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Top Highlights
Mubadala Capital, the alternative asset management subsidiary of the Abu Dhabi government's sovereign wealth fund, and TWG Global, a diversified holding company, agreed to acquire Clear Channel Outdoor, an out-of-home advertising company, for $6.2bn, according to press releases.
Mubadala Capital is advised by Guggenheim Partners, JP Morgan and Freshfields. Debt financing is provided by JP Morgan and Apollo Global Management. Clear Channel Outdoor is advised by Moelis & Co, Morgan Stanley, and Kirkland & Ellis, according to press releases.
One Equity Partners, a private equity firm, agreed to acquire Bozzetto Group, a global specialty chemicals provider, from Aimia, a Toronto-based investment holding company, for up to CAD271m ($199m), according to press releases.
One Equity Partners is advised by KPMG, McKinsey & Company, Freshfields, Stanton PRM (led by Thomas Zadvydas) and Arcadis. Bozzetto Group and Aimia are advised by Jefferies & Company and White & Case, according to press releases.
General Atlantic, a global growth equity firm, agreed to acquire European Wax Center, a franchisor and operator of out-of-home waxing services in the United States, for $330m, according to press releases.
General Atlantic is advised by Bank of America, Guggenheim Partners and Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott and Cullen Sinclair). European Wax Center is advised by Moelis & Co, Ropes & Gray and Edelman (led by Josh Hochberg and Ashna Vasa), according to press releases.
Deal Round up
AMERICAS
Bain Capital to seek $2.3bn in Coherent block. ( Bloomberg)
Traders Greenwich Metals and Element Alpha said to pursue merger. ( Bloomberg)
Mercuria is close to buying Raizen assets in Argentina. ( Bloomberg)
Jump Trading poised to gain stakes in Kalshi and Polymarket. ( Bloomberg)
Eddie Bauer files bankruptcy with plans to sell stores. ( Bloomberg)
Elon Musk’s go-to banker is back in action for the SpaceX IPO. ( WSJ)
EMEA
Stripe valuation set to hit $140bn in new tender offer. ( Bloomberg)
CapVest enters exclusive discussions with HLD on the proposed acquisition of TSG. ( Press Release)
Egyptian foie gras-seller Gourmet shares rise in trading debut.( Bloomberg)
Odido shelves IPO plans because of muted investor response and volatility. ( Reuters)
UniCredit’s Orcel is open for new term as chief executive. ( Bloomberg)
APAC
Billionaire Johnson’s VC fund is said to shelve sale of 40 China tech firms. ( Bloomberg)
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COMPANIES
FINANCIAL ADVISORS
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AMERICAS
Neuberger Berman, an investment firm, agreed to acquire MIO Partners, a global investment and advisory firm, from McKinsey & Company, an American worldwide management consulting firm, according to press releases. Financial terms were not disclosed.
Neuberger Berman is advised by Skadden Arps Slate Meagher & Flom (led by Richard Oliver and Peter Serating). McKinsey & Co is advised by Ardea Partners and Simpson Thacher & Bartlett, according to press releases.
Synteq Digital, a provider of infrastructure, hardware, services, and solutions for the global data center sector, completed the acquisition of operational and strategic data center assets of HMTech, a provider of specialized repair and maintenance services for digital compute hardware, according to press releases. Financial terms were not disclosed.
Synteq is advised by Keefe Bruyette & Woods and Cozen O’connor, according to press releases.
Beast Industries, a multifaceted entertainment, consumer products, and CPG company founded and led by YouTube creator Jimmy Donaldson, better known as MrBeast, completed the acquisition of Step, a financial technology company that provides digital banking and financial literacy tools specifically designed for teenagers and young adults, according to press releases. Financial terms were not disclosed.
Beast Industries was advised by Wachtell Lipton Rosen & Katz (led by Raaj Narayan and Savely S. Zakharenko) and Hiltzik Strategies, according to press releases and MergerLinks data.
