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AMERICAS

Redwire receives all regulatory approvals for its acquisition of Edge Autonomy. (Press Release)

Redwire, an American aerospace manufacturer and space infrastructure technology company, received all regulatory approvals required to complete its acquisition of unmanned aircraft vehicles manufacturer Edge Autonomy. These approvals include the completion of the antitrust review under the Hart-Scott-Rodino Act in the United States, as well as foreign investment reviews in Latvia, Canada, and the United Kingdom.

Edge Autonomy is advised by Citigroup, William Blair & Co and Kirkland & Ellis. Redwire is advised by GH Partners, JP Morgan, ROTH Capital Partners, Dentons, Holland & Knight (led by David Barkus and Ibrahim Barakat) and Richards Layton and Finger, according to press releases and MergerLinks data.

BankFirst Capital to acquire The Magnolia State.

BankFirst Capital, a registered bank holding company, agreed to acquire The Magnolia State, the parent company of Magnolia State Bank, Bay Springs, Mississippi, according to press releases, Financial terms were not disclosed.

The Magnolia State is advised by Olsen Palmer and Jones Walker. BankFirst Capital is advised by Southard Financial and Hunton Andrews Kurth, according to press releases.

Argentina suspends Telecom Argentina's purchase of Telefonica unit. (Reuters)

Argentina's presidential office said it issued a preventive measure to suspend Telecom's acquisition of Telefonica's local unit, claiming the pending merger could lead to excessive market concentration.

Telecom Argentina was advised by Cleary Gottlieb Steen & Hamilton (led by Adam Brenneman). Telefonica was advised by Citigroup and JP Morgan, according to press releases and MergerLinks data.

Regent completes the acquisition of Foundry from International Data Group.

Regent, a private equity firm, completed the acquisition of Foundry, a provider of media, event services, marketing technology, and intent data for B2B technology marketers, from International Data Group, a market intelligence and data company. Financial terms were not disclosed, according to press releases.

IDG was advised by Centerview Partners and Simpson Thacher & Bartlett (led by Anthony Vernace and William Allen), according to press releases and MergerLinks data.

VICE Media completed the acquisition of London Alley Entertainment.

VICE Media, a company specializing in global media and entertainment, completed the acquisition of London Alley Entertainment, a Los Angeles-based production studio focused on commercials, music videos, and digital IP. Financial terms were not disclosed, according to press releases.

London Alley was advised by Venable (led by Thomas E. Keim). VICE Media was advised by American Discovery Capital, according to press releases and MergerLinks data.

ArcLight Capital Partners to acquire a 25% stake in NGPL from Brookfield for $1.7bn.

ArcLight Capital Partners, an infrastructure investment firm specializing in energy sectors, agreed to acquire a 25% stake in NGPL Holdings, a natural gas transportation company, from Brookfield, a private equity firm, for $1.7bn, according to press releases.

Brookfield is advised by Vinson & Elkins (led by Benji Barron), according to press releases and MergerLinks data.

NGP Royalty Partners completes the acquisition of a minority stake in Mesa Minerals Partners.

NGP Royalty Partners, a private equity firm specializing in energy and natural resources investments, completed the acquisition of a minority stake in Mesa Minerals Partners, a company focused on acquiring minerals and royalties in the Haynesville Shale and Permian Basin. Financial terms were not disclosed, according to press release.

Mesa Minerals Partners was advised by Weil Gotshal and Manges (led by Cody Carper), according to press releases and MergerLinks data.

Grain Management to acquire the 800 MHz spectrum portfolio from T-Mobile.

Grain Management, a private equity firm specializing in digital infrastructure investments, agreed to acquire the 800 MHz spectrum portfolio from T-Mobile, a telecommunications company, according to press releases. Financial terms of the deal were not disclosed, according to press release.

Ayna.AI completes the acquisition of a 51% stake in the aluminum cup business from Ball.

Ayna.AI, a strategic advisory and implementation firm in the industrial technology space, completed the acquisition of a 51% stake in the aluminum cup business from Ball, a global provider of sustainable aluminum packaging solutions for beverage and personal and home care products. Financial terms were not disclosed, according to press release.

Clearlake Capital nearing $4bn acquisition of Dun & Bradstreet. (Bloomberg)

Clearlake Capital Group is in advanced discussions to acquire Dun & Bradstreet, a leading data and analytics provider, in a deal valued at approximately $4bn. The proposed transaction offers $9 per share, representing a premium over the company's recent trading price.

Dun & Bradstreet, headquartered in Jacksonville, Florida, is renowned for its comprehensive business data and analytics services. The company has been a pivotal resource for businesses seeking insights into creditworthiness, supplier relationships, and market potential.

