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Daily Review is our daily roundup of M&A news. Announcements, rumors, insights, and data before your morning coffee. Subscribe and never miss a beat with MergerLinks.
26 January 2026

American Industrial Partners completes the acquisition of the global cellulose fibers business of International Paper for $1.5bn.

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Guess? rolling shareholders and Authentic Brands Group complete the acquisition of Guess? for $1.4bn.
 
Guess? rolling shareholders, including Maurice Marciano, Paul Marciano, Nicolai Marciano, and Carlos Alberini, and Authentic Brands Group, a global brand development, marketing and entertainment platform, completed the acquisition of Guess?, an American clothing company, for $1.4bn, according to press releases.
 
Guess? was advised by Solomon Partners, Freshfields (led by Ethan Klingsberg), Morris Nichols Arsht & Tunnell, O'Melveny & Myers (led by John Laco, Adam Ackerman and Brad Finkelstein), Willkie Farr & Gallagher (led by Adam M. Turteltaub), Young Conaway Stargatt & Taylor, and Joele Frank (led by Leigh Parrish and Eric Brielmann). Authentic Brands Group was advised by JP Morgan and Latham & Watkins (led by Michael Anastasio, Michael Vardanian, Matthew Villar and Ian A. Nussbaum). Guess? rolling shareholders were advised by The Sage Group, Jones Day (led by Andrew M. Levine, Braden McCurrach and Ann M. Bomberger), and Ropes & Gray (led by Erica Han), according to press releases and MergerLinks data.
 
American Industrial Partners completes the acquisition of the global cellulose fibers business of International Paper for $1.5bn.
 
American Industrial Partners, a private equity firm, completed the acquisition of the global cellulose fibers business of International Paper, a sustainable packaging solutions provider, for $1.5bn, according to press releases.
 
International Paper was advised by Morgan Stanley, Debevoise & Plimpton (led by William Regner) and McCarthy Tetrault (led by Kimberly Howard, Rebecca Wieschkowski and Catherine Samuel). American Industrial Partners was advised by Bank of America, Baker Botts (led by Paul Cuomo), Davis Polk & Wardwell, Ropes & Gray, Stikeman Elliott (led by Warren Silversmith) and Wolf Theiss, according to press releases.
 
Capital One to acquire Brex for $5.15bn.
 
Capital One Financial Corporation, a technology-based financial services company, agreed to acquire Brex, an intelligent finance platform, for $5.15bn, according to press releases.
 
Brex is advised by Centerview Partners, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom and Wilson Sonsini Goodrich & Rosati. Capital One is advised by Bank of America, Baker McKenzie and Wachtell Lipton Rosen & Katz (led by Matthew M. Guest and Brandon C. Price), according to press releases and MergerLinks data.
 
Deal Round up
 
AMERICAS
 
CMOC Group completes the acquisition of Brazil operations from Equinox Gold for $1bn.
 
BioCryst completes the acquisition of Astria Therapeutics for $700m.
 
Picea completes the acquisition of iRobot for $264m.
 
Perimeter Solutions completes the acquisition of Medical Manufacturing Technologies from Arcline Investment Management for $685m.
 
The Clorox Company to acquire GOJO Industries for $2.25bn.
 
Janus Henderson Group to acquire Richard Bernstein Advisors.
 
Inspirit Equity completes the acquisition of Sizemore.
 
Storr Group-backed SPS PoolCare completes the acquisition of Pool Troopers from Shoreline.
 
Lightning AI completes the merger with Voltage Park.
 
Michelin completes the acquisition of Cooley from JH Whitney.
 
IVP, CapitalG, and NVIDIA led a $300m Series E round in Baseten.
 
T. Rowe Price led a $75m Series C round in Cyclic Materials.
 
Paramount pushes its hostile bid deadline for Warner Bros out to February 20. (Reuters)
 
EquipmentShare valued at $7.2bn in strong Nasdaq debut. (Reuters)
 
GDS‑backed DayOne is reportedly aiming for a $20bn valuation in its planned US IPO. (Bloomberg)
 
Mammoth said to consider an IPO as early as the second half of the year. (Bloomberg)
 
SpaceX taps four major Wall Street banks to prepare for a massive 2026 IPO. (Reuters)
 
EMEA
 
Eaton completes the acquisition of Ultra PCS from Cobham Ultra for $1.55bn.
 
Infineon Technologies completes the acquisition of laboratory and R&D campus in Warstein from BC Partners.
 
CD&R-backed Presidio completes the acquisition of Ergo.
 
Atlantic International completed the acquisition of Circle8 Group.
 
