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AMERICAS

Charter's acquisition of Liberty Broadband gets shareholder approval. (Press Release)

Charter Communications and Liberty Broadband announced that both companies held special stockholder meetings to vote on proposals related to their merger agreement, dated November 12, 2024. Stockholders from both companies approved all presented proposals, including the merger agreement, allowing Charter to acquire Liberty Broadband.

Liberty Broadband is advised by JP Morgan (led by David Freedman), O'Melveny & Myers (led by C. Brophy Christensen) and Skadden Arps Slate Meagher & Flom (led by Thomas Wood). JP Morgan is advised by Cravath Swaine & Moore (led by Minh Van Ngo). Charter Communications is advised by Centerview Partners (led by Todd Davison and Josh Boyd), Citigroup and Wachtell Lipton Rosen & Katz (led by Steven A. Cohen), according to press releases and MergerLinks data.

Detroit Manufacturing, Android Industries, and Avancez to form Voltava.

Detroit Manufacturing, a contract manufacturer, Android Industries, an innovative complex automotive assembly and supply chain solutions provider, and Avancez, a supply chain solutions provider, agreed to form Voltava, a joint venture that will unify the complementary strengths of three established automotive leaders and deliver an enhanced value proposition to its customers through stronger financial capacity and operational scale, according to press releases. Financial terms were not disclosed.

Detroit Manufacturing is advised by CMD Global Partners, Palm Tree and Foster Swift. Android Industries is advised by JP Morgan, Kerr Russell and Expand Marketing, according to press releases.

Apax completes the investment in CohnReznick.

Apax, a private equity advisory firm, completed the investment in CohnReznick, an advisory, assurance, and tax firm, according to press releases. Financial terms were not disclosed.

CohnReznick was advised by William Blair & Co, Goodman Media and Kekst CNC (led by Todd Fogarty). Apax was advised by Guggenheim Partners, Simpson Thacher & Bartlett (led by Ben Schaye) and Koltin Consulting Group, according to press releases and MergerLinks data.

Cetera completes the acquisition of Concourse Financial from Protective Life.

Cetera, the premier financial advisor Wealth Hub, completed the acquisition of Concourse Financial Group Securities, a retail distribution system, dually registered broker-dealer and registered investment advisor, from Protective Life, a financial service holding company in Birmingham, Alabama, according to press releases. Financial terms were not disclosed.

Cetera was advised by Dentons. Dai-ichi Life was advised by Eversheds Sutherland. Protective Life was advised by Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley and Maynard Nexsen, according to press releases.

ICOP to acquire Atlantic GeoConstruction.

ICOP, an underground engineering company, to acquire Atlantic GeoConstruction, a geotechnical solutions company, according to press releases. Financial terms were not disclosed.

ICOP is advised by Jefferies & Company, PricewaterhouseCoopers, A&O Shearman and Orrick Herrington & Sutcliffe (led by Fabio Fauceglia and Spencer Cohen), according to press releases and MergerLinks data.

Triumph Financial to acquire Greenscreens.ai for $160m.

Triumph Financial, a financial and technology company specializing in payments, factoring, banking and intelligence solutions for the transportation industry, agreed to acquire Greenscreens.ai, a pricing solution for the logistics industry that delivers short-term freight market pricing intelligence and business insights, for $160m, according to press releases and MergerLinks data.

Greenscreens.ai is advised by DLA Piper. Triumph is advised by JP Morgan and Wachtell Lipton Rosen & Katz (led by Mark F. Veblen), according to press releases and MergerLinks data.

AvalonBay Communities to acquire eight apartment communities from BSR Real Estate for $619m.

AvalonBay Communities, a publicly traded real estate investment trust, agreed to acquire eight apartment communities in the Austin and Dallas-Fort Worth metropolitan area, from BSR Real Estate, an internally-managed real estate investment trust, for $619m, according to press releases.

AvalonBay Communities is advised by Davies Ward Phillips & Vineberg, Goulston & Storrs and Wachtell Lipton Rosen & Katz (led by Adam Emmerich), according to press releases and MergerLinks data.

Argonaut completes the acquisition of Pryer Aerospace.

Argonaut Private Equity, a private equity firm, completed the acquisition of Pryer Aerospace, an innovative company focusing on aerospace components, according to press releases. Financial terms were not disclosed.

Argonaut was advised by Resolute Advisory, according to press releases.

Yardi completes the acquisition of LCP Media.

Yardi, a property management software company, completed the acquisition of LCP Media, a visual media technology company, according to press releases. Financial terms were not disclosed.

LCP Media was advised by Raymond James, according to press releases.

Allstates WorldCargo completes the acquisition of Saturn Freight Systems.