The acquisition process is expected to include a "go-shop" period, during which Dun & Bradstreet can solicit alternative proposals to ensure the best outcome for its shareholders. This strategic move underscores Clearlake Capital's commitment to expanding its portfolio in the data and analytics sector.

Apollo Global Management explores the $4bn sale of Cox Media Group. (Bloomberg)

Apollo Global Management is considering the sale of Cox Media Group, valuing the company at approximately $4bn. The firm has engaged Moelis & Co to assess potential buyer interest.

Cox Media Group operates 15 television stations across nine markets and owns 50 radio stations in 10 markets. Potential buyers include Nexstar Media Group and Gray Media, both expressing interest in acquiring certain television assets.

Apollo acquired a majority stake in Cox Media Group in 2019. The current exploration of a sale aligns with Apollo's strategy to evaluate its media investments.

Contrarian Funds' $3.7bn offer recommended as starting bid in Citgo parent auction. (Reuters)

A US court officer overseeing the auction of shares in PDV Holding, the parent company of Venezuela-owned Citgo Petroleum, has recommended accepting a $3.7bn bid from Red Tree Investments, an affiliate of Contrarian Funds, as the initial bid for a new round of bidding.

The federal court in Delaware is conducting this auction to address up to $21.3bn owed to 18 creditors due to Venezuela's debt defaults and expropriations. Four potential "stalking horse" bids were received by the March 7 deadline, with Red Tree's proposal comprising $3.24bn in cash and $458m in non-cash considerations.

Analysts consider this bid low, given Citgo's market valuation exceeding $10bn. A subsequent topping-off period may lead to higher offers. The court's final hearing on the sale process is scheduled for July.

Existing ByteDance investors lead talks to acquire TikTok's US operations. (Reuters)

Major US-based investors in ByteDance, including Susquehanna International Group and General Atlantic, are in discussions to increase their stakes and acquire TikTok's US operations. The proposed plan involves creating a US entity for TikTok, reducing Chinese ownership to below 20%, in compliance with US legal requirements.

This initiative aims to address national security concerns that have prompted legislative actions threatening to ban TikTok in the United States unless its Chinese ties are severed. The White House is actively involved in facilitating these negotiations, underscoring the government's significant role in determining TikTok's future in the US market.

The outcome of these discussions will significantly impact TikTok's continued operation in the US, as well as the broader landscape of foreign-owned technology platforms facing scrutiny over data security and geopolitical tensions.

StubHub files for US IPO at $16.5bn valuation amid strong revenue growth. (Reuters)

StubHub, the online ticketing marketplace, has filed for an initial public offering on the New York Stock Exchange under the ticker symbol "STUB," aiming for a valuation of approximately $16.5bn. The company reported 2024 revenue of $1.77bn, up 29.5% from $1.37bn in 2023, although it posted a net loss of $2.8m for the year.

JP Morgan and Goldman Sachs are leading the underwriting. The listing comes as several tech companies prepare IPOs amid recovering market sentiment.

Ethos explores IPO with Goldman Sachs, valuation at $2.7bn. (Bloomberg)

Ethos, an Austin-based insurance technology startup, is considering an initial public offering that could occur as soon as this year. The company has engaged Goldman Sachs to assist with the process.

In addition to SoftBank, Ethos counts General Catalyst, Sequoia Capital, Accel, Roc Nation and Glade Brook Capital Partners among its investors.

EMEA

Carlyle terminates the acquisition of E&P assets in the Mediterranean from Energean for $945m.

Carlyle, an American multinational private equity, alternative asset management and financial services corporation, terminated the acquisition of E&P assets in the Mediterranean from Energean, an international hydrocarbon exploration and production company, for $945m, according to press releases.

Alfa Laval to acquire Fives Cryogenics from Fives Group for €800m.

Alfa Laval, a company specializing in heat transfer, separation, and fluid handling technologies, agreed to acquire Fives Cryogenics, a business unit focused on cryogenic heat transfer and pump technologies, from Fives Group, an industrial engineering group specializing in various sectors, for €800m ($866m), according to press releases.

Alfa Laval is advised by Jefferies & Company and White & Case, according to press releases and MergerLinks data.

Nalka Invest to acquire airteam from Ratos for SEK1.7bn.

Nalka Invest, a company specializing in long-term investments in medium-sized Nordic companies, agreed to acquire a 70% stake in airteam, a leading supplier of technical ventilation solutions, from Ratos, a business group focusing on technological and infrastructure solutions, for SEK1.7bn ($168m), according to press releases.

Nalka Invest is advised by Gorrissen Federspiel (led by Michael Wejp-Olsen), according to press releases and MergerLinks data.

