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Top Highlights
Hyatt, an American multinational hospitality company, completed the acquisition of the remaining 90.6% stake in Playa Hotels & Resorts, an all-inclusive oceanfront resorts owner, operator and developer, for $2.6bn, according to press releases.
Playa was advised by PJT Partners, Hogan Lovells (led by Katherine Keeley and Michael Mctiernan), NautaDutilh (led by Paul van der Bijl and Stefan Wissing) and Joele Frank (led by Andrew B. Siegel). Hyatt was advised by BDT & MSD Partners, Bank of America, JP Morgan, Wells Fargo Securities, Berkadia Real Estate Advisors, Latham & Watkins (led by Michael Pucker and Jonathan P. Solomon), Loyens & Loeff (led by Michel van Agt and Menno Baks), FGS Global (led by Stephen Pettibone) and Georgeson. Debt financing was provided by Bank of America, JP Morgan and Wells Fargo Securities, according to press releases and MergerLinks data.
Goldman Sachs Alternatives completed the acquisition of a majority stake in Trackunit, a SaaS and operating data platform provider for the construction ecosystem globally, from private equity firms Hg and GRO Capital, according to press releases. Financial terms were not disclosed.
Trackunit was advised by Deloitte, Evercore, CMS, Gorrissen Federspiel (led by Anders Orjan Jensen and Andreas Hertel) and Skadden Arps Slate Meagher & Flom. Goldman Sachs Alternatives was advised by Deloitte, Goldman Sachs, Morgan Stanley (led by Erik Tregaard), A&O Shearman, Bennett Jones (led by Adam Kalbfleisch, Curtis Cusinato and Christopher A. Travascio), Sullivan & Cromwell (led by Juan A. Rodriguez) and White & Case. Hg Capital was advised by Barclays and Skadden Arps Slate Meagher & Flom, according to press releases and MergerLinks data.
Nippon Steel, a Japanese steelmaker, completed the acquisition of US Steel, an American integrated steel producer, for $14.9bn, according to press releases.
US Steel was advised by Barclays (led by Daniel Grabos), Evercore (led by Roger Altman), Goldman Sachs, Covington & Burling, Milbank (led by Iliana Ongun and Robert F. Kennedy), Wachtell Lipton Rosen & Katz (led by Joshua Cammaker and Jenna E. Levine) and Joele Frank (led by Ed Trissel and Kelly Sullivan). Nippon Steel was advised by Citigroup, PJT Partners, Akin Gump Strauss Hauer & Feld, Ropes & Gray (led by Ariel Deckelbaum and Suni Sreepada), Wolf Theiss (led by Miroslav Stojanovic) and Teneo (led by Robert Mead), according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Boralex to invest $5bn to double renewable energy output. ( Press Release)
Caris Life Sciences raises $494m in US IPO priced above range. ( Press Release)
Aurelius raises over €800m for new flagship fund. ( Press Release)
EMEA
London-listed Tullow Oil’s merger talks with Meren Energy collapse. ( Sky News)
KKR, GIC among final bidders for MasOrange–Zegona broadband venture stake. ( Bloomberg)
KPS ends talks with Warburg on Gerresheimer bid. ( Bloomberg)
Santander approaches Sabadell over potential TSB merger. ( Sky News)
Star Capital considers IPO of German defense tech firm Vincorion. ( Bloomberg)
Blackstone-backed gambling company Cirsa plans IPO in Spain. ( Reuters)
APAC
Link Real Estate Partners in talks to buy $100m warehouse in Sydney. ( Bloomberg)
Alibaba-backed AI startup MiniMax plans Hong Kong IPO. ( Bloomberg)
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AMERICAS
Lee Equity Partners, a private equity firm, agreed to acquire a majority stake in Shackleton, the UK independent financial advisory and wealth management business, from Sovereign Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Shackleton and Sovereign are advised by Lazard and Pinsent Masons. Shackleton is advised by KPMG. Lee Equity Partners is advised by Evercore and Proskauer Rose, according to press releases and MergerLinks data.
Verisure, a provider of professionally monitored security services, agreed to acquire ADT Mexico, a provider of electronic security solutions, from Johnson Controls, a security solutions company, according to press releases. Financial terms were not disclosed.
Verisure is advised by Morgan Stanley, Latham & Watkins and Uria Menendez. Johnson Controls is advised by Citigroup and Cleary Gottlieb Steen & Hamilton, according to press releases and MergerLinks data.
Morgan Stanley Capital Partners, a middle-market private equity platform, completed the acquisition of Thermogenics, a provider of industrial and commercial boiler service and maintenance solutions, from Audax Private Equity, a middle market investment firm, according to press releases. Financial terms were not disclosed.
