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Top Highlights
Lundin Mining, a Canadian base metals mining company, and BHP, a multinational mining and metals public company, completed the acquisition of Filo, a mining company focused on advancing the company's key project, Filo del Sol, for $2.9bn.
Filo was advised by BMO Capital Markets, National Bank Financial, Blake Cassels & Graydon and Skadden Arps Slate Meagher & Flom (led by June Dipchand). Lundin Mining was advised by Morgan Stanley, Rothschild & Co (led by Hugo Dryland), Cassels Brock & Blackwell (led by Michelle McKinnon), Fasken, Sullivan & Cromwell (led by Werner F. Ahlers). BHP was advised by TD Securities, Cleary Gottlieb Steen & Hamilton, Stikeman Elliott (led by Ivan Grbesic) and FGS Global (led by Bruce Drysdale).
Carlsberg, a Danish multinational brewer, completed the acquisition of Britvic, a British producer of soft drinks, for £4.1bn ($5bn).
QXO, a software company, agreed to acquire Beacon Roofing Supply, a distributor of commercial and residential roofing products, for $11bn.
Deal Round up
AMERICAS
Investors seek $5bn for basketball league to rival NBA. ( Bloomberg)
Universal plans US share sale for Pershing Square stake. ( Press Release)
Apple in talks with Barclays, Synchrony to replace Goldman in credit card deal. ( Reuters)
DuPont cancels plans to spin off water unit, Hastens Electronics separation. ( Press Release)
Azul, Gol inch closer to potential tie-up to form major Brazil airline. ( Press Release)
Oilfield services provider Flowco raises $427m in US IPO. ( Press Release)
Berry farming firm Agrovision weighs IPO as soon as June. ( Bloomberg)
Citi’s Banamex IPO may stretch into 2026. ( Bloomberg)
Sagard to open new private equity fund for retail investors. ( Press Release)
Cohere Capital announces close of Fund II and strategic partnership with TPG. (Press Release)
Morgan Stanley promotes Mahdavi, Teasdale to run Americas M&A. ( Bloomberg)
Cohere Capital announces close of Fund II and strategic partnership with TPG. ( Press Release)
EMEA
Pfizer to sell $3bn stake in Sensodyne maker Haleon. ( Press Release)
Carlyle lines up bankers for possible sale of British fund network Calastone. ( Reuters)
Euronext affirms M&A interest in Spanish BME, Nasdaq Nordic. ( Reuters)
Italy has no plans to strengthen golden power rules on financial sector. ( Reuters)
Romania to review E.ON energy provider sale over Russia risk. ( Reuters)
Travel tech firm HBX Group announces plans for Spain IPO. ( Press Release)
Goldman names Lievens as global financial institutions Co-Chair. ( Bloomberg)
APAC
KKR considers joining Seven & i management buyout after Apollo. ( Bloomberg)
Stake sale talks value China's TikTok-rival Xiaohongshu at $20bn. ( Bloomberg)
Alliance Bank’s top shareholder Vertical Theme is said to consider sale to DBS. ( Bloomberg)
LG CNS said to be poised to price IPO at top of marketed range. ( KED Global)
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AMERICAS
PSG, a growth equity firm, completed a $80m investment in Core Sound Imaging, the provider of medical imaging platform Studycast. Financial terms were not disclosed.
Core Sound Imaging was advised by Software Equity Group and Holland & Knight. PSG was advised by Latham & Watkins and Prosek Partners (led by Jacqueline Ryan).
InTandem Capital, a healthcare services focused private equity firm, completed the investment in Healthfuse, a revenue cycle vendor management company. Financial terms were not disclosed.
Healthfuse was advised by Cantor Fitzgerald and Bass Berry & Sims. InTandem was advised by TripleTree and Goodwin Procter.
Saint-Gobain, a French multinational corporation, completed the acquisition of OVNIVER Group, a construction chemicals manufacturer, for $815m.
OVNIVER was advised by JP Morgan. Saint-Gobain was advised by BNP Paribas and Galicia Abogados.
CBRE Group, a real estate company, agreed to acquire Industrious National Management, a provider of flexible workplace solutions. Financial terms were not disclosed.
CBRE Group is advised by PJT Partners. Industrious National Management is advised by Sullivan & Cromwell (led by Werner F. Ahlers).
Homrich Berg, an Atlanta-based fee-only wealth advisor, completed the acquisition of WMS Partners, a multi-family office and registered investment adviser. Financial terms were not disclosed.
Symbotic, a company specialising in AI-enabled robotics technology for the supply chain, agreed to acquire advanced systems and robotics business from Walmart, a retail corporation that operates a chain of hypermarkets, for $200m.
Symbotic is advised by Citigroup.
