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AMERICAS

Justice Department sues to block Hewlett Packard's $14bn acquisition of Juniper Networks. (DOJ)

The US Justice Department sued to block Hewlett Packard’s proposed $14bn acquisition of rival wireless local area network technology provider Juniper Networks, arguing that it would stifle competition, according to press releases.

Juniper Networks is advised by Goldman Sachs (led by Ryan Limaye), Skadden Arps Slate Meagher & Flom (led by Amr Razzak) and Joele Frank (led by Jed Repko). Goldman Sachs is advised by Paul Hastings (led by Steve Camahort). Hewlett Packard is advised by Consello Group, JP Morgan (led by Drago Rajkovic), Qatalyst Partners (led by George Boutros), Covington & Burling (led by J. D. Weinberg), Wachtell Lipton Rosen & Katz (led by Raaj Narayan, Benjamin M. Roth, Steven Green and Andrew Brownstein) and FGS Global. Financial advisors are advised by Sullivan & Cromwell (led by Melissa Sawyer). Debt financing is advised by Citigroup, JP Morgan and Mizuho Securities.

Tempur Sealy cleared to buy Mattress Firm in blow to FTC. (Live Mint)

Tempur Sealy was cleared to move forward with its $4bn acquisition of Mattress Firm after a federal judge in Texas rejected a claim by the US Federal Trade Commission that the deal would hurt consumers.

US District Judge Charles Eskridge ruled Friday in favor of the companies, but he said they can’t close the deal until February 7, to allow time for the regulator to consider an appeal. The ruling is a significant defeat for the FTC, which had increased antitrust enforcement under the Biden administration. The FTC sued to block the transaction in July, arguing the takeover violates antitrust laws and would reduce options for US mattress buyers.

Mattress Firm is advised by Barclays, Goldman Sachs (led by Ben Frost), Jefferies & Company, Akin Gump Strauss Hauer & Feld, Freshfields Bruckhaus Deringer (led by Edward Cole), Simpson Thacher & Bartlett (led by Roxane Reardon) and Joele Frank (led by Jed Repko). Tempur Sealy is advised by JP Morgan, Cleary Gottlieb Steen & Hamilton and FGS Global (led by Paul Scarpetta).

Upbound Group completes the acquisition of Brigit for $460m.

Upbound Group, a technology and data-driven company that provides financial products for consumers, completed the acquisition of Brigit, a financial platform that offers tools for cash advances, credit building, and financial management, for $460m, according to press releases.

Brigit was advised by Financial Technology Partners, Cooley (led by Stephane Levy and David Silverman) and Morgan Lewis & Bockius. Upbound Group was advised by Greenhill & Co, Mayer Brown, Sullivan & Cromwell (led by Alison S. Ressler) and FGS Global (led by George Sard), according to MergerLinks data and press releases.

UMB Financial completes the acquisition of Heartland Financial USA for $2bn.

UMB Financial, an American financial services holding company, completed the acquisition of Heartland Financial USA, a Denver, Colorado-based bank holding company, in a $2bn deal, according to press releases.

Heartland Financial was advised by Keefe Bruyette & Woods (led by Joseph Gulash) and Wachtell Lipton Rosen & Katz (led by Steven Green and Jacob A. Kling). UMB Financial was advised by Bank of America, Davis Polk & Wardwell (led by Lee Hochbaum) and BarkleyOKRP. Bank of America was advised by Cleary Gottlieb Steen & Hamilton, according to press releases and MergerLinks data.

BC Partners completes the acquisition of Runway Growth Capital.

BC Partners, a private equity firm, completed the acquisition of Runway Growth Capital, a provider of growth loans to both venture and non-venture-backed companies, according to press releases. Financial terms were not disclosed.

Runway Growth was advised by Oppenheimer & Co, Eversheds Sutherland, Wachtell Lipton Rosen & Katz (led by Nicholas G. Demmo) and Prosek Partners (led by Alex Jorgensen). BC Partners was advised by Simpson Thacher & Bartlett and Kekst CNC (led by Daniel Yunger and Oliver Mann), according to MergerLinks data and press releases.

Nationwide to acquire the employer stop-loss business of Allstate for $1.25bn.

Nationwide, a diversified insurance and financial services company, agreed to acquire the employer stop-loss business of Allstate, an insurance firm offering protection for autos, homes, electronic devices, and identity theft, for $1.25bn, according to press releases.

