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Top Highlights
GE HealthCare completes the acquisition of Intelerad from Hg Capital and TA Associates for $2.3bn.
GE HealthCare, a global healthcare solutions provider, completed the acquisition of Intelerad, a medical imaging software provider, from Hg Capital and TA Associates, the private equity firms, for $2.3bn, according to press releases
Intelerad was advised by UBS, Allens (led by Felicity McMahon) and Skadden Arps Slate Meagher & Flom (led by Blair Thetford). GE HealthCare was advised by Evercore, Gilbert + Tobin, Russell McVeagh, Teneo (led by Monika Driscoll and Ben Yellen) and Sidley Austin (led by Daniel J. Belke and Sharon R. Flanagan). Hg Capital was advised by McCarthy Tetrault (led by Gerald Gaunt, Hadrien Montagne and Jonathan See) and Brunswick Group, according to press releases and MergerLinks data.
B-FLEXION-backed Paratek Pharmaceuticals completes the merger with Radius Health.
B-FLEXION-backed Paratek Pharmaceuticals, a commercial-stage specialty pharmaceutical company, completed the merger with Radius Health, a commercial-stage biopharmaceutical company focused on bone health and related therapeutic areas, according to press releases. Financial terms were not disclosed.
B-FLEXION and Paratek Pharmaceuticals were advised by Lazard and Skadden Arps Slate Meagher & Flom (led by Dohyun Kim). Paratek Pharmaceuticals was also advised by ScientPR (led by Adam Silverstein) and Wilmington Trust. Debt financing was provided by Blackstone Credit, Sixth Street Partners, Oaktree Capital Management, Silver Point Capital and Pharmakon Advisors. Blackstone Credit was advised by Latham & Watkins (led by Stelios Saffos, Haim Zaltzman, Peter J. Sluka and Michael H. Waldman), according to press releases and MergerLinks data.
LS Power to acquire a portfolio of generation assets of PJM from Constellation Energy in a $5bn deal.
LS Power, an investment, development and operating company, agreed to acquire a portfolio of generation assets of PJM, a regional transmission organization, from Constellation Energy, a private-sector power producer and producer of clean and reliable energy, in a $5bn deal, according to press releases.
LS Power is advised by Santander, White & Case and Willkie Farr & Gallagher (led by Robert Lepore). Constellation is advised by Barclays, SMBC Nikko Securities, Jefferies & Company and Kirkland & Ellis, according to press releases and MergerLinks data.
AMERICAS
Mexico REIT Fibra Macquarie set for bidding war after new offers. ( Bloomberg)
Elliott builds a stake in Invisalign-maker Align Technology. ( Bloomberg)
Geothermal escapes Trump's renewable crackdown, boosts Fervo's IPO bid. ( Bloomberg)
Eight states sue to block Nexstar's plan to acquire rival Tegna. ( Reuters)
Rail megadeal faces scrutiny in a new document request by the US. ( Bloomberg)
Silver Lake-backed Relativity taps banks for US IPO. ( Bloomberg)
Crypto exchange Kraken freezes IPO plans. ( Reuters)
Wells Fargo hires UBS's Keller to lead M&A structuring. ( Bloomberg)
EMEA
APAC
CK Hutchinson profit misses with outlook dented by Iran war. ( Bloomberg)
China's EV maker Voyah falls 13% in HK debut without fresh funds. ( Bloomberg)
Japan's best IPO in 2025 prompts calls for more carve-outs. ( Bloomberg)
Paras Healthcare to raise up to $200m in Indian IPO. ( Bloomberg)
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AMERICAS
Warburg Pincus, a private equity firm, agreed to acquire a majority stake in TheGuarantors, a New York-based fintech company providing insurance products and financial solutions for the real estate market, according to press releases. Financial terms were not disclosed.
Warburg Pincus is advised by Howden, Greenberg Traurig, Paul Weiss Rifkind Wharton & Garrison and Wachtell Lipton Rosen & Katz (led by Mark F. Veblen and Jenna E. Levine). TheGuarantors is advised by Evercore and Cooley, according to press releases and MergerLinks data.
Corvex, an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads, went public via SPAC merger with Movano, a company which developes a suite of purpose-driven healthcare solutions, according to press releases. Financial terms were not disclosed.
Movano was advised by K&L Gates and Jill Schmidt PR (led by Jill Schmidt). Corvex was advised by JonesTrading Institutional Services, Chardan, DLA Piper. Financial advisor was advised by Goodwin Procter, according to press releases and MergerLinks data.
