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Top Highlights
McCormick, a global manufacturer and distributor of flavor products, agreed to merge with Unilever Foods, a global packaged foods business, in a $44.8bn deal, according to press releases.
Spire, a gas provider, completed the acquisition of the Tennessee Piedmont Natural Gas business from Duke Energy, a natural gas company, for $2.48bn, according to press releases.
Duke Energy was advised by JP Morgan, RBC Capital Markets, Holland & Knight, McGuireWoods and Skadden Arps Slate Meagher & Flom (led by Pankaj K. Sinha). Spire was advised by BMO Capital Markets, Newlin Capital Advisors, Bradley Arant Boult Cummings, McGuireWoods and Sidley Austin (led by Jeffrey L. Kochian and Brittany Harrison). Debt financing was provided by BMO Capital Markets, according to press releases and MergerLinks data.
Brookfield Wealth Solutions, a company specialising in wealth solutions and retirement services, completed the acquisition of Just Group, a specialist UK financial services group, for £2.4bn ($3.2bn), according to press releases.
AMERICAS
JP Morgan seeks changes to $7.2bn Sealed Air financing. ( Bloomberg)
Microsoft in talks on $7bn Texas power plant project. ( Bloomberg)
GFL nears $900m acquisition of Frontier Waste Solutions. ( Bloomberg)
Irenic builds stake in Snap, calls for changes. ( Bloomberg)
Barrick forms leadership team ahead of North America IPO. ( Bloomberg)
Vale Base Metals downplays M&A and IPO plans. ( Bloomberg)
EMEA
France monitors Pernod Ricard, Brown-Forman merger talks. ( Bloomberg)
PIC seeks buyer for Daybreak Foods stake. ( Bloomberg)
Arcline exits bid for Senior as other suitors remain. ( Reuters)
KNDS starts investor meetings for potential €5bn IPO. ( Bloomberg)
Fractile seeks $200m funding at $1bn valuation. ( FT)
Indra chairman to resign after failed EM&E deal. ( Reuters)
Morgan Stanley hires former German finance minister Kukies. ( Bloomberg)
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AMERICAS
TJC-backed Arclin, a materials science company and manufacturer of polymer technologies, engineered products and specialized materials, completed the acquisition of Aramids business of DuPont, a provider of construction materials, fabrics, packaging materials, and solutions, for $1.8bn, according to press releases.
QXO, a distributor of building products, completed the acquisition of 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.
Bank of Hope, an FDIC-insured bank, agreed to acquire the commercial banking unit of SMBC MANUBANK, a business banking firm and a wholly owned subsidiary of SMBC Americas Holdings and Sumitomo Mitsui Banking Corporation, according to press releases. Financial terms were not disclosed.
Hope Bancorp is advised by Keefe Bruyette & Woods, Skadden Arps Slate Meagher & Flom (led by Michael P. Reed, Jeffrey Brill and Nicholas Colombo) and Reevemark (led by Hugh Burns). SMBC is advised by RBC Capital Markets and Davis Polk & Wardwell, according to press releases and MergerLinks data.
PE-backed Cvent, a SaaS provider, completed the acquisition of ON24, a webinar and event marketing platform, for $400m, according to press releases.
26North, an alternative asset management firm, agreed to acquire Intermedia Intelligent Communications, a cloud communications company, from Madison Dearborn Partners, an American private equity firm, according to press releases. Financial terms were not disclosed.
Intermedia Intelligent Communications is advised by Jefferies & Company and Kirkland & Ellis. 26North is advised by JP Morgan, Stifel and DLA Piper, according to press releases.
Oak Hill Capital, a private equity firm, completed the acquisition of Hunter Communications, a fiber-optic internet provider, from Grain Management, a private equity firm, according to press releases. Financial terms were not disclosed.
Monarch Alternative Capital, an investment fund, completed a $112.5m investment in Capstone Green Energy, a provider of clean energy solutions, according to press releases.
Monarch Alternative Capital was advised by Vinson & Elkins. Capstone Green Energy was advised by Craig-Hallum Capital Group and Katten Muchin Rosenman. Craig-Hallum Capital Group was advised by Faegre Drinker Biddle & Reath, according to press releases.
MedReview, a provider of advanced payment integrity solutions, completed the acquisition of Vital Data Technology, the premier provider of advanced healthcare payer workflow and data technology, according to press releases. Financial terms were not disclosed.
MedReview was advised by Synergy Advisors and Goodwin Procter. Vital Data Technology was advised by Bailey & Company and Sheppard Mullin Richter & Hampton, according to press releases.