Allstates WorldCargo, a global logistics and freight forwarding company, completed the acquisition of Saturn Freight Systems, a highly respected freight forwarding and logistics company, according to press releases. Financial terms were not disclosed.

Arthur J. Gallagher completes the acquisition of Case Group.

Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of Case Group, an employee and health benefits brokerage and consulting firm, according to press releases. Financial terms were not disclosed.

Roark Capital nears $1bn deal for Dave's Hot Chicken. (WSJ)

Private equity firm Roark Capital is nearing a deal to acquire Dave’s Hot Chicken for approximately $1bn, strengthening its presence in the restaurant industry.

The deal comes as restaurant chains, including Dave’s, face rising labor costs and are adjusting menu prices to combat inflation.

Historically, Roark Capital has worked with Houlihan Lokey, Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison and DLA Piper, according to MergerLinks data.

SoftBank, Mnuchin weigh deal to salvage $800m cyber firm. (Bloomberg)

Former US Treasury Secretary Steven Mnuchin and SoftBank’s Vision Fund are in discussions to rescue Cybereason, a former Silicon Valley unicorn that has seen its valuation plunge amid internal conflicts.

A group of four investors - Mnuchin’s Liberty Strategic Capital, the Vision Fund, All Blue Capital, and Andra Capital - plans to invest $100m in the cybersecurity firm and expand their control.

Walgreens Boots buyout to lay groundwork for three-way split of group. (FT)

A potential buyout of Walgreens Boots Alliance could result in the company being split into three separate businesses.

Sycamore Partners, a New York-based investment firm specializing in struggling retailers, is planning a three-way split of the business if the transaction goes through.

YouTube star MrBeast seeks funding at $5bn valuation. (Bloomberg)

MrBeast is looking to raise a few hundred million dollars to expand his business in a funding round that would value his company at approximately $5bn.

The YouTube star has engaged with several financial firms and high-net-worth individuals about potential investments. Discussions are still in the early stages, and it remains uncertain who will invest or whether the funding will be secured at the target valuation.

Blackstone announces $5.6bn final close for Blackstone Energy Transition Partners IV. (Press Release)

Blackstone has finalized its energy-transition-focused private equity fund, Blackstone Energy Transition Partners IV, at its hard cap of $5.6bn, making it 33% larger than its predecessor.

BETP, Blackstone’s energy-focused private equity division, invests in companies that enhance cleaner, more reliable, and cost-effective energy solutions globally.

Thoma Bravo closes first European fund at €1.8bn. (Press Release)

Thoma Bravo has completed fundraising for its first Europe-focused fund, Thoma Bravo Europe Fund, securing €1.8bn ($1.9bn) in capital commitments.

“Our first dedicated pool of capital for European software marks a significant milestone for our firm. We see an enormous opportunity to back Europe’s technology innovators and help them scale,” Orlando Bravo, Thoma Bravo Founder and Managing Partner.

Blackstone appoints Rodney Zemmel as global head of portfolio operations. (Press Release)

Blackstone announced that Rodney Zemmel, a former Senior Partner at McKinsey has been named Global Head of Portfolio Operations.

Zemmel will oversee a team of executives that support Blackstone’s 250 portfolio companies and enhance operational efficiency in guiding them in areas such as talent management, AI transformation, cybersecurity, procurement, energy efficiency, and asset management.

EMEA

Oakley Capital and Eurazeo-backed I-TRACING to acquire Bridewell.

Oakley Capital and Eurazeo-backed I-TRACING, a provider of cybersecurity services in France, agreed to acquire Bridewell, a computer security services provider, according to press releases. Financial terms were not disclosed.

Oakley is advised by Simpson Thacher & Bartlett (led by James Howe). Eurazeo is advised by Bredin Prat (led by Florence Haas), according to press releases and MergerLinks data.

Portobello Capital and Sofina completes the acquisition of Proeduca.

Portobello Capital, a private equity firm, and Sofina, a private banking company, completed the acquisition of Proeduca, an education center, according to press releases. Financial terms were not disclosed.

Sofina was advised by Nomura and Linklaters (led by Elena Rodriguez and Victor Manchado). Proeduca was advised by Morgan Stanley and Uria Menendez, according to press releases.

Marqeta to acquire TransactPay.

Marqeta, a global modern card issuing platform, agreed to acquire TransactPay, a licensed e-money institution, according to press releases. Financial terms were not disclosed.

Marqeta is advised by Wilson Sonsini Goodrich & Rosati, according to press releases.

InfraVia to acquire an 80% stake in Louis Dreyfus Armateurs from Louis-Dreyfus.

