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AMERICAS

European Commission grants final antitrust approval for Amcor–Berry $15.7bn deal. (Press Release)

Amcor and Berry Global have received unconditional antitrust approval from the European Commission for their proposed $15.7bn all-stock merger. This marks the final regulatory clearance required, paving the way for the transaction to close on April 30, 2025, subject to remaining closing conditions.

Berry Global is advised by Lazard (led by Richard Whitney), Wells Fargo Securities (led by Paul Wren and Doug Braunstein), Skadden Arps Slate Meagher & Flom (led by C. Michael Chitwood and Paul Schnell) and Joele Frank (led by Adam Pollack, Joseph Sala and Michael Freitag). Lazard and Wells Fargo Securities and White & Case (led by Denise A. Cerasani). Amcor is advised by Goldman Sachs (led by Matthew McClure and Colin Convey), UBS (led by Nick Brown and Robin Rankin), Herbert Smith Freehills (led by Kam Jamshidi), Kirkland & Ellis (led by Jonathan Davis, Carlo Zenkner and Andrew Norwich), Joele Frank (led by Ed Trissel and Tim Lynch) and Sodali & Co (led by James Strong), according to press releases and MergerLinks data.

Monex Group completed the acquisition of a 20% stake in Westfield Capital Management for $103m.

Monex Group, a Japan-based financial services group, completed the acquisition of a 20% stake in Westfield Capital Management, a Boston-based boutique asset manager, for $103m, according to press releases.

Westfield Capital was advised by JP Morgan and Ropes & Gray. Monex was advised by Greenhill & Co and Simpson Thacher & Bartlett (led by Jonathan Corsico), according to press releases and MergerLinks data.

Cadence Bank to acquire Industry Bancshares.

Cadence Bank, a regional financial services company, agreed to acquire Industry Bancshares, a bank holding company, according to press releases. Financial terms were not disclosed.

Industry Bancshares is advised by Hovde Group and Alston & Bird. Cadence Bank is advised by UBS and Sullivan & Cromwell, according to press releases.

Suvoda and Greenphire complete the merger.

Suvoda, a clinical trial technology company, and Greenphire, a clinical trial payments, financial management and patient support tools company, completed the merger, according to press releases. Financial terms were not disclosed.

Greenphire was advised by JP Morgan (led by Nick Richitt) and Goodwin Procter. Suvoda was advised by William Blair & Co and Morgan Lewis & Bockius, according to MergerLinks data and press releases.

Frontline Road Safety completes the acquisition of PLP Company.

Frontline Road Safety, a provider of pavement marking services, completed the acquisition of PLP Company, a pavement marking contractor, according to press releases. Financial terms were not disclosed.

PLP was advised by Brown Gibbons Lang & Company and Dentons. Frontline Road Safety was advised by Holland & Knight and Stanton PRM, according to press releases.

Argand Partners completes the acquisition of Capezio.

Argand Partners, a middle-market private equity firm, completed the acquisition of Capezio, a manufacturer of dance shoes, apparel and accessories, according to press releases. Financial terms were not disclosed.

Capezio was advised by Meriwether Group (led by David Howitt). Argand was advised by Alta Capital Partners. Debt financing was provided by Backcast Partners. Backcast was advised by McGuireWoods, according to press releases.

Atacadao investors approve acquisition by parent Carrefour. (Bloomberg)

Grupo Carrefour Brasil Atacadao’s investors approved an acquisition by parent company Carrefour in a contentious vote that included opposition from some investors and one prominent proxy adviser. The Brazilian retailer announced that the proposal was approved, without detailing the vote count.

Carrefour is advised by Rothschild & Co (led by Luiz Muniz), according to MergerLinks data.

TPG Capital-backed Lyric to acquire ClaimShark.

TPG Capital-backed Lyric, a healthcare technology company specializing in payment accuracy and integrity solutions, agreed to acquire ClaimShark, a payment integrity technology platform, according to press releases. Financial terms were not disclosed.