Mentha Impact completes the acquisition of CORROSION from Nordian.
 
Spire confirms early talks with Bridgepoint and Triton. (Reuters)
 
Owner of AI consultancy Xebia is reportedly considering a €1bn sale. (Bloomberg)
 
Blackstone‑backed Leica Camera is reportedly considering a €1bn sale. (Bloomberg)
 
Thyssenkrupp looks into selling a 30% stake in its Rothe Erde unit. (Bloomberg)
 
Smart‑ring maker Oura is reportedly planning a tender offer at a 25% discount. (Bloomberg)
 
Wacker Neuson says it will end acquisition discussions with Doosan Bobcat. (Reuters)
 
Exxon’s XTO division is looking to sell certain assets in the Eagle Ford shale region. (Reuters)
 
Weichai rejects KKCG’s Ferretti bid as a board clash nears. (Reuters)
 
Shell weighs pulling out of Argentina’s Vaca Muerta shale field. (Reuters)
 
Revolut scraps plans to buy US lender in favour of push for standalone licence. (Reuters)
 
APAC
 
CK Hutchison explores split sale of global ports. (Reuters)
 
Hillhouse is reportedly close to acquiring a 17% stake in Hong Kong’s Modern Dental. (Bloomberg)
 
Jollibee’s Highlands Coffee is reportedly weighing a $400m IPO in Vietnam. (Bloomberg)
COMPANIES
Atlantic International
Authentic Brands
Baseten
BioCryst
Brex
CK Hutchison
Clorox
CMOC Group
Cooley Group
CSG
Cyclic Materials
Eaton
Equinox Gold
EquipmentShare
ExxonMobil
Guess?
Infineon
International Paper
iRobot
Jollibee
Lightning AI
Michelin
MMT
Nvidia
Oura Health
Paramount
Perimeter Solutions
Revolut
Shell
SpaceX
Spire Healthcare
Thyssenkrupp
Ultra Electronics
Warner Bros
Xebia
XTO Energy
 
INVESTORS
Advent
AIP
Altimeter
Altor Equity
Battery Ventures
BC Partners
Blackstone
Bridgepoint
Capital One
CapitalG
CGF
Hillhouse
IVP
Janus Henderson 
JH Whitney 
KKCG
Nordian
Shoreline
T Rowe Price
Triton 
Waterland
 
FINANCIAL ADVISORS
Alvarez & Marsal
Baird
Balance Point
Bank of America
BMO
BNP Paribas
Canaccord Genuity
Centerview
DC Advisory
EF Hutton
Evercore
EY
Fifth Third
Goldman Sachs
Harris Williams
Houlihan Lokey
JLL
JP Morgan
Morgan Stanley
Piper Sandler
Robert W Baird
Rothschild & Co
Solomon Partners
The Sage Group
William Blair

LEGAL ADVISORS
Baker Botts
Baker McKenzie
Blake Cassels
Cooley
Covington
Davis Polk
Debevoise
Freshfields
Greenberg Traurig
Jones Day
Latham & Watkins
Mattos Filho
McCarthy Tetrault
Morris Nichols
Nixon Peabody
O'Melveny & Myers
Paul Weiss
Ropes & Gray
Sheppard Mullin
Sidley Austin
Simpson Thacher
Skadden
Stikeman Elliott
Sullivan & Cromwell
Vedder Price
Veirano Advogados
Weil Gotshal
White & Case
Willkie Farr
Wilson Sonsini
WLRK
Wolf Theiss
YCS&T
 
PR ADVISORS
C Street Advisory
FGS Global
Gateway Group
Joele Frank
Stanton PRM
 
 
 
 
 
 
 
 
 
 
 
Read on...
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AMERICAS
 
CMOC Group completes the acquisition of Brazil operations from Equinox Gold for $1bn.
 
CMOC Group, a global mining company that explores, mines, processes, and trades base metals and minerals, completed the acquisition of Brazil operations from Equinox Gold, a gold exploration and mining company, for $1bn, according to press releases.
 
CMOC Group was advised by Canaccord Genuity, Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados, McCarthy Tetrault (led by Roger Taplin, Shawn Doyle, Gerald Gaunt). Equinox Gold was advised by BMO Capital Markets, Blake Cassels & Graydon and Veirano Advogados, according to press releases.
 
BioCryst completes the acquisition of Astria Therapeutics for $700m.
 
BioCryst, a global biotechnology company, completed the acquisition of Astria Therapeutics, a biopharmaceutical company focused on developing life-changing therapies for allergic and immunologic diseases, for $700m, according to press releases.
 