Morgan Stanley was advised by Debevoise & Plimpton. Audax was advised by KeyBanc Capital Markets, Solomon Partners, Kirkland & Ellis and FGS Global (led by Julie Rudnick), according to press releases.
Keyera, a Canadian midstream oil and gas operator, agreed to acquire Canadian NGL business of Plains All American Pipeline, a master limited partnership engaged in pipeline transport, marketing, and storage of crude oil and natural gas liquids, for $3.75bn, according to press releases.
Keyera is advised by RBC Capital Markets, Jefferies & Company, Norton Rose Fulbright and McCarthy Tetrault, according to press releases.
Welsh, Carson, Anderson & Stowe, a private equity firm, completed the investment in Constitution Surgery Alliance, an ambulatory surgery centers developer and operator, according to press releases. Financial terms were not disclosed.
Constitution Surgery Alliance was advised by TripleTree and Nixon Peabody. WCAS was advised by Cain Brothers and Ropes & Gray (led by Scott Abramowitz), according to press releases.
Quantum Health, a consumer healthcare navigation and care coordination company, completed the acquisition of Embold Health, a healthcare technology company, according to press releases. Financial terms were not disclosed.
Embold Health was advised by Raymond James and Mayer Brown. Quantum Health was advised by Kirkland & Ellis, according to press releases.
BlackRock, an investment management corporation, and Kleiner Perkins, a venture capital firm, led a $600m Series F round in Applied Intuition, a vehicle intelligence company, with participation from Franklin Templeton, Qatar Investment Authority, Abu Dhabi Investment Council, Premji Invest, Stripes, Greycroft, BAM Elevate, 137 Ventures, Fidelity, General Catalyst, Lux, BOND, Elad Gil, Addition, and Tribe Capital, according to press releases.
Dragoneer Investment Group, a growth-oriented investment firm, led a $235m Series F round in Teamworks, a technology company offering operating system for high performance and sports, according to press releases.
Teamworks was advised by The Lemon House, according to press releases.
RPM International, a specialty coatings, sealants and building materials manufacturer and marketer, completed the acquisition of Ready Seal, a manufacturer of exterior wood stains and sealers, according to press releases. Financial terms were not disclosed.
Ready Seal was advised by JP Morgan, according to press releases and MergerLinks data.
Sterling, an infrastructure services provider, agreed to acquire CEC Facilities Group, a specialty electrical and mechanical contractor, for $505m, according to press releases.
Morgan Stanley Real Estate Investing, a global private real estate investment management arm of Morgan Stanley, and The Scion Group, an off-campus student housing communities owner and operator, agreed to acquire Mississippi student housing portfolio for $262m, according to press releases.
Value Partners, a fund and asset management company, led a $123m Series E round in Insilico Medicine, a clinical-stage, AI-driven drug discovery company, with participation from Grand Leader and Prosperity7 Ventures, according to press releases.
Boralex to invest $5bn to double renewable energy output. ( Press Release)
Canadian renewable energy company Boralex plans to invest CAD6.8bn ($5bn) to more than double its installed capacity by 2030, while adopting a more cautious approach in the US.
The Montreal-based firm aims to increase its capacity from 3.2 GW to around 7 GW through solar, wind, and battery storage projects across Canada, France, the UK, and the US. An additional CAD1.2bn ($880m) is expected to be invested after 2030 to reach 8 GW.
Caris Life Sciences raises $494m in US IPO priced above range. ( Press Release)
Caris Life Sciences has raised $494m in a US initial public offering after pricing its shares above the top of its marketed range.
Backed by Sixth Street Partners, the cancer-focused medical technology firm sold 23.5m shares at $21 each. The offering exceeded the initial price range of $16 to $18, which had already been revised upward to $19 to $20.
Aurelius raises over €800m for new flagship fund. ( Press Release)
Private equity firm Aurelius has secured more than €800m ($922m) for its latest fund, which focuses on mid-market investments across Europe and North America.
Aurelius Opportunities Fund V was oversubscribed and completed its fundraising in five months, surpassing the €540m ($622m) raised by its predecessor in 2021. The successful raise comes despite a broader slowdown in dealmaking.
EMEA
Covivio, a French real estate company designing offices, hotels and housing, completed the acquisition of the remaining 25% stake in CB21 tower, an office skyscraper located in Paris, according to press releases. Financial terms were not disclosed.
Covivio was advised by Veil Jourde and Wellcom PR. Sellers were advised by KPMG, Rothschild & Co and White & Case (led by Brice Engel), according to press releases and MergerLinks data.
Therme Group, a wellness infrastructure company, and CVC, a private equity and investment advisory firm, formed a joint venture in a €1bn ($1.2bn) deal, according to press releases.
Therme Group was advised by Alantra, PricewaterhouseCoopers, K&L Gates and Slaughter & May. CVC was advised by White & Case (led by Ben von Maur and Steven Worthington), according to press releases and MergerLinks data.
