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AMERICAS

e2Companies to go public via a SPAC merger with Nabors Energy Transition in a $770m deal.

e2Companies, a vertically integrated Virtual Utility for power generation, distribution, and energy economics in the marketplace, is set to go public via a SPAC merger with Nabors Energy Transition, a special purpose acquisition company, in a $770m deal, according to press releases.

Nabors is advised by Milbank and Vinson & Elkins. e2Companies is advised by Haynes and Boone and ICR, according to press releases.

McNally Capital completes the investment in Jewett Automation.

McNally Capital, a private equity firm, completed the investment in Jewett Automation, a manufacturer of filtration equipment and custom automation solutions, according to press releases. Financial terms were not disclosed.

Jewett Automation was advised by Cascadia Capital and Whiteford, Taylor & Preston. McNally Capital was advised by Hilco Capital and Ropes & Gray, according to press releases.

Nautic Partners completes the acquisition of Proud Moments from Audax.

Nautic Partners, a private equity firm, completed the acquisition of Proud Moments, a provider of applied behavioral analysis therapy to children with autism, from Audax Private Equity, a capital partner for middle market companies, according to press releases. Financial terms were not disclosed.

Audax was advised by Calex Partners, Ropes & Gray (led by Adam Leamon) and FGS Global, according to press releases and MergerLinks data.

The Riverside completes the investment in Wall Street Prep.

The Riverside, an investment firm focused on the smaller end of the middle market, completed the investment in Wall Street Prep, a global provider of financial training solutions and certifications, according to press releases. Financial terms were not disclosed.

The Riverside was advised by Harris Williams & Co and Jones Day (led by Lisa Lathrop), according to press releases and MergerLinks data.

New Enterprise Associates led a $200m Series C round in Abcuro.

New Enterprise Associates, an American-based venture capital firm, led a $200m Series C round in Abcuro, a clinical stage biotechnology company, with participation from Foresite Capital, RA Capital Management, Bain Capital Life Sciences, Redmile Group, Samsara BioCapital, Sanofi Ventures, Pontifax, Mass General Brigham Ventures, New Leaf Ventures, abrdn, BlackRock, Eurofarma and Soleus Capital, according to press releases.

Abcuro was advised by Argot Partners (led by Matthew DeYoung), according to press releases.

Vitruvian Partners led a $100m round in Klook.

Vitruvian Partners, an investment firm, led a $100m round in Klook, a platform for experiences and travel services in Asia, according to press releases.

United Energy completes the acquisition of Apex International Energy from Bluewater.

United Energy, an independent exploration and production company, completed the acquisition of Apex International Energy, an independent oil and gas exploration and production company, from Bluewater, a specialist energy private equity firm, according to press releases. Financial terms were not disclosed.

Dave’s Hot Chicken explores $1bn sale. (Reuters)

Dave’s Hot Chicken, the popular fried-chicken chain backed by rapper Drake, is exploring a potential sale that could value the company at around $1bn, including debt.

The Pasadena, California-based brand has enlisted investment bank North Point to oversee the sale process, which has drawn interest from private equity firms. The potential sale comes as restaurant operators, including Dave’s, navigate rising labor costs and inflation, prompting many to adjust menu prices to offset financial pressures.

Rhone, Chatterjee select Goldman Sachs to lead Lummus Technology’s US IPO.(Bloomberg)

Private equity firm Rhone and the Chatterjee Group have appointed a banking team led by Goldman Sachs Group to oversee Lummus Technology’s US initial public offering.

Lummus Technology, which licenses technologies for gas processing, petrochemicals, and other industries, could be valued at over $5bn in the IPO. While plans are in motion, no final decisions have been made regarding the timing of the potential listing.

NielsenIQ aims to raise $1.25bn in US IPO. (Bloomberg)

NielsenIQ, a consumer intelligence firm backed by private equity firms Advent and KKR, is planning to raise approximately $1.25bn through a US initial public offering as early as this summer.

The company is working with JP Morgan on the potential listing, which could value NIQ at around $10bn, according to previous Bloomberg News reports.

BitGo explores IPO amid growing regulatory support for crypto firms.(Bloomberg)

BitGo is considering an initial public offering, potentially joining a wave of crypto companies moving forward with listing plans amid increasing regulatory clarity.

