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AMERICAS

Fresnillo completes the acquisition of Probe Gold for CAD780m.

Fresnillo, a primary silver producer, completed the acquisition of Probe Gold, a Canadian exploration company, for CAD780m ($564m), according to press releases.

Probe Gold was advised by CIBC Capital Markets, Canaccord Genuity, Stikeman Elliott (led by Amanda Linett). Financial advisor was advised by Borden Ladner Gervais. Fresnillo was advised by Macquarie Group, Goodmans (led by Michael Partridge), Lavery Avocats, Thorsteinssons, FGS Global (led by Ian Hamilton) and Sodali & Co (led by Peter Ogden), according to press releases and MergerLinks data.

Transom completes the acquisition of WellBiz Brands.

Transom, a private equity firm, completed the acquisition of WellBiz Brands, a franchise company specializing in therapeutic, wellness, and beauty industries, according to press releases. Financial terms are not disclosed.

WellBiz Brands was advised by Boxwood Partners, North Point Advisors, Davis Graham & Stubbs and Thunderly Marketing (led by Loren Thum). Transom was advised by Kirkland & Ellis and FGS Global, according to press releases.

Assured Guaranty completes the acquisition of Warwick Re for $158m.

Assured Guaranty, a provider of financial guaranty insurance, completed the acquisition of Warwick Re, a life and annuity reinsurer, for $158m, according to press releases.

Assured Guaranty was advised by Conyers Dill & Pearman, Debevoise & Plimpton and Insurance Advisory Partners, according to press releases.

Gauge Capital completes the investment in Ecosystems.

Gauge Capital, a private equity firm, completed the investment in Ecosystems, an SaaS platform, according to press releases. Financial terms were not disclosed.

Gauge Capital was advised by Ropes & Gray (led by Matthew Richards), according to press releases and MergerLinks data.

Blackstone led a $100m funding round in Applecart. (Bloomberg)

Blackstone, an American multinational private equity firm, led a $100m funding round in Applecart, a marketing technology company.

Spirit Airlines in talks with Castlelake for a potential takeover. (Reuters)

Spirit Airlines is in talks with investment firm Castlelake over a potential takeover as the bankrupt carrier runs low on cash during its second Chapter 11 process in under a year. Frontier had also explored a merger but failed to reach terms.

It remains unclear whether Spirit’s bondholders and Castlelake can agree on a deal structure. Castlelake recently launched a $1.8bn aviation lending platform, while Spirit continues to seek financing after securing an additional $100m last month.

India’s biggest pharma firm to mull bid for New York-listed Organon. (Bloomberg)

India’s Sun Pharma is assessing a potential bid for US‑listed women’s wellness company Organon and has begun initial discussions with advisers and global lenders to explore financing options.

The deliberations remain preliminary, and no decision has been made. Sun Pharma, valued at about $43bn, is evaluating whether an acquisition would align with its strategic expansion plans in international healthcare markets.

ICE faces resistance buying NY warehouse linked to Carl Icahn. (Bloomberg)

ICE is facing resistance in Chester, New York, over its plan to buy a warehouse for immigration‑enforcement operations.

The property sits about 60 miles northwest of Manhattan and is owned by a subsidiary of Icahn Enterprises, which acquired it in 2021, prompting local pushback over the facility’s proposed use.

AI startup SambaNova seeks up to $500m funding after Intel talks stall. (Bloomberg)

SambaNova Systems is exploring a fundraising round of up to $500m after discussions to sell the artificial intelligence startup to Intel stalled. The company has shifted its focus toward securing new backing from strategic and financial investors.

SambaNova is now seeking between $300m and $500m from technology companies, semiconductor manufacturers and other potential supporters. Deliberations remain preliminary, and details of the fundraising have not been finalized.

Crypto firm BitGo, backers raise $212.8m in US IPO. (Bloomberg)

BitGo and its shareholders raised $212.8m in a US IPO after pricing shares at $18, above the marketed $15–$17 range. The crypto‑custody firm sold 11.0m shares, while existing investors sold about 0.8m.

