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Top Highlights
Nippon Paint Holdings, a Japanese paint products manufacturing company, completed the acquisition of AOC, a multinational corporation and electronics company, from Lone Star Fund, a private equity firm that invests globally in real estate, equity, credit, and other financial assets, for $4.35bn, according to press releases.
AOC was advised by Jamieson (led by Mike Sirkin) and Katzke and Morgenbesser. Nippon Paint was advised by Bank of America (led by Patrick Ramsey) and Davis Polk & Wardwell (led by Ken Lebrun). Lone Star Fund was advised by Citigroup, Morgan Stanley (led by Lily Mahdavi and David Badal), Gibson Dunn & Crutcher (led by Jonathan Whalen) and Joele Frank (led by Ed Trissel), according to press releases and MergerLinks data.
PX3 Partners-backed Cleanova, a filtering technology company, agreed to acquire Micronics Engineered Filtration, a global provider of customized engineered filtration solutions, from Vance Street Capital, a private equity firm, for $1.3bn, according to press releases.
PX3 Partners is advised by Alvarez & Marsal, Aon, Kearney Solicitors, KPMG, Bank of America, Santander, Weil Gotshal and Manges (led by Gareth Clark and Lewis Blakey), Greenbrook, Debevoise & Plimpton and Phoenix Advantage. Debt financing is provided by Goldman Sachs, Jefferies & Company and Santander, according to press releases.
Jazz Pharmaceuticals, a global biopharmaceutical company with a focus on oncology and neuroscience, agreed to acquire Chimerix, a biopharmaceutical company, for $935m, according to press releases.
Chimerix is advised by Centerview Partners, Cooley, Skadden Arps Slate Meagher & Flom, Collected Strategies (led by Dan Moore) and Precision AQ (led by Will O'Connor). Jazz Pharmaceuticals is advised by Guggenheim Partners and Wachtell Lipton Rosen & Katz (led by Mark Gordon and Victor Goldfeld), according to press releases and MergerLinks data.
Deal Round up
AMERICAS
UK watchdog clears Microsoft’s $13bn OpenAI investment. ( Bloomberg)
Private credit lenders in talks to fund $4.5bn for Walgreens buyout. ( Bloomberg)
Forge Nano seeks funding at valuation of up to $900m. ( Bloomberg)
EMEA
UniCredit to raise Generali stake close to 10%. ( Reuters)
Saudi Aramco considers bid for BP’s Castrol lubricant assets. ( Bloomberg)
Billionaire Kretinsky's Royal Mail takeover faces delay. ( Reuters)
APAC
Seven & i set to sell non-core business shares to Bain for $4.7bn. ( Deal Street Asia)
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AMERICAS
Britain's competition regulator approved Synopsys' agreement to acquire software company Ansys.
This move comes after the watchdog signalled in December that the deal could reduce innovation and cause higher prices and then accepted the amendments made by both companies.
T-Mobile, a telecommunications company, completed the acquisition of Blis, an innovative provider of powerful and privacy-centric advertising solutions, and Vistar Media, a provider of technology solutions for digital out-of-home advertising, according to press releases. Financial terms were not disclosed.
Vistar Media was advised by Canaccord Genuity and Lowenstein Sandler. Blis was advised by Houlihan Lokey and DLA Piper. T-Mobile was advised by Allen & Company and Cleary Gottlieb Steen & Hamilton, according to press releases.
CoreWeave, an American cloud-computing startup, agreed to acquire Weights & Biases, a company developing AI applications and offering training and fine-tuning AI models, according to press releases. Financial terms were not disclosed.
CoreWeave is advised by Evercore, Morgan Stanley, Davis Polk & Wardwell and Teneo (led by Colleen Hsia). Weights & Biases is advised by Qatalyst Partners , according to press releases.
Blackstone Credit & Insurance, a credit investor, agreed to invest in ITE Management, an alternative asset manager focused on transportation infrastructure, according to press releases. Financial terms were not disclosed.
ITE Management is advised by Goldman Sachs and Weil Gotshal and Manges (led by Alexander Miachika and Brian Parness). Blackstone is advised by Guggenheim Partners and Kirkland & Ellis, according to press releases and MergerLinks data.
Repligen, a life sciences company focused on bioprocessing technology leadership, agreed to acquire bioprocessing analytics portfolio of 908 Devices, a provider of in purpose-built handheld and desktop devices for chemical analysis, for $70m, according to press releases.
Repligen is advised by Centerview Partners and Goodwin Procter. 908 Devices is advised by Perella Weinberg Partners and Paul Hastings (led by Ian Engstrand), according to press releases and MergerLinks data.
Gamut Capital-backed Airtron Heating & Air Conditioning, a designer, installer, and maintenance provider for HVAC systems, completed the acquisition of Sierra Air Conditioning, an installer of HVAC systems, according to press releases. Financial terms were not disclosed.
Sierra Air Conditioning was advised by Stout Capital and Winston & Strawn. Airtron was advised by Katten Muchin Rosenman and Prosek Partners, according to press releases.
Lemnis, a philanthropic venture, completed the investment in Care Solace, provider of mental health care coordination services, according to press releases. Financial terms were not disclosed.
Care Solace was advised by DC Advisory and Procopio. Lemnis was advised by Davis Wright Tremaine, according to press releases and MergerLinks data.
