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Top Highlights
Lone Star Funds, a global private equity firm, completed the acquisition of Hillenbrand, a global industrial company providing highly-engineered processing equipment and solutions, in a $3.8bn deal, according to press releases.
Hillenbrand is advised by Evercore (led by Anthony Magro, Jon Josephs and Daniel Levy), Skadden Arps Slate Meagher & Flom (led by Richard Witzel) and Gladstone Place Partners (led by Lauren Odell and Danielle Fornabaio). Evercore was advised by Sullivan & Cromwell (led by Stephen M. Kotran). Lone Star Funds was advised by De Brauw Blackstone Westbroek (led by Pete Lawley), UBS, Jefferies & Company (led by Richard Burke, Francis Tucci and Matt Musa), Kirkland & Ellis (led by Douglas Ryder, David Klein and Jack R. Shirley), Perez Llorca (led by Nasif Hamed), Headland Consultancy and Joele Frank (led by Jed Repko and Joseph Sala). Debt financing was provided by Bank of America, according to press releases and MergerLinks data.
Harbour Energy, an independent oil and gas company, completed the acquisition of LLOG Exploration Company, a private deepwater oil and gas exploration and production company, for $3.2bn, according to press releases.
Palo Alto Networks, a network security solutions provider, completed the acquisition of CyberArk, an identity security platform provider, in a $25bn deal.
Deal Round up
AMERICAS
SoftBank-backed Icertis works with Goldman on potential $5bn sale. ( Bloomberg)
Newsmax highlights congressional opposition to Nexstar–Tegna deal. ( Bloomberg)
Albion River merges defense assets, raises $300m equity. ( Bloomberg)
Kraft Heinz halts planned corporate split. ( Reuters)
Solv Energy raises $512.5m in US IPO. ( Reuters)
EMEA
Open Grid Europe owners consider stake sale. ( Bloomberg)
Acorn owners weigh £1bn sale of UK cab insurer. ( Bloomberg)
Universal’s Downtown Music takeover set for EU approval. ( FT)
LondonMetric eyes potential takeover of Picton Property. ( Reuters)
Poland’s $1tn economy steps up acquisitions in Germany. ( Bloomberg)
Bawag weighs acquisition options amid PTSB interest. ( Bloomberg)
Saudi, US firms to partner on northeast Syria energy project. ( Reuters)
Exxaro reviews dividend boost after manganese expansion. ( Bloomberg)
Fidelidade seen worth at least €3bn in revived Lisbon IPO. ( Bloomberg)
Saudi FII organizer Attias picks banks for IPO. ( Bloomberg)
Banks prepare £1.2bn debt package for CVC’s Smiths unit buy. ( Bloomberg)
Monte Paschi’s Di Stefano quits board amid probe. ( Bloomberg)
APAC
FountainVest weighs $500m sale of Papa John’s and DQ China operator. ( Bloomberg)
Epic Group explores stake sale in Hong Kong. ( Bloomberg)
Goldi Solar considers $350m India IPO. ( Bloomberg)
Hinduja seeks $200m for Ashok Leyland’s OHM Mobility unit. ( Bloomberg)
Ant bets on AI healthcare in $69bn sector push. ( Bloomberg)
Domino’s Pizza appoints McDonald’s veteran Gregory as CEO. ( Reuters)
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COMPANIES
FINANCIAL ADVISORS
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AMERICAS
Sanofi, an R&D driven, AI-powered biopharma company, completed the acquisition of Dynavax, a vaccines company with a marketed adult hepatitis B vaccine, for $2.2bn, according to press releases.
QXO, a distributor of building products, agreed to acquire Kodiak Building Partners, a national distributor of essential building products, from Court Square Capital Partners, a New York-based private equity firm, for $2.25bn, according to press releases.
Apollo-backed New Catalyst Strategic Partners, an independent alternative investment firm, completed the investment in Ferghana Investment Partners, a newly launched hybrid capital firm that provides flexible capital solutions to middle-market businesses, according to press releases. Financial terms were not disclosed.