Behrman Capital-backed Micross Components, a provider of high-reliability microelectronic product and service solutions, completed the acquisition of Integra Technologies, an outsourced semiconductor assembly and test post-processing provider. Financial terms were not disclosed.
Behrman Capital was advised by Kekst CNC (led by Ross Lovern).
Bending Spoons, a software company, completed the acquisition of Loomly, a social media management platform for marketing teams. Financial terms were not disclosed.
TransUnion, an information and insights company, agreed to acquire an additional 68% stake in Trans Union de Mexico, the consumer credit business of Buró de Crédito, for $560m.
Rokt, an e-commerce company, completed a $300m investment in mParticle, a customer data platform.
Investors seek $5bn for basketball league to rival NBA. ( Bloomberg)
A group of investors, advised by Maverick Carter, business partner of Los Angeles Lakers star LeBron James, is aiming to raise $5bn from private capital sources to establish an international basketball league that could rival the NBA.
UBS Group and Evercore have been engaged to assist in raising funds, targeting high-net-worth individuals and institutional investors, including sovereign wealth funds.
Universal plans US share sale for Pershing Square stake. ( Press Release)
Universal Music Group has committed to planning a US share sale by September 15 as part of an agreement with billionaire Bill Ackman’s hedge fund, Pershing Square.
The Amsterdam-listed entertainment company will make reasonable efforts to initiate an underwritten offering for shares owned by Pershing Square.
Apple in talks with Barclays, Synchrony to replace Goldman in credit card deal. ( Reuters)
Apple is in discussions with Barclays to potentially replace Goldman Sachs as its credit card partner, following Goldman’s decision to scale back its consumer finance operations.
Synchrony Financial, a credit card issuer, is also in talks with Apple regarding the partnership.
DuPont cancels plans to spin off water unit, Hastens Electronics separation. ( Press Release)
DuPont de Nemours announced it will no longer proceed with spinning off its Water division, revising earlier plans to divide into three separate publicly traded companies.
The chemical and materials company still intends to spin off its Electronics business and has advanced the target completion date to November 1.
Azul, Gol inch closer to potential tie-up to form major Brazil airline. ( Press Release)
Azul and Gol, two of Brazil's biggest airlines, are progressing toward a merger that would establish a dominant carrier in Latin America's largest economy.
The merger, following months of discussions and market speculation, would give the combined entity control of approximately 60% of Brazil's domestic market, significantly outpacing the local unit of Chile-based LATAM Airlines.
Oilfield services provider Flowco raises $427m in US IPO. ( Press Release)
Flowco Holdings raised $427m in its US initial public offering after pricing its shares above the targeted range, the oilfield services provider announced on January 15.
The company sold 17.8m shares at $24 each, exceeding the marketed range of $21 to $23. Strong equity markets, declining interest rates, and expectations of a more favorable regulatory environment for deals under the incoming Trump administration have revitalized the US IPO market.
Berry farming firm Agrovision weighs IPO as soon as June. ( Bloomberg)
Agrovision, an agriculture company specializing in berries, is exploring an initial public offering as early as June.
The Los Angeles-based company, which owns farms producing blueberries, raspberries, and blackberries, is collaborating with Goldman Sachs to prepare for a potential listing.
Citi’s Banamex IPO may stretch into 2026. ( Bloomberg)
Citigroup’s plan to list its Mexican retail banking operations could extend into 2026, as the bank deals with challenging market conditions, regulatory approvals, and the need to secure key investors.
Initially aiming for a 2025 timeline, the bank must obtain multiple regulatory clearances to launch an IPO in both Mexico and the US while working to gain traction with potential investors.
Sagard to open new private equity fund for retail investors. ( Press Release)
Canada’s Sagard is launching a private equity fund aimed at retail investors, marking its expansion beyond institutional and ultra-high-net-worth clientele.
A unit of Power Corp. of Canada, Sagard will target Canadian accredited investors with at least CAD1m ($695k) in financial assets or an annual income exceeding CAD200k ($139k) for its new offering, Sagard Private Equity Strategies.
Cohere Capital announces close of Fund II and strategic partnership with TPG. (Press Release)
Cohere Capital Partners, a Boston-based private equity firm specializing in tech-enabled lower middle market companies, announced on January 16 the successful closing of Cohere Capital Fund II with over $215m in commitments.
The firm has also secured a strategic minority investment from TPG NEXT, TPG's initiative focused on supporting and scaling emerging investment firms.
Morgan Stanley promotes Mahdavi, Teasdale to run Americas M&A. ( Bloomberg)
Morgan Stanley has named Lily Mahdavi and Ben Teasdale as co-heads of its mergers and acquisitions team in the Americas.
