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AMERICAS

Warner Bros rejects revised Paramount bid as risky leveraged buyout. (Reuters)

Warner Bros Discovery’s board has unanimously rejected Paramount Skydance’s latest attempt to acquire the studio, describing the revised $108.4bn hostile bid as a high-risk leveraged buyout that shareholders should oppose. In a letter to investors on Jan 7th, the board said Paramount’s proposal relies on “an extraordinary level of debt financing,” increasing the likelihood of complications in closing. The company reiterated its commitment to Netflix’s $82.7bn acquisition of the film and TV studio and related assets.

Warner Bros is advised by Allen & Company, Evercore, JP Morgan, Covington & Burling, Debevoise & Plimpton (led by Jonathan Levitsky), Fried Frank Harris Shriver & Jacobson, Wachtell Lipton Rosen & Katz (led by Hannah Clark, Karessa Cain and Andrew Nussbaum) and Joele Frank (led by Kelly Sullivan and Daniel Katcher). Financial advisor was advised by White & Case. Paramount Global is advised by Bank of America, Barclays, Centerview Partners, Citigroup, M. Klein & Co, RedBird Advisors, Cleary Gottlieb Steen & Hamilton, Cravath Swaine & Moore (led by Faiza Saeed), Latham & Watkins, Brunswick Group (led by Jonathan Doorley) and Okapi Partners. Debt financing is provided by Apollo Global Management, Bank of America and Citigroup. Debt providers are advised by Cahill Gordon & Reindel. Netflix is advised by Moelis & Co, Wells Fargo Securities, Borden Ladner Gervais and Skadden Arps Slate Meagher & Flom (led by Kenton J. King). Debt financing is provided by BNP Paribas, HSBC and Wells Fargo Securities, according to press releases and MergerLinks data.

ATL Partners completes the acquisition of Rampmaster and SkyMark.

ATL Partners, an investment firm, completed the acquisition of Rampmaster, a manufacturer of commercial aircraft refueling equipment, and SkyMark, a provider of specialty vehicle manufacturing, according to press releases. Financial terms were not disclosed.

Rampmaster was advised by Alantra and Morgan Lewis & Bockius. SkyMark was advised by Robert W Baird and Jones Day. ATL Partners was advised by Harris Williams & Co, Morrison Foerster and Gasthalter & Co (led by Nathaniel Garnick). Sky Island Capital was advised by D.A. Davidson & Co, Robert W Baird and Jones Day, according to press releases.

NBHC completes the merger with Vista Bank in a $377.4m deal.

NBHC, the holding company for NBH Bank, completed the merger with Vista Bank, a full-service commercial bank, in a $377.4m deal, according to press releases.

NBHC was advised by Keefe Bruyette & Woods (led by Jordan Banov), Stifel and Wachtell Lipton Rosen & Katz (led by Mark F. Veblen). Vista Bank was advised by Jefferies & Company and Squire Patton Boggs (led by Jim Barresi), according to press releases and MergerLinks data.

A.O. Smith completes the acquisition of Leonard Valve from Bessemer Investors for $470m.

A.O. Smith, a global water technology company, completed the acquisition of Leonard Valve, a pioneer in water management technologies, from Bessemer Investors, an investment firm, for $470m, according to press releases.

A.O. Smith was advised by Bank of America, Baker Botts (led by Paul Cuomo) and Foley & Lardner. Sellers were advised by Jefferies & Company (led by Francis Tucci), according to press releases and MergerLinks data.

TPG to invest $500m in Jackson Financial.

TPG, a global alternative asset management firm, agreed to invest $500m in Jackson Financial, a US retirement services firm, according to press releases.

Jackson Financial is advised by Skadden Arps Slate Meagher & Flom (led by Elena Coyle). TPG is advised by Debevoise & Plimpton, Weil Gotshal and Manges and Oliver Wyman (led by Brian Parness), according to press releases and MergerLinks data.

Coalesce Capital completes the majority investment in Marshall & Stevens.