Arcline Investment Management-backed Novaria Group, a provider of niche engineered components and specialty processes that serve the aerospace and defense industries, completed the acquisition of Plasma Ruggedized Solutions, a provider of high-reliability conformal coatings for sensitive electronics serving defense, medical, and advanced industrial applications, according to press releases. Financial terms were not disclosed.
Plasma Ruggedized Solutions was advised by Alderman & Company. Arcline was advised by Joele Frank (led by Tim Ragones), according to press releases.
Agellus Capital, a private equity firm, completed the acquisition of Crux Consulting, a fire and life safety design, engineering, and consulting provider for federal, commercial, critical energy, and industrial facilities, according to press releases. Financial terms were not disclosed.
Agellus Capital was advised by Squire Patton Boggs, according to press releases.
CD&R-backed White Cap, a distributor of specialty construction supplies and safety products, completed the acquistion of Colony Hardware, a regional US distributor of tools, equipment, supplies, safety products, and tool repairs and rentals, according to press releases. Financial terms were not disclosed.
White Cap was advised by Debevoise & Plimpton (led by Christopher Anthony), according to press releases and MergerLinks data.
General Atlantic, a global growth equity firm, led a $315m Series E round in Runway, an applied AI research company specializing in generative AI for video, image, and multimedia content, with participation from NVIDIA, Adobe Ventures, AllianceBernstein, AMD Ventures, Fidelity Management & Research Company, Mirae Asset, Emphatic Capital, Felicis, and Premji Invest, according to press releases.
Bain Capital to seek $2.3bn in Coherent block. ( Bloomberg)
Bain Capital has offered an unregistered block of Coherent shares worth up to $2.3bn, marking the latest reduction of the private equity firm’s stake in the laser equipment manufacturer.
The firm is selling about 9.4m shares at a marketed price range of $237.50 to $240 per share, representing a discount of up to 2% to the February 9th closing price. Bank of America is leading the sale.
Traders Greenwich Metals and Element Alpha said to pursue merger. ( Bloomberg)
Greenwich Metals and Element Alpha are finalizing talks on a merger that would expand their presence in key commodity markets.
The privately owned firms have been discussing a combination that would bring together Greenwich’s metals trading operations with Element Alpha’s energy‑trading activities.
Mercuria is close to buying Raizen assets in Argentina. ( Bloomberg)
Swiss energy trader Mercuria is nearing a deal to acquire Raízen’s Argentine assets, including the Dock Sud refinery and hundreds of gas stations, for over $1bn.
Raízen, a joint venture of Brazil’s Cosan and Shell, has faced heavy losses and rising debt, triggering bond sell-offs and credit downgrades to CCC. The company has appointed legal and financial advisers, signaling a move toward asset sales or restructuring.
Jump Trading poised to gain stakes in Kalshi and Polymarket. ( Bloomberg)
Jump Trading is set to receive small equity stakes in Kalshi and Polymarket in exchange for providing liquidity on the prediction‑market platforms.
The agreement with Kalshi grants Jump a fixed equity allocation in the company. The stake in Polymarket will increase over time based on the level of trading capacity Jump supplies to the exchange’s US operations.
Eddie Bauer files bankruptcy with plans to sell stores. ( Bloomberg)
Eddie Bauer has filed for Chapter 11, marking the retailer’s third bankruptcy. The company plans to sell as many of its 175 stores as possible and liquidate the remainder. The stores employ about 2.2k people.
The filing follows a restructuring move in which the brand’s owner, Authentic Brands Group, transferred key licensing agreements to a new operator. Under the revised structure, Outdoor 5 assumed control of Eddie Bauer’s e‑commerce and wholesale operations as well as design and product development in the US and Canada, the company said.
Elon Musk’s go-to banker is back in action for the SpaceX IPO. ( WSJ)
Michael Grimes is returning to Morgan Stanley after serving in the US Commerce Department, positioning him to work on the expected SpaceX IPO. Grimes previously advised Elon Musk on major transactions and helped lead Tesla’s public listing, giving him long‑standing ties to SpaceX’s founder.
