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Top Highlights
Hyatt, an American multinational hospitality company, agreed to acquire 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 Hotels & Resorts is advised by PJT Partners, Hogan Lovells, NautaDutilh and Joele Frank (led by Andrew Siegel). Hyatt is advised by Latham & Watkins, Loyens & Loeff (led by Michel van Agt), Wells Fargo Securities, JP Morgan, Bank of America, BDT & MSD Partners and Berkadia. Debt financing is provided by Bank of America, JP Morgan and Wells Fargo Securities, according to press releases and MergerLinks data.
Cotiviti, a provider of data-driven healthcare solutions, agreed to acquire Edifecs, a pioneer in healthcare data interoperability, according to press releases. Financial terms were not disclosed.
Edifecs is advised by JP Morgan (led by Nick Richitt), William Blair & Co and Kirkland & Ellis. Cotiviti is advised by Goldman Sachs, TripleTree, Gibson Dunn & Crutcher and Aria Marketing (led by Ross Homer), according to press releases and MergerLinks data.
AIP-backed Grain & Protein Technologies, a grain and seed processing and storage equipment manufacturer, agreed to acquire FoodTech Equipment business of Munters, an energy-efficient air treatment and climate control solutions provider, for €97.5m ($101m), according to press releases.
Munters is advised by Rabobank and Mannheimer Swartling. Grain & Protein Technologies is advised by Santander, Sidley Austin and Prosek Partners, according to press releases.
Deal Round up
AMERICAS
SoftBank set to invest $40bn in OpenAI. ( CNBC)
Global Infrastructure Partners and Stonepeak weigh bids for Princeton Digital Group. ( Bloomberg)
TD Bank Group announces intent to sell its equity investment in Schwab. ( Press Release)
DMC Global receives non-binding proposal from Steel Connect. ( Press Release)
Trump backs reworked Nippon-US Steel plan. ( WSJ)
EMEA
Elliott takes stake in struggling oil giant BP. ( WSJ)
Poste Italiane weighs investment in Telecom Italia. ( Reuters)
APAC
Mizuho nears deal for a majority stake in India’s Avendus Capital. ( Bloomberg)
Star Entertainment in talks to sell Brisbane casino stake to Hong Kong partners. ( Bloomberg)
East Ventures and SV Investment announced first closing of Southeast Asia – South Korea fund. ( Press Release)
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AMERICAS
FactSet, a global financial digital platform and enterprise solutions provider, completed the acquisition of LiquidityBook, a cloud-native buy- and sell-side trading solutions provider, for $246.5m, according to press releases.
FactSet was advised by Citigroup and Cravath Swaine & Moore. LiquidityBook was advised by IA Global Capital and Curtis Mallet-Prevost Colt & Mosle, according to press releases.
DocGo, a mobile medical services and patient transportation company, completed the acquisition of PTI Health, a mobile lab and phlebotomy services provider, according to press releases. Financial terms were not disclosed.
ACP-backed Custom Veterinary Services, an animal health and pet products contract manufacturer, completed the acquisition of Green Mountain Animal, a pet treats R&D, manufacturing and supply chain solutions provider, according to press releases. Financial terms were not disclosed.
Resource Label Group, a full-service provider of label and packaging solutions, completed the acquisition of Imprimerie Ste-Julie, a printing services provider, according to press releases. Financial terms were not disclosed.
SoftBank set to invest $40bn in OpenAI. ( CNBC)
SoftBank is close to a $40bn primary investment in OpenAI at a $260bn pre-money valuation. The firm would pay out the funding over the next 12 to 24 months, with the first payment coming as soon as spring.
The new funding would mean SoftBank surpasses Microsoft as the artificial intelligence startup’s top backer.
Global Infrastructure Partners and Stonepeak weigh bids for Princeton Digital Group. ( Bloomberg)
Investment firms including Global Infrastructure Partners and HRL Morrison & Co are considering bids for Princeton Digital Group, a data center operator backed by Warburg Pincus. Stonepeak is also among potential bidders exploring an acquisition.
Princeton Digital is working with financial advisers to evaluate strategic options, including selling either a minority or a controlling stake. The deliberations come as investor interest in digital infrastructure continues to grow.