InfraVia, a private equity firm, agreed to acquire an 80% stake in Louis Dreyfus Armateurs, a group specializing in high value-added industrial marine services, from Louis-Dreyfus, a merchant and processor of agricultural goods, according to press releases. Financial terms were not disclosed.

Louis-Dreyfus is advised by Rothschild & Co, according to press releases.

BC Partners eyes potential Pets at Home takeover. (Investing)

Pets at Home shares jumped 14% on February 26, following speculation that private equity firm BC Partners is preparing a takeover bid.

BC Partners has not confirmed its interest in Pets at Home, but the developments indicate continued private equity interest in the UK pet care market.

Historically, BC Partners has worked with PricewaterhouseCoopers, JP Morgan, Kirkland & Ellis and Latham & Watkins, according to MergerLinks data.

Australia's Ramsay Health Care considers sale of European division. (Reuters)

Ramsay Health Care has appointed Goldman Sachs to explore strategic options for its stake in its European division, signaling a potential sale following an internal review.

The decision follows recent management changes, including the departure of the group finance chief earlier this year, with a successor yet to be named. The company is also focusing on strengthening its core Australian hospital business.

Jindal said to raise bid for Italian steelmaker to €4bn. (Bloomberg)

Jindal Steel has increased its bid for a struggling Italian steelmaker to approximately €4bn ($4.2bn), aiming to outbid competitors from Azerbaijan.

The Italian steelmaker, formerly known as Ilva, has faced years of disputes and is currently under state administration. The Italian government is expected to select a winning bidder soon.

Elliott ramps up pressure on BP as new strategy falls short. (Bloomberg)

Elliott Investment Management, an American investment manager, is increasing pressure on BP, criticizing its newly unveiled strategy as insufficiently ambitious and urgent.

The hedge fund, which holds nearly a 5% stake in BP, is reportedly dissatisfied with CEO Murray Auchincloss’s turnaround plan and may push for significant leadership and board changes if improvements are not made.

APAC

Family behind Seven & i failed to secure financing. (Press Release)

Seven & i confirmed that Vice President and representative director Junro Ito, along with Ito-Kogyo were unable to secure the necessary financing to submit a definitive acquisition offer.

As a result, there is currently no formal proposal from them for 7&i to evaluate. The company is exploring all potential opportunities to maximize shareholder value including Alimentation Couche-Tard proposal.

Seven & i is advised by Mitsubishi UFJ Morgan Stanley Securities, Nomura, Brunswick Group (led by Jonathan Doorley) and Kekst CNC (led by Jochen Legewie). Alimentation Couche-Tard is advised by Goldman Sachs (led by David Dubner) and FGS Global (led by Boyd Erman). Debt financing is provided by Bank of America and Citigroup, according to press releases and MergerLinks data.

Australian Government clears Qatar-Virgin deal. (Reuters)

Australian Government has approved Qatar Airways' acquisition of a 25% stake in Virgin Australia, paving the way for increased cooperation between the airlines.

The partnership is anticipated to benefit Australian travelers, offering more routes and competitive pricing for flights to Europe, the Middle East, and Africa.

Qatar Airways is advised by Linklaters (led by Marcus Pollard and Robert Elliot), according to MergerLinks data.

Blackstone in talks to sell China logistics assets to Ping An. (Bloomberg)

Blackstone is in advanced discussions to sell three logistics projects in China to Ping An Insurance, marking a significant divestment as domestic investor interest grows.

The US firm plans to sell the properties in the China Greater Bay Area to Ping An Insurance for about CNY2.7bn ($372m). The assets include a 49-acre park in Foshan city and two other projects in Dongguan.

Historically, Blackstone has worked with Citigroup, Morgan Stanley, Simpson Thacher & Bartlett and Kirkland & Ellis, according to MergerLinks data.

PLDT eyes KKR stake to take control of Philippines fintech unit. (Bloomberg)

PLDT is considering acquiring KKR's 30% stake in its fintech affiliate, Maya, as the telecom giant aims to regain control of the now-profitable business.

Gaining a larger stake in Maya would strengthen PLDT’s influence over the company, especially as it competes with GCash, a leading mobile payments provider backed by Ant Group.

Historically, PLDT has worked with UBS, Latham & Watkins and Picazo Buyco Tan Fider & Santos, according to MergerLinks data.

Unisplendour is said to tap banks for $1bn Hong Kong listing. (Bloomberg)

Chinese IT services firm Unisplendour has selected BNP Paribas, China Merchants Bank, and CSC Financial to assist with its planned secondary listing in Hong Kong.

Unisplendour specializes in IT services, including cloud computing and software development, while also manufacturing servers and data storage systems.

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