Coalesce Capital, a private equity firm, completed the majority investment in Marshall & Stevens, an independent valuation advisory, litigation support, and transaction advisory firm, according to press releases. Financial terms were not disclosed.

Marshall & Stevens was advised by Holland & Knight. Coalesce was advised by Stifel, Ropes & Gray and Joele Frank (led by Ed Trissel), according to press releases and MergerLinks data.

Pattern Energy to acquire Cordelio Power.

Pattern Energy, a clean energy and transmission infrastructure company, agreed to acquire Cordelio Power, an independent power producer in Canada and the United States, according to press releases. Financial terms were not disclosed.

Cordelio Power is advised by JP Morgan. Pattern Energy is advised by Evercore, Osler Hoskin & Harcourt and Skadden Arps Slate Meagher & Flom (led by Richard Oliver), according to press releases and MergerLinks data.

Brodie Generational Capital Partners completes the acquisition of Sur-Seal.

Brodie Generational Capital Partners, a single-family office investor, completed the acquisition of Sur-Seal, an advanced materials converting and engineered solutions provider, according to press releases. Financial terms were not disclosed.

Sur-Seal was advised by William Blair & Co. BGCP was advised by Ernst & Young and Skadden Arps Slate Meagher & Flom (led by Brett Fleisher and Neil P. Stronski), according to press releases and MergerLinks data.

Pacific Avenue and Cameron Ashley Building Products completes the acquisition of Therm-All.

Pacific Avenue, a global private equity firm, and Cameron Ashley Building Products, a wholesale distributor of roofing, insulation, gypsum, siding, and other specialty building products, completed the acquisition of Therm-All, a fabricator and distributor of metal building insulation and related products, according to press releases. Financial terms were not disclosed.

Pacific Avenue was advised by KPMG, Bank of America and Weil Gotshal and Manges (led by Kyle C Krpata), according to press releases and MergerLinks data.

Olympus Partners-backed PAI Pharma completes the acquisition of Nivagen.

Olympus Partners-backed PAI Pharma, an American developer, manufacturer and distributor of generic oral liquids, completed the acquisition of Nivagen, a specialty pharmaceuticals company, according to press releases. Financial terms were not disclosed.

Bidders were advised by Bourne Partners, KPMG and Kirkland & Ellis, according to press releases.

The Riverside Company completes the investment in Certified Collision Group.

The Riverside Company, a global investment firm, completed the investment in Certified Collision Group, a subscription-based membership network serving independent collision repair shops across the United States and Canada, according to press releases. Financial terms were not disclosed.

The Riverside Company was advised by Jones Day (led by Justin Farra) and Holly M Communications, according to press releases and MergerLinks data.

CORE-backed AxioAero completes the acquisition of Airway Aerospace.

CORE-backed AxioAero, a holding company focused on acquiring and supporting businesses in the aerospace and aviation services sector, completed the acquisition of Airway Aerospace, an FAA/EASA repair station, according to press releases. Financial terms were not disclosed.

CORE was advised by Winston & Strawn and Gregory FCA (led by Jeremy Milner), according to press releases.

D-Wave to merge with Quantum Circuits in a $550m deal.

D-Wave, a practical quantum computing company, agreed to merge with Quantum Circuits, a developer of full-stack quantum computing systems, in a $550m deal, according to press releases.

D-Wave is advised by Centerview Partners and Paul Weiss Rifkind Wharton & Garrison, according to press releases.

LLCP completes the acquisition of Signature Resolution.

LLCP, a private equity and venture capital firm, completed the acquisition of Signature Resolution, a global provider of alternative dispute resolution services, according to press releases. Financial terms were not disclosed.

LLCP was advised by Honigman Miller Schwartz & Cohn. Signature Resolution was advised by Stubbs Alderton & Markiles, according to press releases.

Bear Castle-backed Allied completes the acquisition of Substations.

Bear Castle-backed Allied, a provider of specialty construction services, completed the acquisition of Substations, a provider of substation construction and maintenance services, according to press releases. Financial terms were not disclosed.