Lyric is advised by Ropes & Gray, according to press releases.

AEA Investors completes the acquisition of a majority stake in Splash Car Wash from Palladin Consumer Retail Partners.

AEA Investors, a private investment vehicle, completed the acquisition of a majority stake in Splash Car Wash, a car wash operator, from Palladin Consumer Retail Partners, a private investment firm, according to press releases. Financial terms were not disclosed.

AEA Investors was advised by Joele Frank (led by Kate Thompson and Erik Carlson), according to press releases.

Morgan Stanley Capital-backed FoodScience completes the acquisition of Natural Dog.

Morgan Stanley Capital-backed FoodScience, a provider of premium health and wellness solutions for pets and people, completed the acquisition of Natural Dog, a dog care products manufacturer, according to press releases. Financial terms were not disclosed.

Merck in advanced talks to acquire SpringWorks Therapeutics for $3.5bn. (Bloomberg)

Merck is nearing an agreement to acquire SpringWorks Therapeutics, a US-based biotech company focused on rare diseases and oncology, for approximately $3.5bn. The discussions are at an advanced stage but have not yet resulted in a definitive agreement.

SpringWorks specializes in therapies for rare cancers and genetic disorders. Its portfolio includes Ogsiveo, approved for desmoid tumors, and Gomekli, approved for neurofibromatosis type 1. The acquisition would help Merck expand its oncology offerings amid slowing sales in other therapeutic areas.

Klick Health explores minority stake sale at $2bn–$3bn valuation. (Bloomberg)

GTCR is exploring the sale of a minority stake in Klick Health, a Toronto-based digital marketing agency specializing in healthcare. The transaction could value the company between $2bn and $3bn. Advisors have been engaged to facilitate the process, though no final decisions have been made.

Klick Health is recognized for its innovative campaigns and has received numerous accolades in the healthcare marketing industry. The firm has been expanding its global footprint, including establishing a leadership team in Europe, the Middle East, and Africa.

Yahoo expresses interest in acquiring Chrome browser if Google is compelled to divest. (Bloomberg)

Yahoo, backed by Apollo Global Management, has indicated its readiness to bid for Google's Chrome browser should a federal court mandate its divestiture as part of antitrust remedies. Brian Provost, Yahoo's Search General Manager, testified during the ongoing trial that the browser could command a price in the tens of billions of dollars.

Other companies, including OpenAI and Perplexity, have also expressed interest in Chrome. DuckDuckGo's CEO estimated the browser's value at up to $50bn. The Department of Justice's proposal to break up Google by requiring it to sell Chrome underscores the browser's significance in maintaining Google's search dominance.

Morgan Stanley Infrastructure Partners explores $2bn sale of Brazos Midstream II stake. (Reuters)

Morgan Stanley Infrastructure Partners is considering selling its majority stake in Brazos Midstream II, a pipeline and energy infrastructure company operating in the Permian Basin. The transaction could value MSIP’s stake at over $2bn, including debt.

MSIP acquired Brazos in 2018 for $1.75bn and later partnered with Williams, which holds a 15% stake and is not expected to bid for full ownership. Brazos operates natural gas, natural gas liquids, and crude oil transportation assets across five Texas counties. Jefferies is advising MSIP on the potential sale. Discussions are ongoing, and a final decision has not yet been made.

TA Associates nearing deal to acquire stake in Kline Hill Partners. (Bloomberg)

TA Associates is reportedly close to acquiring a significant stake in Kline Hill Partners, a firm specializing in secondary private equity investments. Discussions are in advanced stages, though financial terms have not been disclosed yet.

Kline Hill focuses on acquiring interests in private equity funds and portfolios on the secondary market, providing liquidity solutions to investors across different strategies and geographies. The investment would align with TA Associates' strategy to strengthen its presence in the private equity secondaries space.