Astria Therapeutics was advised by Evercore, Sidley Austin, Sullivan & Cromwell and FGS Global. BioCryst was advised by Bank of America and Covington & Burling, according to press releases.
 
Picea completes the acquisition of iRobot for $264m.
 
Picea, a firm specialzied in manufacturing and sales of precision harmonic gear drive reducer and devices, robotic systems, and electromechanical equipment, completed the acquisition of iRobot, a Roomba vacuum cleaner maker, for $264m, according to press releases.
 
iRobot was advised by Alvarez & Marsal, Paul Weiss Rifkind Wharton & Garrison, Young Conaway Stargatt & Taylor and C Street Advisory. Picea was advised by White & Case, according to press releases.
 
Perimeter Solutions completes the acquisition of Medical Manufacturing Technologies from Arcline Investment Management for $685m.
 
Perimeter Solutions, a producer of firefighting products and lubricant additives, completed the acquisition of Medical Manufacturing Technologies, a global provider of medical device manufacturing solutions, from Arcline Investment Management, a growth-oriented private equity firm, for $685m, according to press releases.
 
Medical Manufacturing Technologies was advised by Houlihan Lokey. Perimeter Solutions was advised by Greenberg Traurig and Nixon Peabody. Arcline Investment Management was advised by Joele Frank, according to press releases.
 
The Clorox Company to acquire GOJO Industries for $2.25bn.
 
The Clorox Company, an American multinational manufacturer and marketer of consumer and professional products, agreed to acquire GOJO Industries, a manufacturer of hand hygiene and skin care products, for $2.25bn, according to press releases.
 
GOJO is advised by Harris Williams & Co and Jones Day. The Clorox Company is advised by Centerview Partners and Cooley, according to press releases.
 
Janus Henderson Group to acquire Richard Bernstein Advisors.
 
Janus Henderson Group, a global asset manager, agreed to acquire Richard Bernstein Advisors, a research-driven, macro multi-asset investment manager, according to press releases. Financial terms are not disclosed.
 
RBA is advised by Piper Sandler and Vedder Price. Janus Henderson is advised by Sheppard, Mullin, Richter & Hampton, according to press releases.
 
Inspirit Equity completes the acquisition of Sizemore.
 
Inspirit Equity, a private investment firm, completed the acquisition of Sizemore, a provider of outsourced facility management services, according to press releases. Financial terms were not disclosed.
 
Sizemore was advised by Fifth Third Securities. Inspirit Equity was advised by Jones Day, according to press releases.
 
Storr Group-backed SPS PoolCare completes the acquisition of Pool Troopers from Shoreline.
 
Storr Group-backed SPS PoolCare, a specialized pool service provider, completed the acquisition of Pool Troopers, a full-service pool cleaning and maintenance company, from Shoreline, a lower middle market private equity firm, according to press releases. Financial terms were not disclosed.
 
SPS PoolCare was advised by William Blair & Co. Debt financing was provided by Balance Point Capital, according to press releases.
 
Lightning AI completes the merger with Voltage Park.
 
Lightning AI, a cloud platform where developers and companies build and run AI applications, completed the merger with Voltage Park, a large-scale GPU infrastructure provider, according to press releases. Financial terms were not disclosed.
 
Voltage Park was advised by JP Morgan, according to press releases and MergerLinks data.
 
Michelin completes the acquisition of Cooley from JH Whitney.
 
Michelin, a provider of a wide range of tires, completed the acquisition of Cooley, a global manufacturer specializing in high-performance polymeric solutions, from JH Whitney, a private equity firm, according to press releases. Financial terms were not disclosed.
 
Cooley was advised by Robert W Baird, according to press releases.
 
IVP, CapitalG, and NVIDIA led a $300m Series E round in Baseten.
 
IVP, CapitalG, and NVIDIA led a $300m Series E round in Baseten, a provider of infrastructure software for high-scale AI products, with participation from Altimeter and Battery Ventures, according to press releases. 
 
T. Rowe Price led a $75m Series C round in Cyclic Materials.
 
T. Rowe Price, an American publicly owned global investment management firm, led a $75m Series C round in Cyclic Materials, a cleantech company focused on recycling rare earth elements (REEs) and other critical materials, with participation from Canada Growth Fund, according to press releases.
 
Paramount pushes its hostile bid deadline for Warner Bros out to February 20. (Reuters)
 
Paramount Skydance on Thursday pushed its hostile tender offer for Warner Bros Discovery out to February 20, giving itself extra time to convince shareholders that its proposal is stronger than Warner’s competing deal with Netflix.
 