Bear Castle was advised by Jackson Walker and Robinson Bradshaw, according to press releases.

Valor Equity Partners led a $20bn Series E round in xAI.

Valor Equity Partners, an investment firm, led a $20bn Series E round in xAI, a developer of an artificial intelligence-powered personal assistant application, with participation from Stepstone Group, Fidelity Management & Research Company, Qatar Investment Authority, MGX and Baron Capital Group, NVIDIA and Cisco Investments, according to press releases.

Kayne Anderson and Quantum complete a $1bn investment in South Wind.

Kayne Anderson, an alternative investment firm, and Quantum, a private equity firm, completed a $1bn investment in South Wind, an oil and gas company, according to press releases.

Eli Lilly nears deal for biotech Ventyx. (WSJ)

Eli Lilly is reportedly in advanced discussions to acquire Ventyx Biosciences in a transaction valued at over $1bn.

The acquisition, which would add Ventyx’s pipeline of oral treatments for inflammatory conditions to Eli Lilly’s portfolio, could be announced in the near term.

Quantum planning Lukoil asset deal that could involve Chevron. (Reuters)

Private equity firm Quantum Energy Partners is preparing a potential bid, possibly alongside US oil major Chevron, for the international assets of Russian energy company Lukoil.

The approach is being developed through Artemis Energy, a recently established upstream acquisition platform backed by Quantum, and would rank among the largest energy transactions since Western sanctions were imposed on Russia following its invasion of Ukraine.

Chat platform Discord files confidentially for US IPO. (Reuters)

Chat platform Discord has submitted a confidential filing for an initial public offering in the United States.

US equity issuance has shown signs of revival in 2025 following nearly three years of subdued activity, though expectations for a sustained rebound have been moderated by tariff-related market swings, an extended government shutdown and a late-year pullback in artificial intelligence stocks.

EMEA

CRC Group to acquire Euclid Transactional.

CRC Group, a specialty insurance distributor, agreed to acquire Euclid Transactional, a global provider of transactional insurance solutions specializing in representations and warranties, and tax liability insurance, according to press releases. Financial terms were not disclosed.

Euclid Transactional is advised by Jamieson, Piper Sandler and Herbert Smith Freehills Kramer. CRC Group is advised by Barclays, Guy Carpenter and Debevoise & Plimpton, according to press releases and MergerLinks data.

Mobileye to acquire Mentee Robotics for $900m.

Mobileye, a technology company specializing in driver assistance and autonomous driving technologies, agreed to acquire Mentee Robotics, a technology company focused on integrating robotics, for $900m, according to press releases.

Mobileye is advised by Goldman Sachs, Davis Polk & Wardwell (led by Michael Kaplan) and Erdinast Ben Nathan Toledano & Co. Mentee Robotics is advised by Paul Hastings and Shibolet & Co, according to press releases.

Accenture to acquire Faculty.

Accenture, a professional services company that provides solutions in strategy, consulting, digital, technology and operations, agreed to acquire Faculty, a UK-based AI native services and products business, according to press releases. Financial terms were not disclosed.

Faculty is advised by Simpson Thacher & Bartlett (led by James Howe), according to press releases and MergerLinks data.

Amgen completes the acquisition of Dark Blue Therapeutics for $840m.

Amgen, an independent biotechnology medicines company, completed the acquisition of Dark Blue Therapeutics, a company focused on developing transformational medicines for cancer patients, for $840m, according to press releases.

Thyssenkrupp weighs phased sale of TKSE to Jindal Steel. (Reuters)

Germany’s Thyssenkrupp is considering a multi-stage sale of its steel business to India’s Jindal Steel International.

Jindal has been conducting an in-depth review of Thyssenkrupp Steel Europe since October 2025 after submitting an indicative proposal for the unit. A sale would represent a significant step in Thyssenkrupp’s efforts to simplify its structure and concentrate on core industrial operations.