Mountaingate Capital, a private equity firm, completed the acquisition of UpSwell Marketing, a vertically focused, technology‑enabled direct response marketing platform, according to press releases. Financial terms were not disclosed.
UpSwell Marketing was advised by BrightTower. Mountaingate Capital was advised by WilmerHale. Debt financing was provided by Twin Brook Capital Partners, according to press releases.
Wynnchurch Capital-backed Archer Foodservice Partners, a provider of foodservice consumables and parent entity of companies Handgards, Inno-Pak, and Fineline Settings, agreed to acquire the foodservice business of Sterno, a provider of portable food-warming and tabletop solutions, from Compass Diversified, an investment firm, according to press releases. Financial terms were not disclosed.
Wynnchurch Capital and Archer Foodservice Partners are advised by Foley & Lardner. Sterno is advised by Jefferies & Company, according to press releases and MergerLinks data.
Samsung Biologics, a contract development and manufacturing organization, completed the acquisition of Human Genome Sciences, a biopharmaceutical company, from GSK, a global healthcare company, for $280m, according to press releases.
Veralto, a provider of solutions for water quality, agreed to acquire GlobalVision, a Montreal-based software company specializing in AI-augmented packaging and labeling inspections, according to press releases. Financial terms were not disclosed.
Veralto is advised by Evercore, according to MergerLinks data.
Full Vision Capital, an investment firm, led a $300m Series B+ round in EnerVenue, a company specializing in high-efficiency metal-hydrogen batteries, with participation from Aramco Ventures and an additional new investor, according to press releases.
JP Morgan seeks changes to $7.2bn Sealed Air financing. ( Bloomberg)
Banks led by JP Morgan are looking to revise terms of a $7.2bn debt package backing the buyout of Sealed Air amid investor pushback.
The lenders are considering stronger protections for investors as discussions continue over deal structure.
Microsoft in talks on $7bn Texas power plant project. ( Bloomberg)
Microsoft is in exclusive discussions with Chevron and Engine No. 1 over a long-term deal tied to a $7bn gas-fired power plant in Texas.
The project would supply energy to a large data center campus, supporting growing AI and infrastructure demand.
GFL nears $900m acquisition of Frontier Waste Solutions. ( Bloomberg)
GFL Environmental is close to acquiring Texas-based Frontier Waste Solutions in a deal valued at about $900m, expanding its footprint in the US waste management market.
The transaction may include a mix of cash and shares, with some existing shareholders rolling over equity.
Irenic builds stake in Snap, calls for changes. ( Bloomberg)
Irenic Capital Management has built a roughly 2.5% stake in Snap and is urging operational and strategic changes to improve performance.
The activist investor outlined proposals aimed at boosting valuation, with shares rising on the news despite a broader decline in 2026.
Barrick forms leadership team ahead of North America IPO. ( Bloomberg)
Barrick has created a new executive leadership group for its North American business as it advances plans for a potential IPO.
The team will oversee key mining assets and operational performance while supporting preparations for a future listing.
Vale Base Metals downplays M&A and IPO plans. ( Bloomberg)
Vale Base Metals signalled a focus on organic growth over acquisitions and suggested a near-term IPO is unlikely.
The company emphasized developing existing assets rather than pursuing consolidation to drive production and long-term value.
EMEA
Molex, an electronics connectivity innovator, completed the acquisition of Smiths Interconnect, a provider of high-reliability connectivity products and solutions, from Smiths Group, a British, multinational, diversified engineering business, for £1.3bn ($1.7bn), according to press releases.
L’Oréal, a global beauty company specializing in cosmetics, skincare, haircare, and fragrances, completed the acquisition of the beauty portfolio of Kering, a global luxury group managing fashion, leather goods, jewelry, and eyewear brands, for $4.6bn, according to press releases.
L’Oréal was advised by Bank of America, Rothschild & Co (led by Gregoire Chertok) and Clifford Chance (led by Marc Besen). Kering was advised by Centerview Partners, Evercore and Image 7, according to press releases and MergerLinks data.
AGROFERT, a European nitrogen products manufacturer, completed the acquisition of OCI Ammonia from OCI Global, a global producer and distributor of nitrogen products, for $290m, according to press releases.
AGROFERT was advised by JP Morgan and White & Case (led by Vit Stehlik). OCI Global was advised by A&O Shearman (led by Oliver Bacon), Morgan Stanley and Rothschild & Co, according to press releases and MergerLinks data.
Cordillera Investment Partners, an investment management firm, completed the acquisition of a minority stake in Northridge, a London-based independent law firm specializing in the sports industry, according to press releases. Financial terms were not disclosed.
