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Top Highlights
HCSC, a member-owned health insurance company, completed the acquisition of the medicare businesses and CareAllies from Cigna, a for-profit American multinational managed healthcare and insurance company, for $3.3bn, according to press releases.
HCSC was advised by Barclays (led by Gary Posternack), JP Morgan (led by Nick Richitt), Cravath Swaine & Moore (led by Claudia J. Ricciardi and Aaron Gruber), Foley & Lardner, O'Melveny & Myers and Reed Smith. Cigna was advised by Centerview Partners (led by Stuart Smith), Morgan Stanley, Mintz Levin, Rule Garza Howley, Sidley Austin, Wachtell Lipton Rosen & Katz (led by David Shapiro and Jenna E. Levine) and Kekst CNC (led by Jeremy Fielding and Nathan Riggs), according to MergerLinks data and press releases.
A consortium led by Allianz, BlackRock and T&D Holdings agreed to acquire Viridium, a European life insurance consolidation platform, from Cinven, a private equity firm, in a €3.5bn ($3.8bn) deal, according to press releases.
Cinven is advised by Willis Towers Watson, Deloitte, Fenchurch Advisory Partners, Goldman Sachs, KPMG, Freshfields Bruckhaus Deringer, Ernst & Young, Capgemini and Bearing Point, according to MergerLinks data and press releases.
Apollo, a global alternative asset manager, agreed to acquire a majority stake in OEG Energy Group, an offshore energy solutions business, from Oaktree Capital, a global investment firm, according to press releases. Financial terms were not disclosed.
OEG is advised by White & Case. Apollo is advised by Santander and Vinson & Elkins (led by Dan Komarek). Oaktree Capital is advised by Goldman Sachs, Gibson Dunn & Crutcher (led by Will Summers), Latham & Watkins and FGS Global (led by Rory King and Hannah Ratcliff), according to MergerLinks data and press releases.
Deal Round up
AMERICAS
Hidden Road explores sale or capital raise at a $1bn valuation. ( Bloomberg)
KKR explores the acquisition of New Mexico utility owner TXNM. ( Bloomberg)
Clear Investment Group plans to raise $300m in real asset funds for multi-family housing acquisitions. ( Press Release)
EMEA
Axel Springer weighs the sale of marketing business Awin. ( Reuters)
Swiss insurers Baloise and Helvetia explore a merger. ( Bloomberg)
Volkswagen poised to raise €360m in Traton stake sale. ( Bloomberg)
APAC
Oracle weighs security backstop, small stake to land TikTok deal. ( Bloomberg)
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AMERICAS
Agnico Eagle, a Canadian-based gold producer with operations in Canada, Finland, Australia and Mexico, completed the acquisition of O3 Mining, a gold explorer and mine developer, for CAD204m ($143m), according to press releases.
O3 Mining was advised by Fort Capital Partners, Maxit Capital, Bennett Jones (led by Andrew N. Disipio) and Cassels Brock & Blackwell (led by Jay Goldman and Lindsay Clements). Agnico Eagle was advised by Edgehill Advisory and Davies Ward Phillips & Vineberg, according to MergerLinks data and press releases.
T2S Solutions, a provider of advanced technologies supporting US defense, intelligence, and national security missions, completed the acquisition of Blue Marble Communications, a provider of space-qualified communications and computing technologies, according to press releases. Financial terms were not disclosed.
Blue Marble was advised by Kroll and Procopio. T2S Solutions was advised by Jefferies & Company, Alston & Bird, Crowell & Moring and H/Advisors Abernathy (led by Deven Anand) , according to press releases.
Herschend, a privately owned themed-entertainment company, agreed to acquire US entertainment properties of Palace Entertainment, an international entertainment operator, from Parques Reunidos, a global operator of leisure parks, according to press releases. Financial terms were not disclosed.
Herschend is advised by BDT & MSD Partners and Akerman. Debt financing is provided by Goldman Sachs. Debt provider is advised by Kilpatrick Townsend. Parques Reunidos is advised by JP Morgan and A&O Shearman, according to MergerLinks data and press releases.
