Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Blackstone, an American alternative investment management company, agreed to acquire Champions Group, a premier residential home services platform that specializes in essential repair and replacement services, from Odyssey Investment Partners, a middle-market private equity firm, at a valuation of $2.5bn, according to press releases and MergerLinks data.
Portland General Electric, a fully integrated electric utility company, and Manulife Investment Management, a wealth and asset management company, agreed to acquire the Washington state utility operations of PacifiCorp, an electric power company, for $1.9bn, according to press releases.
Portland General Electric is advised by Barclays, Citigroup, JP Morgan and Latham & Watkins. Manulife Investment Management is advised by Goldman Sachs and Simpson Thacher & Bartlett, according to press releases.
Booz Allen Hamilton, an American company specializing in digital transformation and artificial intelligence, agreed to acquire Defy Security, a cybersecurity company, from Sverica Capital Management, a private equity firm, according to press releases. Financial terms were not disclosed.
Booz Allen Hamilton is advised by PricewaterhouseCoopers, Oliver Wyman, AGC Partners and King & Spalding. Defy Security is advised by JP Morgan and Choate Hall & Stewart, according to press releases.
Leonard Green & Partners, an American private equity investment firm, agreed to acquire the remaining 33% stake in Mister Car Wash, a conveyorized car wash operator in the US, at an enterprise value of $3.1bn, according to press releases.
Leonard Green & Partners is advised by Simpson Thacher & Bartlett (led by Gregory Klein and Michael Kaplan). Mister Car Wash is advised by Morris Nichols Arsht & Tunnell, Bank of America, Latham & Watkins and Centerview Partners, according to press releases.
SCI Capital Partners-backed Reddy Ice, a manufacturer and distributor of packaged ice products, completed the acquisition of Arctic Glacier, a North American provider of ice products and services, from Carlyle, an American multinational private equity firm, according to press releases. Financial terms were not disclosed.
Arctic Glacier was advised by Deutsche Bank, Debevoise & Plimpton (led by Jonathan Levitsky and David Iozzi) and Rule Garza Howley. Reddy Ice was advised by BMO Capital Markets and Latham & Watkins, according to press releases and MergerLinks data.
GenNx360 Capital Partners, a New York City-based private equity firm, completed the investment in NVI, a nationwide provider of industrial nondestructive testing, inspection, and asset integrity services, according to press releases. Financial terms were not disclosed.
NVI was advised by Stifel and Miller Sullivan & DeMarcay. GenNx360 Capital Partners was advised by Houlihan Lokey, Greenberg Traurig and Profile Advisors (led by Edward Lopez), according to press releases.
CenterWell, the healthcare services division of Humana, completed the acquisition of MaxHealth, a Florida-based primary care organization, from Arsenal Capital Partners, a private equity investment firm, according to press releases. Financial terms were not disclosed.
MaxHealth was advised by Guggenheim, Morgan Stanley, and Sidley Austin. Humana and CenterWell were advised by JP Morgan and Latham & Watkins, according to press releases.
Greenbriar Equity Group, a private equity firm, agreed to invest in AIT Worldwide Logistics, a provider of transportation and logistics services, according to press releases. Financial terms are not disclosed.
AIT Worldwide Logistics is advised by Harris Williams & Co, Morgan Stanley and Womble Bond Dickinson. Greenbriar is advised by Citizens M&A and Goldman Sachs, according to press releases.
The Riverside Company, a private equity firm, completed an investment in Western Botanicals, a developer and manufacturer of vitamins, minerals and supplements, according to press releases. Financial terms were not disclosed.
Kohlberg-backed Worldwide Clinical Trials, a mid-sized, global contract research organization providing full-service drug development solutions, completed the acquisition of Catalyst Clinical Research, a global contract research organization providing specialized clinical trial solutions, from QHP Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Worldwide Clinical Trials was advised by Greenberg Traurig. Catalyst Clinical Research was advised by Bank of America and Smith Anderson, according to press releases.
Patient Square Capital, a healthcare investment firm, agreed to acquire Paradigm, a specialty care management organization, according to press releases. Financial terms are not disclosed.
