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AMERICAS

GSK completes the acquisition of 35Pharma for $950m.

GSK, a major British-based multinational biopharmaceutical company, completed the acquisition of 35Pharma, a clinical-stage biopharmaceutical company, for $950m, according to press releases.

35Pharma was advised by Centerview Partners (led by E. Eric Tokat), JP Morgan, Cooley (led by Lindsey O'Crump) and Stikeman Elliott (led by Jeremy Sculnick). GSK was advised by Paul Weiss Rifkind Wharton & Garrison (led by Krishna Veeraraghavan and Benjamin Goodchild), according to press releases and MergerLinks data.

I Squared Capital to acquire natural gas storage assets in Wyoming and Oklahoma of Spire for $650m.

I Squared Capital, a private equity firm, agreed to acquire the natural gas storage assets in Wyoming and Oklahoma of Spire, a natural gas utility company that provides natural gas services to residential, commercial, and industrial customers, for $650m, according to press releases.

I Squared Capital is advised by Kirkland & Ellis. Spire is advised by Vinson & Elkins and Greenhill & Co, according to press releases.

Mill Point Capital-backed AeriTek completes the acquisition of the foodservice refrigeration and HVAC assets of National Refrigeration & Air Conditioning Products.

Mill Point Capital-backed AeriTek, a manufacturer, designer, and distributor of commercial refrigeration and foodservice equipment products, completed the acquisition of the foodservice refrigeration and HVAC assets of National Refrigeration & Air Conditioning Products, a manufacturer of HVAC and commercial refrigeration equipment, according to press releases. Financial terms were not disclosed.

Mill Point Capital and AeriTek were advised by McDermott Will & Schulte.
National Refrigeration & Air Conditioning Products was advised by Morgan Lewis & Bockius and Woodward Park Partners, according to press releases.

Mountaingate Capital-backed Rep Data completes the acquisition of SightX.

Mountaingate Capital-backed Rep Data, a provider of data collection and fraud prevention solutions, completed the acquisition of SightX, a technology‑driven, all‑in‑one consumer research and insights platform, according to press releases. Financial terms were not disclosed.

Mountaingate Capital and Rep Data were advised by Morrison Foerster (led by Erik G. Knudsen, Tyler Sewell and Michael P. Santos), according to MergerLinks data.

HIG Capital completes the acquisition of Inventus Power.

HIG Capital, an American multinational alternative investment firm, completed the acquisition of Inventus Power, a global provider of advanced battery and power systems, according to press releases. Financial terms were not disclosed.

Inventus Power was advised by Jefferies & Company, according to press releases.

Jane Street completes a $1bn investment in CoreWeave.

Jane Street, a global quantitative trading firm that operates in the financial markets, completed a $1bn investment in CoreWeave, an American cloud-computing startup providing cloud-based graphics processing unit infrastructure to artificial intelligence developers, according to press releases.

Quadra Capital nears deal to buy $3bn of assets from Banco de Brasília. (Reuters)

Brazilian asset manager Quadra Capital is close to acquiring BRL15bn ($3bn) of assets from state‑owned Banco de Brasília that were previously held by liquidated lender Banco Master.

The transaction requires approval, or at least no objection, from Brazil’s central bank. Discussions are ongoing and the process has not yet been finalized.

Tory Burch seeks loan to buy back General Atlantic’s stake. (Bloomberg)

Tory Burch plans to repurchase private‑equity firm General Atlantic’s stake using part of the proceeds from a planned $700m leveraged loan.

The New York‑based luxury retailer expects to pay about $346m for General Atlantic’s interest. The size of the stake has not been disclosed.

Brazil's CSN to kick off binding phase of cement unit sale in a month. (Reuters)

CSN is set to begin receiving binding offers for its cement business within the next few weeks.

The binding phase is expected to start shortly after the receipt of non‑binding offers and the selection of bidders advancing to the next round.

Parex sees Colombia output tripling after Frontera acquisition. (Bloomberg)

Parex Resources expects its oil production in Colombia to triple over the next three years following the acquisition of assets from Frontera Energy and future ventures with the state‑owned oil company.

The Calgary‑based producer outbid GeoPark in mid‑March for Frontera’s production and exploration assets, completing the transaction as oil prices rose amid heightened geopolitical tensions.

TCW private credit fund slashes Red Lobster equity value by 98%. (Bloomberg)

TCW Group has written down its equity stake in Red Lobster by about 98% since acquiring it through the restaurant chain’s 2024 bankruptcy, leaving the shares held by a private‑credit fund it manages valued at less than $1m.

The asset manager became a significant shareholder after the restructuring converted loans provided by TCW and other lenders into equity. The stake, previously valued at about $31m, has been marked down for five consecutive quarters to $761k.