Advent said to name D’Angelo to lead health care deals in Europe. ( Bloomberg)
Buyout firm Advent has appointed Sergio D’Angelo to lead its health-care dealmaking efforts in Europe.
D’Angelo succeeds Tom Allen, who will remain with the private equity firm, shifting his focus to managing the health-care portfolio in the region.
EMEA
Lufthansa, a German airline, completed the acquisition of a 41% stake in ITA Airways, an airline company, for $348m.
Cadre, a manufacturer and distributor of safety equipment and other related products, agreed to acquire the engineering division from Carr's Group, a manufacturer and provider of value added products and solutions for £75m ($91m).
AvePoint, a leader in data security, governance and resilience, completed the acquisition of Ydentic, a SaaS company specializing in centralized multi-tenant management for Microsoft Managed Services Providers. Financial terms were not disclosed.
AvePoint was advised by Houthoff, Loyens & Loeff (led by Roel Fluit), McGuireWoods and Pierson Ferdinand.
Schroders Capital, Vitruvian Partners and Verdane-backed EasyPark Group, a global parking tech company, completed the acquisition of Searchlight Capital-backed Flowbird Group, a global mobility player providing integrated parking and transportation solutions. Financial terms were not disclosed.
Schroders was advised by Peel Hunt (led by Luke Simpson). EasyPark was advised by Freshfields Bruckhaus Deringer (led by Markus Paul) and White & Case (led by Marc Israel).
KKR, a global investment firm, and Highland Europe, a technology fund, agreed to acquire a majority stake in smaXtec, a provider of agri-tech for the global dairy industry, from Sophora Unternehmerkapital, an equity investment firm. Financial terms were not disclosed.
smaXtec is advised by William Blair & Co. KKR is advised by FGS Global (led by Alastair Elwen).
Ardian, a private investment house, agreed to acquire a 60% stake in three real estate properties in Paris, including Hôtel de Nocé, located 26, place Vendôme, and two buildings located on avenue Montaigne, at 35-37 and 56, from Kering, a global Luxury group, for €837m ($1.02bn).
Ardian is advised by Headland Consultancy.
IG Group, a financial services company, completed the acquisition of Freetrade, a fast-growing, commission-free, self-directed investment platform, for £160m ($196m).
IG Group was advised by FTI Consulting (led by Ed Berry).
Lingotto, an investment management company, led a €120m ($124m) Series B round in NEURA Robotics, a German robotics company specializing in advanced AI-powered cognitive robots, with participation from BlueCrest Capital Management, Volvo Cars Tech Fund, InterAlpen Partners, Vsquared Ventures, HV Capital, Delta Electronics, C4 Ventures, L-Bank and David Reger.
NEURA Robotics was advised by FrauWenk (led by Miriam Graf).
Meridiam, an investor and asset manager, completed the acquisition of a majority stake in Oxand, a real estate and infrastructure asset management company, from Latour Capital, an investment company. Financial terms were not disclosed.
Presidio, a private equity firm, completed the acquisition of Hellas Verona FC, a professional football club. Financial terms were not disclosed.
Presidio was advised by Deloitte.
Burgan Bank, a Kuwait commercial bank, agreed to acquire United Gulf Bank, a licensed conventional wholesale bank, for $190m.
Pfizer to sell $3bn stake in Sensodyne maker Haleon. ( Press Release)
Pfizer plans to sell shares worth £2.5bn ($3.05bn) in Haleon, reducing its stake in the British consumer healthcare company from 15% to approximately 7.3%.
The transaction involves the sale of 700m Haleon shares at £3.57 ($4.36) each, representing a discount of about 2.8% to the stock's closing price on January 14.
Historically, Pfizer has worked with Centerview Partners, Clifford Chance, Wachtell, Lipton, Rosen & Katz and Guggenheim Partners, according to MergerLinks data.
Carlyle lines up bankers for possible sale of British fund network Calastone. ( Reuters)
Carlyle has enlisted bankers to explore the sale of its British funds network and data business, Calastone, marking the latest potential transaction in a sector that has drawn significant investor interest.
The US private equity firm is collaborating with Barclays to evaluate a sale of the London-based company, which operates a blockchain-powered marketplace for trading and settling investment funds.
Euronext affirms M&A interest in Spanish BME, Nasdaq Nordic. ( Reuters)
The CEO of Euronext announced on January 15 that the pan-European stock exchange is exploring opportunities to further consolidate market infrastructure assets across Europe, including a potential acquisition of the Spanish stock exchange BME, owned by SIX.
Euronext is also considering partnerships or tie-ups with Euroclear and Nasdaq Nordic, a subsidiary of Nasdaq that oversees exchanges in the Nordic and Baltic regions.