The Palo Alto, California-based firm is in discussions with potential advisers about a possible IPO as early as the second half of this year. While plans are still in early stages, the move signals growing confidence in the market for crypto-related public offerings.

KKR approaches $14bn for buyout fund amid strong investor interest. (Bloomberg)

KKR is making steady progress toward its $20bn fundraising target for its North America buyout fund, having secured approximately $14bn despite a challenging market for private equity investments.

The New York-based asset manager is preparing for an initial close, which could take place as soon as this month. The fund has already raised more than half of its target, reflecting strong investor confidence.

Avis Budget CEO Joe Ferraro to step down, Brian Choi to succeed him. (WSJ)

Avis Budget Chief Executive Officer Joe Ferraro is set to step down, with Brian Choi, the company’s chief transformation officer, named as his successor.

The Parsippany-based car rental company announced on February 11 that Ferraro, who has led the company since 2020, will leave his position on June 30 and transition into an advisory role on the board. Choi will assume the CEO role on July 1.

EMEA

Banco BPM raises takeover offer for asset manager Anima. (Press Release)

Banco BPM increased its offer for asset manager Anima, demonstrating its commitment to gaining investor support as it fends off a takeover bid from UniCredit.

Italian bank announced that it had raised its bid from €6.2 ($6.4) to €7 ($7.2) per share. Additionally, Banco BPM secured commitments from Poste Italiane and FSI, which together hold a 21% stake in Anima, complementing the bank’s existing 22% ownership.

Anima is advised by A&O Shearman (led by Emanuele Trucco). Banco BPM is advised by Citigroup, Lazard and Legance (led by Filippo Troisi), according to press releases and MergerLinks data.

Italian bank Sondrio rebuffs takeover offer from rival BPER. (Press Release)

Italian bank Banca Popolare di Sondrio has effectively turned down a takeover proposal from competitor BPER Banca, deeming it insufficient.

Sondrio stated that the unsolicited offer fails to adequately reflect the bank’s value and growth potential as an independent entity.

Blue Pool and Hassana Investment led a $160m Series E round in Tabby.

Blue Pool Capital, a Hong Kong based investment advisory firm, and Hassana Investment Company, an investment manager, led a $160m Series E round in Tabby, a financial services and shopping app, with participation from STV and Wellington Management, according to press releases.

Tabby was advised by Kekst CNC, according to press releases.

DESMI completes the acquisition of Nordan Marine.

DESMI, a provider of pump and flow solutions across the marine, defense, aquaculture and industry sector, completed the acquisition of Nordan Marine, a provider of comprehensive service and repair solutions for cargo and fuel handling systems, according to press releases. Financial terms were not disclosed.

Nordan Marine was advised by Gorrissen Federspiel (led by Anders Peter Christoffersen), according to MergerLinks data.

Swiss Life completes the acquisition of ZWEI Wealth.

Swiss Life, a life insurance company, completed the acquisition of ZWEI Wealth, a wealth management company, according to press releases. Financial terms were not disclosed.

ZWEI Wealth was advised by Rothschild & Co, according to MergerLinks data.

Carrefour to acquire the remaining 32.6% stake in Grupo Carrefour Brasil for $920m.

Carrefour, a French multinational retail and wholesaling corporation, offered to acquire the remaining 32.6% stake in Grupo Carrefour Brasil, a Brazilian retail trade company, for $920m, according to press releases.

Del Vecchio family’s Delfin weighs UniCredit stake sale. (Corriere della Sera)

Delfin, the Del Vecchio family’s holding company, is considering selling its 2.7% stake in UniCredit.

The potential sale, estimated at nearly €2bn ($2.06bn), could be executed through an accelerated book building process, with a decision expected as early as February 12 or 13.

Historically, UniCredit has worked with JP Morgan, Legance, Hogan Lovells and White & Case, according to MergerLinks data.

Saudi’s $1.2bn Barloworld offer backed by Glass Lewis. (Bloomberg)

Barloworld shareholders have been advised to accept a takeover offer for the company’s Caterpillar-equipment distribution business in Africa, with two major proxy advisory firms deeming the deal fair.

Institutional Shareholder Services and Glass Lewis both endorsed the $1.2bn offer from a unit of Saudi Arabia’s Zahid Group and local partners, which values Barloworld shares at $6.5 each.