Pacific Avenue Capital Partners, a global private equity firm, completed the acquisition of Care.com, one of the largest online marketplaces for finding family care and care jobs, from IAC, an American holding company, for $320m, according to press releases.
Pacific Avenue Capital Partners was advised by Moelis & Co, KPMG and Weil Gotshal and Manges (led by Kyle C Krpata). IAC was advised by JP Morgan and Latham & Watkins (led by Amber Banks and Thomas Engelhardt), according to press releases and MergerLinks data.
Independent Bank Corp, the parent company of Independent Bank, agreed to merge with HCB Financial Corp, the parent company of Highpoint Community Bank, in a $70.2m deal, according to press releases.
HCB Financial is advised by Hovde Group and Dickinson Wright. Independent Bank is advised by Keefe Bruyette & Woods and Varnum, according to press releases.
Sterling Investment Partners, a middle-market private equity firm, completed the acquisition of Cyber Advisors, a provider of cybersecurity and managed IT services, according to press releases. Financial terms were not disclosed.
Sterling Investment Partners was advised by Dechert, Seyfarth Shaw and Alvarez & Marsal. Cyber Advisors was advised by Robert W Baird, according to press releases.
TA Associates-backed PairSoft, a provider of procure-to-pay automation and payment solutions, completed the acquisition of Nimbello, a cloud-based accounts payable automation platform, according to press releases. Financial terms were not disclosed.
Nimbello was advised by Reed Smith and Jegi Leonis, according to press releases.
Edison Chouest Offshore, a family of companies in the marine transportation business, completed the acquisition of Champagne Energy Solutions, an offshore services provider specializing in decommissioning, subsea services, and pipeline repair in the Gulf of Mexico, according to press releases. Financial terms were not disclosed.
Edison Chouest Offshore was advised by Johnson Rice & Company. Champagne Energy Solutions was advised by Jefferies & Company, according to press releases.
Graham Partners-backed Tulkoff, a manufacturer of custom sauces, dips, and dressings, completed the acquisition of Celtrade, a manufacturer of sauces, marinades, condiments and dressings, according to press releases. Financial terms were not disclosed.
3M, an American multinational conglomerate corporation operating in the fields of industry, worker safety, health care, and consumer goods, and Bain Capital, a private investment firm, agreed to acquire Madison Fire & Rescue, a company specialising in rescue technology and fire suppression, from Madison Industries, a conglomerate specializing in acquiring and growing filtration, medical equipment, and industrial solutions companies, for $1.95bn, according to press releases.
3M is advised by Morgan Stanley, according to MergerLinks data.
3M, an American multinational conglomerate corporation operating in the fields of industry, worker safety, health care, and consumer goods, and Bain Capital, a private investment firm, to form a joint venture focused on safety, fire-rescue, and suppression solutions for firefighters, first responders, and industrial workers, in a $700m deal, according to press releases.
3M is advised by Morgan Stanley, according to MergerLinks data.
Ferrero, a manufacturer of branded chocolate and confectionery products, agreed to acquire Bold Snacks, a Brazilian premium protein snack company, according to press releases. Financial terms were not disclosed.
Ferrero is advised by JP Morgan, according to MergerLinks data.
Findem, the AI platform for talent outcomes, agreed to acquire Glider AI, a skills validation platform, according to press releases. Financial terms are not disclosed.
Mexico REIT Fibra Macquarie set for bidding war after new offers. ( Bloomberg)
Two Mexican real estate investment trusts are preparing bids for Fibra Macquarie, a day after Fibra Prologis shareholders approved plans to acquire the company.
Fibra Next said it intends to make a voluntary offer for 100% of Fibra Macquarie, comprising a mix of cash and equity, including 0.420 Fibra Next shares per certificate and a cash component capped at MXN11.7bn ($656.4m).
Elliott builds a stake in Invisalign-maker Align Technology. ( Bloomberg)
Elliott Investment Management has built a significant stake in Align Technology, the maker of Invisalign teeth-straightening products, and is planning to engage with the company to boost its share price.
The activist investor’s position makes it one of Align’s largest shareholders.
Geothermal escapes Trump's renewable crackdown, boosts Fervo's IPO bid. ( Bloomberg)
Fervo Energy, a geothermal company, is benefiting from strong support for the only renewables sector largely unaffected by current administration policies, amid growing demand from hyperscalers for electricity to power data centers.