Paradigm is advised by Weil Gotshal and Manges (led by Timothy Burns and Larissa Lucas). Patient Square is advised by Prosek Partners , according to MergerLinks data and press releases.
Bluestone-backed Valiant Solutions, a provider of cybersecurity technologies and services to US Federal agencies, completed the acquisition of Abile Group, a provider of secure network and cyber engineering services, according to press releases. Financial terms were not disclosed.
Valiant Solutions was advised by Holland & Knight. Abile was advised by Piper Sandler and Miles & Stockbridge, according to press releases.
Permira-backed Seismic, a global sales enablement software company, agreed to merge with Highspot, a go-to-market platform for predictable revenue growth, according to press releases. Financial terms are not disclosed.
Seismic is advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by J. Christian Nahr), according to MergerLinks data and press releases.
Kinderhook-backed Eagle Leasing, a provider of portable storage containers and part of the Rent-A-Container network, completed the acquisition of West Brothers Trailer and Containers4Less, the storage solutions providers. Financial terms were not disclosed.
Kinderhook, Rent-A-Container and Eagle Leasing were advised by Alvarez & Marsal and Bernicker Law, according to press releases.
Gemspring Capital, a private equity firm, completed the acquisition of the Image Recognition business of Trax, a cloud-based retail management company, according to press releases. Financial terms were not disclosed.
Trax was advised by Deutsche Bank and Holland & Hart, according to press releases.
RAF Equity, a private equity firm, completed the acquisition of NewSpring Capital and Spring Capital-backed Boston Valley Terra Cotta, a manufacturer of custom architectural terra cotta façade solutions, according to press releases. Financial terms were not disclosed.
BVTCV was advised by Brown Gibbons Lang & Company (led by Andrew Petryk) , according to MergerLinks data.
Bessemer-backed Tencarva Machinery Company, a value-added distributor and service provider of flow control and process equipment solutions, completed the acquisition of Hoffman-Kane Distributors, a provider of industrial fluid handling and sealing solutions, according to press releases. Financial terms were not disclosed.
Bessemer was advised by Lambert & Co (led by Joanne Lessner), according to press releases.
Cinven, a private equity firm, agreed to invest in Linden Capital-backed Regenity Biosciences, a developer and manufacturer of bioresorbable technologies, according to press releases. Financial terms were not disclosed.
Linden Capital is advised by Centerview Partners, according to MergerLinks data.
Blue Owl Capital, a global alternative asset manager, and Sixth Street Growth, the dedicated growth investing arm of Sixth Street, led a $385m Series E funding round in Vestwell, with participation from Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures and HarbourVest, according to press releases.
Vestwell was advised by JP Morgan, according to press releases.
Exa Capital, a strategic long-term operator that buys and holds enterprise software companies, completed the acquisition of StaffReady, an SaaS platform for clinical workforce management in healthcare, according to press releases. Financial terms were not disclosed.
Visa, a global payments technology company, agreed to acquire Prisma Medios de Pago, a digital payments company, and Newpay, a payments technology provider, from Advent International, a private equity firm, according to press releases. Financial terms were not disclosed.
TA Associates, a global private equity company, completed an investment in Volue, a company specializing in electrification and energy technology, according to press releases. Financial terms were not disclosed.
Andreessen Horowitz, a venture capital firm, led a $300m Series D round in Temporal, a cloud-based platform designed to enhance software engineering, with participation from Lightspeed Venture Partners, Sapphire Ventures, Sequoia Capital, Index, Tiger, GIC, Madrona and Amplify, according to press releases.
Texas pipeline operator prepares sale process as gas demand booms. ( FT)
Kinetik Holdings is exploring a sale after receiving interest from Western Midstream Partners, backed by Occidental Petroleum. The company, valued at $7.2bn, is testing buyer appetite, though talks remain early and no formal bid has emerged.
Rosenbank is in talks to buy two US firms for over $3bn. ( Press Release)
Rosebank Industries, the latest buyout vehicle led by former Melrose Industries executives, is in advanced talks to acquire two unidentified US businesses in deals valued at a combined $3.05bn, including debt.