Broad Sky Partners, a private equity firm, completed the acquisition of Commonwealth Electrical Technologies, an electrical contractor and energy solutions company, according to press releases. Financial terms were not disclosed.
CET was advised by FMI Capital Advisors and Kirkland & Ellis. Broad Sky Partners was advised by Berenson & Co, Stifel, Greenberg Traurig and Prosek Partners (led by Jacqueline Ryan) , according to press releases.
Advanced Instruments, a manufacturer of analytical instruments for the biopharmaceutical and clinical markets, agreed to acquire Nova Biomedical, a manufacturer of innovative analytical instruments and consumables that are vital in guiding the treatment of patients and the development of biotechnology therapeutics, for $2.2bn, according to press releases.
Nova Biomedical is advised by Jefferies & Company and Davis Polk & Wardwell. Advanced Instruments is advised by UBS, Cooley and Simpson Thacher & Bartlett (led by Michael Holick), according to MergerLinks data and press releases.
AGIC Capital, a global private equity firm, completed the acquisition of Solmetex, a provider of dental products, systems, and consumables, from Avista Healthcare Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Solmetex was advised by Houlihan Lokey and Robert W Baird. AGIC Capital was advised by White & Case. Avista Healthcare was advised by Willkie Farr & Gallagher and Kekst CNC (led by Daniel Yunger) , according to press releases.
Sixth Street, a global investment firm, agreed to invest in San Francisco Giants, a professional baseball team, according to press releases. Financial terms were not disclosed.
San Francisco Giants is advised by The Raine Group and Pillsbury Winthrop Shaw Pittman. Sixth Street is advised by PJT Partners and Latham & Watkins, according to MergerLinks data and press releases.
RRJ Capital, a private equity firm, agreed to invest $600m in Vista Global, a private aviation group, according to press releases.
Vista Global is advised by Jefferies & Company. RRJ Capital is advised by UBS and Debevoise & Plimpton (led by Geoffrey P. Burgess), according to MergerLinks data and press releases.
Ecovyst, a provider of advanced materials, specialty catalysts, virgin sulfuric acid and sulfuric acid regeneration services, agreed to acquire the sulfuric acid production assets from Cornerstone Chemical, a manufacturer of intermediate chemicals, according to press releases. Financial terms were not disclosed.
Cornerstone is advised by Moelis & Co and Akin Gump Strauss Hauer & Feld, according to press releases.
Forward Consumer Partners, a private investment firm, completed the acquisition of a majority stake in Bar Keepers Friend, a household cleaning product manufacturer, according to press releases. Financial terms were not disclosed.
Bar Keepers Friend was advised by Lewis Rice. Forward Consumer was advised by Kirkland & Ellis, according to press releases.
General Atlantic, a global growth investor, agreed to invest $500m in Nerdio, an automated end-user computing platform, with participation from Lead Edge Capital and StepStone, according to press releases.
Nerdio is advised by JP Morgan, according to MergerLinks data and press releases.
Lee Equity and Emigrant-backed Pure Financial Advisors, a registered investment advisor, completed the acquisition of Personal Investment Management, a financial advisory firm, according to press releases. Financial terms were not disclosed.
CXNEST, a group of private investors focused on advancing innovative financial technologies and digital platforms, completed the acquisition of Currency.com, a crypto exchange, from VP Capital, an investment firm, according to press releases. Financial terms were not disclosed.
Hidden Road explores sale or capital raise at a $1bn valuation. ( Bloomberg)
Hidden Road, a prime brokerage specializing in cryptocurrencies and foreign exchange, is exploring strategic options, including a sale or capital raise, that could value the company at over $1bn.
The New York-based firm has engaged a financial adviser to assist with the process. Hidden Road, which serves institutional investors, is also planning to expand its offerings into new asset classes, including fixed-income financing.
KKR explores the acquisition of New Mexico utility owner TXNM. (Bloomberg)
KKR is considering an acquisition of TXNM Energy, the owner of New Mexico’s largest utility. TXNM has been working with an adviser to evaluate a potential sale after receiving takeover interest.
