Kodiak Robotics to go public via SPAC merger with Ares Acquisition Corporation II in a $2.5bn deal.

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AMERICAS

Intas Pharmaceuticals completes the acquisition of Udenyca from Coherus for $558m.

Intas Pharmaceuticals, an Indian multinational pharmaceutical company, completed the acquisition of Udenyca, a pharmaceutical company, from Coherus, a commercial-stage biopharmaceutical company focused on the research, development, and commercialization of innovative immunotherapies, for $558m, according to press releases.

Intas Pharmaceuticals was advised by Smith Anderson. Coherus was advised by JP Morgan, Latham & Watkins (led by Benjamin Potter and Josh Dubofsky) and Argot Partners, according to press releases and MergerLinks data.

New Mountain Capital to invest in SmarterDx.

New Mountain Capital, a growth-oriented investment firm, agreed to invest in SmarterDx, a provider of clinical AI for revenue integrity and care quality, according to press releases. Financial terms were not disclosed.

New Mountain Capital is advised by Ropes & Gray and H/Advisors Abernathy (led by Dana Gorman). SmarterDx is advised by JP Morgan and Cooley, according to press releases.

Silver Lake to acquire a 51% stake in Altera from Intel for $4.46bn.

Silver Lake, a private equity firm specialized in technology investing, agreed to acquire a 51% stake in Altera, a manufacturer of programmable logic devices, from Intel, a semiconductor manufacturing corporation, for $4.46bn, according to press releases.

Intel is advised by Morgan Stanley. Silver Lake is advised by RBC Capital Markets, according to press releases.

StoneX to acquire R. J. O'Brien.

StoneX, a US-based financial services firm specializing in institutional trading, agreed to acquire R. J. O'Brien, a US-based futures brokerage firm specializing in commodities and derivatives tradin, according to press releases. Financial terms were not disclosed.

R. J. O'Brien is advised by Broadhaven Capital Partners and Mayer Brown, according to press releases.

ArcLight Capital Partners to acquire Kleen Energy Systems from Osaka Gas USA and Kyuden International.

ArcLight Capital Partners, a private equity firm that focuses on energy infrastructure investments, agreed to acquire Kleen Energy Systems, a 620 MW natural gas fired power generation asset, from Osaka Gas USA, a US-based energy company specializing in natural gas and power investments, and Kyuden International, a Japan-based energy company specializing in overseas investments and operations in power generation and infrastructure projects, according to press releases. Financial terms were not disclosed.

ArcLight Capital Partners is advised by MUFG Bank and Latham & Watkins, according to press releases.

Northampton Capital Partners to invest in Blueprint Data Centers.

Northampton Capital Partners, an alternative asset management firm focused on infrastructure investments, agreed to invest in Blueprint Data Centers, a developer of data centers, according to press releases. Financial terms were not disclosed.

Northampton Capital Partners is advised by Kirkland & Ellis and Profile Advisors (led by Mike Geller), according to press releases.

BayPine to acquire a majority stake in CenExel.

BayPine, a private investment firm that drives digital transformation in market-leading businesses, agreed to acquire a majority stake in CenExel, a clinical trial site network focused on complex therapeutic areas, according to press releases. Financial terms were not disclosed.

BayPine is advised by Gasthalter & Co (led by Nathaniel Garnick), according to press releases.

ACA Group completes the acquisition of Global Trading Analytics.

ACA Group, a governance, risk, and compliance advisor in financial services, completed the acquisition of Global Trading Analytics, an independent provider of transaction cost analysis services, according to press releases. Financial terms were not disclosed.

ACA Group is advised by Gregory FCA, according to press releases.

AE Industrial Partners explores $2bn sale of York Space Systems. (Bloomberg)

AE Industrial Partners is considering selling York Space Systems in a deal that could value the satellite manufacturer at over $2bn. The private equity firm has engaged an adviser to oversee an auction process, which has already attracted interest from potential buyers including Canada’s MDA Space.

York Space, which develops small satellites for defense and commercial clients, is expected to draw bids from both strategic industry players and other private equity firms. The process remains at an early stage, and no final decision has been made on whether a sale will proceed.

Morgan Stanley closes $2.3bn PECO III co-investment fund at hard cap. (Press Release)

Morgan Stanley Investment Management has announced the final close of North Haven Private Equity Co-Investment Opportunities Fund III, securing approximately $2.3bn in total commitments. The fund was oversubscribed and closed at its hard cap, reflecting strong investor demand.

PECO III focuses on private equity co-investments alongside established buyout managers, with an emphasis on the lower middle market. It is managed by Morgan Stanley Private Equity Solutions, which operates within the firm’s $240bn alternatives platform and has a co-investment track record spanning 25 years.

Wells Fargo to expand tech commercial banking with new hires in 2025. (Bloomberg)

Wells Fargo is ramping up its technology-focused commercial banking operations, planning to hire around 10 additional bankers this year to support small and midsize tech firms. This follows the addition of 20 team members in 2024, marking the bank’s largest investment in the unit since it entered tech banking over 20 years ago.

The expansion reflects Wells Fargo’s ambition to gain market share in financing and advisory services for tech clients, particularly those not yet served by larger institutional platforms. The initiative is led by Tom Harper, who oversees the tech commercial banking team.

EMEA

KKR to acquire OSTTRA from S&P Global and CME Group for $3.1bn.