The transactions will be funded through a fully underwritten equity raise of about £1.9bn ($2.6bn) and new debt facilities. Discussions are ongoing and subject to final agreements.
Tiger Global, Adage trim stakes in AI heavyweights. ( Reuters)
Tiger Global Management and Adage Capital Partners reduced holdings in Nvidia and Amazon in the fourth quarter of 2025.
The disclosures suggest some large investors are paring back exposure to the “Magnificent 7” tech stocks amid concerns over stretched valuations in leading AI names.
Robinhood pitches $1bn pre-IPO stock fund to retail investors. ( Bloomberg)
Robinhood Markets is seeking to raise $1bn through an IPO of Robinhood Ventures Fund I, a closed-end vehicle aimed at giving US retail investors exposure to private companies.
The Menlo Park-based brokerage plans to offer 5m shares while the fund will sell 35m shares at $25 each, with trading expected to begin on February 26.
Josh Kushner’s Thrive Capital raises $10bn in new funding. ( Bloomberg)
Thrive Capital has raised more than $10bn for its newest fund, marking the firm’s largest vehicle to date and expanding its capacity to invest across areas including AI applications and infrastructure, space, robotics and life sciences.
The fundraising was significantly oversubscribed, with the firm declining additional commitments. The new fund is roughly twice the size of its previous one and reflects strong performance across several of its portfolio companies in recent years, including OpenAI, SpaceX and Stripe, which rank among the world’s most valuable private firms.
NFL hall of famer Steve Young’s HGGC raises new $3.2bn fund, beating target. ( Bloomberg)
HGGC, the private‑equity firm co‑founded by NFL Hall of Famer Steve Young, has raised $3.2bn for its fifth fund, surpassing its $2.5bn target and $2.8bn hard cap. The raise is notable given a challenging fundraising environment.
Commitments came from pensions, endowments, family offices, and sovereign wealth funds. The new vehicle adds significant firepower to HGGC’s mid‑market deal strategy.
Goldman leads a $3.5bn private loan for the Clearwater purchase. ( Bloomberg)
A consortium of private credit lenders led by Goldman Sachs Alternatives is supplying $3.5bn in financing to back the takeover of Clearwater Analytics, marking another major software acquisition funded by direct lenders.
Ares Management, Blue Owl Capital, Antares Capital and Apollo Global Management are also part of the lending group. The debt package is being offered at a spread of 4.5 percentage points over the US benchmark rate.
EMEA
nexfibre, the network joint venture owned by InfraVia Capital Partners, Liberty Global and Telefónica, agreed to acquire Substantial Group, the parent group of Netomnia, Brsk and YouFibre, from Advencap, a global alternative asset manager, DigitalBridge, a global digital infrastructure investment firm, and Soho Square Capital, an investment firm, for £2bn ($2.7bn), according to press releases.
Telefonica and Liberty Global are advised by Barclays and LionTree Advisors. nexfibre is advised by TD Securities. InfraVia is advised by Morgan Stanley and Taddeo (led by Antoine Denry), according to press releases.
ECI Partners, a UK-based private equity firm, completed the acquisition of a majority stake in Paragin Group, a provider of exam and assessment software solutions, from Main Capital Partners, a European private equity firm specializing exclusively in the enterprise software sector, according to press releases. Financial terms were not disclosed.
Main Capital Partners was advised by EY Parthenon. ECI Partners was advised by Arma Partners and De Brauw Blackstone Westbroek. Debt financing was provided by Crescent Capital Group (led by Christine Vanden Beukel), according to press releases and MergerLinks data.
Polaris, a Nordic private equity company investing in companies in the mid-market, completed the investment in Valtus, a provider of business assistance services, according to press releases. Financial terms were not disclosed.
Mutares, a private equity firm, agreed to acquire the flooring business of Hamberger Industriewerke, a parquet and hard‑flooring manufacturer, according to press releases. Financial terms were not disclosed.
Mutares is advised by CROSS ALLIANCE communication (led by Susan Hoffmeister), according to press releases.