His return comes as Morgan Stanley seeks a leading role in what could become one of the largest IPOs ever. Grimes is expected to be central to the bank’s efforts as SpaceX prepares for its long‑anticipated market debut.
EMEA
Goldman Sachs Alternatives-backed AAB, a UK-based professional services firm, agreed to acquire Kreston Reeves, a UK-based accountancy, business, and wealth advisory firm, according to press releases. Financial terms were not disclosed.
AAB is advised by Goldman Sachs, Addleshaw Goddard (led by Laura Falls) and Linklaters. Kreston Reeves is advised by Rothschild & Co and Shoosmiths, according to press releases.
Harith General Partners, a South African private equity firm, agreed to acquire FlySafair, a South African low-cost airline, from ASL Aviation, a global aviation services provider, according to press releases. Financial terms were not disclosed.
ASL Aviation is advised by Rothschild & Co, according to MergerLinks data.
Accel-KKR-backed Singletrack, a provider of AI-first client engagement tools and analytics for capital markets, completed the acquisition of Mediasterling, a provider of design-driven technology solutions for financial and professional services firms, according to press releases. Financial terms were not disclosed.
Stripe valuation set to hit $140bn in new tender offer. ( Bloomberg)
Stripe is arranging a tender offer that would value the payments company at $140bn, up from its $107bn valuation last fall. The move lets employees and investors sell shares without an IPO, but terms could still change.
The tender offer signals Stripe’s continued preference to stay private. Co-Founder John Collison recently said there’s “no rush” to go public. The company reached full profitability in 2024 and has been expanding into crypto, including acquiring stablecoin platform Bridge.
CapVest enters exclusive discussions with HLD on the proposed acquisition of TSG. ( Press Release)
CapVest has entered exclusive talks to acquire a majority stake in TSG, a Paris‑based energy‑infrastructure services group operating in 30+ countries. TSG generates over €1.4bn ($1.6bn) in annual revenue, with about half coming from newer energy segments such as EV charging, solar, and battery storage.
If completed, HLD and management will retain minority stakes, and CapVest will support further expansion and acquisitions.
Egyptian foie gras-seller Gourmet shares rise in trading debut. ( Bloomberg)
Shares of premium grocer Gourmet Egypt SAE rose as much as 38% in their debut on the Egyptian stock exchange, marking the country’s first initial public offering of the year.
Gourmet’s shares traded as high as EGP9.5 ($0.20) in early trading. The company priced the offering at EGP6.9 ($0.15) per share and raised about EGP1.3bn ($27.7m) in the IPO.
Odido shelves IPO plans because of muted investor response and volatility. ( Reuters)
Odido has postponed plans for an initial public offering in Amsterdam due to limited investor interest and increased volatility in global equity markets.
The Dutch telecoms operator, owned by private equity groups Apax Partners and Warburg Pincus, had been preparing a potential €1bn ($1.19bn) listing that was expected as early as late January. The company has paused the process and has not set a new timeline for when the offering may resume.
UniCredit’s Orcel is open for new term as chief executive. ( Bloomberg)
Andrea Orcel said he is open to serving another term as chief executive of UniCredit after overseeing a transformation that has positioned the bank among Europe’s more profitable and acquisitive institutions.
He said the decision rests with shareholders and that he has no plans to leave his role. Orcel added that he and his team are beginning a new phase following the bank’s updated strategy unveiled on February 9th.
APAC
Bertelsmann Investments, the venture capital arm of German media and services group Bertelsmann, completed the acquisition of a majority stake in LetsTransport, a provider of digital, tech-enabled logistics solutions in India, according to press releases. Financial terms were not disclosed.
Billionaire Johnson’s VC fund is said to shelve sale of 40 China tech firms. ( Bloomberg)
Eight Roads, a venture capital firm backed by Fidelity Investments’ Johnson family, has halted plans to sell its holdings in several Chinese technology companies as geopolitical pressures ease and valuations improve.
The decision comes despite discussions having reached an advanced stage.
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