NV5 Global attracts takeover interest from rival Acuren. (Bloomberg)

NV5 Global, a US-based engineering and inspection services firm, has received acquisition interest from Acuren, a competitor in the industrial inspection sector. Discussions are at an early stage, and it is unclear whether NV5 is open to engaging in a potential transaction. Other bidders may also emerge depending on how talks evolve.

NV5 provides services across infrastructure design, construction quality assurance, and environmental consulting, while Acuren focuses on nondestructive testing and inspection for sectors like energy and manufacturing. The interest reflects ongoing consolidation trends in the engineering services and industrial inspection industries.

Axonic Capital explores strategic options, including potential sale of controlling stake. (Bloomberg)

Axonic Capital, a New York-based investment firm specializing in structured credit and fixed income strategies, is exploring strategic options that may include selling a controlling stake.

Axonic has engaged an adviser to gauge interest from potential buyers, though no final decisions have been made, and a transaction is not guaranteed.

Authentic Brands Group considers rival bid for Guess. (Bloomberg)

Authentic Brands Group is evaluating a competing bid for Guess, challenging the $13-per-share cash offer submitted by WHP Global in March. The move could potentially trigger a bidding contest for the US-based apparel company.

Guess’s shares surged as much as 26% following the news, lifting its market capitalization to around $603m. Authentic Brands is still deliberating and has not yet made a final decision on whether to proceed with a formal offer.

Third Point builds stake in Kenvue, joining activist push. (FT)

Dan Loeb's hedge fund, Third Point, has acquired a stake in Kenvue, the consumer health company behind Tylenol and Neutrogena, marking the third activist investor to target the firm. This move follows similar investments by Pershing Square and Trian Partners, indicating growing activist interest in Kenvue.

The increased attention from activist investors suggests potential strategic shifts or restructuring efforts at Kenvue. While specific plans from Third Point have not been disclosed, such investments often precede calls for operational changes or board representation.

Elon Musk’s xAI seeks $20bn funding round. (Bloomberg)

Elon Musk’s xAI Holdings is in discussions to raise approximately $20bn from investors, aiming to fund its recently combined artificial intelligence and social media operations. This fundraising effort follows xAI’s $33bn acquisition of X (formerly Twitter), pushing the merged entity’s valuation beyond $120bn.

The capital infusion is intended to accelerate xAI’s development of advanced AI models and their integration with the X platform. The merger structure allows value sharing between xAI and X’s co-investors. Discussions are ongoing, and terms could still change.

Clearlake Capital secures extension to raise $15bn for new buyout fund. (Bloomberg)

Clearlake Capital Group has obtained an extension from investors to raise $15bn for its eighth flagship private equity fund. As of April 2025, the firm has secured approximately $13bn in commitments and now has until November to reach its target.

This extension reflects the challenging fundraising environment for private equity firms, as higher interest rates and increased competition from private credit funds have made capital raising more difficult. Despite these headwinds, Clearlake remains confident in achieving its fundraising goals within the extended timeframe.

Harvard University in advanced talks to sell $1bn in private equity stakes. (Reuters)

Harvard University is in advanced negotiations to sell approximately $1bn worth of private equity fund interests, aiming to mitigate financial uncertainty and political pressure. The sale, managed by Harvard Management Company and advised by Jefferies Financial Group, could involve a transaction with Lexington Partners, though the deal’s terms remain tentative.

This move follows President Donald Trump's threats to withhold federal funding from universities, including Harvard, over campus protests supporting Palestinians, as well as disagreements with policies on climate, transgender rights, and diversity initiatives. To mitigate financial risks, Harvard announced earlier this month its plan to borrow $750m.

EMEA

I Squared Capital to acquire the North America school bus business of Mobico Group for $608m.

I Squared Capital, a global infrastructure investment manager, agreed to acquire the North America school bus business of Mobico Group, a UK-based public transport company, for $608m, according to press releases.

I Squared Capital is advised by Brunswick Group. Mobico is advised by Bank of America, Goldman Sachs, HSBC, Foley & Lardner, Slaughter & May and Headland Consultancy, according to press releases.