Nationwide is advised by Citigroup and Squire Patton Boggs. Allstate is advised by Ardea Partners, JP Morgan and Willkie Farr & Gallagher, according to press releases and MergerLinks data.

Portman Ridge Finance to merge with Logan Ridge Finance in a $67m deal.

Portman Ridge Finance, a publicly traded investment company, agreed to merge with Logan Ridge Finance, a business development company focused on lower-middle market investments, in a $67m deal, according to press releases.

Logan Ridge Finance is advised by Houlihan Lokey and Skadden Arps Slate Meagher & Flom (led by Blair Thetford). Portman Ridge Finance is advised by Keefe Bruyette & Woods, Simpson Thacher & Bartlett (led by Jonathan Corsico) and Stradley Ronon Stevens & Young, according to press releases and MergerLinks data.

Crescent Energy completes the acquisition of Eagle Ford assets from Ridgemar Energy for $905m.

Crescent Energy, a differentiated US energy company, completed the acquisition of Eagle Ford assets from Ridgemar Energy, a Houston-based upstream company, for $905m, according to press releases.

Crescent Energy was advised by Jefferies & Company (led by Conrad Gibbins) and Kirkland & Ellis (led by R.J. Malenfant). Ridgemar Energy was advised by RBC Capital Markets and Vinson & Elkins (led by Bryan Loocke), according to press releases and MergerLinks data.

Brightstar Capital Partners to acquire W.W. Williams from One Equity Partners.

Brightstar Capital Partners, a middle-market private equity firm, agreed to acquire W.W. Williams, a diversified provider of aftermarket parts and services to the commercial vehicle and equipment markets, from One Equity Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

W.W. Williams is advised by Milbank and Robert W Baird. Brightstar Capital is advised by Moelis & Co, Kirkland & Ellis and Prosek Partners, according to press releases.

TricorBraun completes the acquisition of the rigid packaging business from Veritiv.

TricorBraun, a global packaging company, completed the acquisition of the rigid packaging business from Veritiv, a specialty packaging distribution company, according to press releases. Financial terms were not disclosed.

TricorBraun was advised by Guggenheim Partners and Sullivan & Cromwell (led by Rita-Anne O’Neill and Bradley S. King). Veritiv was advised by Goldman Sachs and Alston & Bird, according to press releases.

NAMAKOR completes the acquisition of Metallomax.

NAMAKOR, an investment firm, completed the acquisition of Metallomax, a specialized lift platforms manufacturer, according to press releases. Financial terms were not disclosed.

Metallomax was advised by Groupe RDL and National Bank Financial. NAMAKOR was advised by Richter and Fasken, according to press releases.

Hull Street Energy completes the acquisition of four New York thermal power plants from J-Power USA.

Hull Street Energy, a private equity firm, completed the acquisition of four New York thermal power plants from J-Power USA, a power generation facilities developer, according to press releases. Financial terms were not disclosed.

Hull Street Energy was advised by Troutman Pepper. J-Power USA was advised by CIBC World Markets, Merit Capital Advisors and Baker McKenzie.

EQT and Sanofi Ventures led a $97m Series B round in Atalanta Therapeutics.

EQT and Sanofi Ventures led a $97m Series B round in Atalanta Therapeutics, a biopharmaceutical company, with participation from RiverVest Venture Partners, Novartis Venture Fund, abrdn, Pictet Alternative Advisors, Mirae Asset Financial, GHR Foundation and F- Prime Capital, according to press releases.

Atalanta Therapeutics was advised by Ten Bridge Communications. Sanofi Ventures was advised by Ropes & Gray, according to press releases and MergerLinks data.

Telix Pharmaceuticals completes the acquisition of the therapeutic assets and biologics technology platform of ImaginAb for $230m.

Telix Pharmaceuticals, a biopharmaceutical company specializing in radiopharmaceuticals, completed the acquisition of the therapeutic assets and biologics technology platform of ImaginAb, antibody engineering company, for $230m, according to press releases.

ImaginAb was advised by Jefferies & Company and Stifel, according to press releases and MergerLinks data.

Badger Meter completed the acquisition of SmartCover from XPV Water Partners for $185m.