US Senator Warren voices concern over Nvidia's acquisition of Slurm. (Reuters)

US Senator Elizabeth Warren has sent a letter to the secretaries of the Departments of Energy and Defense raising questions about Nvidia’s acquisition of SchedMD, the developer of the Slurm workload‑management software.

In the letter to Energy Secretary Chris Wright and Defense Secretary Pete Hegseth, Warren expressed concern about the transaction and requested information on the US government’s reliance on Nvidia hardware and software.

Jane Street in talks to back Fluidstack at $18bn valuation. (Bloomberg)

Cloud‑computing startup Fluidstack is holding funding discussions aimed at raising about $1bn at a valuation of roughly $18bn.

Jane Street and Situational Awareness are in talks to co‑lead the financing round. Morgan Stanley is advising Fluidstack on the transaction.

Carlyle draws $1.5bn for asset-backed fund in first round. (Bloomberg)

Carlyle Group has raised $1.5bn in a first close for a new asset‑backed finance fund as the private‑equity firm continues to expand its credit business.

The Carlyle Asset‑Backed Income Fund attracted commitments from pension funds, sovereign wealth funds and other institutional investors. Unlike most credit vehicles, the fund is structured as an evergreen product with no fixed termination date.

Kirkland & Ellis set to poach top Wachtell distressed-debt lawyer. (FT)

Kirkland & Ellis is preparing to hire the head of Wachtell Lipton’s restructuring practice as it looks to rebuild its distressed‑debt group following the departure of a senior partner earlier this year.

The firm has offered Joshua Feltman, chair of Wachtell’s corporate restructuring and finance department, a guaranteed compensation package of $80m over three years as part of the move.

EMEA

Eurazeo to acquire a majority stake in Netco Group from Ardian.

Eurazeo, a French private equity firm and investment group, agreed to acquire a majority stake in Netco Group, a European provider of critical maintenance services for conveyor systems, from Ardian, a global private investment firm, according to press releases. Financial terms were not disclosed.

Ardian is advised by Alvarez & Marsal (led by Frederic Steiner), LEK Consulting (led by Serge Hovsepian), Amala Partners (led by Jean-Baptiste Marchand), McDermott Will & Schulte (led by Gregoire Andrieux and Marie-Muriel Barthelet), Ernst & Young (led by Nevena Todorova) and Image 7, according to press releases and MergerLinks data.

Standard Life to acquire Aegon UK from Aegon for £2bn.

Standard Life, a life assurance, pensions, and long-term savings company operating in the United Kingdom, agreed to acquire Aegon UK, a financial services provider specializing in pensions, investments and insurance, from Aegon, a multinational life insurance, pensions and asset management company, for £2bn, according to press release.

Standard Life is advised by BNP Paribas (led by Sam McLennan), Bank of America (led by Matt Cannon), Freshfields and FTI Consulting (led by Charles Armitstead). Aegon is advised by JP Morgan, according to press releases and MergerLinks data.

Rocket Lab completes the acquisition of Mynaric for $155.3m.

Rocket Lab, a company specializing in launch services and space systems, completed the acquisition of Mynaric, a provider of laser optical communications terminals for air, space and mobile applications, for $155.3m, according to press releases.

Rocket Lab was advised by Goodwin Procter (led by Michael Reagan). Mynaric was advised by Latham & Watkins (led by Daniel Rees), according to MergerLinks data.

Infracapital completes the acquisition of a majority stake in Farra Marine.

Infracapital, the infrastructure investment arm of M&G, a global investment manager, completed the acquisition of a majority stake in Farra Marine, an Irish crew transfer vessel owner and operator that specializes in the offshore renewables sector, according to press releases. Financial terms were not disclosed.

Farra Marine was advised by McEnaney Media (led by Tom McEnaney). Infracapital was advised by Nomura Greentech, according to press releases and MergerLinks data.

BU Bregal Unternehmerkapital to acquire a majority stake in A. Eberle.

BU Bregal Unternehmerkapital, a European private equity firm, agreed to acquire a majority stake in A. Eberle, a German technology company that focuses on measurement and control technology for the electrical power industry, according to press releases. Financial terms were not disclosed.

BU Bregal Unternehmerkapital is advised by Houlihan Lokey, according to MergerLinks data.

Botswana has not requested stake in Lobito refinery. (Reuters)

State‑owned oil company Sonangol stated it has not received any formal communication from Botswana regarding a potential acquisition of a stake in Angola’s $6.6bn Lobito refinery.

Angola has been seeking partners to help finance the delayed project, which is the country’s largest refinery and is intended to reduce reliance on imported fuel. Funding gaps and potential partnership structures have drawn interest from neighboring countries.