Engage PEO, a professional employer organization providing HR outsourcing solutions, completed the acquisition of Axios HR, a PEO company, according to press releases. Financial terms were not disclosed.
Axios HR was advised by Dickinson Wright. Engage PEO was advised by Jones Day (led by Lorne Cantor), according to press releases and MergerLinks data.
Hub International, a global insurance brokerage and financial services firm, completed the acquisition of commercial and employee benefit services business from Malloy Imrie & Vasconi, an independent firm providing commercial, employee benefits and personal insurance company, according to press releases. Financial terms were not disclosed.
Malloy Imrie & Vasconi was advised by Dowling Hales, according to press releases.
Wellvana, a company that supports primary care providers, agreed to acquire MSSP business of CVS Health, a health solutions company, according to press releases. Financial terms were not disclosed.
CVS Health is advised by Barclays, according to press releases and MergerLinks data.
Arthur J. Gallagher, a US-based global insurance brokerage and risk management services firm, agreed to acquire Woodruff Sawyer, a private insurance brokerage and consulting firm, for $1.2bn, according to press releases.
UK watchdog clears Microsoft’s $13bn OpenAI investment. ( Bloomberg)
Microsoft’s $13bn investment in OpenAI has received approval from the UK’s antitrust regulator, resolving months of uncertainty over the partnership.
The Competition and Markets Authority determined that the 2023 deal does not meet the criteria for a full merger investigation. The regulator had previously reviewed whether the partnership granted either company excessive control or influence over the other.
Private credit lenders in talks to fund $4.5bn for Walgreens buyout. ( Bloomberg)
Private credit lenders are negotiating a $4.5bn debt package to support Sycamore Partners’ potential buyout of Walgreens Boots Alliance, as part of a plan to separate the pharmacy retailer into distinct businesses.
HPS Investment Partners and Ares Management are among the lenders competing to finance what would be one of the largest leveraged buyout debt deals in over a decade.
Forge Nano seeks funding at valuation of up to $900m. ( Bloomberg)
Forge Nano, a materials science startup spun out of the University of Colorado Boulder in 2013, is looking to raise new funding at a valuation of up to $900m.
Backed by GM Ventures, Volkswagen, and LG Technology Ventures, the company is working with an adviser to secure investment from new and existing investors. Forge Nano was previously valued at $336m.
EMEA
Salling Group, a Danish retail store chains operator, agreed to acquire Rimi Baltic, a retail operator for Baltic states, from ICA Gruppen, a Swedish retail company with a focus on food and health, for €1.3bn ($1.4bn), according to press releases.
ICA Gruppen is advised by JP Morgan and Gernandt & Danielsson, according to press releases.
UniCredit to raise Generali stake close to 10%. ( Reuters)
UniCredit is set to increase its stake in insurer Generali to nearly 10% ahead of the bank's shareholders meeting.
As of February 10, UniCredit held a 5.2% stake in Generali.
Saudi Aramco considers bid for BP’s Castrol lubricant assets. ( Bloomberg)
Saudi Aramco is evaluating a potential offer for BP’s lubricant assets as it seeks acquisitions to expand its presence in oil-consuming markets.
The company is assessing whether to bid for part or all of the business, which operates under the Castrol brand. Aramco may look to integrate the Castrol assets with its Valvoline lubricants unit, acquired in a $2.65bn deal completed in 2023.
Billionaire Kretinsky's Royal Mail takeover faces delay. ( Reuters)
The completion of EP Group's acquisition of International Distribution Services, the owner of Royal Mail, is expected to be delayed until the second quarter of 2025 due to regulatory issues in Romania.
The only remaining regulatory condition concerns foreign direct investment in Romania. EP Group, owned by Czech billionaire Daniel Kretinsky, expects the issue to be resolved within the second quarter.
APAC
BlackRock-TiL Consortium agreed to acquire an 80% stake in Hutchison Ports, a port operator group, from CK Hutchison, multinational conglomerate, for $19bn, according to press releases.
Blackrock is advised by Brunswick Group, according to MergerLinks data.
Trial, a Japanese holding company focused on distribution and retail businesses, agreed to acquire Seiyu, a Japanese supermarket chain, from KKR, a private equity firm, and Walmart, an American multinational retail corporation, for $2.5bn, according to press releases.
Seiyu and KKR are advised by UBS. Trial Holdings is advised by Citigroup, according to press releases.
Private equity firms Partners Group and KKR led a $140m investment in Darwinbox, a global human resource technology platform, with participation from Gravity Holdings, according to press releases.
Darwinbox is advised by Avendus, according to press releases and MergerLinks data.
Seven & i set to sell non-core business shares to Bain for $4.7bn. ( Deal Street Asia)
Bain Capital is nearing a deal to acquire Seven & i Holdings’ supermarket business. The two sides are finalizing transaction details, with an announcement expected soon.
Seven & i plans to hold a board meeting to vote on the deal. The transaction could value York Holdings, which includes supermarkets, restaurants, and other assets separated from Seven & i’s convenience store business, at over JPY700bn ($4.7bn).
Beijing has launched a CNY100bn ($13.7bn) fund to invest in artificial intelligence, robotics, and other emerging industries, reinforcing its push for technological innovation following DeepSeek’s AI breakthrough.
Authorities introduced the fund as part of efforts to accelerate the development of AI and robotics, particularly embodied intelligence, within the capital.
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