TD Bank Group announces intent to sell its equity investment in Schwab. ( Press Release)
TD Bank Group, a Canadian multinational banking and financial services corporation, announced its intent to sell its entire equity investment in The Charles Schwab Corporation, through a registered offering and share repurchase by Schwab.
TD will continue to have a business relationship with Schwab through the Insured Deposit Account Agreement. TD currently holds 184.7m shares of Schwab's common stock, representing 10.1% economic ownership. Schwab has agreed to repurchase $1.5bn of its shares from TD conditional on completion of the offering.
DMC Global receives non-binding proposal from Steel Connect. ( Press Release)
DMC Global, an owner and operator of innovative, asset-light manufacturing businesses, received a non-binding proposal from Steel Connect to acquire all of the outstanding shares of common stock of the company, not already owned by Steel Connect, for $10.18 per share in cash.
The proposal is subject to further due diligence by Steel Connect. There can be no assurance that any definitive agreement will be executed, or that the proposal or any other transaction will be approved or consummated.
Trump backs reworked Nippon-US Steel plan. ( WSJ)
President Donald Trump has expressed support for a revised agreement that would permit Nippon Steel to invest in US Steel without acquiring full ownership.
Japanese Prime Minister Shigeru Ishiba stated that due to the investment structure of the deal, US Steel will continue to be an American company.
EMEA
Saint-Gobain, a manufacturing company, completed the acquisition of FOSROC, a specialised construction chemicals manufacturer, for $1bn.
Elliott takes stake in struggling oil giant BP. ( WSJ)
Elliott Management, an activist hedge fund, has taken a substantial stake in BP and is pushing for major changes to boost the company's performance.
Elliott is urging BP to adopt a more aggressive approach beyond its current strategy, which has shifted focus from traditional oil and gas to low-carbon energy, in order to enhance the company's profitability.
Poste Italiane weighs investment in Telecom Italia. ( Reuters)
Poste Italiane is considering a potential investment in Telecom Italia as the former phone monopoly attracts interest from French telecom group Iliad and private equity firm CVC Capital Partners. Both Iliad and CVC have reportedly informed the Italian government of their interest in the company.
Poste, which operates mobile services through Poste Mobile, is also evaluating whether a commercial partnership with Telecom Italia could be strengthened through an equity investment.
Nokia announced that President and CEO Pekka Lundmark will step down, with Justin Hotard set to take over the role on April 1, 2025. Hotard, currently leading Intel’s Data Center & AI Group, will be based at Nokia’s headquarters in Espoo, Finland.
Nokia’s Board Chair, Sari Baldauf, highlighted Hotard’s expertise in AI and data center markets as key to the company’s future growth. His leadership track record positions him to drive innovation and accelerate Nokia’s strategic ambitions.
APAC
Mizuho nears deal for a majority stake in India’s Avendus Capital. ( Bloomberg)
Mizuho Financial Group is close to acquiring a majority stake in Indian investment bank Avendus Capital, as the Japanese lender looks to expand its global footprint. The deal would involve purchasing KKR & Co.’s 63% stake, with a potential valuation of Avendus at around $800m.
If completed, the transaction would mark a significant move by Mizuho into India’s growing financial services sector. Discussions remain ongoing, and no final agreement has been reached.
Star Entertainment in talks to sell Brisbane casino stake to Hong Kong partners. ( Bloomberg)
Star Entertainment Group is in discussions to sell its stake in a new Brisbane complex to its Hong Kong-based partners as it seeks to raise capital. The firm's initial offers were reportedly rejected for being too low.
The struggling Australian casino operator is under financial pressure after warning last month that its viability is at risk due to cash shortages. The sale, if completed, could provide much-needed liquidity to stabilize its operations.
East Ventures and SV Investment announced first closing of Southeast Asia – South Korea fund. ( Press Release)
East Ventures, a venture capital firm in Indonesia and Southeast Asia, and SV Investment, a publicly listed venture capital & private equity firm headquartered in Seoul, announced the first close of their joint fund, branded as “East Ventures South Korea fund in partnership with SV Investment”.
This first closing is backed by leading investors from Korea and Indonesia. With anchor capital from the Korea Development Bank, Korea’s state-owned development bank, and strategic commitment from one of the world’s leading neobanks, the fund is committed to building on the track record and outsized performance delivered by both East Ventures and SV Investment to-date.
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