Conditions are favorable enough that Fervo is targeting an initial public offering this year.
Eight states sue to block Nexstar's plan to acquire rival Tegna. ( Reuters)
California Attorney General Rob Bonta said the transaction would lead to higher pay-TV prices and reduce newsroom jobs through joint operations in overlapping markets.
Rail megadeal faces scrutiny in a new document request by the US. ( Bloomberg)
The Surface Transportation Board has requested documentation related to competition and potential expansion impacts, including materials prepared internally and by advisers.
Silver Lake-backed Relativity taps banks for US IPO. ( Bloomberg)
Relativity, a legal data firm backed by Silver Lake, is preparing for an initial public offering that could value the company at around $4bn.
The Chicago-based business is working with Goldman Sachs, JPMorgan, and Barclays on the planned share sale, which could take place as soon as the first half of the year and raise about $750m.
Crypto exchange Kraken freezes IPO plans. ( Reuters)
Cryptocurrency exchange Kraken has put its plans for a multibillion-dollar initial public offering on hold as it assesses market conditions.
The company is still considering a listing, but is unlikely to proceed until the environment improves.
Wells Fargo hires UBS's Keller to lead M&A structuring. ( Bloomberg)
Wells Fargo has hired Derek Keller from UBS as managing director and head of M&A structuring, strengthening its advisory capabilities.
He will be based in New York and report to the bank’s global head of M&A, Jeff Hogan, and is expected to join after a standard period of leave.
EMEA
Embecta, a diabetes management company, specializing in insulin delivery devices, agreed to acquire Owen Mumford, a privately held, UK‑based innovator and manufacturer of medical devices and drug‑delivery technologies, for £150m ($200m), according to press releases.
Embecta is advised by JP Morgan and A&O Shearman. Owen Mumford is advised by Forvis Mazars and Mills & Reeve, according to press releases.
Grafton Group, a European multinational distributor of building materials and a DIY retailer, agreed to acquire Mercaluz, a Spanish distributor specializing in air conditioning and electrical products, for up to €175m ($201.5m), according to press releases.
Bain Capital-backed Valeo Foods Group, an Irish multinational producer of branded food and beverage products, agreed to acquire Prestige-96, a food producing company in Bulgaria, according to press releases. Financial terms were not disclosed.
Valeo Foods Group is advised by Food Strategy Associates and Reputation Inc (led by Robert Brown), according to press releases and MergerLinks data.
Klesch Group, a Geneva-based industrial firm and independent refiner focused on producing oil, chemicals, and energy products, agreed to acquire Gelsenkirchen refinery and related businesses from bp, an oil and petrochemicals company, according to press releases. Financial terms were not disclosed.
Klesch Group was advised by Morgan Stanley, according to MergerLinks data.
APAC
CK Hutchinson profit misses with outlook dented by Iran war. ( Bloomberg)
CK Hutchison Holdings signaled plans to pursue new deals to boost shareholder value after reporting 2025 profit that fell short of expectations amid a volatile geopolitical environment.
The Hong Kong-based conglomerate posted net income of HKD11.8bn ($1.5bn) for the year ended December 2025, below analysts’ estimate of HKD21.7bn ($2.7bn), affected by significant non-cash losses. Revenue rose to HKD507.3bn ($64.7bn), and the company declared a final dividend of HKD1.6 ($0.204) per share, up from HKD1.5 ($0.191) a year earlier.
China's EV maker Voyah falls 13% in HK debut without fresh funds. ( Bloomberg)
Voyah Automobile Technology, the luxury electric vehicle unit of Dongfeng Motor Group, fell 13% in its Hong Kong trading debut following a listing that did not raise new capital.
The shares closed at HKD6.5 ($0.83), down from an opening price of HKD7.50 ($0.95), after dropping as low as HKD6.25 ($0.79) in early trading.
Japan's best IPO in 2025 prompts calls for more carve-outs. ( Bloomberg)
The strong post-listing performance of JX Advanced Metals is fueling calls for other Japanese companies to spin off non-core businesses.
The company’s shares have more than quadrupled since its debut a year ago, making it Japan’s best-performing IPO above $1bn in 2025.
Paras Healthcare to raise up to $200m in Indian IPO. ( Bloomberg)
Paras Healthcare has revived plans for an initial public offering, targeting up to $200m in proceeds.
The Gurugram-based hospital chain has appointed JM Financial, BofA Securities, and Nuvama Wealth Management as advisers for the proposed share sale, and discussions are ongoing.
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