The bid itself remained unchanged. By the original January 21 cutoff, only about 168.5m shares — roughly 6.8% of Warner Bros’ outstanding stock — had been tendered.
 
EquipmentShare valued at $7.2bn in strong Nasdaq debut. (Reuters)
 
EquipmentShare.com shares rose 16.3% in their Nasdaq debut on Friday, valuing the construction ​rental firm at $7.16bn and signaling strong investor appetite for its tech-driven ‌business model.
 
The company's first-day performance echoed crypto custody firm BitGo's strong market debut on Thursday, as demand for new listings spills over into 2026.
 
GDS‑backed DayOne is reportedly aiming for a $20bn valuation in its planned US IPO. (Bloomberg)
 
DayOne Data Centers is aiming for a valuation of up to $20bn in a planned US IPO, a sharp jump from its recent fundraising levels.
 
The Singapore‑based operator is in the process of selecting banks to handle the offering, which could come as early as this year. They added that the company is also weighing the possibility of listing shares in both the US and Singapore.
 
Mammoth said to consider an IPO as early as the second half of the year. (Bloomberg)
 
Mammoth Brands — the parent company of men’s grooming label Harry’s — is weighing a US IPO that could come as early as the second half of the year.
 
The New York firm has enlisted several major banks, including JPMorgan, Goldman Sachs, Barclays and Wells Fargo, to help prepare the offering.
 
SpaceX taps four major Wall Street banks to prepare for a massive 2026 IPO. (Reuters)
 
SpaceX, Elon Musk’s space venture, is reportedly enlisting four major Wall Street banks to take top positions in a possible IPO that could become one of the biggest market launches ever.
 
Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are being considered for key underwriting roles, though the plans remain dependent on market conditions and could still shift.
 
EMEA
 
Eaton completes the acquisition of Ultra PCS from Cobham Ultra for $1.55bn.
 
Eaton, an intelligent power management company, completed the acquisition of Ultra PCS, a producer of electronic controls, sensing, stores ejection and data processing solutions for aerospace customers, from Cobham Ultra, a defence electronics solutions provider, for $1.55bn, according to press releases.
 
Ultra PCS and Advent International were advised by JP Morgan, Rothschild & Co and Weil Gotshal and Manges (led by Lewis Blakey). Eaton was advised by Covington & Burling, according to press releases.
 
Infineon Technologies completes the acquisition of laboratory and R&D campus in Warstein from BC Partners.
 
Infineon Technologies, a semiconductor manufacturer, completed the acquisition of laboratory and R&D campus in Warstein from BC Partners, an investment firm, according to press releases. Financial terms were not disclosed.
 
BC Partners was advised by BNP Paribas, Ernst & Young, JLL Corporate Finance and Freshfields (led by Timo Elsner), according to press releases and MergerLinks data.
 
CD&R-backed Presidio completes the acquisition of Ergo.
 
CD&R-backed Presidio, a global technology services and solutions provider, completed the acquisition of Ergo, an IT solutions and managed services provider, according to press releases. Financial terms were not disclosed.
 
Ergo was advised by Grant Thornton. Presidio was advised by Debevoise & Plimpton (led by Dominic Blaxill), according to press releases.
 
Atlantic International completed the acquisition of Circle8 Group.
 
Atlantic International, a staffing company, completed the acquisition of Circle8 Group, an European IT talent matching company, according to press releases. Financial terms were not disclosed.
 
Atlantic International was advised by E.F. Hutton & Co and Gateway Group, according to press releases.
 
Mentha Impact completes the acquisition of CORROSION from Nordian.
 
Mentha Impact, an independent investment firm, completed the acquisition of CORROSION, an equipment servicing company that offers anti-fouling, corrosion, and maintenance solutions to a variety of applications, from Nordian, a private equity firm, according to press releases. Financial terms were not disclosed.
 
Nordian was advised by DC Advisory, according to press releases and MergerLinks data.
 
Spire confirms early talks with Bridgepoint and Triton. (Reuters)
 
Spire Healthcare said that it has begun preliminary discussions with a number of private equity firms — among them Bridgepoint and Triton Partners — as it evaluates possible strategic paths for the business.
 
The talks include potential takeover proposals that could result in the hospital group being taken private.
 
Owner of AI consultancy Xebia is reportedly considering a €1bn sale. (Bloomberg)
 
Xebia’s private equity owner is weighing a possible sale of the AI consulting firm, which could fetch €1bn ($1.2bn) or more.
 