Santander Consumer Finance, a consumer finance company, agreed to acquire a 60% stake in Santander Consumer Bank, a financial services company, from Santander Bank Polska, a financial institution, for PLN3.1bn ($840m), according to press releases.
Banco Santander is advised by Greenberg Traurig (led by Stephen Horvath and Lukasz Pawlak), according to press releases and MergerLinks data.
Groupement Mousquetaires, a French supermarket group, agreed to acquire 81 stores of French integrated retail activities from Colruyt Group, a retail corporation, for €215m ($249m), according to press releases.
Colruyt Group is advised by Societe Generale, according to press releases and MergerLinks data.
Goldman Sachs Alternatives, a private equity firm, completed the acquisition of a majority stake in Synthon, a platform specialized in developing, manufacturing, and out-licensing complex generic medicines, from BC Partners, an investment firm, according to press releases. Financial terms were not disclosed.
Goldman Sachs Alternatives was advised by Jefferies & Company, according to press releases and MergerLinks data.
London-listed Tullow Oil’s merger talks with Meren Energy collapse. ( Sky News)
Tullow Oil has seen its proposed merger with Meren Energy fall through, marking another setback for the company.
The London-listed firm, valued at around £275m ($372m), focuses on oil-producing assets in Ghana, Gabon, and the Ivory Coast. Its market capitalization has plummeted from a peak of approximately £15bn ($20.3bn). This is the second failed deal in recent months, following the collapse of merger discussions with Kosmos Energy in December.
KKR, GIC among final bidders for MasOrange–Zegona broadband venture stake. ( Bloomberg)
KKR and GIC are among the final contenders to acquire a 40% stake in the fiber-optic broadband joint venture between MasOrange and Zegona Communications.
Both firms have advanced to the second round of bidding, though no final decision has been made, and the sellers may still opt not to proceed with a transaction.
KPS ends talks with Warburg on Gerresheimer bid. ( Bloomberg)
KPS Capital Partners has withdrawn from discussions with Warburg Pincus over a potential joint bid for Gerresheimer, adding uncertainty to the future of a deal for the German pharmaceutical and cosmetics packaging manufacturer.
KPS opted not to move forward with the transaction following talks with Warburg Pincus and the completion of due diligence. Warburg Pincus may face challenges in proceeding with a bid independently.
Santander approaches Sabadell over potential TSB merger. ( Sky News)
Santander has approached Spanish banking group Banco Sabadell regarding a potential takeover of TSB, its UK high street banking subsidiary.
The move comes months after Santander denied plans to sell its British branch network of about 350 locations. The bank is now among the interested parties exploring a deal involving TSB.
Star Capital considers IPO of German defense tech firm Vincorion. ( Bloomberg)
Star Capital is exploring a potential initial public offering of Vincorion, a German defense technology company, amid growing investor interest in European aerospace and defense assets.
The private equity firm has held early talks with potential advisers about a listing. The IPO could value Vincorion at up to €1bn ($1.2bn).
Blackstone-backed gambling company Cirsa plans IPO in Spain. ( Reuters)
Cirsa Enterprises, owned by Blackstone, has announced plans for an initial public offering in Spain.
The IPO will include a primary share sale aimed at raising €400m ($461m) and a secondary sale of approximately €60m ($69m). Acquired by Blackstone in 2018, Cirsa operates over 400 casinos and gaming halls globally. The company reported €699m ($806m) in EBITDA last year, an 11% increase from 2023.
APAC
Blackstone, an American multinational private equity, alternative asset management, and financial services firm, completed the acquisition of South City Mall, a shopping mall located in Kolkata, India, for $380m, according to DealStreetAsia.
Blackstone was advised by Khaitan & Co (led by Haigreve Khaitan), according to MergerLinks data.
Canva, a graphic design platform, agreed to acquire MagicBrief, an AI-powered creative intelligence advertising platform, according to press releases. Financial terms were not disclosed.
Link Real Estate Partners in talks to buy $100m warehouse in Sydney. ( Bloomberg)
Link Real Estate Partners, the investment platform led by former BlackRock Asia Pacific real estate head John Saunders, is in discussions to acquire a warehouse in Sydney from Dexus.
The deal could value the property at around $100m, with both parties working to finalize terms that may be agreed later this month.
Alibaba-backed AI startup MiniMax plans Hong Kong IPO. ( Bloomberg)
MiniMax, a Shanghai-based artificial intelligence startup backed by Alibaba and valued at around $3bn, is preparing for an initial public offering in Hong Kong.
The company, recognized as one of China’s leading “AI Dragons,” is aiming to go public as early as this year and has appointed financial advisers to work on the listing.
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