Knighthead Capital completes the acquisition of a stake in Birmingham Panthers.

Knighthead Capital, an investment adviser, completed the acquisition of a stake in Birmingham Panthers, a professional basketball club, Financial terms were not disclosed, according to press releases.

Knighthead Capital was advised by Jonesworks, according to press releases.

Apollo to acquire a 25% stake in bp TANAP from bp for $1bn.

Apollo, an alternative asset manager, agreed to acquire a 25% stake in bp TANAP, the holding company of bp’s 12% interest in the Trans-Anatolian natural gas pipeline, from bp, a multinational oil and gas company, for $1bn, according to press releases.

Moltiply to acquire Verivox from ProSiebenSat.1 for €292m.

Moltiply, an operator of digital platforms and online comparison services, to acquire Verivox, a consumer energy and household services price comparison website, from ProSiebenSat.1, a mass media and digital entertainment company, for €292m ($319m), according to press releases.

General Atlantic to acquire a minority stake in NuCom Group and ParshipMeet Group from ProSiebenSat.1 Media for €98m.

General Atlantic, a growth equity firm, agreed to acquire a minority stake in NuCom Group, an omnichannel platform for consumer services and lifestyle brand, and ParshipMeet Group, an online dating service provider, from ProSiebenSat.1 Media, a mass media and digital company, for €98m ($107m), according to press releases.

MHP to acquire a 41% stake in UVESA Group.

MHP, an international food group, agreed to acquire a 41% stake in UVESA Group, a Spanish food company with well-established poultry and pork operations. Financial terms were not disclosed, according to press releases.

CGI completes the acquisition of Novatec.

CGI, an independent IT and business consulting services firm, completed the acquisition of Novatec, an IT services firm specialized in agile software engineering, digital products and strategic business & IT consulting services. Financial terms were not disclosed, according to press releases.

Coinbase in advanced talks to acquire Deribit in a potential $4-5bn deal. (Bloomberg)

Coinbase, the largest US-based cryptocurrency exchange, is in advanced discussions to acquire Deribit, the world's leading platform for Bitcoin and Ether options trading. The potential deal could value Deribit between $4bn and $5bn.

This acquisition would significantly bolster Coinbase's presence in the crypto derivatives market, following its launch of a Bermuda-based derivatives platform in 2023. The move aligns with a broader industry trend, as evidenced by Kraken's recent $1.5bn acquisition of derivatives trading platform NinjaTrader.

Legend explores sale of Banque Internationale à Luxembourg valued up to $3.25bn. (Reuters)

Legend is considering selling its 90% stake in Banque Internationale à Luxembourg, Luxembourg's oldest private bank. The company is collaborating with Goldman Sachs on this potential sale, which could value BIL between €2.5bn and €3bn ($2.71bn to $3.25bn).

This potential sale aligns with a trend of Chinese companies divesting European financial assets. Earlier this month, China's Geely sold its stake in Saxo Bank to Swiss private bank J. Safra Sarasin, and last year, Fosun sold its stake in Belgian insurer Ageas and planned a listing of its Portuguese insurance company Fidelidade.

Iveco seeks up to €1.5bn for defense unit sale. (Bloomberg)

Iveco Group is exploring the sale of its defense division, Iveco Defence Vehicles, aiming for a valuation of up to €1.5bn ($1.6bn). This move comes amid increased European defense spending, boosting interest in military assets.

Potential buyers include Leonardo, the Italian state-controlled defense group, which may partner with Germany's Rheinmetall for the bid. Other interested parties are the Franco-German joint venture KNDS and UK defense company BAE Systems. Iveco is also considering interest from private equity firms.

Previously, Iveco had contemplated spinning off IDV to streamline operations and enhance flexibility. However, the current strategy leans towards a direct sale to capitalize on the heightened demand for defense assets.

Tele2 considers €500m sale of Baltic mobile towers. (Bloomberg)

Swedish telecom operator Tele2 is exploring the sale of its wireless towers in Estonia, Latvia, and Lithuania, aiming to raise approximately €500m ($542m). The company has engaged Perella Weinberg Partners to oversee the potential divestment, with private equity firms identified as likely bidders.

Tele2 is working with Perella Weinberg Partners on the potential divestment of its telecom towers portfolio in Estonia, Latvia and Lithuania. A sale process has kicked off recently and private equity firms could be potentially interested.

Masdar explores stake in TotalEnergies' Portuguese renewable assets. (Reuters)

Abu Dhabi's renewable energy company, Masdar, is exploring the acquisition of a stake in TotalEnergies' renewable energy assets in Portugal. This potential deal may be executed through Saeta Yield, a green energy firm Masdar acquired from Brookfield last year.