KKR, a global investment firm, agreed to acquire OSTTRA, a UK-based financial technology company specializing in post-trade solutions for the global derivatives, from S&P Global, a US-based financial information and analytics company, and CME Group, a US-based financial markets company specializing in derivatives and futures trading, for $3.1bn, according to press releases.

KKR is advised by Bank of America, Goldman Sachs and Simpson Thacher & Bartlett. S&P Global is advised by Barclays and Davis Polk & Wardwell (led by Brian Wolfe and Evan Rosen). CME Group is advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by David Clark and June Dipchand), according to press releases and MergerLinks data.

Sidara to acquire John Wood Group for £242m.

Sidara, an engineering and design consultancy firm, offered to acquire John Wood Group, a UK-based engineering and consulting company specializing in energy and materials services, for £242m ($316m), according to press releases.

John Wood Group is advised by Europa Partners (led by Jan Skarbek and David Fudge), JP Morgan (led by Richard Perelman and James Robinson), Morgan Stanley (led by Tom Perry), Rothschild & Co (led by John Deans and Paul Duffy), Slaughter & May and FTI Consulting (led by Alex Le May and Nick Hasell), according to press releases.

Aldebaran to acquire Serimax from Vallourec for €79m.

Aldebaran, a French investment company, agreed to acquire Serimax, a provider of mechanized welding solutions, from Vallourec, a provider of premium seamless tubular solutions, for €79m ($90m), according to press releases.

Vallourec is advised by Taddeo, according to press releases.

UniCredit clears antitrust hurdle for major Commerzbank stake. (Reuters)

Germany’s Federal Cartel Office has approved UniCredit’s plan to acquire a significant stake in Commerzbank, paving the way for the Italian bank to advance its potential takeover ambitions. The decision removes a key regulatory obstacle, following earlier approval from the European Central Bank.

UniCredit’s interest in Commerzbank underscores its broader strategy to expand its presence in Germany, Europe’s largest banking market. While no formal takeover offer has been made, regulatory clearance signals increasing momentum behind a potential cross-border banking consolidation.

Warner Bros Discovery decides to retain ownership of Poland's TVN. (Reuters)

Warner Bros Discovery has announced it will not proceed with a sale of TVN, its Polish broadcasting subsidiary, ending months of speculation about a potential divestiture. The decision was confirmed in a company statement.

The media firm’s move to retain TVN comes amid global market volatility, which has prompted a broader slowdown in deal-making. The company did not disclose details about any previous offers or negotiations related to the asset.

Azadea Group pauses IPO plans to prioritize business operations. (Bloomberg)

Azadea Group, the Middle East operator of Zara and Virgin Megastore, has paused its initial public offering plans to concentrate on core business activities. The decision was made independently of broader market volatility and reflects a strategic shift in focus.

The company had been preparing to go public with backing from a firm tied to Dubai’s ruler. No updated timeline or valuation target has been set, and it remains unclear when or if the IPO process will resume.

KKR appoints David Petraeus as Middle East chair, launches regional investment team. (Bloomberg)

KKR has named former US General and CIA Director David Petraeus as chairman of its Middle East operations, while also establishing a dedicated local investment team. The move signals the firm’s intent to deepen its presence in the Gulf region, where sovereign wealth funds play a growing role in global capital flows.

Petraeus is expected to leverage his extensive regional relationships to support KKR’s strategic outreach and investment sourcing. The firm joins a broader wave of global private equity players expanding in the Middle East to tap into capital and partnership opportunities.

APAC

GXS Bank to acquire Singapore business of Validus Group.

GXS Bank, a Singapore-based digital bank, agreed to acquire Singapore business of Validus Group, a fintech company specializing in SME financing solutions, according to press releases. Financial terms were not disclosed.

Gianluigi Aponte’s TIL to lead acquisition of 43 CK Hutchison ports. (Bloomberg)

Italian billionaire Gianluigi Aponte’s family business, Terminal Investment, is set to be the lead investor in a group acquiring 43 ports from Hong Kong tycoon Li Ka-shing.

While the deal was initially presented as a consortium with Global Infrastructure Partners and BlackRock, TiL is now expected to take ownership of all but two of the ports. The transaction has faced opposition from China due to the involvement of US-linked entities.

BofA begins rebuilding India investment banking team after internal probe. (Bloomberg)

Bank of America is actively working to rebuild its investment banking team in India following several senior departures and regulatory scrutiny tied to share sale practices in 2024. The firm is currently in discussions with senior bankers from competing firms to fill critical roles, including leadership for its capital markets division.

Recruitment efforts were delayed as BofA conducted an internal review of compliance procedures after alleged violations related to block trades. With that review now complete, the bank is prioritizing talent acquisition to restore its deal-making capacity in one of Asia’s key growth markets.

OCI pauses Malaysia IPO plans for polysilicon unit due to market volatility. (Bloomberg)

OCI Holdings has temporarily halted preparations for the initial public offering of its Malaysian polysilicon business amid heightened market volatility. The company’s financial advisers have slowed work on the deal, although the IPO has not been officially cancelled and could be revisited in the future.

The delay reflects broader uncertainty in global equity markets, which has prompted several firms to reconsider listing timelines. No revised schedule or valuation target has been disclosed as OCI assesses the market environment.

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