Dutch buyout firm Waterland is working with Houlihan Lokey on the potential deal. Deliberations are preliminary and Waterland could decide to keep the asset for longer.
 
Blackstone‑backed Leica Camera is reportedly considering a €1bn sale. (Bloomberg)
 
Leica Camera’s owners are weighing the possibility of selling a controlling stake in the German camera manufacturer, a deal that could value the company at around €1bn ($1.2bn).
 
Austrian investor Andreas Kaufmann and Blackstone have begun consulting advisers as they explore their options. The potential bidders include HSG — previously Sequoia Capital China — and Altor Equity Partners.
 
Thyssenkrupp looks into selling a 30% stake in its Rothe Erde unit. (Bloomberg)
 
Thyssenkrupp is exploring a potential sale of around 30% of its Rothe Erde bearings unit, a move that could value the business at roughly €1.5bn ($1.8bn).
 
The German industrial heavyweight is working with an adviser to guage buyer interest.
 
Smart‑ring maker Oura is reportedly planning a tender offer at a 25% discount. (Bloomberg)
 
Oura Health, the company behind the well‑known smart ring, is preparing a tender offer that would let existing investors sell their shares at a discount to its most recent valuation. The move is intended to help the firm remain privately held for a longer period.
 
The Finnish startup will give shareholders the chance to sell shares at a roughly 25% discount to its Series E round last fall when it raised fresh funds at an $11bn valuation.
 
Wacker Neuson says it will end acquisition discussions with Doosan Bobcat. (Reuters)
 
Wacker Neuson said it is ending discussions with South Korea’s Doosan Bobcat about a potential majority takeover.
 
The company had previously indicated it was in advanced talks for Doosan Bobcat to acquire roughly 63% of its shares from key investors and then launch an all‑cash offer for the rest.
 
Exxon’s XTO division is looking to sell certain assets in the Eagle Ford shale region. (Reuters)
 
Exxon Mobil’s XTO Energy unit is looking to offload portions of its holdings in the Eagle Ford shale region of South Texas.
 
Exxon recently launched a virtual data room to start marketing the roughly 168k net acres, which they estimate could fetch more than $1bn.
 
Weichai rejects KKCG’s Ferretti bid as a board clash nears. (Reuters)
 
China’s majority owner of Italian yacht builder Ferretti said it will not back KKCG’s takeover bid and may even increase its own stake, escalating the struggle for control of the company’s board.
 
KKCG earlier this week launched a bid of up to €182m ($213m) to double its 14.5% holding and push for a board shake‑up, challenging the lineup appointed by the Chinese shareholder.
 
Shell weighs pulling out of Argentina’s Vaca Muerta shale field. (Reuters)
 
Shell is exploring a possible sale of its holdings in Argentina’s Vaca Muerta shale region and has recently sounded out potential buyers.
 
Shell is open to selling some or all of its interests in the highly sought shale oil and gas play, part of Argentina's Neuquen basin. The assets are likely to be valued in the billions of dollars, adding that a precise estimate was difficult because some of the assets are undeveloped and commodity prices are volatile.
 
Revolut scraps plans to buy US lender in favour of push for standalone licence. (Reuters)
 
Britain's Revolut has scrapped plans to buy a US lender and will instead apply for an American banking licence.
 
The company has held talks with US officials about seeking a licence through the Office for the Comptroller of the Currency (OCC) in hopes of a quick process amid the Trump administration's deregulatory push.
 
APAC
 
CK Hutchison explores split sale of global ports. (Reuters)
 
CK Hutchison is exploring a restructured sale of dozens of ports to a global consortium by breaking the transaction into smaller parcels with differing ownership structures.
 
CK Hutchison, which is based in the Chinese-controlled territory of Hong Kong, has come under heavy criticism from Beijing since it announced last year plans to sell 43 ports across 23 countries, including two near the Panama Canal, to a consortium led by BlackRock and Italian billionaire Gianluigi Aponte's family-controlled shipping group MSC.
 
Hillhouse is reportedly close to acquiring a 17% stake in Hong Kong’s Modern Dental. (Bloomberg)
 
Hillhouse Investment has acquired roughly a 17% stake in Hong Kong‑listed Modern Dental Group, paying close to HKD935m ($120m) for the holding.
 
The firm purchased 161.2m shares off‑market on Jan. 19 at an average price of HKD5.8 ($0.7) each.
 
Jollibee’s Highlands Coffee is reportedly weighing a $400m IPO in Vietnam. (Bloomberg)
 
Highlands Coffee is considering a Vietnam IPO that could bring in $300m to $400m.
 
The company is working with a financial adviser and may add more banks.

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