Infleqtion goes public via merger with Churchill Capital X in a $1.8bn deal.

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AMERICAS

Sumitomo Forestry to acquire Tri Pointe Homes for $4.5bn.

Sumitomo Forestry, a Japanese logging and processing company, agreed to acquire Tri Pointe Homes, a US homebuilder, for $4.5bn, according to press releases.

Tri Pointe Homes is advised by Moelis & Co, Paul Hastings (led by Eduardo Gallardo) and Collected Strategies (led by Nicholas Lamplough). Moelis & Co is advised by Sullivan & Cromwell (led by Stephen M. Kotran). Sumitomo Forestry is advised by Mitsubishi UFJ Morgan Stanley Securities and Morrison Foerster (led by Randy Laxer and Joseph Sulzbach), according to MergerLinks data and press releases.

Humana-backed CenterWell completes the acquisition of MaxHealth from Arsenal Capital Partners.

CenterWell, the healthcare services division of Humana, completed the acquisition of MaxHealth, a Florida-based primary care organization, from Arsenal Capital Partners, a private equity investment firm, according to press releases. Financial terms were not disclosed.

MaxHealth was advised by Guggenheim, Morgan Stanley, and Sidley Austin. Humana and CenterWell were advised by JP Morgan and Latham & Watkins, according to press releases.

Gemspring Capital completes the acquisition of the Image Recognition business of Trax.

Gemspring Capital, a private equity firm, completed the acquisition of the Image Recognition business of Trax, a cloud-based retail management company, according to press releases. Financial terms were not disclosed.

Trax was advised by Deutsche Bank and Holland & Hart, according to press releases.

PlayPower to acquire BCI Burke.

PlayPower, a designer and manufacturer of recreational and outdoor living systems, agreed to acquire BCI Burke, a company specializing in commercial playground equipment, according to press releases. Financial terms are not disclosed.

PlayPower is advised by Lincoln International and Simpson Thacher & Bartlett, according to press releases.

Permira-backed Seismic to merge with Highspot.

Permira-backed Seismic, a global sales enablement software company, agreed to merge with Highspot, a go-to-market platform for predictable revenue growth, according to press releases. Financial terms are not disclosed.

Seismic is advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by J. Christian Nahr), according to MergerLinks data and press releases.

Patient Square Capital to acquire Paradigm.

Patient Square Capital, a healthcare investment firm, agreed to acquire Paradigm, a specialty care management organization, according to press releases. Financial terms are not disclosed.

Paradigm is advised by Weil Gotshal and Manges (led by Timothy Burns and Larissa Lucas). Patient Square is advised by Prosek Partners, according to MergerLinks data and press releases.

Grab to acquire Stash Financial for $425m.

Grab, a Singaporean multinational technology company, agreed to acquire Stash Financial, a digital financial services company, for $425m, according to press releases.

Grab is advised by Hughes Hubbard & Reed (led by Kenneth A. Lefkowitz and Javad Husain), according to MergerLinks data.

Gloria Foods to acquire a 80% stake in the Argentina dairy division from Saputo for $400m.

Gloria Foods, a dairy and food holding company, agreed to acquire a 80% stake in the Argentina dairy division from Saputo, a dairy processor, for $400m, according to press releases.

Saputo is advised by Jones Day (led by Faisal Delawalla and Randi C. Lesnick), according to MergerLinks data.

RAF Equity completes the acquisition of NewSpring Capital and Spring Capital-backed Boston Valley Terra Cotta.

RAF Equity, a private equity firm, completed the acquisition of NewSpring Capital and Spring Capital-backed Boston Valley Terra Cotta, a manufacturer of custom architectural terra cotta façade solutions, according to press releases. Financial terms were not disclosed.

BVTCV was advised by Brown Gibbons Lang & Company (led by Andrew Petryk), according to MergerLinks data.