PNC’s lending income tops estimates after takeover of FirstBank. (Bloomberg)

PNC Financial Services Group’s $4.1bn acquisition of FirstBank contributed to higher revenue in the first quarter while also affecting credit quality.

The Pittsburgh‑based bank reported net interest income of $3.96bn, exceeding analysts’ estimates of $3.92bn. The FirstBank transaction, completed in early January, increased PNC’s average loan balance by about 11% and deposits by roughly 9% compared with 2025.

Solaria eyes stake in €4bn Telefónica, ACS Data Center JV. (Bloomberg)

Solaria Energía y Medio Ambiente is in discussions about joining a state‑backed consortium planning to develop a €4bn ($4.7bn) data‑center hub in Spain as part of broader efforts to expand digital infrastructure across Europe.

The company is considering an equity investment in the group, which is led by Telefónica and ACS. Discussions are ongoing and no decision has been made, with Solaria retaining the option not to proceed.

ADNOC in advanced talks to buy Shell’s South Africa gas stations. (Bloomberg)

Shell is in advanced discussions with Abu Dhabi National Oil on the sale of its retail fuel‑station network in South Africa.

ADNOC has emerged as the preferred bidder after earlier talks between Shell and Gunvor Group did not progress. The companies are working toward a potential agreement that could be reached as early as this quarter.

Helvetia Baloise set to return $3.6bn to investors to 2028. (Bloomberg)

Helvetia Baloise stated it plans to return about CHF2.8bn ($3.6bn) to shareholders through 2028 as the newly merged insurer sets financial targets for the first time.

The company proposed a dividend of CHF7.70 ($9.85) per share for 2025 and stated it aims to increase that payout by more than 50% by 2029.

Gunvor founder Törnqvist got over $1bn upfront in buyout. (Bloomberg)

Gunvor Group’s outgoing owner Torbjorn Törnqvist received more than $1bn in upfront payments as part of the sale of the commodity trading firm to its management.

The company moved last year to separate from its co‑founder after scrutiny from US authorities. Financial terms of the management buyout were not disclosed at the time of its announcement in December 2025, with Gunvor stating only that part of the transaction would be funded through a vendor loan from Törnqvist. The firm appointed former Americas head Gary Pedersen as chief executive.

UK picks bidder for Sanjeev Gupta’s former steel business. (Bloomberg)

The UK government has selected a preferred bidder for a steel business in northern England that it took over last year from industrialist Sanjeev Gupta.

The UK Insolvency Service stated it will enter exclusive talks with the bidder over the potential sale of Speciality Steel, a process expected to last about five weeks. The preferred bidder is understood to be Blastr, a Norway‑based company focused on low‑carbon steel production.

Fintech SumUp lines up banks for possible London IPO. (Bloomberg)

SumUp Payments is lining up investment banks to prepare for a potential initial public offering in London, a transaction that could rank among the UK’s largest listings in recent years.

The financial‑technology group, which provides point‑of‑sale payment solutions, is expected to appoint Deutsche Bank, Goldman Sachs, Jefferies and JP Morgan to work on the proposed flotation.

APAC

Suntory to acquire Daiichi Sankyo Healthcare from Daiichi Sankyo for JPY246bn.

Suntory, a Japanese multinational brewing and distilling company, agreed to acquire Daiichi Sankyo Healthcare, a company specializing in the manufacture and sale of pharmaceuticals, quasi-drugs, cosmetics, medical devices, foods, and beverages, from Daiichi Sankyo, a global Japanese pharmaceutical company, for JPY246bn, according to press releases.

Evergrande liquidators said to pick state-owned Tourism firm for exclusive sale talks. (Bloomberg)

The liquidators of China Evergrande Group have selected Guangdong Provincial Tourism Holdings for exclusive talks to acquire a majority stake in the developer’s property‑management unit as part of efforts to recover value from the group’s collapse.

The state‑owned company was chosen ahead of other potential bidders, including private‑equity firm PAG. Trustar Capital had also been considering a bid earlier this year.

Tesla’s Chinese robot rival ramps pre-IPO global push. (Bloomberg)

Unitree Robotics is stepping up international sales as it prepares a CNY4.2bn ($615m) IPO on Shanghai’s Star Market, beginning overseas distribution of its humanoid robots via Alibaba’s AliExpress. The expansion targets major markets including the US, Japan and the UAE, supporting revenue growth ahead of the listing.

Backed by Alibaba, Shunwei Capital, Meituan and Xiaomi founder Lei Jun, Unitree sold about 5.5k humanoid robots in 2025 and posted a more than 300% increase in revenue, according to its IPO prospectus.

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