Pictet Alternative Advisors, a Switzerland-based asset management firm, completed the investment in Tretor, a Swiss fiduciary and accounting services firm, according to press releases. Financial terms were not disclosed.
Pictet Alternative Advisors was advised by Bar & Karrer (led by Raphael Annasohn), according to press releases.
Deutsche Börse to acquire the remaining 20% stake in ISS STOXX from General Atlantic for €1.1bn.
Deutsche Börse, an international exchange organization, agreed to acquire the remaining 20% stake in ISS STOXX, a data, analytics and index provider, from General Atlantic, a global investor, for €1.1bn ($1.3bn), according to press releases.
Deutsche Börse is advised by Centerview Partners, according to MergerLinks data.
Attestor, an investment firm, completed an investment in Padana Tubi, an Italian industrial company specializing in the production of welded steel tubes and profiles, according to press releases. Financial terms were not disclosed.
Attestor was advised by Jefferies & Company, according to MergerLinks data.
Patricia Industries, a long-term owner and investor, agreed to acquire the remaining 50% stake in GoCo Health Innovation City, a knowledge-intensive real estate cluster in Mölndal, for SEK1.45bn ($162m), according to press releases.
Blackstone, EQT and CVC bid for VW’s Everllence. ( Reuters)
Volkswagen has received offers from Blackstone, EQT and CVC for its diesel engine division Everllence, as private equity firms circle the carveout.
Prospective buyers are valuing Everllence, which produces shipping engines and heat pumps, at between €5bn ($5.9bn) and €6bn ($7.1bn).
Banks prepare sale of BASF Coating's €4bn buyout debt. ( Bloomberg)
Banks are preparing to sell about €4bn ($4.7bn) of debt to finance Carlyle’s acquisition of BASF’s coatings business.
Bank of America and Goldman Sachs are among the lenders arranging the loan and bond financing, which could be sold toward the end of March or early April. The debt package includes leveraged loans in dollars and euros, as well as euro-denominated senior secured notes.
CVC is working with Goldman Sachs on €1bn marina business sale. ( Bloomberg)
CVC Capital Partners is working with Goldman Sachs to explore a sale of D‑Marin, the Mediterranean marina operator. The process is at an early stage as the buyout firm tests interest from potential buyers.
CVC is seeking a valuation of around €1bn ($1.2bn) for D‑Marin, though discussions remain private and no formal decision has been made.
Apax Partners pulls out of the Pinewood deal due to challenging market conditions. ( Reuters)
Private equity firm Apax Partners has pulled its offer for British automotive services provider Pinewood Technologies.
The firm had put forward a $792m bid for Pinewood in late January, a move that sent the London‑listed company’s shares soaring nearly 30% at the time.
KKR hands Accell to lenders in debt takeover. ( Bloomberg)
KKR is set to transfer ownership of Dutch bicycle maker Accell Group to its lenders, marking a setback a year after a debt restructuring aimed to stabilize the business.
Under the deal, Accell will receive new funding and significantly cut its debt, with lenders expected to take control in the coming weeks. The group owns brands including Raleigh, Lapierre and Ghost.
Nestlé weighs reducing exposure to ice cream, revamps board. ( Bloomberg)
Nestlé is weighing a further pullback from ice cream as new CEO Philipp Navratil reviews the portfolio. Options include reducing its stake in Froneri, the joint venture with PAI Partners that owns Häagen‑Dazs and Mövenpick, or selling additional fully owned ice‑cream businesses into the JV.
The review signals continued streamlining at Nestlé after years of divestments. No decisions have been taken, but any move would mark another step in shifting away from a category it has been gradually exiting.
Activist Elliott builds big stake in Norwegian Cruise Line. ( WSJ)
Activist investor Elliott Investment Management has built a stake of more than 10% in Norwegian Cruise Line and plans to press for changes aimed at improving the company’s performance.
Elliott, now among Norwegian’s largest shareholders, intends to engage with the cruise operator to address areas of underperformance and explore measures to strengthen the business.