Cordillera Investment Partners was advised by Ropes & Gray and Prosek Partners. Northridge was advised by KPMG, Kindleworth and Shoosmiths, according to press releases.
Acrisure, a financial services solutions provider for insurance management, completed the acquisition of Vave, a managing general agent that provides algorithm‑driven insurance solutions, from Canopius, an insurance and underwriting services provider, according to press releases. Financial terms were not disclosed.
Acrisure was advised by Norton Rose Fulbright and Prosek Partners (led by Kate Dillon). Canopius was advised by Fenchurch Advisory Partners (led by Kunal Gandhi) and Linklaters, according to press releases and MergerLinks data.
Oak HC/FT-backed Artis BioSolutions, a San Diego-based advanced-therapies development and manufacturing company, completed the acquisition of Syngoi Technologies, a Spanish biotechnology company focused on synthetic DNA technologies for use in advanced therapies, according to press releases and MergerLinks data. Financial terms were not disclosed.
HarbourVest Partners, an investment firm, led a $170m Series C funding round in 9fin, an AI-native data and analytics platform, with participation from CPP Investments, Highland Europe, Spark Capital, Redalpine, and Seedcamp, according to press releases.
9fin was advised by Dukas Linden Public Relations (led by Shree Dhond), according to press releases.
Marriott International, an American multinational diversified hospitality company, and Lefay, a luxury wellness hospitality company, agreed to form a joint venture, according to press releases.
Lefay is advised by Mediobanca, according to MergerLinks data.
France monitors Pernod Ricard, Brown-Forman merger talks. ( Bloomberg)
The French government is closely watching discussions between Pernod Ricard and Brown-Forman over a potential combination.
Authorities are focusing on issues including headquarters location and board structure as talks progress.
PIC seeks buyer for Daybreak Foods stake. ( Bloomberg)
South Africa’s Public Investment is seeking to sell more than 60% of its chicken business Daybreak Foods as it looks to exit the investment.
The move follows operational challenges and a business-rescue process, with the fund aiming to stabilize the asset through a sale.
Arcline exits bid for Senior as other suitors remain. ( Reuters)
Arcline Investment Management has withdrawn from buyout talks for UK aerospace supplier Senior, narrowing the field of bidders.
Other potential buyers remain in discussions as interest in defence assets grows amid rising geopolitical tensions.
KNDS starts investor meetings for potential €5bn IPO. ( Bloomberg)
KNDS is holding preliminary investor meetings for a potential IPO that could raise up to €5bn ($5.7bn), in what may be one of Europe’s largest listings in recent years.
The company is progressing preparations for a possible summer debut despite market volatility and weaker momentum in defense stocks.
Fractile seeks $200m funding at $1bn valuation. ( FT)
Fractile is in talks to raise more than $200m in funding at a $1bn valuation as it looks to scale its AI chip technology.
The UK-based startup is backed by Pat Gelsinger and NATO’s Innovation Fund, with investors including Accel involved in discussions.
Indra chairman to resign after failed EM&E deal. ( Reuters)
Indra’s chairman Angel Escribano is set to step down following the collapse of a potential acquisition involving EM&E.
The withdrawal of the deal, citing conflict of interest concerns, triggered leadership changes at the defence group.
Morgan Stanley hires former German finance minister Kukies. ( Bloomberg)
Morgan Stanley is set to appoint Joerg Kukies as country head for Germany and Austria, strengthening its senior leadership in the region.
The hire supports the bank’s push to improve its M&A position in Germany, where it is currently ranked fifth.
APAC
Nine Entertainment, an Australian media company, completed the acquisition of QMS Media, a digital out‑of‑home advertising provider, from Quadrant Private Equity, a Sydney-based investment firm, for AUD850m ($583m), according to press releases.
Nine Entertainment was advised by Jefferies & Company and Russell McVeagh (led by David Raudkivi), according to press releases and MergerLinks data.
The Carlyle Group, an American multinational private equity firm, agreed to acquire a majority stake in the device & module solutions business of OMRON, a Japanese electronics and automation company, in a JPY81bn ($507m) deal, according to press releases.
The Carlyle Group is advised by Brunswick Group (led by Masato Ui). OMRON is advised by Mitsubishi UFJ Morgan Stanley Securities, according to press releases and MergerLinks data.
MTT Shipping proceeds with $161m Malaysia IPO. ( Bloomberg)
MTT Shipping and Logistics is moving ahead with an IPO in Malaysia to raise about $161m despite geopolitical disruptions.
The listing supports expansion plans as cargo volumes remain stable and regional IPO activity picks up.
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