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AMERICAS

Ripple to acquire Hidden Road for $1.25bn.

Ripple, a provider of digital asset infrastructure for financial institutions, agreed to acquire Hidden Road, a multi-asset prime brokerage firm, for $1.25bn, according to press releases.

Hidden Road is advised by Wachtell Lipton Rosen & Katz (led by Nicholas G. Demmo) and Gasthalter & Co (led by Sam Fisher), according to press releases and MergerLinks data.

SGE-backed US Compliance completes the acquisition of OECS.

SGE-backed US Compliance, a national regulatory compliance management and consulting solutions provider, completed the acquisition of OECS, an environmental, health, and safety consulting services provider, according to press releases. Financial terms were not disclosed.

US Compliance was advised by Troutman Pepper and Hennepin Partners, according to press releases.

CK Hutchison’s Panama deal in doubt as auditor alleges violation. (Bloomberg)

A BlackRock-led consortium's plans to acquire two Panamanian ports revealed in March 2025 are now uncertain after Panama’s chief auditor raised serious concerns.

The auditor, Anel Flores, accused the current operator, Panama Ports, managed by Hutchison Ports, of failing to get proper approval for a 2021 contract extension and of reducing government payments by using tax-exempt subcontractors.

Blackrock is advised by Brunswick Group.

Infineon to acquire Automotive Ethernet business of Marvell for $2.5bn.

Infineon Technologies, a German semiconductor manufacturer, agreed to acquire Automotive Ethernet business of Marvell Technology, a US-based semiconductor company specializing in data infrastructure products, for $2.5bn, according to press releases.

Marvell is advised by FGS Global, according to press releases.

IBM completes the acquisition of Hakkoda.

IBM, a provider of global hybrid cloud and AI, and consulting expertise, completed the acquisition of Hakkoda, a global data and AI consultancy, according to press releases. Financial terms were not disclosed.

IBM was advised by Cravath Swaine & Moore (led by George Schoen), according to press releases and MergerLinks data.

Diageo and Main Street Advisors to form a joint venture.

Diageo, a British multinational alcoholic beverage company, and Main Street Advisors, a boutique investment and merchant banking firm, agreed to form a joint venture, to grow Cîroc Ultra-Premium Vodka in North America and Lobos 1707 Tequila worldwide, according to press releases. Financial terms were not disclosed.

Diageo is advised by Sullivan & Cromwell (led by Melissa Sawyer), according to press releases and MergerLinks data.

Altus Capital Partners and Centerfield Capital Partners completes the acquisition of ALM Positioners.

Altus Capital Partners, a private equity firm, and Centerfield Capital Partners, a national provider of mezzanine debt and equity financing, completed the acquisition of ALM Positioners, a provider of automated positioning equipment, according to press releases. Financial terms were not disclosed.

Altus Capital Partners was advised by Marketcom PR (led by Rosalia Scampoli), according to press releases.

Asignet to acquire Telecom Expense Management business of Cass Information Systems.

Asignet, an IT expense management platform provider, agreed to acquire Telecom Expense Management business of Cass Information Systems, an integrated information and payment management solutions provider, according to press releases. Financial terms were not disclosed.

Cass Information Systems is advised by BellMark Partners, according to press releases.

Krispy Kreme owner JAB Holding to acquire Shenandoah Life parent for $3.1bn. (The Roanoke Times)

JAB Holding, the Luxembourg-based investment firm and majority shareholder in Krispy Kreme, plans to acquire Roanoke-based Shenandoah Life and its affiliated companies.

The firm has informed the State Corporation Commission of its proposal to purchase Prosperity Life Group, the company that rescued Shenandoah Life from receivership in 2012, for $3.1bn.

Bain Capital nears $2.6bn acquisition of HealthEdge from Blackstone. (FT)

Bain Capital is close to acquiring US-based healthcare software company HealthEdge in a deal valued at around $2.6bn, including debt. The transaction would involve the purchase of the Blackstone-backed business.

If completed, the deal would mark another successful exit in a series of recent private equity-backed software company sales.

Signalfire raises over $1bn to back next wave of applied AI startups, pushing AUM to $3bn. (Press Release)

Signalfire, an early-stage venture capital firm focused on applied AI, has raised more than $1bn in new capital, bringing its total assets under management to around $3bn.

The funding, secured despite a challenging fundraising environment, reflects strong investor confidence in the firm’s AI-native approach, thesis-driven strategy, and in-house operational capabilities. The capital will be allocated across Signalfire’s Seed, Early, Executive-in-Residence and Opportunities funds to support emerging high-growth AI companies.

EMEA

CVC DIF to acquire a 49% stake in BALANCE Erneuerbare Energien.

CVC DIF, an infrastructure strategy of a global private markets manager CVC, agreed to acquire a 49% stake in BALANCE Erneuerbare Energien, a biogas subsidiary of Leipzig-based gas company VNG, according to press releases. Financial terms were not disclosed.

CVC DIF is advised by Evercore and White & Case (led by Stefan Koch and Thyl Hassler), according to press releases and MergerLinks data.