Italy has no plans to strengthen golden power rules on financial sector. ( Reuters)
Italy has no intention of strengthening its "golden power" rules for mergers and acquisitions in the financial sector, Economy Minister Giancarlo Giorgetti stated on January 15.
The golden power legislation, developed at the European Union level to block unwanted non-EU buyers, was expanded during the COVID-19 pandemic to protect strategic companies as valuations dropped. Italy, among other countries, has applied these rules to the banking sector.
Romania to review E.ON energy provider sale over Russia risk. ( Reuters)
Romania's energy ministry announced on January 15 that it has alerted a government agency responsible for reviewing foreign investments about potential national security risks tied to the proposed sale of E.ON's local energy provider to Hungary's MVM.
E.ON disclosed the deal in December, which remains subject to Romanian regulatory approval. The ministry has previously indicated that the sale could face rejection on security grounds, as MVM sources most of its gas from Russia, unlike many other European energy providers.
Travel tech firm HBX Group announces plans for Spain IPO. ( Press Release)
HBX Group International, the travel technology company behind the Hotelbeds brand, has announced plans for an initial public offering on the Spanish stock exchanges.
The company aims to raise up to €725m ($747m) through the sale of new shares, with part of the proceeds earmarked for debt reduction. Existing shareholders, including Canada Pension Plan Investment Board, Cinven, and EQT, also intend to sell shares as part of the offering, though the amount has not been specified.
Goldman names Lievens as global financial institutions Co-Chair. ( Bloomberg)
Goldman Sachs Group has named Dirk Lievens, Europe’s head of financial institutions, as co-chair of its global financial institutions group.
Lievens, a partner at the firm, will work alongside John Mahoney, the other co-chair of the global FIG group, to advise financial institutions worldwide. Stephen Considine and Mathieu Munuera will succeed Lievens as co-heads of FIG in Europe, the Middle East, and Africa.
APAC
ASMedia, a fabless semiconductor company specializing in high-speed transmission interface IC design, agreed to acquire Techpoint, a semiconductor company developing proprietary high-definition video connectivity technology targeting high-definition video security systems, for $390m.
Techpoint is advised by Greenhill & Co, Anderson Mori & Tomotsune and Pillsbury Winthrop Shaw Pittman. ASMedia is advised by Citigroup, Chen & Lin, Davis Polk & Wardwell and Mori Hamada & Matsumoto.
Quadria Capital, a healthcare-focused private equity firm, completed a $100m investment in Aragen, a research and development partner.
Aragen was advised by Shardul Amarchand Mangaldas & Co. Quadria Capital was advsied by TT&A (led by Gautam Saha). Goldman Sachs was advsied by Trilegal.
Miramar Hotel and Investment, a group with a diversified service-oriented business portfolio, agreed to acquire Solution Right, a unit in Tsim Sha Tsui district, from Henderson Land Development, a property developer, for $401m.
KKR considers joining Seven & i management buyout after Apollo. ( Bloomberg)
KKR is evaluating a potential stake in a proposal by the founding family of Seven & i to take the Japanese convenience store operator private, joining Apollo Global Management in the record buyout bid.
The US private equity firm is in discussions to invest several hundred billion yen for an equity stake in the operator of 7-Eleven convenience stores.
Historically, KKR has worked with Simpson Thacher & Bartlett, Latham & Watkins, FGS Global and Kirkland & Ellis, according to MergerLinks data.
Stake sale talks value China's TikTok-rival Xiaohongshu at $20bn. ( Bloomberg)
Major shareholders of China’s Xiaohongshu are exploring a partial stake sale to potential buyers, including Tencent, in a deal that could value the TikTok rival at a minimum of $20bn.
Key stakeholders GGV Capital, GSR Ventures, and Tiantu Capital have attracted interest from existing backers such as HongShan Capital Group and Hillhouse Investment.
Alliance Bank’s top shareholder Vertical Theme is said to consider sale to DBS. ( Bloomberg)
Investment management firm Vertical Theme plans to seek approval in the coming weeks to initiate discussions about selling its stake in Alliance Bank Malaysia.
The Malaysian holding company is exploring the sale of its approximately 29% stake in Alliance Bank to Singapore-based DBS Group.
LG CNS said to be poised to price IPO at top of marketed range. ( KED Global)
LG CNS is set to price its initial public offering at the top of its marketed range, potentially raising KRW1.2tn ($823m) and marking South Korea's largest listing in three years.
Shares of the LG subsidiary are expected to be priced at KRW61.9k ($42.42). While local investors showed strong demand, international funds displayed lukewarm interest due to political instability in the country. Discussions are ongoing, and the final offer price, which may still change, is scheduled to be announced on January 17.
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