Revolut in talks to buy digital bank FUPS for Turkey debut. (Bloomberg)

Revolut is in discussions to acquire Turkish digital bank FUPS as part of plans to launch its services in the country.

No final agreement has been reached, and there is no guarantee that the fintech giant will complete the purchase. Any potential deal would require approval from Turkey’s banking regulator, BDDK.

TT Electronics takeover collapses as shareholders narrowly reject Cicor bid. (Reuters)

Britain’s TT Electronics said its £1.5 ($2) per share acquisition by Swiss firm Cicor Technologies fell through on January 7 after it did not receive the required shareholder approval.

TT Electronics’ chairman, Warren Tucker, announced that he will step down from the board following the company’s annual general meeting in May, after completing two three-year terms.

Pirelli, Sinochem mull lowering of stake in tiremaker to 10%. (Bloomberg)

Pirelli & C is holding discussions with its largest shareholder, China’s Sinochem Group, on options that could include cutting the conglomerate’s stake in the Italian tiremaker to around 10% to address US market access concerns.

The plan is one of several possibilities under consideration. If carried out, it would lower Sinochem’s holding from about 34% and reclassify the company as a passive investor, sharply reducing its influence.

Diageo distributor asks court to block $2.3bn Asahi deal. (Bloomberg)

A distributor linked to Diageo’s Kenyan operations has requested a court in Kenya to halt a planned share sale to Asahi Group Holdings until an earlier legal case is resolved.

The 2016 case involved Bia Tosha Distributors suing Diageo, East African Breweries, UDV Kenya, and Kenya Breweries over a separate dispute. Diageo currently holds a 65% stake in EABL and a controlling interest in UDV, a Kenya-based spirits producer and importer.

APAC

VeriSilicon Microelectronics completes the acquisition of Pixelworks Semiconductor Technology from Pixelworks for $133m.

VeriSilicon Microelectronics, a platform-based, all-around, one-stop custom silicon services and semiconductor IP licensing services provider, completed the acquisition of Pixelworks Semiconductor Technology, a manufacturer and distributor of semiconductor products, from Pixelworks, a semiconductor manufacturing company, for $133m, according to press releases.

Pixelworks was advised by Morgan Stanley, according to MergerLinks data.

TPG Capital nears deal for up to 40% stake in India's IIFL Capital Services. (Deal Street Asia)

TPG Capital is nearing an agreement to acquire a 30% to 40% stake in India’s IIFL Capital Services, potentially becoming the company’s largest shareholder.

The transaction is expected to be valued between INR36.36bn ($404.3m) and INR48.48bn ($539.1m). If completed, the deal would also trigger an additional 26% stake through an open offer in line with market regulator rules.

Qualcomm in talks with Samsung Electronics for contract manufacturing. (Reuters)

“Qualcomm is in discussions with Samsung Electronics regarding contract manufacturing of two-nanometre chips”, US CEO Cristiano Amon.

Qualcomm is speaking first with Samsung, among multiple semiconductor foundries, about producing chips with the latest two-nanometre process, with designs already completed for upcoming commercialisation.

Chinese AI server leader xFusion hires investment bank in first step toward listing. (Reuters)

China’s leading AI server provider xFusion has hired Citic Securities as it prepares for a potential initial public offering, joining a growing number of technology companies seeking to capitalize on strong investor interest in artificial intelligence.

The Henan-based firm entered into an agreement with Citic on Dec. 31 to begin the IPO “tutoring” process, a preparatory phase that typically covers governance, compliance and disclosure requirements ahead of a listing. The program is scheduled to run from January through April or May, based on information published on the website of the China Securities Regulatory Commission.

Baidu’s AI chip arm Kunlunxin is said to pick banks for $2bn Hong Kong IPO. (Bloomberg)

Baidu’s AI chip division is preparing for a Hong Kong initial public offering that could raise up to $2 bn.

Kunlunxin has appointed China International Capital, Citic Securities and Huatai Securities as lead banks for the IPO, with China Securities International also involved.

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