New Catalyst Strategic Partners was advised by Sidley Austin and Prosek Partners. Ferghana Investment Partners was advised by Davis Polk & Wardwell (led by Michael S. Hong and Cheryl Chan) and Water & Wall, according to press releases.
Sagewind-backed By Light, a provider of modeling & simulation and cyber products and solutions, completed the acquisition of Dignitas Technologies, a leading provider of modeling, simulation, & training products and solutions. Financial terms were not disclosed.
Dignitas was advised by STS Capital Partners and Shuffield Lowman. By Light was advised by Goodwin Procter and Morrison Foerster, according to press releases.
Halo Partners, a private investment firm, completed the acquisition of WO Grubb, a regional provider of specialty equipment, lifting, rigging, warehousing, logistics, and value-added engineering solutions, according to press releases. Financial terms were not disclosed.
Halo Partners was advised by Houlihan Lokey, M2O, O'Melveny & Myers and Kirkland & Ellis, according to press releases.
KPS Capital Partners, a New York-based private equity firm, agreed to acquire Wells, a provider of prefabricated building solutions, specializing in above-grade structural and architectural precast concrete, according to press releases. Financial terms were not disclosed.
KPS Capital Partners is advised by Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino and Daniel D. Fuschillo). Wells is advised by Piper Sandler and Taft Stettinius & Hollister, according to press releases.
Marvell, a provider of data infrastructure semiconductor solutions, completed the acquisition of XConn Technologies, a provider of advanced PCIe and CXL switching silicon, for $540m, according to press releases.
XConn Technologies was advised by Evercore and Goodwin Procter. Marvell was advised by Wilson Sonsini Goodrich & Rosati, according to press releases and MergerLinks data.
Millicom, a provider of fixed and mobile telecommunications services, and NJJ, a French holding company controlled by Xavier Niel, completed the acquisition of the operations in Chile from Telefónica, a telecommunications company, for $1.2bn, according to press releases.
Cerity Partners, an investment advisor, agreed to merge with Verus Investments, an institutional investment consulting and advisory firm. Financial terms are not disclosed.
Verus Investments is advised by Houlihan Lokey. Cerity Partners is advised by Prosek Partners, according to press releases.
Thomson Reuters, a Canadian multinational content-driven technology conglomerate, completed the acquisition of Noetica, a New York-based, AI-native technology startup specializing in transforming complex corporate transaction data into structured market intelligence, according to press releases. Financial terms were not disclosed.
Stellex-backed W&B Service Company, a provider of transportation equipment, refrigeration and service solutions, completed the acquisition of Sanders Trailer Service, an established full-service semi-trailer dealership and service provider, according to press releases. Financial terms were not disclosed.
Stellex was advised by Prosek Partners (led by Mike Geller), according to press releases.
Warwick and GRP Energy, the private equity firms, completed the acquisition of non-Permian assets of Diamondback Energy-backed Viper Energy, a corporation focused on owning and acquiring mineral and royalty interests, for $670m.
Canadian Business Growth Fund, a provider of growth capital investment, completed an investment in Appficiency, a provider of IT consulting services, according to press releases. Financial terms were not disclosed.
Appficiency was advised by Magnolia Marketing Communications (led by Nikky Saini), according to press releases.
Ternium, a vertically integrated steel producer, completed the acquisition of a 31.6% stake in Usiminas, a producer of flat steel, from Nippon Steel Corporation, a Japanese steel company, and Mitsubishi Corporation, an integrated trading and investment conglomerate, for $315.2m, according to press releases.
Red Seat Ventures, a digital media company and production studio that operates as a division of Fox Corporation, an American television broadcasting company, completed the acquisition of Supercast, a preferred podcast subscription platform, according to press releases. Financial terms were not disclosed.
SoftBank-backed Icertis works with Goldman on potential $5bn sale. ( Bloomberg)
Icertis is exploring a sale that could value the AI-powered contract management software provider at up to $5bn.