Badger Meter, a provider of smart water solutions encompassing flow measurement, water quality and pressure monitoring, completed the acquisition of SmartCover, a technology provider specializing in wastewater solutions, from XPV Water Partners for $185m, according to press releases.

Unitil completed the acquisition of Bangor Natural Gas for $71m.

Unitil, an interstate electricity and natural gas utility company, completed the acquisition of Bangor Natural Gas, a distributor of natural gas catering to the residential, commercial and industrial sectors, for $71m, according to press releases.

B. Riley Financial considers spinning off securities business. (Bloomberg)

B. Riley Financial is exploring the possibility of separating its securities division to establish an independent investment bank. This strategic move aims to streamline the company's operations and enhance focus on its core financial services. The decision comes as B. Riley seeks to recover from recent setbacks and writedowns.

The proposed spinoff would involve creating a standalone entity dedicated to investment banking activities, potentially allowing for more targeted growth and operational efficiency within the securities sector. This initiative reflects B. Riley's commitment to optimizing its business structure in response to evolving market conditions.

While discussions are ongoing, no definitive timeline has been established for the spinoff. The company is carefully evaluating the potential benefits and implications of this strategic realignment to ensure it aligns with long-term objectives and shareholder interests.

Howden in talks to acquire insurance broker Risk Strategies. (Bloomberg)

Howden Group Holdings, a prominent global insurance broker, is in discussions to acquire Risk Strategies, a US-based insurance brokerage firm backed by private equity firm Kelso. The negotiations are ongoing, and there is no certainty that a transaction will be completed.

A potential acquisition of Risk Strategies, one of the largest privately held US brokers, would mark Howden's significant expansion into the American retail insurance market. This move aligns with Howden's strategic growth initiatives, following its recent acquisition of Denmark's NORTH Risk to establish a retail presence in the Danish market.

Howden is owned by firms including General Atlantic, Hg Capital, and Caisse de dépôt et placement du Québec. The company has been considered a likely candidate for an initial public offering. Representatives for Howden and its investors have declined to comment on the ongoing discussions.

EMEA

Cementos Progreso completes the acquisition of the Dominican Republic business of Cemex for $950m.

Cementos Progreso, a building materials firm, completed the acquisition of the Dominican Republic business of Cemex, a Mexican multinational building materials company, for $950m, according to press releases.

Cementos Progreso was advised by Citigroup and Cuatrecasas Goncalves Pereira. Cemex was advised by JP Morgan, Lazard and Mayer Brown, according to press releases.

Molson Coors to acquire a 8.5% stake in Fever-Tree for £71m.

Molson Coors Beverage Company, a multinational beverage company, to acquire a 8.5% stake in Fever-Tree, a UK-based premium mixer producer, for £71m ($88m), according to press releases.

Fevertree Drinks is advised by Morgan Stanley according to MergerLinks data.

Indra to acquire an 89.68% stake in Hispasat from Redeia for €725m.

Indra, an information technology and defense systems company, agreed to acquire an 89.68% stake in Hispasat, a satellite operator and service provider, from Redeia, an electric transmission system operator, for €725m ($753m), according to press releases.

Kpler’s minority stakeholders explore potential stake sale at a $2bn valuation. (Reuters)

Minority stakeholders in Belgium-based data analytics firm Kpler, specifically Five Arrows and Insight Partners, are considering the sale of their combined stake in the company. The potential transaction is in its early stages, and Kpler’s valuation could reach up to $2bn.

Kpler specializes in providing real-time data and analytics for commodity markets, serving a global client base. The firm has experienced significant growth in recent years, expanding its services and strengthening its market position. The prospective sale of minority stakes highlights the increasing investor interest in data analytics and market intelligence platforms.

While discussions are ongoing, no final decisions have been made regarding the sale. The outcome will depend on various factors, including market conditions and interest from potential buyers. Further developments are expected as negotiations progress.

Putin approves sale of Goldman Sachs' Russian unit to Balchug Capital. (Reuters)

Russian President Vladimir Putin has authorized the sale of Goldman Sachs' Russian subsidiary to Armenian investment firm Balchug Capital, according to a government decree published on January 31, 2025. This decision potentially facilitates Goldman Sachs' complete withdrawal from the Russian market.

The transaction is subject to various conditions, and while a binding agreement has been reached, the finalization of the sale is still pending. Balchug Capital, led by CEO David Amaryan, has previously acquired assets from US machinery manufacturer Caterpillar in Russia.