Takeover discussions have taken place in recent weeks, though no final decision has been made. The potential deal aligns with KKR’s ongoing investments in the energy and infrastructure sectors.
Clear Investment Group plans to raise $300m in real asset funds for multi-family housing acquisitions. ( Press Release)
Clear Investment Group announced plans to raise $300m for its new fund, Clear Opportunities Fund II, aimed at acquiring multi-family housing properties across the United States. The fund will support the firm’s expansion while continuing its focus on revitalizing workforce-housing communities.
The investment strategy aims to provide high-quality, attainable housing while delivering strong returns for investors. The fund aligns with Clear’s broader mission to enhance housing accessibility and strengthen its transaction volume in the real estate sector.
EMEA
Germany’s antitrust authority has set an April 14, 2025 deadline to provide possible initial approval for Italy’s UniCredit to acquire a substantial stake in Commerzbank.
UniCredit already submitted its application, but the approval process has been slower than expected. Earlier in the day, UniCredit’s CEO acknowledged delays in securing regulatory clearance for the potential transaction.
UniCredit is advised by Brunswick Group, according to press releases.
Sportsradar, a sports technology company that provides sports data services for betting and media industries, agreed to acquire IMG Arena, a sports and federations company, from Endeavor Group, a sports and entertainment company, according to press releases. Financial terms were not disclosed.
Sportradar is advised by UBS and Brandl & Talos, according to press releases.
Miami International, a global financial exchanges and execution services operator, agreed to acquire the remaining 70.54% stake in The International Stock Exchange, a financial markets and securities services provider, for £50m, according to press releases.
Fiserv, a global provider of payments and financial services technology, completed the acquisition of CCV, a payment solutions provider, according to press releases. Financial terms were not disclosed.
Axel Springer weighs the sale of marketing business Awin. ( Reuters)
German media group Axel Springer is considering selling its affiliate marketing unit Awin as part of a broader restructuring plan. The company has invited banks to pitch for an advisory role in the sale process.
Awin, which helps publishers promote advertisers' products, could be valued at around €400m ($436m). The rest of Axel Springer's marketing division, including price comparison site Idealo, is also under review for potential strategic changes.
Swiss insurers Baloise and Helvetia explore a merger. ( Bloomberg)
Switzerland’s Baloise and Helvetia have been in discussions regarding a potential merger that would create one of the country’s largest insurers. Talks have taken place intermittently in recent months, though there is no certainty that a deal will be reached.
Baloise has a market capitalization of CHF8.13bn ($9.26bn), while Helvetia is valued at CHF9.33bn ($10.64bn), according to LSEG data. Activist investor Cevian, which holds more than a 9% stake in Baloise, has been urging the company to restructure its portfolio and improve returns.
Volkswagen poised to raise €360m in Traton stake sale. ( Bloomberg)
Volkswagen is set to raise approximately €360m ($394m) by selling a 2.2% stake in Traton. The German automaker is offering around 11m shares in its truck unit through an overnight placement to improve stock liquidity.
The transaction is expected to be priced at €32.75 ($35.86) per share, reflecting an 8% discount to Traton’s closing price in Frankfurt. Volkswagen continues to adjust its holdings as part of its broader financial strategy.
APAC
Seven & i has signed a confidentiality agreement with Alimentation Couche-Tard, enabling both companies to discuss antitrust concerns related to the Canadian retailer’s takeover bid.
The non-disclosure agreement will facilitate discussions on regulatory issues in the US, which have been a major hurdle in the negotiations. The deal marks a step forward in addressing the concerns that have delayed the potential acquisition.
Oracle weighs security backstop, small stake to land TikTok deal. ( Bloomberg)
Oracle is considering a proposal to acquire TikTok’s US operations while providing security assurances and taking a small stake in a new American entity. The plan would potentially allow TikTok’s algorithm to remain under Chinese control.
Discussions have included Oracle working with US buyers to ensure the safety of user data. The proposal outlines guarantees that the updated US version of TikTok would not have security vulnerabilities that could be exploited by the Chinese government.
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