The SoftBank-backed company is working with Goldman Sachs on the potential transaction, which has drawn early interest from buyout firms.
Newsmax highlights congressional opposition to Nexstar–Tegna deal. ( Bloomberg)
The letter, dated December 17, was published on Newsmax’s website, after founder Chris Ruddy testified against the transaction at a Senate hearing.
Albion River merges defense assets, raises $300m equity. ( Bloomberg)
Albion River has combined several portfolio companies into a new defense industrial platform, Ignium, backed by a $300m equity raise.
The firm also appointed a board that includes former US House Speaker Kevin McCarthy, as it targets manufacturing capacity gaps in Western defense supply chains.
Kraft Heinz halts planned corporate split. ( Reuters)
Kraft Heinz has scrapped plans to split into two separate companies, reversing a restructuring announced in September 2025.
The group had intended to separate its grocery business from its sauces and spreads division.
Solv Energy raises $512.5m in US IPO. ( Reuters)
Solv Energy priced its US initial public offering at $25 per share, raising $512.5m after selling 20.5m shares at the top of its marketed range of $22–$25.
The San Diego-based solar and battery storage firm is valued at about $5bn following the listing, as IPO activity continues despite recent volatility in US technology stocks.
EMEA
Kojamo, a private housing investment company, agreed to acquire a housing portfolio of Varma, a private pension insurance provider, for €900m ($1.07bn), according to press releases.
Debt financing is provided by Goldman Sachs, Nordea Bank and SEB Corporate Finance, according to press releases.
Kingswood Capital Management, a private investment firm, agreed to acquire labels and board business of Coveris, a packaging company that manufactures paper and plastic based flexible packaging solutions, according to press releases. Financial terms are not disclosed.
Kingswood Capital Management is advised by Jefferies & Company and Kirkland & Ellis, according to press releases.
Rezolve Ai, global provider of AI-driven commerce and payments infrastructure, completed the acquisition of Reward, a global customer engagement and commerce media company, for $230m, according to press releases.
Open Grid Europe owners consider stake sale. ( Bloomberg)
British Columbia Investment Management, Abu Dhabi Investment Authority and Meag Munich Ergo Asset Management are working on a potential divestment.
Acorn owners weigh £1bn sale of UK cab insurer. ( Bloomberg)
The owners of British specialist insurer Acorn Group are exploring strategic options, including a potential sale of a controlling stake that could value the business at £1bn ($1.4bn) or more.
Shareholders including Inflexion Private Equity are working with Continuum Partners to assess buyer interest ahead of a possible sale process.
Universal’s Downtown Music takeover set for EU approval. ( FT)
The EU is expected to approve Universal Music Group’s $775m acquisition of Downtown Music, despite objections from independent labels and trade groups over market concentration.
Critics argued the deal would further strengthen Universal’s dominance in the music industry, but regulators are poised to clear the transaction.
LondonMetric eyes potential takeover of Picton Property. ( Reuters)
LondonMetric Property has expressed interest in acquiring Picton Property Income, which recently launched a strategic review that could lead to a sale.
Picton, which manages a £699m ($957m) UK commercial property portfolio, confirmed LondonMetric is participating in the process but has not yet made a formal offer.
Poland’s $1tn economy steps up acquisitions in Germany. ( Bloomberg)
Polish companies are increasing deal activity in Germany, reflecting the growing strength of Poland’s economy three decades after the end of communism.
Bawag weighs acquisition options amid PTSB interest. ( Bloomberg)
Bawag Group said it is assessing several acquisition targets and will decide within three months how to deploy surplus capital.
The comments follow Irish reports linking the Austrian lender to a potential bid for Permanent TSB, Ireland’s third-largest bank.
Saudi, US firms to partner on northeast Syria energy project. ( Reuters)
Saudi and US-based companies are forming a consortium to pursue oil and gas exploration and energy production in northeastern Syria.