The sale of foreign assets in Russia has become increasingly complex due to heightened restrictions and the necessity of obtaining presidential approval. For example, Italy's Intesa Sanpaolo received authorization to sell its Russian assets in September 2023, but the process has yet to be completed.

ITV and RedBird IMI in early discussions to merge production businesses. (Reuters)

British broadcaster ITV and investment firm RedBird IMI are in preliminary talks to merge their production entities, ITV Studios and All3Media, respectively. RedBird IMI acquired All3Media for £1.15bn ($1.4bn) in February 2024. A potential plan involves separating ITV's broadcasting segment and merging ITV Studios with All3Media, with both companies retaining stakes in the new entity. These discussions are confidential and may not lead to a transaction.

If realized, the merger would create one of Europe's largest production companies, with an estimated revenue of £3.2bn ($3.9bn), positioning it alongside competitors like Banijay and Fremantle. Following the news, ITV's shares rose by 3.4%. Previously, ITV considered purchasing All3Media but could not agree on terms. Under CEO Carolyn McCall, ITV has been exploring various options in response to declining share prices and challenges in the TV and streaming markets.

The production industry is facing financial pressures, leading several companies to consider cost-saving measures. The potential merger between ITV Studios and All3Media reflects a strategic move to consolidate resources and strengthen their market position amid these challenges.

Ardian considers a $624m sale of French quality control firm Trigo. (Bloomberg)

Private equity firm Ardian is exploring the sale of its majority stake in Trigo Group, a France-based company specializing in quality management solutions for the manufacturing sector. The deal could value Trigo at approximately €600m ($624m). Since acquiring a majority stake in 2016, Ardian has supported Trigo's global expansion across industries such as automotive, aerospace, and heavy transportation. The company now operates in over 20 countries with a workforce of more than 7k.

Under Ardian’s ownership, Trigo has pursued strategic acquisitions to bolster its international presence, including the purchase of US-based Lumbee Enterprises and German inspection firm Böllinger. These acquisitions have strengthened Trigo’s capabilities in quality control, supplier audits, and operational efficiency for its global client base. The firm’s expansion aligns with growing industry demands for stricter quality assurance and compliance across highly regulated sectors.

The potential sale reflects Ardian’s strategy of investing in high-growth businesses and divesting them at an optimal valuation. While discussions are in the early stages, the deal is expected to attract interest from both strategic buyers and other private equity firms. Given Trigo’s strong market position and established global operations, a successful sale could mark one of the notable exits in the European industrial services sector.

Brazil's Moreira Salles family considers buyout of France's Verallia. (Bloomberg)

The Moreira Salles family, prominent Brazilian billionaires, is considering a potential bid to take French glass packaging company Verallia private. This move comes after a significant decline in Verallia's share price, which has decreased by approximately 30% over the past year.

The family holds a substantial stake in Verallia through their investment vehicle, BW Gestão de Investimentos. Discussions are ongoing, and there is no certainty that a formal offer will be made. If pursued, this transaction would represent a significant development in the glass packaging industry.

Thyssenkrupp's CEO confirms reversibility of Kretinsky's 20% stake in steel unit. (Reuters)

Thyssenkrupp's CEO, Miguel Lopez, announced that the 20% stake acquired by Czech billionaire Daniel Kretinsky in the company's steel division can be reversed if negotiations for a deeper collaboration fail. Speaking at the annual shareholder meeting, Lopez emphasized that there is a fallback agreement to unwind Kretinsky's investment if the two parties cannot agree on a planned 50/50 shared ownership of the steel unit.

This development comes amid ongoing discussions between Thyssenkrupp and Kretinsky's holding company, EP Corporate Group, regarding increasing EPCG's stake in Thyssenkrupp's steel division from 20% to 50%. The company has also indicated that it is prepared to engage with other potential partners if the deal with Kretinsky does not materialize.

Celsa Group launches process to sell 20% stake to Spanish investor. (Bloomberg)

Spanish steel manufacturer Celsa Group has commenced the process of selling a 20% stake to a Spanish investor with industrial expertise, as part of its restructuring plan following creditor agreements. The company has engaged Grant Thornton to assess the market value of the stake and Citigroup to advise on the private placement. Potential candidates include Sidenor, Megasa, and Gallardo Balboa, though industry challenges may limit viable options. This move aligns with Celsa's commitments to the Spanish government after creditors took control from the Rubiralta family.