TotalEnergies' renewable portfolio in Portugal comprises approximately 600 MW of installed capacity, predominantly in wind power, which currently holds higher valuations per megawatt compared to solar. The portfolio also includes solar and hydroelectric assets.

This move aligns with Masdar's strategic expansion in the Iberian region, following its $1.4bn acquisition of Saeta and a minority stake in a 2 GW solar portfolio with Endesa. Masdar aims to achieve a global target of 100 GW of renewable energy capacity by 2030.

Italy to begin exclusive talks with Azerbaijani consortium over sale of Acciaierie d'Italia. (Bloomberg)

Italy is set to commence exclusive negotiations with an Azerbaijani consortium, comprising Baku Steel and the Azerbaijan Investment Company, for the sale of Acciaierie d'Italia, formerly known as Ilva. This decision follows a thorough evaluation by ADI's commissioners, who favored the consortium's proposal over other bids due to its financial robustness and industrial sustainability.

The Italian government took control of ADI's factories last year under a special administration procedure, ending weeks of clashes with its then top shareholder ArcelorMittal, the world's second-largest steelmaker.

The move to engage with the Azerbaijani consortium aims to revitalize ADI's operations, ensuring the continuation of steel production and safeguarding employment within Italy's manufacturing sector.

Salzgitter and Thyssenkrupp face uncertainty over HKM joint venture's future. (Reuters)

German steel producer Salzgitter has expressed uncertainty regarding the future of its joint venture, Hüttenwerke Krupp Mannesmann, with Thyssenkrupp and Vallourec, following the withdrawal of a potential buyer in February. Thyssenkrupp had previously indicated that HKM might face closure if a buyer was not secured.

Salzgitter's CEO, Gunnar Groebler, stated that it is premature to conclude that HKM will be shut down, emphasizing the need to explore alternative solutions for sourcing the materials currently produced by HKM. Salzgitter holds a 30% stake in HKM, while Thyssenkrupp owns 50% and Vallourec 20%.

The uncertainty surrounding HKM's future is part of a broader restructuring within Thyssenkrupp's steel division, which includes plans to reduce capacity and potential stake adjustments involving other investors.

BT explores partnerships with AT&T and Orange to revitalize international business. (Bloomberg)

BT Group has initiated discussions with AT&T and Orange, exploring potential partnerships aimed at enhancing its international operations. These talks may involve BT selling a stake in its global division, as part of CEO Allison Kirkby's strategy to focus on the UK market while seeking opportunities abroad.

In its latest financial results, BT reported record fibre customer additions. However, revenues for the quarter ending December 31 were impacted by challenges within its international business unit.

Vivendi reduces stake in Telecom Italia from 23.8% to 18.4%. (Bloomberg)

Vivendi has decreased its ownership in Telecom Italia from 23.8% to 18.4%, aligning with its strategic decision to divest from the Italian telecom operator.

This reduction follows Vivendi's earlier announcement of its intention to sell its stake in TIM under favorable conditions. Vivendi first invested in TIM in 2015 but no longer considers the investment strategic. TIM's recent sale of its fixed-line network to a consortium led by KKR, a move Vivendi opposed and is challenging in court, has influenced this decision.

APAC

AstraZeneca to invest $2.5bn in Beijing R&D center amid efforts to recover from scandals. (WSJ)

AstraZeneca has announced a $2.5bn investment to establish a research and development hub in Beijing, marking its sixth global strategic R&D center. This initiative underscores the company's commitment to China, its second-largest market, and aims to bolster early-stage research and clinical development.

This development follows recent challenges, including the arrest of AstraZeneca's China president, Leon Wang, amid investigations into alleged medical insurance fraud and other compliance issues. The company is also collaborating with local biotech firms, such as Harbour BioMed and Syneron Bio, to enhance its research capabilities in the region.

Despite these hurdles, AstraZeneca remains committed to expanding its footprint in China, reflecting a strategic move to leverage the country's advanced life sciences ecosystem and access to top-tier talent.

Thailand's richest man acquires $370m stake in Kasikornbank. (Bloomberg)

Sarath Ratanavadi, Thailand's wealthiest individual and CEO of Gulf Energy Development, has increased his stake in Kasikornbank to 3.25%, amounting to 77m shares valued at approximately $370m.

This acquisition positions Gulf Energy as the fifth-largest shareholder in Kasikornbank, one of Thailand's leading commercial banks. The move aligns with Gulf Energy's strategy to diversify its investments beyond the energy sector, reflecting a broader trend among Thai conglomerates seeking growth opportunities in the financial industry.

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