Baker Hughes, Hunt Energy and Argent LNG are planning to partner with TAQA on the project, which would span four to five exploration blocks in the region.
Exxaro reviews dividend boost after manganese expansion. ( Bloomberg)
Exxaro Resources plans to review its dividend policy as it advances diversification beyond coal, following the acquisition of a majority stake in Tshipi é Ntle Manganese Mining.
The deal positions the South African miner among the world’s leading manganese producers, reducing reliance on coal and broadening its commodity exposure.
Fidelidade seen worth at least €3bn in revived Lisbon IPO. ( Bloomberg)
Fidelidade, the Portuguese insurer controlled by Fosun International, is undertaking preliminary work for a potential IPO in Lisbon that could value the company at more than €3bn ($3.57bn).
Portugal’s largest insurer has held discussions with banks and investors in recent weeks, with a possible listing targeted for early next year.
Saudi FII organizer Attias picks banks for IPO. ( Bloomberg)
Richard Attias & Associates, the organizer of Saudi Arabia’s Future Investment Initiative summit, has selected banks to work on a planned initial public offering.
The firm is working with Citigroup and SNB Capital on a potential listing that could value the events business at up to $1bn and take place as early as this year.
Banks prepare £1.2bn debt package for CVC’s Smiths unit buy. ( Bloomberg)
Barclays, Credit Agricole, Goldman Sachs and HSBC have underwritten the financing and plan to syndicate it to institutional investors in the coming months.
Monte Paschi’s Di Stefano quits board amid probe. ( Bloomberg)
The lender said Di Stefano stepped down with immediate effect for personal reasons in connection with the investigation and thanked him for his years of service.
APAC
Carlyle Group, an American multinational private equity, agreed to acquire a 45% stake in Nido Home Finance, a housing finance company, from Edelweiss, an investment and financial services company, for $230m, according to press releases.
FountainVest weighs $500m sale of Papa John’s and DQ China operator. ( Bloomberg)
FountainVest Partners is considering a sale of CFB Group, the franchise operator of Papa John’s and Dairy Queen in China, in a deal that could value the business at about $500m.
CFB also owns Chinese restaurant brands Brut Eatery and Jin Ya Ju, and advisers are being consulted on a potential disposal.
Epic Group explores stake sale in Hong Kong. ( Bloomberg)
Hong Kong-based apparel manufacturer Epic Group is considering a stake sale to support growth, amid rising investor interest in the region.
The company is working with BDA Partners and Goldman Sachs on a review that could value the business at more than $500m.
Goldi Solar considers $350m India IPO. ( Bloomberg)
Goldi Solar is weighing an initial public offering that could raise up to $350m, as renewable energy listings gain momentum in India.
The Gujarat-based solar module maker has shortlisted advisers and may file a draft prospectus as early as April, with the offering expected to consist mainly of fresh shares.
Hinduja seeks $200m for Ashok Leyland’s OHM Mobility unit. ( Bloomberg)
Ashok Leyland is exploring a capital raise of about $200m for its electric mobility services arm, OHM Global Mobility, as it looks to fund growth in the segment.
The company is working with an adviser to assess interest from investors, including global private equity firms, in a round that could value the unit at $800m–$1bn.
Ant bets on AI healthcare in $69bn sector push. ( Bloomberg)
Ant Group, backed by Jack Ma, is expanding into artificial intelligence-driven healthcare as it seeks new growth avenues after its stalled IPO.
The company is investing in medical AI platforms linking patients with doctors, pharmacies and insurers, and has elevated its health unit alongside core businesses such as Alipay and lending.
Domino’s Pizza appoints McDonald’s veteran Gregory as CEO. ( Reuters)
Domino’s Pizza Enterprises has named former McDonald’s executive Andrew Gregory as chief executive to address sliding sales and rising competition in the quick-service restaurant market.
Gregory replaces Mark van Dyck, whose departure was announced more than seven months ago following leadership changes at the Australian-listed pizza chain.
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