DoorDash to acquire Deliveroo for $3.6bn.

DoorDash, an American company operating online food ordering and food delivery, offered to acquire Deliveroo, an online food delivery company, for $3.6bn, according to press releases.

Deliveroo is advised by Allen & Company (led by Nancy Peretsman and Omar Isani), Goldman Sachs (led by Jane Dunlevie and Anthony Gutman) and Brunswick Group (led by Susan Georgina Gilchrist), according to press releases.

EnCap, Westlawn and Rice Investment Group to invest in X2 Resources.

EnCap, a US-based private equity firm, Westlawn, a private investment firm, and Rice Investment Group, a multi-strategy fund, agreed to invest in X2 Resources, a UK-based private equity firm specializing in investments in the mining and metals sectors, according to press releases. Financial terms were not disclosed.

X2 Resources is advised by Latham & Watkins. EnCap is advised by Vinson & Elkins. Westlawn is advised by Winston & Strawn, according to press releases.

Foconis completed the acquisition of MACD.

Foconis, a Germany-based financial software solutions provider, completed the acquisition of MACD, a Switzerland-based provider of electronic trading systems, according to press releases. Financial terms were not disclosed.

Foconis was advised by Bar & Karrer and McDermott Will & Emery, according to press releases.

Helvetia completes the acquisition of a 9.351% stake in Baloise from Cevian Capital.

Helvetia, an international insurance group, completed the acquisition of a 9.351% stake in Baloise, an insurance and banking company, from Cevian Capital, an investment firm, according to press releases. Financial terms were not disclosed.

CD&R and Nordic Capital explore bids for Clarivate's IP unit valued above $4bn. (Reuters)

Clayton, Dubilier & Rice and Nordic Capital are evaluating potential bids for Clarivate's intellectual property division, which the company aims to value at over $4bn. Clarivate, headquartered in London, has engaged Morgan Stanley and Moelis & Company to advise on strategic alternatives, including divestitures. The company has invited expressions of interest for its IP unit, though no final decisions have been made.

Clarivate's IP business, formerly known as CPA Global, offers software and services for managing patents, trademarks, and contracts. Nordic Capital is considering acquiring the IP unit through Anaqua, an IP software firm it purchased for $2.5bn in November. Clarivate's largest shareholder is Leonard Green & Partners, holding a 16.9% stake. Other significant shareholders include Clarkston Capital Partners (10%) and Italy’s Agnelli family (9.7%).

Bain Capital, Pimco, and KKR express interest in acquiring NewDay Group valued at up to $2.3bn. (Bloomberg)

NewDay Group, a UK-based consumer credit provider owned by Cinven and CVC Capital Partners, has attracted acquisition interest from several major investment firms, including Bain Capital, Pimco, and KKR. The potential deal could value NewDay between £1.5bn and £2bn ($1.9bn–$2.3bn).

Pimco is reportedly focusing on acquiring NewDay’s consumer loan portfolio rather than the entire company. The interest from these firms comes as NewDay considers strategic options, including a potential IPO.

Bain Capital and KPS Capital Partners consider bids for Iveco’s defence unit valued at €1.5bn. (Bloomberg)

Bain Capital and KPS Capital Partners are reportedly evaluating bids for Iveco Group's defence division, Iveco Defence Vehicles (IDV), which manufactures armoured and tactical vehicles. The Italian truckmaker is exploring a potential sale of the unit, aiming for a valuation of approximately €1.5bn ($1.6bn).

Iveco had previously considered spinning off IDV to streamline its operations but is now leaning towards a sale, attracting interest from private equity firms. Other potential bidders include Italian defence group Leonardo, Franco-German joint venture KNDS, and UK-based BAE Systems.

APAC

Ant Group to acquire a 50.55% stake in Bright Smart for $362m.

Ant Group, an online-payment operator, agreed to acquire a 50.55% stake in Bright Smart, a retail stock brokerage, for $362m, according to press releases.