The strong pricing reflects solid demand for crypto‑infrastructure listings, marking one of the larger US IPOs in the sector in recent years.

EMEA

TowerBrook to acquire a majority stake in MSA Mizar.

TowerBrook, a modern value investor, agreed to acquire a majority stake in MSA Mizar, the holding company of a European claims management group, according to press releases. Financial terms were not disclosed.

MSA Mizar and Columna Capital is advised by Oliver Wyman, Mediobanca, PricewaterhouseCoopers, LMS and Advant NCTM. MSA Mizar is advised by LP Comunicazione. TowerBrook is advised by Alvarez & Marsal, Capstone Partners, Lazard, Macquarie Group, PricewaterhouseCoopers, Chiomenti, Fried Frank Harris Shriver & Jacobson and Prosek Partners. Columna Capital is advised by Brackendale Consulting, according to press releases and MergerLinks data.

EQT to acquire Coller Capital for $3.7bn.

EQT, an investment organization, agreed to acquire Coller Capital, an investment firm, for $3.7bn, according to press releases.

EQT is advised by UBS, Ropes & Gray and Vinge. Coller Capital is advised by Morgan Stanley, Kirkland & Ellis and Roschier Attorneys, according to press releases.

TDR Capital to acquire Escode from NCC Group for £275m.

TDR Capital, a British private equity firm, agreed to acquire Escode, a software escrow service provider, from NCC Group, a global cyber and software resilience business, for £275m ($370m), according to press releases.

NCC Group is advised by Investec (led by Patrick Robb), Lazard (led by Cyrus Kapadia), Peel Hunt (led by Neil Patel) and H/Advisors Maitland (led by Sam Cartwright), according to press releases.

Zurich Insurance Group failes to acquire Beazley for $10.3bn.

Zurich Insurance Group, a global multi-line insurer, failed to acquire Beazley, a British parent company of specialist insurance businesses, for $10.3bn, according to press releases.

Kite UK to acquire Kitwave Group for £251m.

Kite UK, a company owned by funds managed by OEP Capital Advisers, agreed to acquire Kitwave Group, an independent wholesale business with depots and delivery throughout the UK, for £251m ($337m), according to press releases.

Kitwave is advised by Canaccord Genuity (led by Bobbie Hilliam) and Yellow Jersey. OEP is advised by Moelis & Co (led by Andrew Welby), according to press releases and MergerLinks data.

Deutsche Borse to acquire Allfunds for €5.3bn.

Deutsche Borse, an exchange organization, agreed to acquire Allfunds, a wealth tech company, for €5.3bn, according to press releases.

PayPal to acquire Cymbio.

PayPal, a technology platform company that enables digital and mobile payments, agreed to acquire Cymbio, an AI-powered platform, according to press releases. Financial terms are not disclosed.

Eaton considers a sale or spinoff of its $5bn vehicle unit. (Bloomberg)

Eaton is exploring strategic options for its vehicle unit, including a sale or spinoff, as it shifts focus toward higher‑growth businesses under its new CEO.

The US industrial group has hired an adviser to review alternatives. The unit could fetch up to $5bn in a sale; discussions are preliminary, and no decision has been made.

Bouygues-led consortium in talks for fresh bid for Drahi’s SFR. (Bloomberg)

A consortium led by France’s Bouygues Telecom has entered due diligence with Patrick Drahi’s Altice for a potential renewed bid for its French business SFR, after its first offer was rejected in October 2025.

The consortium is weighing an offer of around €20bn ($23.4bn), though no final decision has been made. The deal would mark one of the largest telecom transactions in France in recent years.

Nestlé begins water unit sale, banks prep up to €3bn debt. (Bloomberg)

Nestlé has launched the sale process for a stake in its €5bn ($5.9bn) water division, which includes Perrier and S.Pellegrino. The Swiss group has asked bidders to submit first‑round offers this month and is working with Rothschild on the transaction.