JERA Americas completes the acquisition of the South Mansfield upstream asset from GEP Haynesville II and Williams for $1.5bn.

JERA Americas, a power generation and LNG company, completed the acquisition of the South Mansfield upstream asset from GEP Haynesville II, a natural gas exploration and production company, and Williams, a natural gas midstream company, for $1.5 bn, according to press releases.

JERA was advised by Kekst CNC, according to press releases.

Cinven to invest in Linden Capital-backed Regenity Biosciences.

Cinven, a private equity firm, agreed to invest in Linden Capital-backed Regenity Biosciences, a developer and manufacturer of bioresorbable technologies, according to press releases. Financial terms were not disclosed.

Linden Capital is advised by Centerview Partners, according to MergerLinks data.

Inszone Insurance Services completes the acquisition of Scarbrough Medlin & Associates.

Inszone Insurance Services, an insurance brokerage company, completed the acquisition of Scarbrough Medlin & Associates, a commercial insurance agency, according to press releases. Financial terms were not disclosed.

FFUN Group completes the acquisition of Key Auto Group.

FFUN Group, an automotive and recreational retailer, completed the acquisition of Key Auto Group, an automotive dealership group in New England, according to press releases. Financial terms were not disclosed.

Amca completes the acquisition of Electrocube.

Amca, an El Segundo-based aerospace and defense company, completed the acquisition of Electrocube, a manufacturer specializing in the design and assembly of electrical components, according to press releases. Financial terms were not disclosed.

TA Associates completes an investment in Volue.

TA Associates, a global private equity company, completed an investment in Volue, a company specializing in electrification and energy technology, according to press releases. Financial terms were not disclosed.

SoftBank’s PayPay moves closer to a US IPO, marking a notable step for Japan. (Bloomberg)

SoftBank Group’s digital payments arm, PayPay, has publicly filed for a US IPO, positioning itself for what could become the largest US listing by a Japanese company.

The country’s leading QR‑code payments platform could debut as early as March. PayPay is targeting a valuation above $10bn, though SoftBank founder Masayoshi Son is pushing for a figure closer to $20bn.

Fintech firm Clear Street cuts the size of its US IPO by 65% as investor caution grows. (Reuters)

Clear Street sharply cut the fundraising goal for its US IPO, trimming it by about 65% and significantly lowering its expected valuation — a sign of investors’ cautious stance toward new offerings.

The New York–based brokerage now plans to raise up to $364m by selling 13m shares at $26 to $28 each, down from its earlier aim of as much as $1.05bn through 23.8m shares priced at $40 to $44.

Goldman leads a $3.5bn private loan for the Clearwater purchase. (Bloomberg)

A consortium of private credit lenders led by Goldman Sachs Alternatives is supplying $3.5bn in financing to back the takeover of Clearwater Analytics, marking another major software acquisition funded by direct lenders.

Ares Management, Blue Owl Capital, Antares Capital and Apollo Global Management are also part of the lending group. The debt package is being offered at a spread of 4.5 percentage points over the US benchmark rate.

Karmel Capital raises about $170m for a new AI‑focused strategy. (Press Release)

Karmel Capital Management has closed its latest opportunity fund and related vehicles with roughly $170m in total commitments, the firm’s largest raise so far.

The capital came from a mix of returning limited partners and new global investors, including prominent endowments and family offices. More than half of the commitments have already been invested in leading AI infrastructure companies and related software ventures in the US and internationally.

EMEA

Bluestar to acquire a 52.9% stake in the Silicones division of Elkem.

Bluestar agreed to acquire a 52.9% stake in the Silicones division of Elkem, an international chemical company, according to press releases. Financial terms are not disclosed.

Elkem is advised by ABG Sundal Collier and Advokatfirmaet Thommessen. Bluestar is advised by JP Morgan and White & Case, according to press releases.

ServiceNow completes the acquisition of Pyramid Analytics.