Ant Group is advised by Morgan Stanley, according to press releases.

Creador to acquire a 13% stake in Long Chau.

Creador, a Malaysia-based private equity firm, agreed to acquire a 13% stake in Long Chau, a Vietnam-based pharmacy retail chain, according to press releases. Financial terms were not disclosed.

Long Chau is advised by UBS, according to press releases.

Benchmark led a $75m round in Manus AI.

Benchmark, a venture capital firm, led a $75m round in Manus AI, an AI platform, with participation from Tencent, ZhenFund, and HSG, according to press releases.

Akio Toyoda proposes $42bn buyout of Toyota Industries to streamline group governance. (Bloomberg)

Akio Toyoda, chairman of Toyota Motor, has proposed a ¥6tn ($42bn) buyout to take Toyota Industries private. The move aims to consolidate control and simplify the governance structure of the Toyota group, which has faced criticism for its complex web of cross-shareholdings.

The proposed deal would offer a 40% premium over Toyota Industries' market capitalization as of Friday's close. Funding is expected to come from Toyoda's personal investment and loans from Japan's top three banks. A special committee within Toyota Industries is reviewing the proposal, with financial advisers assisting the process.

Tencent Music in talks to acquire Ximalaya for $2.4bn. (Bloomberg)

Tencent Music is in advanced discussions to acquire Ximalaya, China's largest online audio platform, for approximately $2.4bn. The proposed transaction would be financed through a mix of cash and shares. An agreement could be finalized in the coming weeks, although negotiations remain fluid.

Ximalaya had previously attempted a US IPO in 2021 but withdrew due to regulatory pressures. It revived plans for a Hong Kong listing in 2024. Acquiring Ximalaya would significantly expand Tencent Music’s presence in China’s growing online audio sector.

Aster Chemicals to bid for ExxonMobil’s Singapore fuel stations in $1bn sale. (Reuters)

Aster Chemicals and Energy, a joint venture between Indonesia’s Chandra Group and Glencore, is preparing a bid for ExxonMobil’s 58 petrol stations in Singapore, valued at approximately $1bn. The sale, which has entered the formal bidding phase with offers due in May, marks Exxon’s planned exit from Singapore’s retail fuel sector amid the government's push towards electric vehicles.

The acquisition of Exxon’s retail network would bolster Aster’s downstream presence in the region. Other interested parties reportedly include private equity firms and asset managers. Barclays is advising ExxonMobil on the transaction.

Yuanbao targets $676m valuation in US IPO amid trade tensions. (Reuters)

Chinese online insurance broker Yuanbao is planning a US initial public offering on Nasdaq under the ticker "YB," aiming for a valuation of up to $676m. The company intends to raise up to $30m by offering nearly 2m American depositary shares (ADSs) priced between $13 and $15 each. Existing shareholders have expressed interest in purchasing up to $17m worth of ADSs, and Qiming Venture Partners has committed to a $1m investment through a concurrent private placement.

Goldman Sachs, Citigroup, and CICC are serving as lead underwriters for the offering.

Prestige Estates' hospitality arm files for $317m IPO. (Reuters)

Prestige Hospitality Ventures, the hospitality division of Indian real estate developer Prestige Estates Projects, has filed for an initial public offering aiming to raise approximately ₹27bn ($317m). The offering comprises ₹17bn ($200m) in new shares issued by Prestige Hospitality and ₹10bn ($117m) worth of shares offered by the parent company.

The IPO comes amid sustained travel demand in India and follows successful listings of hospitality companies like Samhi Hotels and Juniper Hotels in 2024, which boosted investor confidence. Despite recent market jitters that affected other IPO hopefuls like Ather Energy and LG Electronics India, Prestige Estates is moving forward to capitalize on favorable conditions.

JM Financial, JP Morgan, and Kotak Mahindra Capital have been appointed as the lead book-running managers for the IPO.

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