Banks are preparing up to €3bn ($3.5) in financing to support potential buyers. The sale marks a major portfolio move as Nestlé continues to streamline its beverage operations.

ArcelorMittal, IDC reopen deal talks for South Africa mills. (Bloomberg)

ArcelorMittal and South Africa’s Industrial Development Corporation have resumed talks on a potential deal for ArcelorMittal’s South African mills after failing to attract other bidders. The discussions are based on a non‑binding term sheet aimed at finding a long‑term solution for the operations.

ArcelorMittal South Africa confirmed the renewed negotiations in a stock exchange filing, noting that terms are still under discussion and no agreement has been reached.

Carlyle nears sale of luxury Sintra resort to L Catterton. (Bloomberg)

Carlyle is close to selling Portugal’s Penha Longa Resort & Hotel in Sintra, with talks underway with L Catterton, the LVMH‑backed investment firm, alongside Cedar Capital Partners. The resort is considered one of Portugal’s landmark luxury properties.

The estate is expected to be valued at around €140m ($164m), reflecting the need for further development and upgrades, including work on the golf course. Discussions remain private and are not yet final.

APAC

Prudential to acquire a 19% stake in Sri Han Suria from Detik Ria Sdn for $375m.

Prudential, British-domiciled multinational insurance and asset management company, agreed to acquire a 19% stake in Sri Han Suria, a holding company, from Detik Ria Sdn, a Malaysian holding company, for $375m, according to press releases.

Chevron plans to finalise Singapore oil assets sale in Q1. (Reuters)

Chevron expects to finalise the sale of its Singapore downstream assets in Q1, with Eneos and Glencore in last‑round talks. The package includes its 50% stake in the SRC refinery, the Penjuru terminal, and Caltex stations in Singapore, Malaysia, and Cambodia, valued at $1bn+.

The sale is part of Chevron’s plan to exit Asian refining and storage assets. For Eneos or Glencore, the deal would expand their footprint in Singapore’s fuel trading and bunkering hub.

Walmart, Tiger Global offer shares in $1.5bn PhonePe IPO. (Bloomberg)

PhonePe is preparing a $1.5bn IPO valuing the company at around $15bn, with Walmart set to trim its stake by about 12%. Walmart will sell roughly 46m shares, while Microsoft and Tiger Global plan full exits as part of the offering.

The listing is expected to be India’s largest since October and a key moment for the country’s digital payments sector. PhonePe remains a market leader in UPI transactions and has raised about $2.2bn to date.

Alibaba to plan IPO for AI chipmaking unit T-Head. (Bloomberg)

Alibaba plans to list its AI chip unit T‑Head, and is preparing the business through an employee‑ownership restructuring. The company aims to tap strong investor demand for firms developing AI accelerators as alternatives to Nvidia.

Alibaba’s shares rose over 5% in US pre‑market trading following the news. The move marks one of the most significant steps yet in its broader effort to unlock value across its technology divisions.

Fizzy drinks maker Chi Forest is said to consider Hong Kong IPO. (Bloomberg)

China’s Chi Forest, the maker of low‑calorie sparkling drinks and flavored teas, is exploring a Hong Kong IPO. The company, formerly known as Genki Forest, has held initial discussions with potential advisers about a possible listing.

Talks remain early, and no decision on timing or size has been made. Chi Forest would join a growing group of Chinese beverage firms tapping Hong Kong markets for new capital.

Poonawalla to bid for Royal Challengers cricket franchise. (Bloomberg)

Adar Poonawalla, head of Serum Institute of India, said he plans to submit a strong bid for Royal Challengers Bengaluru, the 2025 IPL champions. He announced the plan on X, calling RCB “one of the best teams in the IPL.”

Formal bidding is expected in the coming months, with Poonawalla joining a growing list of high‑profile investors targeting major Indian sports assets.

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