ServiceNow, a software company that supplies a cloud computing platform for the creation and management of automated business workflows, completed the acquisition of Pyramid Analytics, a provider of a unified, AI-powered business analytics, data science, and data preparation platform, according to press releases. Financial terms were not disclosed.

Pyramid Analytics was advised by Stibbe (led by IJsbrand van Straten). ServiceNow was advised by Baker McKenzie, according to MergerLinks data.

Deutsche Börse to acquire the remaining 20% stake in ISS STOXX from General Atlantic for €1.1bn.

Deutsche Börse, an international exchange organization, agreed to acquire the remaining 20% stake in ISS STOXX, a data, analytics and index provider, from General Atlantic, a global investor, for €1.1bn ($1.3bn), according to press releases.

Deutsche Börse is advised by Centerview Partners, according to MergerLinks data.

Apax Partners pulls out of the Pinewood deal due to challenging market conditions. (Reuters)

Private equity firm Apax Partners has pulled its offer for British automotive services provider Pinewood Technologies.

The firm had put forward a $792m bid for Pinewood in late January, a move that sent the London‑listed company’s shares soaring nearly 30% at the time.

Mercedes plans to sell part of its €12bn Daimler Truck stake. (Bloomberg)

Mercedes‑Benz Group intends to reduce its stake in Daimler Truck to bolster its finances as the company faces softening sales and pressure on margins.

Chief Financial Officer Harald Wilhelm said that the automaker plans to sell part of its roughly 35% shareholding in the truck and bus maker sometime this year. The entire stake carries an estimated value of about €12bn ($14.2bn).

Sky’s planned $2.2bn purchase of ITV is moving more slowly than expected. (Reuters)

Sky, the broadcaster owned by Comcast, has seen its discussions with ITV slow down in recent weeks. The talks—focused on Sky potentially acquiring ITV’s broadcast channels and its streaming service—have been affected by wider industry turbulence, including the intensifying competition to acquire Warner Bros Discovery.

ITV, known for shows such as Coronation Street and I’m a Celebrity…, confirmed in November that it was negotiating the sale of its Media and Entertainment division to Sky in a deal valued at £1.6bn ($2.18bn).

Amprion’s key investors consider stake moves amid higher funding needs. (Reuters)

Major shareholders of Amprion, Germany’s second‑largest power grid operator, are weighing potential stake sales as rising investment needs strain Europe’s energy networks.

Members of M31 — the investor consortium holding 74.9% of Amprion — are assessing options ranging from reallocating shares among existing partners to selling stakes outright.

APAC

ByteDance is in talks to offload Moonton for more than $6bn. (Reuters)

ByteDance is deep in negotiations to divest Shanghai Moonton Technology, the developer of Mobile Legends: Bang Bang, to Saudi Arabia’s Savvy Games Group in a transaction expected to fetch between $6bn and $7bn.

The deal could be finalised as early as this quarter, while the other noted that the companies have already reached a preliminary understanding on the key terms.

Minor International is said to be weighing a Hong Kong IPO for its restaurant arm. (Bloomberg)

Minor International, one of Asia’s biggest hospitality conglomerates, is exploring the possibility of listing its restaurant arm in Hong Kong. The move comes as Bangkok’s stock exchange works to revive domestic market activity.

The unit, Minor Food, which runs brands such as Burger King and Dairy Queen, is considering an offering that could raise upward of $400m as soon as this year. The company had previously weighed a Thailand listing, as reported by local media last year.

Brookfield and GIC pursue a $2bn loan to support the National Storage purchase. (Bloomberg)

Brookfield Asset Management and Singapore’s GIC are seeking a AUD2.77bn ($1.96bn) loan to help finance their acquisition of National Storage REIT, which is listed in Sydney.

About six banks — including DBS Group Holdings, National Australia Bank and United Overseas Bank — have been mandated as underwriters for the facility, which will be arranged in multiple tranches with three‑ and five‑year maturities.

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