Celsa’s controlling shareholders, including Strategic Value Partners and Deutsche Bank, are seeking interest from family offices and industrial groups in Spain. The stake will be acquired through a capital increase, fulfilling conditions set by the Spanish government when it approved the creditor-led takeover of Celsa. The valuation will be determined by Grant Thornton, and shareholders are required to accept an offer if it matches the fair market value. A lower bid could still be considered but wouldn’t be obligatory.

Unilever leans towards listing Ben & Jerry’s unit on multiple markets. (FT)

Unilever is considering a dual or even triple listing for its €15bn ($15.5bn) ice cream division, which includes brands such as Magnum and Ben & Jerry's. Amsterdam is likely to be one venue for the float, alongside London or New York. A decision on the listing venue is expected by the end of March.

The company had previously shelved plans to sell the ice cream business to private equity buyers and is now focusing on spinning off the unit as an independent entity. This move is part of a broader restructuring effort under CEO Hein Schumacher, which includes job cuts and the sale of underperforming brands.

Unilever aims to finalize the separation of the ice cream division by the end of 2025. The company is weighing factors such as market valuations, investor base, and regulatory considerations in its decision on the listing venues. Activist investor Nelson Peltz has advocated for a US listing, while Unilever has commitments to maintain a presence in its original home markets of the UK and the Netherlands.

Novo Banco plans IPO for up to 30% stake. (Reuters)

Portugal's Finance Minister, Fernando Medina, announced that US private equity firm Lone Star Funds intends to sell a 25-30% stake in Novo Banco through an initial public offering. This move is part of Lone Star's strategy to gradually reduce its holdings in the bank.

Novo Banco was established in 2014 following the collapse of Banco Espírito Santo and was subsequently acquired by Lone Star in 2017. The bank has since undergone significant restructuring and has returned to profitability. In December 2024, shareholders agreed to lift a ban on dividend payouts, paving the way for a potential sale or IPO in 2025.

The planned IPO aligns with Novo Banco's strategy to diversify its shareholder base and strengthen its position in the Portuguese financial sector. The bank aims to remain independent amidst ongoing consolidation trends in the industry.

HBX Group's Hotelbeds IPO raises €725m amid strong demand. (Bloomberg)

HBX Group, the parent company of Hotelbeds, has successfully raised €725m ($751m) through its initial public offering in Spain. The offering saw robust investor interest, with all available shares, including an additional "greenshoe" option, fully subscribed within hours. The IPO was priced between €10.50 ($10.8) and €12.50 ($12.9) per share, valuing the company between €2.66bn ($2.7bn) and €3.03bn ($3.1bn).

The IPO is scheduled to debut on February 13, 2025, marking one of the first significant European listings of the year. Existing shareholders, including private equity firms Cinven, EQT, and CPP Investments, plan to sell shares worth €25m ($26m) as part of the offering.

Proceeds from the IPO are expected to be used to reduce the company's debt and support future growth initiatives. The successful listing reflects renewed investor confidence in the European market, potentially paving the way for additional public offerings in the travel and technology sectors.

APAC

Seven & i founding family seeks investment from Thailand's Charoen Pokphand for management buyout. (Reuters)

The founding family of Japan's Seven & i is in discussions with Thailand's Charoen Pokphand Group to secure investment for a management buyout aimed at taking the company private. This move is intended to counter a $47bn takeover bid from Canada's Alimentation Couche-Tard. The proposed MBO would value Seven & i at approximately $58bn, potentially marking the largest such deal in Japanese history.

The CP Group, which operates around 12k 7-Eleven stores in Thailand, is the latest potential partner approached by the founding family. Previously, the family considered partnerships with Japan's Itochu and US-based Apollo Global Management. The involvement of CP Group could result in an investment of hundreds of billions of yen, though specific figures are still under negotiation.

By pursuing this MBO, the founding family aims to maintain current management and alleviate pressure to divest non-core assets. In recent years, Seven & i has faced shareholder demands to streamline its diverse portfolio, which includes supermarkets, specialty stores, and restaurant franchises. In October, the company announced plans to establish a holding company for 31 of its subsidiaries, with reports indicating that US private equity firms KKR and Bain Capital each submitted bids exceeding $5bn for the spinoff.

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