Sproule completes the merger with ERCE.

Sproule, a Canadian energy consulting and advisory firm, completed the merger with ERCE, a UK-based energy consulting firm specializing in subsurface analysis, low-carbon solutions, and strategic advisory services, according to press releases. Financial terms were not disclosed.

ERCE was advised by Equiteq and Pannone Corporate, according to press releases.

Federated Hermes completes the acquisition of a majority stake in Rivington Energy Management.

Federated Hermes, a global investment manager, completed the acquisition of a majority stake in Rivington Energy Management, a UK-based renewable energy project development business, according to press releases. Financial terms were not disclosed.

Liberty Media to receive unconditional EU clearance for MotoGP acquisition. (Reuters)

Liberty Media, the US-based owner of Formula One, is expected to obtain unconditional antitrust approval from the EU for its €3.5bn ($3.8bn) acquisition of Dorna Sports, a Spanish company that owns MotoGP.

The deal, announced in April last year, involves Liberty Media acquiring 86% of Dorna Sports, with the remaining 14% retained by Dorna’s management. The transaction values company at an enterprise value of €4.2bn ($4.6bn) and an equity value of €3.5bn ($3.8bn).

Arla Foods and DMK Group plan merger to form Europe's leading dairy cooperative. (Press Release)

Arla Foods and DMK Group have announced plans to merge, aiming to establish the strongest dairy cooperative in Europe. The proposed merger will unite over 12k farmers under a single cooperative structure, with a combined pro forma revenue of €19bn ($20.5bn).

The initiative seeks to strengthen the future of dairy by enhancing the production of nutritious, high-quality products and driving innovation across Europe and global markets. The merger also aims to ensure a stable milk price for cooperative members.

SBI weighs selling minority stake in crypto unit B2C2. (Bloomberg)

SBI Financial Services, part of Japanese financial group SBI Holdings, is exploring the sale of a minority stake in cryptocurrency market maker B2C2.

The potential deal could be valued at $100m, with discussions currently underway with multiple prospective buyers.

Continental to separate ContiTech rubber unit. (Reuters)

Continental, a German manufacturer of tyres and automotive parts, announced plans to separate its ContiTech rubber and plastics division into an independent entity, which is likely to be sold.

This decision marks a further step in the company’s ongoing restructuring efforts. Last month, Continental’s supervisory board approved the spin-off of its automotive business, which will have €1.5bn ($1.64bn) in cash prior to completion.

Standard Chartered considers African expansion following divestitures. (Bloomberg)

Standard Chartered is exploring opportunities to expand its presence in Africa, aiming to grow its wealth and transaction banking businesses after withdrawing from several smaller markets over the past three years.

The bank has recently established a full-service operation in Egypt and is evaluating entry into one or two additional countries, with Morocco among those under consideration.

3i Group delays sale of cat food maker MPM due to US tariffs on Thailand. (Bloomberg)

3i Group has postponed the sale of premium pet food producer MPM, which owns the Applaws brand, as it evaluates the impact of new US tariffs. The London-based private equity firm paused the process after the US imposed a 36% tariff on imports from Thailand.

MPM sources its materials from Thailand, prompting concerns about the financial implications of the tariff hike. Thailand has responded by pledging to lead efforts in formulating a strategy to support affected manufacturers and exporters.

APAC

Five V Capital completes the acquisition of a majority stake in Questas Group from Allegro Funds for $375m.

Five V Capital, a private equity & venture capital firm, completed the acquisition of a majority stake in Questas Group, a provider of a diverse range of hydraulic, irrigation, pump & engine solutions, from Allegro Funds, an Australia-based private equity firm, for $375m, according to press releases.

Questas Group was advised by UBS, according to press releases and MergerLinks data.

Sohar Bank bids for smaller rival Ahli Bank in $30bn merger proposal. (Bloomberg)

Sohar Bank has submitted a merger proposal to Ahli Bank as part of plans to create one of Oman’s largest domestic banking groups, with combined assets nearing $30bn.

Under the proposed deal, all of Ahli Bank’s assets and liabilities would be transferred to Sohar. In return, Ahli’s shareholders would receive shares in the combined entity. The move comes amid a global slowdown in deal activity driven by uncertainty around Donald Trump’s tariffs.

Nuvoco seeks $140m private loan to fund Vadraj Cement acquisition. (Bloomberg)

Nuvoco Vistas Corporation, one of India’s largest cement producers, is seeking a private loan of around $140m to support its acquisition of rival Vadraj Cement.

The proposed facility is expected to have a tenor of four to five years. Nuvoco is in discussions with alternative asset firms for the financing, though terms may still evolve as talks continue.

Neo Asset Management hits first close of second private credit fund at $233m. (DealStreetAsia)

Neo Asset Management, an investment firm focused on private credit and real assets, has reached the first close of its second flagship private credit fund, Neo Special Credit Opportunities Fund-II, at $233m.

Launched three months ago, the fund is targeting a total corpus of INR50bn ($582m).

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