Advent, Lone Star among bidders for Reckitt’s homecare assets. (Bloomberg)

Private equity firms Advent and Lone Star Funds are among those bidding for a portfolio of homecare assets being sold by Reckitt Benckiser Group.

Apollo Global Management is also in the running for the brands. Reckitt is seeking up to £5bn ($6.2bn) for the portfolio, though some bids have come in below that amount.

Portugal’s government seeks political agreement to sell minority stake in TAP. (Reuters)

Portugal’s centre-right minority government is aiming to reach a deal with the main opposition Socialists on the partial privatisation of national airline TAP, Infrastructure Minister Miguel Pinto Luz said on February 12.

The plan involves selling a minority stake of up to 49%. While the government has previously sought to sell 100% of TAP, its lack of a parliamentary majority means it cannot risk initiating a process that could be overturned by the opposition, Luz explained.

Deliveroo’s chief operating officer to depart as board considers CEO succession. (SkyNews)

Eric French, Deliveroo’s chief operating officer since 2021 and a former Amazon executive, is set to leave the company later this year.

His departure comes as Deliveroo’s board evaluates succession plans for its founder and CEO, Will Shu. French has informed colleagues of his decision to step down, marking a significant leadership change for the food delivery service.

APAC

ONGPL to acquire Ayana Renewable Power for $2.3bn.

ONGPL, a joint venture between ONGC and NTPC dedicated to developing renewable energy projects, agreed to acquire Ayana Renewable Power, a utility-scale renewable energy platform, for $2.3bn, according to press releases.

Hon Hai open to buying Renault’s stake in Nissan. (Bloomberg)

Hon Hai Precision Industry has expressed interest in acquiring Renault’s stake in Nissan Motor, a move that could provide a boost to the struggling Japanese automaker.

Hon Hai Chairman Young Liu confirmed on February 12 that the Taiwanese company has approached both Nissan and Honda Motor for potential collaboration. Speaking on the sidelines of a company event, Liu also revealed that Hon Hai will announce a new Japanese customer for its EV contract manufacturing business in the first quarter, though he did not disclose further details on the scale or production plans.

Historically, Nissan has worked with Morgan Stanley, Rothschild, Latham & Watkins and Morrison & Foerster, according to MergerLinks data.

Metro Pacific weighs increasing stake in Philippine hospital chain. (Bloomberg)

Metro Pacific is considering raising its stake in the largest private hospital operator in the Philippines, as it looks to expand its presence in the country’s growing healthcare sector.

The investment firm aims to increase its holding in Metro Pacific Health beyond its current 20% stake. The remaining 80% is jointly held by private equity firm KKR and Singaporean sovereign wealth fund GIC.

US chip toolmaker Lam Research to invest over $1bn in India. (DealStreetAsia)

Lam Research plans to invest more than $1.2bn in Karnataka, India, to strengthen the country’s semiconductor ecosystem. The chip toolmaker signed an MoU with the Karnataka Industrial Area Development Board during the ‘Invest Karnataka’ event.

The investment aligns with India’s $10bn semiconductor push and aims to position the country as a key player in the global chip supply chain. Karnataka, home to Bengaluru, is a major tech hub, making it a strategic location for semiconductor growth.

JX Advanced plans March listing in $3bn Tokyo IPO. (Bloomberg)

JX Advanced Metals is preparing to list on the Tokyo Stock Exchange’s prime section on March 19 following a share sale that could raise up to $3bn for its owner.

An official announcement could come as early as this week, with the company’s market capitalization expected to reach about $5.2bn. Eneos, which currently owns all JX shares, plans to sell 50.1% of its stake, potentially increasing to around 58% with an over-allotment option. The specifics of the deal are still being finalized and may change.

China’s Mixue targets $500m Hong Kong IPO in February. (Reuters)

Chinese bubble tea giant Mixue Group plans to raise around $500m through its Hong Kong initial public offering. The move follows rival Guming’s successful $232m upsized share sale in the city.

Mixue, China’s largest freshly made drinks chain, is expected to begin book-building by the end of February and debut on the Hong Kong Stock Exchange in early March.

Guming was advised by Skadden (led by Haiping Li).

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