BNP Alternatives AM unit Capza raises €1.4bn for a fund. ( Press Release)
Alternative investment firm Capza, ultimately owned by BNP Paribas, has raised nearly €1.4bn ($1.7bn) for its new private credit vehicle, Capza Private Debt 7.
The fund will provide unitranche loans and subordinated debt to small and medium-sized companies across several European countries. Capza is targeting a final close of about €3bn ($3.5bn), meaning the initial fundraising accounts for nearly half of its goal.
APAC
The Blackstone Group, a global investment firm, agreed to invest $600m in Neysa, a fast-growing Artificial Intelligence acceleration cloud platform in India, according to press releases.
Neysa is advised by DC Advisory, Talwar Thakore & Associates (led by Gautam Saha and Punita Gupta) and Talking Point Communications (led by Naina Aggarwal Ahuja). Blackstone is advised by KPMG, Gibson Dunn & Crutcher and Trilegal, according to press releases and MergerLinks data.
A consortium led by Macquarie Asset Management, an Australian financial services group, agreed to acquire Qube, an integrated developer, operator and investment manager of institutional-quality logistics warehouses and related industrial properties, for AUD11.6bn ($8.21bn), according to press releases.
Qube is advised by UBS and Allens (led by Tom Story), according to press releases and MergerLinks data.
Cowin Capital, a private placement equity investment company, and Jingming Capital, a Chinese investment firm, led a $730m Series D++ round in iSpace, a Beijing‑based private aerospace company, with participation from Spring Partners, Chengdu Industry Group, and Qianlima Capital, according to press releases.
Brookfield and GIC pursue a $2bn loan to support the National Storage purchase. ( Bloomberg)
Brookfield Asset Management and Singapore’s GIC are seeking a AUD2.77bn ($1.96bn) loan to help finance their acquisition of National Storage REIT, which is listed in Sydney.
About six banks — including DBS Group Holdings, National Australia Bank and United Overseas Bank — have been mandated as underwriters for the facility, which will be arranged in multiple tranches with three‑ and five‑year maturities.
Kusuri no Aoki poison pill plan narrowly passes; shares drop. ( Bloomberg)
Shareholders of Kusuri no Aoki approved the company’s takeover defense measure at an extraordinary shareholders’ meeting on February 17th, strengthening the founding family’s position in its dispute with major outside shareholders Aeon and activist fund Oasis Management.
The proposal received 55.5% support, narrowly above the 50% threshold. The company said it will take criticism into account and continue to review ways to strengthen its corporate governance.
China AI startup Moonshot targets $10bn valuation. ( Bloomberg)
Moonshot is targeting a $10bn valuation in an expanded funding round already backed by Alibaba Group and Tencent, aiming to capture rising investor interest in Chinese AI model developers.
The company behind the Kimi chatbot began discussions in late January on additional financing to meet strong demand from investors. The move comes roughly a month after it raised $500m at a $4.3bn valuation. Existing investors, including Alibaba, Tencent and 5Y Capital, have committed more than $700m to the first tranche of the latest round.
KKR sees strong long-term opportunities in India, says CIO Henry McVey. ( DealStreetAsia)
KKR’s Henry McVey expects India’s stock market to outperform in 2026, driven by rising earnings, strong consumption, and supportive policy trends. He views India as one of the most compelling long‑term markets of his 30‑year career but noted that the IT services sector must better show how it is using AI to sustain growth.
McVey stated that KKR, with $744bn in assets, continues to expand across India and has deployed $13bn to date, including the recent $10.9bn ST Telemedia Global Data Centres deal. He highlighted financial services, healthcare, education, and infrastructure as key focus areas, and expects foreign capital flows into India to keep rising.
CVC taps Sanjay Nayar to expand India operations. ( Bloomberg)
CVC Capital Partners has appointed former KKR India chief Sanjay Nayar as chairman of its advisory board in India, as the firm looks to deepen its presence in one of Asia’s fastest-growing private equity markets.
Nayar will focus on strengthening relationships and refining strategy, with CVC aiming to deploy more capital from its $6.8bn Asia Fund VI and expand its local team.
|
