greece, from CVC, a private equity firm, for €600m ($654m), according to press releases.
Piraeus is advised by Milliman, UBS, Milbank and Moratis Passas, according to press releases.
DNO, a Norwegian oil and gas operator, agreed to acquire Sval Energi, a Norwegian energy company, from HitecVision, a private equity group, for $450m, according to press releases.
DNO is advised by Pareto Securities and Thommessen, according to press releases.
Pioneer Point Partners, an infrastructure investment firm, agreed to acquire OG Clean Fuels, an owner and operator of clean fuels filling stations, from ABN AMRO Sustainable Impact Fund, a private impact fund, and Meewind, a company that invests in sustainable energy sources, according to press releases. Financial terms were not disclosed.
OG Clean Fuels is advised by Jefferies & Company. Pioneer Point Partners is advised by Rothschild & Co, according to press releases and Mergerlinks data.
Brasil Warrant Gestão de Investimentos, an independent asset management company, offered to acquire Verallia, a glass container manufacturing company, for €6.1bn ($6.6bn).
Mitsui O.S.K., a Japanese transport company headquartered in Toranomon, Minato, Tokyo, agreed to acquire LBC Tank Terminals, one of the world’s largest independent tank terminal operators, from Ardian, a private equity firm, for $1.715bn.
Mitsui O.S.K. is advised by Nomura.
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.
Keppel, an asset manager and operator focusing on green investment in real estate, infrastructure, connectivity, and alternative assets, agreed to acquire Global Marine Group, one of the world’s largest independent subsea cable solutions providers, from J.F. Lehman, a private equity firm. Financial terms were not disclosed.
Keppel is advised by UBS.
Keensight Capital, a private equity firm, agreed to acquire a majority stake in ACTICO Group, an international provider of digital solutions, according to press releases. Financial terms were not disclosed.
Keensight Capital is advised by Headland Consultancy (led by Stephanie Ellis), according to press releases and MergerLinks data.
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.
Charterhouse, a private equity firm, agreed to acquire ESTYA, a French services provider, according to press releases. Financial terms were not disclosed.
Kantar owners plan £5bn sale of Worldpanel data division. ( SkyNews)
The owners of Kantar Group are exploring a £5bn ($6.4bn) sale of its division that tracks supermarket performance in Britain.
The potential sale, still awaiting formal approval from Bain Capital and WPP Group, would reposition Kantar as a pureplay brand strategy consultancy.
Warburg Pincus, KKR consortium in talks to buy Gerresheimer. ( Bloomberg)
A consortium of Warburg Pincus and KKR is in talks to acquire Gerresheimer, the German manufacturer of drug and cosmetic packaging.
The private equity firms have emerged as the frontrunner after teaming up, while other potential bidders, including Bain Capital, have dropped out. The stock has risen around 11% this year, giving the company a market value of approximately €2.7bn ($2.9bn).
UK's Assura shares rise on $2.08bn bid from KKR, Stonepeak. ( Reuters)
Assura announced that it would consider a £1.61bn ($2.1bn) takeover offer from US private equity firms KKR and Stonepeak Partners, sending shares of the British healthcare real estate investment trust up 14%.
Assura’s shares rose to about £0.46 ($0.6), still below their 2020 peak of £0.88 ($1.14) and under the latest offer of £0.49 ($0.63) per share. The company stated that its board has decided to engage in discussions with the consortium and allow a limited period of confirmatory due diligence.
Buyout firms eye Italian software developer Namirial. ( Bloomberg)
Several private equity firms are interested in acquiring Namirial, an Italian software developer that could be valued at €900m ($976m).
Bain Capital, Hg, and TA Associates are preparing non-binding offers, while Apax and Cinven are also exploring potential bids.
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.
Royal London closes in on £130m purchase of 'super sewer' investor. ( Sky News)
Royal London has entered exclusive talks to acquire Dalmore Capital, the infrastructure investor that holds a stake in London’s new "super sewer."
The financial mutual has emerged as the top contender for the deal, with Dalmore managing approximately £6bn ($7.7bn) in assets. Discussions are ongoing, and terms have yet to be finalized.
Thames Water prepares CKI as potential buyer in case of administration. ( Bloomberg)
Thames Water is positioning CK Infrastructure as a possible buyer if the utility enters special administration following a court appeal in London.
The company aims to have the Hong Kong-based investor as an option for administrators to consider in the event of insolvency.
SMG Swiss Marketplace plans Swiss IPO at $5bn valuation. ( Bloomberg)
SMG Swiss Marketplace Group, operator of online platforms like ImmoScout24, has engaged banks for an initial public offering in Switzerland, targeting a valuation of approximately $5bn.
The company, backed by investors including General Atlantic, was formed in 2021 through a joint venture combining multiple digital classifieds and marketplace assets. SMG has recently taken initial steps to be ready for an IPO and has started talks with selected banks.
SMG is advised by Goldman Sachs, JP Morgan and UBS.
APAC
Insignia Financial granted access to its books to two key suitors after both Bain Capital and CC Capital raised their respective takeover bids to AUD3.34bn ($2.11bn), marking a pivotal moment in an escalating bidding war.
Insignia is advised by Citigroup, Gresham and King & Wood Mallesons. Bain Capital is advised by FTI Consulting (led by Stuart Carson) , according to MergerLinks data and press releases.
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.
The Rohatyn Group, an investment firm, agreed to acquire a 77% stake in the New Zealand joint venture from Rayonier, a timberland real estate investment trust, for $710m, according to press releases.
Blackstone, an American multinational private equity firm, agreed to acquire a 40% stake in Kolte-Patil, an Indian real estate developer, for $134m, according to Reuters.
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.
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.
Blackstone and Sattva Group's Knowledge Realty Trust files for India's largest REIT IPO. ( Bloomberg)
Knowledge Realty Trust, a joint venture between Blackstone and India's Sattva Group, has filed a draft prospectus with the Securities and Exchange Board of India for an initial public offering aiming to raise approximately $711m. This move positions it to become the largest REIT listing in India to date.
The trust's portfolio encompasses 30 Grade A office assets totaling 48m square feet across six major cities, including Bengaluru, Hyderabad, Mumbai, Chennai, Gurugram, and Ahmedabad. Notably, about 95% of these assets are concentrated in Bengaluru, Hyderabad, and Mumbai, making it India's most geographically diverse office REIT.
The IPO proceeds are primarily earmarked for debt repayment. Leading financial institutions, including Morgan Stanley, Kotak Mahindra Capital, Axis Capital, and Bank of America, are managing the sale.
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.
Swiggy-backer Bessemer Venture Partners raises $350m for second India fund. ( Press Release)
Bessemer Venture Partners, an early investor in Swiggy, has raised $350m for an India-focused fund aimed at AI-enabled businesses, fintechs, and direct-to-consumer brands.
The US-based venture capital firm plans to deploy the fund starting mid-2025, continuing its focus on young Indian businesses. Over the past five years, 80% of its investments in India have been in early-stage startups.
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